|The Journey Toward Intelligent Automation|
Author: Chirag Rawat, Associate Director and Intelligent Automation Practice Lead, Avasant
Defined as the application of robotic process automation (RPA) along with artificial intelligence (AI) technologies such as machine learning, natural language processing and computer vision, Intelligent Automation (IA) is bringing fundamental changes to how enterprises operate. Both the work (i.e., business processes) and the worker (i.e., resources) are evolving at breakneck speeds. The workforce now includes machines with software intelligence that enable enterprises to handle unstructured data rapidly, achieve savings within 6-9 months, achieve 100% ROI by the second year, and achieve above 90% efficiency gains. Beyond these hard business benefits, IA brings new skills that enable people to develop entirely new processes, essentially carving out new directions to expand what’s possible for their enterprises.
RPA Has Come A Long Way
RPA, the earliest form of IA, has significantly matured over the last four to five years. According to Avasant’s RadarView™, 2018 is the year when Global 2000 organizations across industries will embrace it for multi-process use cases and achieve large-scale benefits. The demand for RPA is driven by business objectives of achieving better compliance, quicker cycle time and autonomous processing. By this year, 40% of RPA adopters would have moved beyond experimentation to early adoption of AI to drive business process transformation. A combination of cognitive technologies is being increasingly utilized by industries such as banking, insurance, finance and retail to deliver more value in front-, mid- and back-office processes.
Several enterprises see the adoption of intelligent automation as a journey towards progressive adoption of cognitive technologies: