Today’s executives face the ever-increasing challenge of meeting the demands and expectations of both internal and external customers while simultaneously lowering operational costs as much as possible. Meanwhile, growth is almost always on the horizon. To address these challenges, more and more executives are turning to intelligent automation to augment human capability, enhancing the customer experience, achieving higher quality outputs and increasing the capacity to handle higher volume.
Let’s explore how this disruptive, transformative technology is driving tremendous change in the global business realm.
What is intelligent automation?
Before we can delve into the many benefits of intelligent automation and how it can spearhead growth, we must first define what the technology is and how it works. Gartner defines intelligent automation as “the umbrella term for a variety of strategies, skills, tools and techniques that service providers are using to remove the need for labor, and increase the predictability and reliability of services while reducing the cost of delivery.”
In simplest terms, intelligent automation is a software that mimics the behavior of a human worker by locating, finding, analyzing, transforming and entering data into existing enterprise applications. It is particularly useful for labor-intensive tasks and workflows. Intelligent automation delivers a competitive advantage by delivering low-cost scalability and enabling skilled personnel to shift their focus on higher-value work.
Will intelligent automation replace the need for humans?
The growth we are referring to in this article does not involve the elimination of human workers. To the contrary, while some rote jobs and duties will naturally be replaced by automation, new roles and opportunities will simultaneously develop. The goal is to achieve the ideal balance between robotic efficiency and human judgment.
In this regard, the automated platform identifies process exceptions that require complex decision making, bringing in expert employees. This new process orchestrates both human judgment and intelligent automation to apply the benefits of each to maximize responsiveness, efficiency and quality of work.
Three Key Ways Intelligent Automation Can Propagate Growth
Now that you’ve got a better idea of what intelligent automation is and how this technology can fit in with your business processes, it’s time to get down to the meat and potatoes. Here are three specific ways you can leverage automation to facilitate rapid, sustainable growth in your organization.
It’s only logical to assume that the more output your business can produce, the more work you can take on. Intelligent automation is capable of performing tasks and complex workflows exponentially faster than humans. Not only does this speed up and increase the volume of work that can be performed, but it will also enable your human staff to focus their efforts on more critical business growth initiatives.
And with the potential to increase productivity by 40% or more, automation powered by artificial intelligence can literally transform your company’s performance.
Even the most skilled human has the potential to make a mistake from time to time. Apply this to high-volume, repetitive tasks and the risk increases tenfold. Sadly, even a seemingly minute error can have tremendous implications on your company’s reputation, which can dramatically hinder growth. The fact is, software robots are capable of learning much more efficiently than people.
For instance, intelligent chatbots can be “trained” to perform support while continuously gathering new information and expanding their own internal knowledge bases. All of this without the risk of error makes it easier to scale and expand operations.
When you can leverage software robots to perform a vast number of tasks and activities that once required human employees, the potential for increased ROI also dramatically improves. In other words, you’ll need to hire and staff fewer employees, which means lower expenditure in terms of salary, training and benefits.
With improved productivity and a reduction in errors, the average cost for the work performed decreases, which boosts your return. Higher ROI means more capital to spend on expansion and growth initiatives.
With all of this opportunity on the table, the question then shifts from should you adopt intelligent automation to why haven’t you done so yet? Get started today and begin your journey to digital transformation that will enable you to achieve your growth goals and crush the competition.