Applications of Intelligent Process Automation
Intelligent Process Automation (IPA) is transforming the businesses by making combined use of technologies like robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), process mining, and natural language processing (NLP). Business organizations use IPA to automate and optimize their processes and workflows, and enhance efficiency in their operations.
In this chapter, we will learn about some common examples of IPA applications and use cases.
Intelligent Process Automation Use Cases
In this section, we will highlight some of the major areas where intelligent process automation is used in businesses −
Automating Financial Processes
Businesses use IPA to automate their financial processes and operations like generating, validating, or approving invoices, making or scheduling payments, extracting data from invoices, etc. The use of IPA for automation of financial processes results in several advantages such as reduced errors, faster data entry, enhance compliance, etc.
Customer Onboarding
Industries like banking, insurance, retail, etc. use intelligent process automation to automate their customer onboarding process and improve customer experiences. In customer onboarding, IPA can automate processes like document uploads and verification, background checks, identity recognition, etc.
Automated customer onboarding results in benefits like faster onboarding process, enhanced customer satisfaction, reduced workload on employees, etc.
Fraud Detection
Intelligent process automation is also used to detect frauds and identify suspicious activities. Because of this capability, IPA is widely used in industries like banking, insurance, online payment systems, and e-commerce.
IPA uses artificial intelligence (AI) to analyze transaction data and patterns to determine inconsistencies in real-time. This use case of IPA offers several benefits such as early detection and prevention of frauds, fulfil compliance requirements, etc.
Automating Insurance Claims Processing
In insurance sector, IPA is used to automate and streamline end-to-end claim processes. For this automated claim processing, IPA can extract data from claim forms, validate it against policy regulations, and make an appropriate decision to approve or reject the claim.
This use case of IPA helps insurance institutions to faster settle the claims, reduce operational costs, and improve customer satisfaction.
Automating Recruitment Process
In HR department, Intelligent Process Automation can be used to automate and optimize hiring process and employee management. IPA can automate various HR operations like resume screening, scheduling interviews, employee data updating, verifying documents, etc.
Using IPA for HR and recruitment automation offers numerous advantages such as quick talent acquisition, reduced administrative workload on employees, improved hiring experiences, etc.
Automating and Optimizing Supply Chains
In supply chain management, IPA is used to automate operations like inventory management, predicting demand, procurement, scheduling shipments, etc. This helps organizations to reduce disturbances in supply chain, inventory costs, and enhance collaboration with vendors.
Automating Customer Support
Business organizations also use IPA to automate and improve their customer support services by taking the advantage of IPA's chatbots or virtual assistants. IPA can automate responses to customer queries, resolve technical issues, or provide personalized recommendations. This application of IPA offers several benefits to business organizations such as speed up responses to customer's questions, free up human resources, and reduces operational costs.
Conclusion
These days, most modern businesses are using intelligent process automation to automate their processes and enhance the operational efficiency in their organizations. IPA basically transforms and revolutionizes the business operations by integrating multiple cognitive technologies.