According to management consulting firm, McKinsey, your investment in your current systems could be providing more benefit to your organization by engaging an intelligent automation platform. The technology included in a well-tuned digital workforce can provide many opportunities, as McKinsey describes.
"At its core, Intelligent Process Automation (IPA) is an emerging set of new technologies that combines fundamental process redesign with robotic process automation and machine learning. It is a suite of business-process improvements and next-generation tools that assists the knowledge worker by removing repetitive, replicable, and routine tasks. And it can radically improve customer journeys by simplifying interactions and speeding up processes."
Intelligent automation offers the capability to adapt processes quickly and offer new ways to impact your customers’ experience with your company.
According to a 2020 survey of over 6,700 business leaders, 63% of business decision makers feel as though they’re struggling to meet customer demand. Automating internal processes to provide efficiencies will only take you so far. Your company needs to engage and delight your customers because that is what they are expecting and what your competition will provide if you don’t. Intelligent automation that combines chatbots, smart forms, and natural language processing will allow you to offer responsive customer interactions without adding more people to handle the demand, and without modifying your internal systems to provide the services your customers want.
Customer-centric companies are 60% more profitable than companies that aren't.
The world isn’t standing still, and neither are your competitors.
Government regulations change quickly and require immediate compliance, or your organization risks large fines or other penalties. Companies can’t afford to move slowly when things change. Intelligent automation can provide a way for your organization to do more with the same team by driving innovation through agility.
With more than 80% of data coming from unstructured sources, your team needs the power of artificial intelligence (AI) and natural language processing (NLP) to sort through the massive piles of emails or use transcription engines to decode audio content into searchable resources. Tapping into this data requires intelligent automation to sort, search, and present the right content quickly.
With data overflowing systems that don’t intercommunicate well, how can your organization adopt advanced artificial intelligence (AI) or machine learning (ML) without spending years building bespoke connections between systems and the AI or ML engine?
Intelligent automation platforms are ideal for interconnecting advanced AI or ML with all of the current data sources within your company, even systems that were homegrown. This offers additional flexibility when selecting the AI engines to evaluate the data within these systems.
Intelligent automation is one of the biggest drivers of an agile organization.
Imagine if your company could react to a new opportunity in the market by quickly creating an offering that required few structural changes.
“Agility needs two things. One is a dynamic capability, the ability to move fast—speed, nimbleness, responsiveness. And agility requires stability, a stable foundation—a platform, if you will—of things that don’t change.”
Companies that can react dynamically while remaining on a firm foundation will be able to capture the opportunity and successfully manage any risks.
Since intelligent automation leverages the stable systems that are currently running the business, that solid foundation provides the anchor while the automation, artificial intelligence, and other technologies can adapt quickly to the opportunity.
Unleashing people, your organization’s strongest asset, to strategically assess and refine business operations is one of the most important reasons that your organization needs intelligent automation.
According to this article from McKinsey,
“Demand for higher cognitive skills, such as creativity, critical thinking, decision making, and complex information processing, will grow through 2030.”
Machines are great at processing transactions quickly and can be reconfigured without bias toward the “old way” of doing things. However, people have the capacity to develop new products and services that other people will buy and use.
People can manage obstacles and offer creative solutions that address business challenges caused by changing market demand, government regulation, and consumer preferences.
Let people do what they do best – run your business – while intelligent automation uncovers hidden patterns using AI, and machine learning provides insight into new opportunities.
There is a world full of possibilities when you start to see automation as a driver of innovation and opportunity. And that is potentially one of the most important reasons your organization needs intelligent automation.
Next: Chapter 4
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