Since the 2008 financial crisis, a lot of businesses have used lean management to increase cost-effectiveness, customer satisfaction, and staff engagement at the same time.
Many programs have had a significant influence on all of these dimensions. Digital progress, however, has a lot of catching up to do.
In the insurance industry, for example, a FIS study showed that 80% of insurance firms knew they needed digital skills to solve business problems, while 99.6% of insurers surveyed said that implementing digital innovation was hard for them.
Intelligent process automation (IPA) can help with it. It will be a key part of the next generation of business operating models. Many companies in many different fields have tried IPA, and the results have been outstanding.
The automation of 50–70% of tasks has led to annual cost savings of 20–35%, a 50–60% reduction in straight-through process time, and returns on investments that are often in the triple digits.
What is an intelligent automated process?
IPA “takes the robot out of the human,” in essence. IPA is a growing group of cutting-edge technologies that combine rethinking basic processes, automating them with robots, and teaching machines how to do things better.
This set of business process improvements and next-generation tools helps the knowledge worker by getting rid of repetitive, re-doable, and routine tasks. Additionally, it may dramatically enhance customer journeys by streamlining interactions and accelerating procedures.
As time goes on, IPA learns how people move and gets better and better at copying them. Deep learning and cognitive technologies have made it possible for traditional rule-based automation tools to now be able to make decisions.
- improve efficiency by a lot.
- raises worker performance,
- lowers operational risks,
- speeds up response times, and
- improves the customer journey.
As macroeconomic conditions continue to put pressure on profit margins in all sectors, cost productivity and creating new value are back at the top of senior management’s list of priorities. What else is possible? That’s the question.
Intelligent Invoice Processing
One of the fundamental processes you can automate today is invoice processing.
With Graip.ai’s digital invoice processing, you can keep track of invoices that come in and make sure they are mapped correctly in your system.
Using text recognition software like Graip.ai, which uses smart algorithms to look at all the details, like the project code and invoice number, invoices can be checked and recorded.
This means that everything is stored right away, is safe, and can be accessed from any device. It will also be sent to the right team for approval.
You may easily integrate Graip’s invoice processing into current enterprise resource planning (ERP) systems.
The key is to make sure that invoice information is correct, cut down on administrative time, avoid mistakes, and keep costs as low as possible.
Businesses are using IPA to invest in and build new platforms, connect with customers, and win over advisors at a much lower cost. However, folks are only beginning to explore the possibilities.
The companies that adopt these capabilities as part of a next-generation operating model and move quickly to take advantage of their value will be the ones that succeed in the future.