Intelligent Automation, what is it?
Intelligent automation is the evolution of Robotic Process Automation. At its core, Intelligent Automation is the intersect of digitization, RPA and AI. Where RPA addresses manual, structured and repetitive tasks that can be mimicked and automated by a Bot, Intelligent Automation introduces reason and cognition to “digitize and structure” inputs so that judgement-based decision making can be completed without human intervention.
Sounds great right? But before a company can truly capitalize on intelligent automation they must first digitize their paper-based data. Why? Because AI is highly reliant on large volumes of data in order to learn and be most effective. If a part of a process is paper-based rather than digital then the capacity for AI intervention in that process is limited.
5 benefits of Intelligent Automation
In the example in the image below you can see how intelligent automation can be leveraged to automate an entire business area, where in the past only a single process would be within the scope of robotic process automation.
With increased scope comes the opportunity to realize new benefits from your automation, including:
1. Fraud Prevention: Intelligent Automation can be leveraged in Fraud Prevention due to the use of key AI tools, such as Machine Learning. Machine learning uses a large volume of data to autonomously learn patterns, predict outcomes, and act without being explicitly programmed with specific tasks. With large amounts of user data, intelligent automation can:
- • efficiently perform analytics and calculate risk in real-time,
- • monitor for suspicious payments,
- • verify transactions with greater accuracy than a human would be able to, and
- • notify account holders of suspicious activity in order to stop fraud in its tracks
Leveraging Intelligent Automation for fraud prevention will increase trust and overall reputation with customers, ensuring that everybody from the company to the user wins.
2. Improved Customer Service: Chatbots or conversational AI are a prime example of how Intelligent Automation can improve the customer experience. Even the most basic of chatbots can handle thousands of customer inquiries, reducing call-center wait times and increasing overall customer satisfaction.
• The AI being leveraged in this form of intelligent automation is Natural Language Processing (NLP). NLP uses statistics and learning algorithms to analyze textual information in order to understand the meaning, sentiment and intent. In the customer service context, a customer can raise a support ticket with a chatbot in the form of free text. This text is then processed with NLP to determine the level of urgency in the request, the sentiment (e.g. frustration) and then manage the interaction according to the level of severity/priority.
3. Improved Process Efficiency: Intelligent automation can dramatically reduce process handling times, significantly improving process speed and customer satisfaction. Intelligent Automation also provides enhanced process analytics and management information which can help organizations precisely pin-point process bottlenecks and areas for improvement.
• Machine learning algorithms that Intelligent Automation solutions incorporate can gather, organize, track, analyze, report on and store valuable data. This data can then be used to improve existing operations, address and correct issues in a timely manner, accurately forecast needs and develop best practices, all ensuring greater process efficiency.
4. Improved Quality: Intelligent automation greatly helps reduce the risk of transactional errors—including erroneous data inputs, mistakes in rule application and missed steps —to improve overall data accuracy and data-driven decision making.
5.Expanded Scope: The combination of digitization, RPA and AI significantly increases the number of processes that are in scope for automation. The combination of technologies allows an organization to automate much more, or even all, of an end-to-end process.
Savvy organizations are already leveraging intelligent automation in its varied forms to gain competitive advantage by enabling easier access to relevant data, more informed decision making, and the streamlining of processes. If you wish to learn more about how you can leverage intelligent automation, don’t hesitate to contact The Burnie Group today.