Intelligent Process Automation is an application of artificial intelligence which includes cognitive automation, computer vision and machine learning.
As we know artificial intelligence is an emerging branch of computer science which I have discussed in my previous article. Let us see the role of IPA in this article.
Firstly, IPA has cognitive capabilities and can mimic human actions. Secondly, it manages and automates digital processes. Moreover, the main technologies that take IPA are RPA, DPA and AI.
Significance of IPA
The primary significance of IPA is that it learns and improves from experience. It uses features like optical character recognition (OCR) and is built for unstructured data.
Also, it uses machine learning algorithms and pattern recognition to process decisions. It will transform the content into structured data that RPA can handle.
Moreover, RPA focuses on rule based processes and repetitive automation while IPA focuses on NLP and ML. IPA automates processes without rule based decision making or huge training data sets.
Using IPA, end to end visibility is possible as we can see the entire process, allowing us to identify how customer journey can be smoother.
In Latin America, Bancolumbia is using Bizagi as its IPA.
Applications of Intelligent Process Automation
- In Insurance for claim and medical analysis
- In banking sector for customer on boarding
- Investment Management
- Invoice Processing Automation
Firstly, IPA has major significance in insurance sector for medical claims. It can automate insurance claims and provide accuracy to claims processing. Thus, it results in improving customer satisfaction.
Secondly, in banking sector it extracts unstructured data from customer on boarding documents into bank’s digital system.
Moreover, it is also used in investment management for financial document analysis and trade processing automation.
In Invoice Processing Automation, it uses ML and NLP to identify relevant information to extract. It will be able to handle unstructured content.
Benefits of Intelligent Process Automation
Let’s take a look at some of the benefits of using IPA.
- It drives customer satisfaction and much quicker time to market new ideas.
- IPA is easy to use and does not require data science expertise.
- Moreover, it is build for unstructured data which works well for documents, text and images.
- It creates four times increase in process capacity and scales critical processes.
- Speed in process change and agility.
In conclusion, we have learnt about the significance of IPA and how it transforms the unstructured data. We have also seen some of its applications. We have learnt about some of its major applications.