The fundamental focus of all businesses is to increase productivity, increase revenue and streamline operations. These three are essential to sustaining in today’s competitive environment. Over the past few years, many companies have accelerated their digital transformation efforts to effectively achieve the aforementioned goals. They are starting to take advantage of cutting-edge technologies such as robotic process automation (RPA), machine learning (ML), artificial intelligence (AI), and big data analytics.
The pandemic has brought dramatic changes to our lifestyles, but it has also taught us to be prepared for the uncertain and unexpected. Business leaders have also taken this lesson to heart and are using futuristic technologies like automation to stay agile in an unpredictable future. Additionally, the emergence of modern technology has changed the way employees and consumers function in their respective spaces. Employees can now streamline their energies into something more tangible and let digital technology take care of processes like billing, collecting data, and answering basic customer questions. Consumers have also become accustomed to encountering such technology-enabled solutions and features at every stage of their daily lives.
As more companies relied on the many benefits of digital transformation, it became clear that experimenting with such technologies was the only way to reach their goals. And then came the combination of RPA and AI, and intelligent automation (IA) was born. Unlike its predecessor, IA is much more advanced, accessible, and useful. In fact, even people with non-technical skills and backgrounds can easily take advantage of this innovation to do business without the need for professional help.
According to a recent Deloitte report, businesses that use IA correctly could see an average of 22% cost savings and 11% revenue growth over the next three years. In fact, organizations scaling IA today see an average 27% cost savings from implementation.
Against this background, here are some reasons why IA has the potential to enhance your business’ core services, operations, and outcomes.
Customer Experience: The customer is king, an age-old mantra that plays a key role in the success of any business. Organizations that work tirelessly to improve the customer experience and introduce more personalized features have an edge over their competitors.
In this context, IA is proving to be important for companies. Accumulate data quickly and engage constructively with your customers through innovative advanced chatbot software. For example, many fintech platforms use IA to answer basic customer questions and free designated human resources (customer executives) to focus on solving complex customer problems. Integrating IA into customer engagement is a small but meaningful step in improving an organization’s overall productivity.
Employee Engagement: Employees may leave their jobs if they feel their personal goals are not aligned with the company. Spending time on trivial tasks can have a huge impact on employee morale and encourage them to look elsewhere for better opportunities. I would like to be evaluated on something meaningful.
By leveraging IA’s capabilities, organizations can essentially automate tedious and repetitive manual tasks and assign high-value, skill-based work to employees. This allows organizations to retain a capable workforce and employees to hone their skills by doing more satisfying jobs. For example, a large U.S. federal agency has deployed IA to automate standard administrative functions and staffed with highly regarded experts to focus on innovation and more strategic tasks.
Procure-to-pay management: In any business, a variety of low-value, time-consuming tasks often delay more important work and reduce productivity. But these seemingly trivial tasks are critical to the company’s day-to-day operations and cannot be avoided. This includes vendor and invoice management, transaction details from myriad sources, and many other things. Additionally, the bigger your business, the more complex it becomes to track and manage your data.
This is an area where IA is proving to be innovative. The procure-to-pay (P2P) process is ideal for IA as it helps companies track transaction/data/information volumes and simplify purchases or purchasing processes. Plus, considering it’s a fully automated process, there’s no need to procure a stack of physical documents. His IA-enabled P2P processes also save organizations time and money, improve employee productivity, and foster vendor-organization relationships transparently.
Maximize your organization’s potential
The segments above are just the tip of the iceberg. There are many other ways IA can improve your organization’s overall productivity and profitability. To successfully deploy IA, companies must provide their employees with a basic understanding of automated processes. As technology continues to evolve and business and consumer needs and challenges change, IA plays a key role in enabling leaders to remain agile. It goes without saying that in the years to come, IA will become an integral part of both start-ups and incumbents looking to make the most of it.
The above views are those of the author.
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