Businesses today are operating in a brand-new world, where automation as a strategic priority is conducive to business success. From being a mere concept to becoming prevalent among modern workplaces, Robotic Process Automation (RPA) has come a long way. As leaders explore new avenues to push the limits of automation techniques, yet another trend is emerging. Through the powerful integration of RPA and Artificial Intelligence (AI), businesses are creating a transformative solution to streamline processes, simplify workflows, and ultimately improve customer experience.
The benefits of extending RPA with embedded AI capabilities are unmistakable. This integration (also referred to as Intelligent Automation (IA)) expands the horizons of business process automation and accelerates digital transformation. We’ve distilled three ways in which AI and RPA can join forces to take business productivity to the next level:
RPA with NLP: This combination empowers users to read unstructured text, find the required information, and convert it into a structured format for applications and processes to perform subsequent operations.
RPA with Deep Learning: When combined with Deep Learning, RPA can derive intelligence by performing automation on processes involving data in an electronic format. Powered by RPA and Deep Learning, an application can go into multiple layers of the data to transform it, detect any suspicious transactions, and identify a potential fraud before it takes place. These efforts translate to significant cost savings for an organization.
RPA with Machine Learning: RPA does not have the capability to perform experiential learning on its own. The combination of RPA and ML enables the applications to learn from previous experiences while performing a particular process automation. The machine learning feature will allow RPA to analyze exceptions and build a model that accepts and rejects cases. This will increase the speed and accuracy of the automation without any human intervention.
At the precipice of IA revolution
Be it finance, real estate, or manufacturing, the benefits of IA are pervasive across industries. As the next-gen RPA leveraging AI, IA finds a place in every industry where the workforce is stifled with large volumes of data, verification, and analysis. Here are a few use cases across different industries where IA can have a greater impact:
In a finance organization, IA can facilitate faster and accurate production of monthly management reports, enabling seamless data processing and extraction from multiple sources. Intelligent bots can reduce manual work involved in KYC processes, loan processing, anti-money laundering, etc. Considering the benefits of greater efficiency, compliance, and productivity, around 80% of finance leaders have implemented or look forward to adopting RPA in their operations.1
In medical revenue cycle management, IA can allow organizations to automate tasks and processes, and extract, prepare, send and file medical billing documents and reports digitally. This level of automation is instrumental in data migration, auditing, reporting, payment posting, and overpayment and pricing management. When integrated with RPA, it can help manage repetitive customer service tasks like patient registration, benefit eligibility, and information verification, thereby enabling real-time access to information and records for clinicians and reducing delays across processes.
Retailers can adopt AI e-mail solutions powered by IA for smart e-mail processing, where business users can detect intent in e-mails, discover urgent and high-volume e-mails, and extract relevant data. Segments like inventory forecasting can benefit significantly from IA. Here, the focus is on the elimination of manual processing of several tasks. IA can also facilitate in seamlessly managing communication and complex back-office processes, and generating work orders and invoicing. Analysis and data mapping powered by IA can help save manual efforts and human hours. This automation across the supply chain, inventory tracking, and shipping can translate to happy customers and rapid business growth.
The future of automation: IA
Apart from the renowned near-zero error rates and significant cost reductions, optimization possibilities with IA are endless. Self-evolving processes can empower businesses with the much-needed agility to go beyond efficiency and adapt to change. When it comes to adopting IA in business, time is of the essence. Success will strongly favor those who accelerate adoption to remain competitive in their respective markets.