Although we do not have flying cars and robots like Wall-E in our lives, we have made space for bots powered by artificial intelligence or machine learning. We are heavily surrounded by technologies such as Robotic Process Automation (RPA) and Intelligent Process Automation (IPA). They are shifting the entire operational structure of the companies, making work more fun for employees.
Both IPA and RPA rose to prominence right after the buzz around digital transformation. In simple words, RPA simplifies and accelerates business processes through software bots by mimicking human digital behaviour. Moreover, let us categorize IPA as an additional tech to complement and add more value to RPA. Often, RPA and IPA get confused, and a commentary on intelligent process automation vs. robotic process automation can help you reach your business goals such as efficiency, modernization, and profitability.
IPA has a long way to go but as the technology matures and advances, more businesses will continue to IPA for process automation. By 2024, the global IPA market is reportedly expected to reach $14.3 billion. There is no substantial data that would indicate the downfall of RPA and the rise of IPA. By supplementing RPA, IPA makes RPA more intelligent and ready to solve business problems and automate complex business processes. Here are some of the differences between IPA and RPA.
Intelligent Process Automation is the core engine of the operating model of the post-digital world. In these modern times, multiple businesses are leveraging the capabilities of both RPA and IPA to work around complex business problems to reduce costs and human errors and boost profitability and efficiency. After talking about IPA vs. RPA, let’s now move on to discuss some intelligent process automation use cases highlighting how businesses are leveraging its applicability.
A lot of conversation is happening around bots reading and analyzing resumes of people. Multiple businesses have empowered their HR functions by streamlining recruitment processes through the capabilities of intelligent process automation. If done manually, this process is laborious and cost-inefficient. IPA filters out the spam or unwanted resumes and analyzes the resumes with the right skill set for the job, helping out the HR department throughout the screening and the onboarding process.
Often, companies have to sign on large purchases from multiple vendors, which overall affects the company’s bottom line. Choosing the right price and vendor manually requires an intricate process and thorough analysis. This is the reason why companies are opting for IPA. A rightful IPA solution will give a thorough comparative analysis of the price and features and attributes of services or products. IPA enables companies to get the best products at the best price.
Do you want to automate end-to-end payroll transactions to avoid human errors and data inaccuracies? IPA is your answer. Not only will it verify the employee data consistency across multiple systems and validate deduction, but it will also seamlessly manage employee benefit and reimbursement processes and automate salary formulation procedures.
Customer service and IPA is a match made in heaven. You can’t ignore either. Customers of today are used to instant gratification and therefore expect swift and prompt response time. The intelligent use of technology can strengthen customer trust, amplify profitability, and also ensure customer retention. It gets humanly challenging to handle an army of impatient customers. IPA is a solution to this challenge.
Through NLP-based automated customer support systems, companies can promptly address customers’ concerns and queries with a human touch. Through statistical and learning algorithms, NLP analyzes text-based information to comprehend the meaning and sentiment. By assessing the level of urgency and intent, companies can manage and schedule the customer service operations.
When carried out manually, processing invoices is time-consuming, repetitive, and usually takes 4 to 16 days. One of the reasons behind the delay is an immense amount of manual effort. Software bots built on IPA proficiencies allow companies in decision-making processes, automate data entries, and help limit errors by reducing human intervention and dependency.
Once businesses understand IPA vs. RPA and get accustomed to their capabilities, they can leverage them in multiple ways and fashion a resilient and cost-effective business environment.
One of the many key tools of IPA, machine learning (ML), can predict outcomes and recognize the patterns in behaviours by analyzing large volumes of data. IPA can calculate risks in real-time, keep an eye out for suspicious payments, and easily verify payments that have high accuracy.
Technology-agnostic and savvy companies are leveraging IPA and RPA both for a competitive edge. It allows them to access relevant data, streamline processes, and make informed decisions.
If you are thinking about breaking the routine with intelligent process automation and want to rethink how your business operates, Techvista Qatar can help you. Get in touch with us to learn more.