How Intelligent Document Processing can improve your business

Automating your document processing can certainly save you time. A modern Intelligent Document Processing platform can revolutionize your business and build a capable foundation for future growth.

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Intelligent Process Automation

The business world is constantly growing. With this growth comes the creation of more departments to handle the tasks that are vital to the organization. These many different departments mean it is not uncommon for several departments to have tasks that are capable of being automated, such as data entry. Some departments exist solely to handle certain mundane and time-consuming tasks, which is why companies look forward to the future of hyperautomation. 

Hyperautomation refers to the idea that if a task can be automated, then it should be. At its most basic level, hyperautomation is about automating as much of a business’s processes as possible. One way that organizations can start automating processes is through Intelligent Process Automation (IPA). The Intelligent Automation market size is rapidly expanding with a predicted 11.2% CAGR from 2022 to 2030, showing that businesses realize the potential of process automation. With an estimated expansion from $10,935 Million in 2021 to $27,990 Million by 2030, the Intelligent Process Automation market shows no signs of slowing. In this lucrative industry, organizations that are interested in hyperautomation should consider investing in Intelligent Process Automation tools for their businesses.

One piece of the Intelligent Process Automation puzzle is called Robotic Process Automation (RPA). This form of automation is used to handle the repetitive tasks commonly performed by employees. Unlike an intelligent system, Robotic Process Automation is only capable of performing tasks that do not vary. With that said, this kind of automation is still very useful for those repetitive tasks that many businesses need to automate. 

To implement Robotic Process Automation, many businesses will hire an RPA developer to analyze how and where to automate processes in the business. For organizations that are interested in automating their processes without hiring an RPA developer, Rossum’s AI-powered platform can help.

Intelligent Process Automation examples

When a business decides to create or use an Intelligent Automation platform, it can be beneficial to explore the components of Intelligent Automation. According to Deloitte, intelligent business automation is the combination of Robotic Process Automation and Artificial Intelligence (AI) technologies. How does Robotic Process Automation differ from Intelligent Automation? Simply put, Robotic Process Automation automates rules-based tasks whereas Intelligent Automation uses AI to learn how to perform tasks that change. 

Robotic Process Automation is an important part of the Intelligent Process Automation platform, but without AI, it is only capable of certain tasks. For instance, RPA can help a business process template-based invoices, but IPA can automate invoice processing for all formats and types of data.

Bringing IPA into a business can be complex, but there are some simple ways to do this. The first step is to know who can contribute in achieving Intelligent Automation in an organization. This depends on the goals of the organization. If the business wants to automate the document processing department’s tasks, for example, then the head of that department could initiate the implementation of Intelligent Automation in that area. This department head would do well to review some Intelligent Process Automation examples, such as Rossum, before deciding on the best platform to use.

Intelligent Automation framework

Businesses want to use processes that work. More importantly, they want to use processes that will provide the most benefit to the organization. Knowing automation value is one way that businesses can gauge the effectiveness of automation in their business processes. According to Leslie Willcocks, a professor at the London School of Economics Department of Management, businesses that implemented Robotic Process Automation saw between a 30 to 200% return on investment. The professor goes on to say that the value of automation is also seen in customer service, employee satisfaction and staying compliant with regulations in the financial sector.

It is important to know that automation should not be taken too far. A common question that organizations ask is: why should you not automate every process in DevOps? The answer is that automating every process of DevOps can result in problems down the road, and replicating another organization’s automation level may not be a good decision for your business. This is why developing an Intelligent Automation framework that is specific to your company can be the most effective way to implement automation into your business processes. Rather than automating every process, some organizations may find that automating only one area, such as document processing, is a better choice. Rossum’s AI-powered platform is an Intelligent Automation software that can help businesses automate their document processing tasks.

Intelligent Process Automation tools

Intelligent Process Automation tools can vary widely. Some tools may be designed to be a comprehensive platform that can automate nearly every area of business processes, while others might simply automate one area. A common question that is asked regarding these tools is as follows: Intelligent Automation expands on simpler forms of automation through the use of which technology? This technology is Artificial Intelligence. It is AI that makes Intelligent Automation tools capable of taking on more complex tasks than the automation that results from simple tools that use RPA without AI. 

In the 2017 McKinsey automation report entitled, A Future That Works: Automation, Employment, and Productivity, researchers found that it is possible to automate nearly 50% of the tasks performed by employees that are paid around $16 trillion in wages. Additionally, the McKinsey report states that automation could increase profit and productivity, improve safety, and boost quality. One way that automation could improve quality is in the document processing department. Relying upon employees to perform the repetitive, tedious tasks of document processing day after day can result in human error. Businesses can improve the quality and accuracy of document processing by automating these tasks with Intelligent Process Automation tools like Rossum.

Intelligent Automation examples

The main purpose of Intelligent Process Automation is to increase the productivity and efficiency of the business by automating certain processes. This productivity acceleration is not just related to the speed with which automation can complete specific tasks compared to humans. It also entails productivity enhanced when employees are satisfied with their work and can perform tasks that require the human touch. IPA technology does not result in liquidating human jobs but simply changes the kinds of work people need to do. With Intelligent Automation, employees are free to work on tasks that require their unique skills.

If a company searches for Intelligent Automation examples, they will find a variety of platforms and frameworks that may or may not work for their specific circumstances. Among the easiest platforms to implement is the Intelligent Document Processing platform called Rossum. This platform uses AI technology to automate document processing so businesses can easily, quickly, and accurately process documents. As an example of Intelligent Automation, Rossum is a centralized platform that continually learns from human involvement to improve itself constantly. Businesses that have determined to automate document processing can implement Rossum in just one day.

Robotic Process Automation example

Intelligent Automation (RPA) solutions can vary depending on whether the tool is intelligent or simply robotic. Intelligent Automation vs. RPA is the difference between a tool with machine learning capabilities and a simple pre-programmed tool. Robotic Process Automation tools are helpful for several business tasks but are not capable of the wide variety of work that tools with Artificial Intelligence can perform. What is Intelligent Automation vs. Artificial Intelligence? Essentially, Artificial Intelligence is a component of Intelligent Automation. While Intelligent Automation refers to the tools that businesses implement to automate their processes, Artificial Intelligence is the technology that fuels those tools.

Without Artificial Intelligence, business process automation relies upon RPA tools. Looking at a Robotic Process Automation example can be an excellent way for a company to get an idea of how this kind of automation works and what it is used for. In Deloitte’s example of an RPA tool, it can perform simple tasks like moving a file from one place to another. The main issue with RPA tools is that they cannot adapt to changes, which is why Intelligent Automation tools exist. In document processing, an RPA tool could only be effective with documents that use a template, but an IPA tool like Rossum can process all kinds of documents without templates or specific formatting requirements.

Intelligent Process Automation purpose

The difference between Intelligent Process Automation vs. Robotic Process Automation is based on the involvement of Artificial Intelligence. A simple Intelligence Process Automation definition involves the combination of Artificial Intelligence with RPA capabilities. Artificial Intelligence is what makes hyperautomation possible. What is Intelligent Process Automation vs. hyperautomation? IBM defines this difference by describing how Intelligent Automation is the combination of technologies that form tools. In contrast, hyperautomation is the process businesses follow to identify and implement automation into as many areas of business as possible. An Intelligent Process Automation purpose can be anything from speeding up a specific task to taking on all the functions a department performs. Some processes are more straightforward to automate than others. Looking at Intelligent Process Automation use cases and case studies can be a helpful way to understand an IPA tool. Case studies can describe how other businesses have used a specific IPA tool to improve their processes. For example, PepsiCo used Rossum’s AI-powered platform to automate its document processing resulting in a 95% straight-through processing (STP) rate. Rossum is an example of an Intelligent Process Automation tool to automate document processing so businesses can save money and time.

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