A research report by Capgemini’s Digital Transformation Institute states that the financial sector might add up to $512 billion to global revenue by 2020 through intelligent automation. At some point of view, the blockchain technology might take away the need of fast-cost-saving avenues and may commit to the lightweight technologies like IA. Intelligent automation (IA) is the aggregation of the three technologies robotics process automation (RPA), artificial intelligence, and business process optimization that are applied cohesively to achieve business objectives. Automation can improve customer experience and increase revenue growth. The old approaches or strategies of supporting and managing the business processes have now undergone a paradigm shift. This has come true due to the advent of disruptive technologies and artificial intelligence which promise to bring the speed, ease, and cost optimization.
Intelligent Automation is the next step in the journey that had started some decades ago when businesses started emphasizing the “process improvement.” Initially, mapping workflow and re-engineering process were utilized to identify the potential threats to quality. As technology has emerged, firms moved to workflow automation for repetitive functions. Due to the data scattered across different systems in different formats, often the firms couldn’t find the simple way to automate the processes without the integration effort. Process automation provides significant value by lowering the cost of many legacy operations till a firm moves ahead with the broader change.
According to Gartner’s research, AI-based tools in the capital markets have increased which illustrates that cognitive RPA and AI technologies will become part of every company’s business strategy to drive operational efficiencies. A research by Capgemini found that 45 percent financial organizations believe that internet tycoons such as Google, Facebook, or Amazon will be the main competitors in the next five years. This challenging and competitive environment has seen the growth in the use of IA to increase revenue.
Today’s business process optimization platforms deliver the ability to manage work and dynamically adapt to the awareness and understanding of the data and business events that unfold. This is the basis for Intelligent automation that drives process adapting to the context of the work and delivering the efficiency of technologies, simultaneously leveraging the rules and policies to move towards the optimal outcome. For such reasons, business process optimization is considered as the ideal platform for digital transformation which enables “intelligent automation.”
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