Intelligent Automation – Straight-through processing (STP) with least human invo
Intelligent Automation ensures end-to-end automation by eliminating process bottlenecks and hurdles.
The long winding years through 2020 and beyond have put the mettle to test for most enterprises and individuals. Acceleration, efficiency, and resilience were not only sought at the business level but also at the individual level by the person managing them. In the quest to achieve these dominant traits and move beyond the fragility of singular task automation enterprises have turned to Intelligent Automation.
Intelligent Automation – Along the automation continuum toward a higher degree of STP
Intelligent Automation is touted to be the go-to technology in the post-pandemic world that has borne the brunt through the grueling years. It is more than the simple rule-based automation and augments AI/ML-enabled technologies with the existing simple to complex BPM solutions to drive autonomous decision-driven workflows and architectures. As a result, it offers a higher degree of STP along with higher process acceleration, efficient output, and systemic resilience. Due to the use of AI/ML algorithms at prime process junctures, the Intelligent Automation ensemble delivers a better output with each consequent batch process and higher workload execution while driving end-to-end automation.
Intelligent Automation – Important use cases
Intelligent Automation uses BPM technologies, such as RPA, IDP, workflows, and low code-no code automation solutions along with AI/ML to simplify the existing enterprise process architecture and deliver STP with human-in-the-loop (HITL) involvement only for eyeball verification. Here are some important use cases for enterprises for initiating their automation journey –
- Banking and Financial Services: Loan and mortgage document management, remittance workflows, SWIFT transfers and messaging system automations, know your customer processes, fraud and AML monitoring, and trade finance automations
- Insurance: New business and onboarding, underwriting, premium calculation and assignment, claim processing, master data management (MDM), and payment reconciliations
- Manufacturing and Supply Chain: Procure to Pay, Order to Cash, Record to Report, omni-channel sales order recording, inventory management, and invoicing
Benefits of Intelligent Automation
- Straight-through processing: Intelligent Automation eliminates process bottlenecks at all levels and improves STP. Primarily associated with all payments and receivables management, it forms the basis of autonomous systems that have low to no human involvement.
- First time right: It ensures first time rights (FTRs) with each output.
- Knowledge worker force augmentation: It assists knowledge workers in their routine work and allows capacity building at all levels.
- Reduced OpEx: It reduces the overall operational cost. Cloud hosted operations also increases the scalability of operations and geographical reach.
- Statutory compliance management: It enables process automations at all levels including regular compliance management and third party site updations without human supervision.
- Process optimization and consistency: It is user-independent and offers a high degree of consistency and quality output.
Intelligent Automation ensures end-to-end automation by eliminating process bottlenecks and hurdles. It uses AI/ML for continuous learning, delivers increasing levels of intelligent output with each batch process, and promotes straight-through processing (STP) at all levels.