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Combining RPA with natural language processing (NLP), optical character recognition (OCR), and machine learning (ML) enables intelligent automation (IA).
Jason CripsFormer Global Head of Intelligent Automation Zurich insuranceexamines the market shift to intelligent automation and how it will affect your business in 2022 and beyond.
Over the past decade, robotic process automation (RPA) has fueled many companies’ digital transformation efforts. By replacing manual rule-based processes and activities with bots, employees can free up time to focus on activities that require human intervention or advanced decision-making.
However, RPA has never truly scaled to the full end-to-end customer journey, but instead has been limited to simple high-volume processes in the back office and low-volume assisted automation deskside. was focused.
This was because, in hindsight, RPA technology was too basic to automate more advanced and complex tasks. But in recent years, the next natural evolution of RPA, intelligent automation, has emerged and can be deployed at scale across the enterprise. Combine RPA with natural language processing (NLP), optical character recognition (OCR), and machine learning (ML) to handle the complex, unstructured inputs required by many real-world processes. But intelligent automation doesn’t require a deep understanding of the technology or the mechanics behind it, nor does it require qualified data to be used by his scientists or specially trained IT professionals.
As a result, intelligent automation is a top priority for enterprises in 2022, with the events of the past two years driving exponential adoption. Recent reports has revealed that the intelligent process automation market is expected to reach $13.75 billion by 2023. This is almost double what it was in 2018.
The benefits of automating mundane, non-value added tasks are clear. Automation enriches employee activities, optimizes legacy technology, improves customer experience, and enables businesses to grow without increasing costs linearly. To give a concrete example of the proven return on investment, one of India’s largest medical groups, operating 14 hospitals with over 2,300 medical professionals, LaieIA technology reduced billing turnaround times by up to 75%, reduced error rates to 0%, and saved $10 million. Other companies have had similar success, using the Laiye IA platform to automate processes across industries.
Prior to COVID-19, many industries traditionally resisted the move to full digitalization, relying heavily on paper and face-to-face contact. Additionally, business continuity plans focused more on restoring physical locations, such as buildings and people, in the event of a disaster than on continuing the customer experience.
But covid-19 has changed industries, work patterns and processes forever. Almost overnight, people and businesses have realized the need to work effectively from home and remote locations. Businesses also needed to accelerate their digitization, as paper-based processes and face-to-face meetings simply weren’t an option under social distancing guidelines and intermittent lockdowns.
As conditions change dramatically and we need to be able to serve our customers and businesses in different ways, RPA alone cannot truly transform business processes or provide greater business resilience across the enterprise. was found to be inadequate for .
But intelligent tools truly enhance the capabilities of pure RPA to deliver sustainable, higher-value outcomes and benefits across the enterprise. An effective intelligent automation platform adapts and grows to meet the ongoing challenges imposed by changing customer expectations, technology, and the competitive landscape.
Intelligent automation tools capable of handling more complex business processes were available before covid-19, but the acceleration and investment in these tools and capabilities over the past few years has been exponential.
Intelligent automation technologies also provide a framework for building solutions that solve specific business problems and deliver superior employee and customer experiences beyond pure RPA. For example, an intelligent automation platform should seamlessly combine RPA, OCR (Optical Character Recognition), NLP (Natural Language Processing), and NLU (Natural Language Understanding) for more powerful capabilities and greater accuracy. . A “blank” containing information from multiple perspectives of continuous learning.
There are many different providers of intelligent automation components, or integrations of multiple components. Specifically, Laiye integrates conversational AI, intelligent OCR, process mining, machine learning, natural language processing, natural language understanding, and cognitive services into one scalable platform.
Many organizations are moving to digital mailrooms, where all paper mail is scanned and routed digitally as it arrives. Everything is delivered to a central location, scanned and put into a workflow, and links are emailed to the appropriate teams.
Applying NLP and NLU to that process can automatically initiate document triage and response. If you have hundreds of pages of medical or legal files, a good NLP/NLU engine can extract and highlight relevant information before safely handing it over to your evaluators.
The machine doesn’t make the decisions, but does a “pre-read”. This is a big help for the evaluators (who still have access to the full file) and allows them to spend more time where it’s really worthwhile. In evaluating the information provided. Low-value administration work is removed, and NLP is continuously learning and updating based on changes made by evaluators.
Advances in intelligent automation cannot be ignored. Competitors’ adoption of intelligent automation raises customer expectations for every interaction with every company.
There are many opportunities and challenges ahead for companies that want to truly transform the way they work.
The biggest challenge businesses may face today is the skills gap for digital jobs.Recent estimates predict that the UK will need 3 million jobs Digital skills will be required by 2025. lloyds bank report.
This creates a huge gap in the future workforce. Identifying new skills to address this issue and training existing workforces on how to hire them is critical to business success and business resilience.
Underpinning IA are new layers of skills and roles that are emerging, and teams should consider reskilling to move into slightly different roles to better align with technology . This allows us to make better decisions, focus on higher-value tasks, and do what humans are good at: building relationships, and making decisions based on empathy and compassion, not just data. will be
In addition to this, recognizing the power of IA to provide staffed and enhanced support to your employees will not only increase customer satisfaction, but also employee satisfaction.
Intelligent automation must therefore be a top priority for businesses that urgently need to reduce the amount of repetitive tasks that impede their ability to improve critical services and deliver truly differentiated customer experiences. Hmm.
