How Intelligent Process Automation (IPA) Is Being Used In Various Business Areas

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What Is Intelligent Process Automation?

Intelligent Process Automation (IPA) is part of the wave of technologies that enable organizations to reduce operational costs, improve efficiency, and deliver better employee and customer experiences. According to Mckinsey, organizations in different industries that have experimented with Intelligent Process Automation have seen impressive returns

Below are specific industries that are early adopters with common use cases already leveraging Intelligent Process Automation:

1.

Retail Call Centers:

 Intelligent automation focuses on solving “upstream” problems that frustrate agents and impact service delivery. For example, if a call comes in when an agent is due for a break, the agent’s frustration at missing a break will probably have a negative impact on the caller — and possibly on subsequent callers. Intelligent automation manages this scenario for large call centers. Intelligent automation also facilitates agent development: Regular training on new products and marketing, It also can process millions of data points in real-time,  and detect temporarily idle agents across the team and immediately deliver offers to complete training or coaching sessions.

2.

Retail/eCommerce websites:

 Intelligent automation bots can also help retail companies analyze the market and the demographics of the area of their operations. This technology helps create the entire product offering, marketing strategy, and pricing by tracking competitors’ offerings. Intelligent automation helps to manage and analyze data produced for retail chains with multiple stores in multiple locations and brings out insightful business analysis that helps the retail heads to take strategic decisions

3.

Insurance Claims Analysis:

Given the range of documents involved in insurance claims, it’s in an insurance company’s best interest to automate the process, Traditionally, employees examined each document, classify it, pull pertinent data, and manually input it into a downstream claims handling system. Intelligent document processing automation helps automate the insurance claims process by “reading” documents related to the claim, automatically extracting pertinent information and inputting it into the claims handling system. Normally these Intelligent Process Automation tools include more than 500 million data points, enabling it to understand human language, including the context inherent in each document like ID, death certificates, or affidavits leaving humans dealing with the critical work.

4.

Financial document analysis:

 Financial document analysis can be a tedious and time-consuming task requiring high precision and accuracy. Such repetitive manual tasks can often result in delayed and inaccurate payments. IPA software robots help in automating error reconciliation, data inputs, and even decision making required by finance staff for tasks like invoice processing. Automation thus helps in limiting errors in such processes and reduces the need for manual intervention.

5.

Recruitment Process:

IPA uses Machine Learning and Artificial intelligence to perform manually performed human tasks and functions in a time-efficient manner. It can be used to perform simple, daily tasks like sending automated messages and emails to the more complex set of functions handling several bots. In recruitment, it helps the HR team to source resumes from a range of online platforms, analyze the exact skillsets, derive value, sort through spam and unwanted applications. It helps the HR team to gain access to the right skills. IPA helps the HR team throughout the recruitment process from screening to assessment to final onboarding and administration.

6.

Customer on-boarding:

Customer onboarding usually involves several departments in the organization, each having its own rules and procedures and a lot of documents. As a result of using Intelligent Automation for customer onboarding, the whole process can take minutes rather than days, which means the banks can successfully onboard more clients faster. IPA helps with the following:

  • Digitize paper-based processes with electronic signatures, customizable branding options and integration into your customer-facing applications
  • Streamline document processing with embedded AI such as natural language processing (NLP), machine language and low-code development capabilities. 
  • Automate and streamline how you produce and manage personalized correspondence, so you can engage with customers the way they prefer.
  • Enable a 360-degree view of your customer onboarding journey and manage every step to ensure completion.
  • Eliminate errors across document processing and customer data entry in your CRM, ERP and core systems

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