Intelligent Automation: Risks & Rewards !

The onset of the COVID-19 pandemic in 2020 led to several changes in the world. Changes were prominent in people’s personal lives and the business world. Many businesses were pushed into digitisation and automation, which have become the norm.

Since automation became a necessity, it has had a lot of pros. It helps to support the cost optimisation strategies and growth of organisations. Using it has pushed them to adopt automation technologies like Intelligent Automation. AI-based decision-making tools and robotic process automation (RPA).

However, unintended consequences like complex operations, the possibility of cascading errors, and the obsolescence of existing controls are areas of concern. Also, fragmented operating environments and legacy infrastructure can limit the benefits an organisation hopes for.

But just like they say, "every cloud has a silver lining," so all the risks can be overlooked when you look at all the benefits you can get. It is natural to be nervous if you have not switched to automation yet. But we at Growth Jockey are here to ensure you have a smooth transition.

This article will help you understand the meaning of Intelligent Automation and its risks and benefits. So, keep reading to learn more.

Intelligent Automation: What is it, and where is it used?

Intelligent Automation is a combination of using automation technologies like Artificial Intelligence (AI), Robotic Process Automation (RPA), and business process management (BPM) to streamline the decision-making process across organisations. It is also referred to as ‘Cognitive Automation’ and uses cutting-edge technologies like Machine Learning, Artificial Intelligence, cloud and computer vision.

Intelligence Automation builds a dynamic environment and automates the process using variable input and output. This means that it leverages technologies and uses intelligence to make decisions on its own. So, if the user enters the wrong command, unlike RPA, which only shows the error, IA will correct it.

Using Intelligent Automation helps to free up resources, simplify processes, and improve operational efficiency. You can use it in multiple fields, some of which include:

• Data extraction: With the help of AI techniques like NLP and ML, intelligent bots can extract unstructured data from handwritten documents, images, and PDFs. They use AI to understand the document and improve its accuracy when data is being extracted.

• Interacting with customers: Intelligent bots that use conversational AI capabilities can interconnect with customers by answering FAQs, providing self-service tools, and making recommendations.

• Recruitment: NLP-powered Bots help increase efficiency during the recruitment process. They can gather candidate resumes, scrap data from recruitment websites to find potential candidates, screen resumes by comparing job requirements and candidate information and send emails to candidates after deciding.

• Appointment scheduling: Bots are capable of communicating with patients about their health concerns, telling them when the physician is free, booking a time slot, and also giving patients a chance to reschedule and cancel appointments. They can even send reminders to patients about upcoming appointments.

What are the Risks of Automation?

According to Growth Jockey, before you get into Intelligent Automation, you need to know it is a very purposeful technology. It gets a higher outcome in a limited time with a lesser workforce. But there are some risks of Automation that you should be aware of.

Some of these are as follows :

The initial costs are high

Intelligent Automation is used to automate tasks that require a lot of manual work to be done frequently. But though this is meant to be done independently, there is a team that helps to deploy it. They are experts and charge a lot to get things in order.

Setting up IA takes time and requires you to pay double the amount of the initial deployment cost. So, if your business aims only to achieve short-term goals, it is better not to try Automation. With IA, it takes a while to reap the rewards, about **30%-50%**of the time. And initial projects are abandoned or shifted to other solutions.

Automation is not future proof

Making Automation future-proof is a big challenge. You must be aware of the future when you automate the processes you have to do frequently.

The environment is dynamic, and with new technology, competitors and market trends, you might have to change the automation process in the future. Therefore, you should have an automation solution that allows you to quickly make changes during the process and adapt to new processes. This is the only way to keep the total cost of ownership for automation low.

Some common challenges of the intelligent automation technique are:

• There is a limited number of skilled workforce that can implement intelligent Automation

• It isn't easy to retrain and re-skill staff to use automation technology

• There is resistance from human workers who are afraid of being laid off

• There is limited cybersecurity to deal with threats from hackers

Benefits of Intelligent Automation

There is always a positive side to every situation. Though using Intelligent Automation has several risk factors, it also has many benefits. And if you are worried about things going wrong, Growth Jockey is here to help.

With our experience in the field, we are knowledgeable about all things Automation. Intelligent Automation platforms can benefit industries due to their precision in calculations, analysis, and use of large quantities of data. Here are some additional rewards you get when you use it Intelligent automation in financial services to generate US $512bn by 2020

Reduces the cost by expanding the workforce and improving productivity

Using Intelligent Automation [IA] generally saves you 40% to 75%, with the payback ranging from a few months to years. One of the main reasons for this is that automating systems and using data and analysis to ensure accuracy can speed up production.

When using IA, you can scale quickly without compromising quality, increasing risk, or pressuring the current workforce. Business leaders receive the benefits of IA through higher yield and better ROI.

Betters the accuracy through consistent approaches, which leads to improved quality

IA uses artificial intelligence to automate repetitive tasks that are done frequently. This gives employees free time to focus on more strategic tasks while the bots take over less important ones.

With the help of IA, processes across an organisation can be standardised, which makes them more consistent and efficient. Also, IA gives organisations real-time visibility to check their operations and identify any hurdles. Addressing these can help the organisation increase its overall performance.

Addresses regulations and compliance with confidence

IA ensures that companies adhere to compliance regulations easily by seeing that the requirements are met. This helps to calculate an organisation's risk and ensure that things do not get out of hand. Automation confirms that compliance activities only occur when appropriate once regulatory requirements develop.

Compliance automation technology strengthens businesses and empowers them to smooth compliance-related workflows. These include control evaluations, risk assessments, corrective action planning, and testing.

Enhances the customer experience

IA helps to improve the quality of products, provides reliable products, and answers queries quickly. This enhances the customer experience and provides a very positive and rich experience for the customer.

You gain a competitive edge over other organisations when you have happy and satisfied customers, since they tend to return to companies they like and become loyal to them.

Summing Up

Sometimes all you have to do is take a risk, jump into an uncertain situation and trust someone to help you along the way. With guidance from Growth Jockey, you can be assured that all your queries will be answered, and you will enter the world of Automation with no problems. We will guide you through every step and ensure that everything goes smoothly.

There are risks involved in the intelligent automation process, like high deployment costs and lack of future stability. And there are several challenges when you use it. But, with our guidance, you can overcome these risks.

Your business can benefit from accelerated efficiency when you integrate Intelligent Automaton at your workplace. In order to understand the rewards in intelligent Automation, the organisation must adopt a holistic management approach that includes employee culture, business-IT alignment, and new controls to manage the risks of automation technologies.

At Growth Jockey, we are committed to delivering tailored marketing automation solutions that effectively address the critical challenges faced by our clients across various industries. Regardless of the scale of your business, whether you're a small-scale enterprise or a large corporation, you can now harness the benefits of advanced automation technology.

Take a proactive approach to unlock the next level of growth for your brand by reaching out to us today!