From Manual to Machine: Maximizing Cost Savings with Intelligent Process Automation

Although productivity and value creation remain crucial concerns for senior management across sectors, the question remains: What more can be done to stay ahead in this competitive landscape? The answer: Intelligent process automation (IPA). IPA helps leaders get the most out of decades of investments in complex systems and make many complicated decisions simultaneously. Apart from offering cost savings and cost efficiency, the benefits of intelligent process automation include increased employee productivity, elevation in role performed by an employee, customer satisfaction, and maximized return on investment (ROI).

What is Intelligent Process Automation?

Intelligent process automation (IPA) is an advanced automation strategy that integrates various technologies to optimize and streamline complex business processes. It combines robotic process automation (RPA) to handle repetitive tasks, artificial intelligence (AI) for learning and decision-making, machine learning (ML) to enhance processes through data analysis, natural language processing (NLP) for understanding human language, and advanced analytics for generating actionable insights.

This helps businesses to not only optimize costs but also:

• Increase efficiency and accuracy of the underlying processes.
• Enhance autonomous decisions based on real-time data and predefined rules.
• Improve customer satisfaction.
• Learn and adapt to process changes and exceptions.
• Perform advanced analytics to identify trends and predict outcomes.

Through intelligent automation adoption, businesses can transform customer journeys by simplifying interactions and delivering superior experiences, ultimately driving customer satisfaction.

Cost Savings with Intelligent Process Automation

Intelligent process automation unlocks cost savings through several key features:

• Hyperautomation: By combining RPA with AI and other technologies, IPA automates entire workflows instead of isolated tasks. Organizations can achieve substantial cost savings while improving accuracy and speed by eliminating manual intervention. Driven by factors like talent shortages, rising economic pressure, and increased competition, the market for hyper-automation software is expected to reach nearly $1.04 trillion by 2026 according to Gartner.
• Autonomous decision-making: IPA can empower systems to make intelligent decisions based on predefined rules and algorithms. This eliminates the need for human intervention in routine decision-making processes, reducing the associated costs and potential for errors.
• Adaptive process automation: IPA continuously learns from data inputs and adapts to changing business conditions, optimizing processes in real time and eliminating inefficiencies.
• Augmented analytics: IPA leverages advanced analytics to identify cost-saving opportunities and predict potential issues before they arise, allowing for proactive action.

Case Studies

Here’s a look at how intelligent process automation can result in tangible benefits for enterprises.

Enabling Intelligent Automation Center of Excellence (CoE)

Cloud-based Intelligent Automation in Finance

Best Practices for Implementing IPA to Optimize Costs

To maximize cost savings with intelligent process automation, it’s crucial to follow certain best practices:

• Identify the right processes: Focus on high-volume, repetitive tasks prone to errors for automation. While a comprehensive IPA strategy is ideal, tackling everything at once can be overwhelming. Remember, complex IT projects like data warehouses often take years and exceed budgets. Like other digitalization initiatives, begin with a single end-to-end process or customer journey. Optimize and enhance it with IPA to showcase its benefits and build momentum for further automation.
• Proper training and change management: To maximize the success of IPA, foster a culture of continuous learning through ’learn-by-doing’ initiatives. This includes coaching, on-the-job training, and knowledge sharing to equip employees with the necessary skills in IPA tools, process redesign, and lean principles. Additionally, effective communication and change management are crucial. A robust plan should address redeployment, generate excitement, align the IPA journey with corporate strategy, and promote an agile work culture through internal change champions.
• Continuous monitoring and improvement: Don’t settle for initial gains. Establish a robust performance measurement framework for your intelligent process automation Regularly track and analyze key metrics like processing time, error rates, and cost savings. Leverage these insights to identify areas for further optimization. This could involve refining existing automation, identifying new processes for automation, or adapting to changing business needs.

Continuous Technology Innovation: The Future of IPA

The future of intelligent process automation lies in its continuous evolution through integration with cutting-edge technologies.

• Integration with future-proof technologies: By combining IPA with powerful technologies like predictive analytics and cognitive automation, organizations can unlock a new level of efficiency and cost savings. Predictive analytics will allow IPA systems to anticipate bottlenecks, automatically adjust workflows, and prevent errors before they occur. Cognitive automation, powered by AI, will enable IPA to handle more complex tasks currently requiring human judgment and decision-making.
• Expansion into new industries: As IPA evolves, its application will extend across diverse industries and business functions, driving cost savings and creating a more efficient business landscape.

Embrace Intelligent Process Automation by Partnering with Hexaware

Intelligent process automation is rapidly transforming businesses, and Hexaware’s stands at the forefront of this revolution. Our comprehensive IPA services, along with the Tensai® for Operations platform, unlock a world of possibilities, empowering you to:

• Boost efficiency: Streamline workflows, eliminate repetitive tasks, and free up your workforce for higher-value activities.
• Optimize costs: Reduce operational expenses through automation, leading to significant cost savings.
• Drive growth: Enhance your agility and responsiveness, enabling you to capitalize on new opportunities and achieve sustainable growth.

Start reaping the benefits of IPA with Hexaware. Contact us and drive your organization towards a future of unparalleled efficiency and growth.