Intelligent Process Automation (IPA) can expand the limits of classic RPA tools.
Robotic Process Automation (RPA) is becoming more and more common in enterprises around the world. It automates manual, repetitive, rule-based tasks to free the human employees for more sophisticated, high-value activities.
RPA tools can help to improve the efficiency, the effectiveness and the quality of services.
Classic RPA processes typically have repeatable and predictable actions in a digitilized environment including those that may require toggling between multiple applications. The RPA software “Bots” are able to perform such routine business processes by mimicking the way that people interact with applications through a user interface. They are following simple rules to make decisions.
An example of a routine business process would be the retrieval of information from an ERP system and entering the information into another system, or activating another system function.
Industries that usually benefit more from RPA are Finance, Insurance and Healthcare. But we already implemented with success automation bots in the realestate business and even in processes on the shopfloor of a manufacturing company.
Although today many tasks in enterprises can be automated with RPA, not every process uses structured data and can be automated following defined rules. The limits of RPA lies in the absence of capacity to manage unstructured data, to interact using natural language and to handle judgement activities.
That can be solved using artificial intelligence technologies such as natural language processing, image processing, pattern recognition and contextual analyses to make more intuitive leaps, perceptions, and judgements. These technologies are called cognitive technologies and are a part of the Intelligent Process Automation (IPA).
Unlike other types of AI, such as machine learning, or deep learning, cognitive automation solutions imitate the way humans think.
Cognitive automation bots are able to recognize semi- or non structured or even incomplete data and understand human conversations, which makes it possible to automate customer service processes and processes involving contracts.
They can handle documents in different formats and even handwritten documents. With sentiment analysis they can extract topics and feelings from client e-mails or conversations with the company chatbot to understand if the client is nervous, angry or happy with the company product or service.
Cognitive Process Automation is able to:
– Discovering mismatches between contracts and invoices
– Offering end-to-end customer service with chatbots
– Processing trade finance transactions
– Servicing policies for Insurances
The main reasons for companies invest in Robotic Process Automation are:
– Improve the optimization of operations
– Reduce process errors
– Augment human intelligence to free up workers to focus on more strategic tasks
– To complete tasks for internal employees who can better support customers
– Lower costs by replacing humans performing low value tasks
– Reduce cycle time for revenue generation transactions
– Improve compliance with regulations/regulatory bodies according to the country the office is based
– Link RPA with chatbots and self-service support to raise customer self-service experiences