Intelligent Automation

What is Intelligent Automation?

Intelligent Automation is the incorporation of intelligent technology such as Machine Learning (ML), Deep Learning (DL), Intelligent Character Recognition (ICR), Content Capture, Natural Language Processing (NLP), Process Mining (PM), and Data Mining (DM) into a connected and interoperable process that enables automated learning and adaptation across all business activities. 

Intelligent automation (IA), also known as cognitive automation, is the application of automation technologies such as artificial intelligence (AI), business process management (BPM), and robotic process automation (RPA) to help organisations streamline and scale decision-making. Content capture is a way to extract data from documents usually with tools to help with this process. Intelligent automation has a wide range of applications since it streamlines procedures, frees up resources, and increases operational efficiencies. 

The 3 components of Intelligent Automation

Three cognitive technologies make up intelligent automation. The combination of these elements to produce a solution that drives business and technological development. 

1. Artificial intelligence, or AI, which is the key element of intelligent automation. Businesses can establish a knowledge base and make predictions based on structured and unstructured data by utilising machine learning and complicated algorithms to analyse structured and unstructured data. This is IA’s decision engine.
2. Business process management (BPM), often known as business workflow automation, is the second component of intelligent automation. Business process management automates workflows to improve business process agility and consistency. Most industries utilise business process management to streamline operations and improve relationships and engagement.
3. Robotic process automation (RPA) is the third component of IA. Robotic process automation (RPA) employs software robots, or bots, to perform back-office operations such as data extraction and form filling. These bots are an excellent complement to artificial intelligence, as RPA may use AI insights to tackle more complex tasks and use cases.

Benefits of Intelligent Automation

Because of the usage of massive amounts of data, the precision of calculations, analysis, and resultant business implementation, intelligent automation platforms give several benefits across sectors. 

• Lowering costs by supplementing the workforce and increasing productivity: Automation of systems and processes, as well as the use of data and analysis to assure correctness, can help to accelerate production.  
• IA also enables rapid scaling without increasing risk, reducing quality, or putting more load on the existing workforce. This skill is benefiting business executives by increasing manufacturing yields and improving ROI. 
• Increase accuracy through consistent processes and approaches that improve quality: The application of artificial intelligence to drive decision-making and deliver a consistent approach to intelligent automation is its strength. 

Challenges of Intelligent Automation

• Process fragmentation: Intelligent automation involves more than just automating what is already being done.
• Inadequate IT readiness: Intelligent automation necessitates extensive IT assistance.
• Employee reluctance to change: Intelligent automation encompasses more than simply technology.
• Inadequate vision: Getting it right requires blending vision and strategy.
• Inadequate ubiquitous design: The majority of IA installations suffer from a lack of pervasive design.
• Data Quality and Integration: For accurate decision-making and learning, intelligent automation relies on high-quality data. However, organisations frequently confront issues with data quality, consistency, and integration. erroneous or inadequate data can result in erroneous results and untrustworthy automation outcomes.

How Brickendon can help?

• Brickendon assists AI-powered bots in name screening by comparing client data with watchlists, monitoring transactions to find questionable activity, and minimising manual labour during user offboarding.
• Brickendon helps Banking organisations use clever automation to reduce the amount of manual labour needed in KYC (Know Your Customer) processes. Intelligent bots can collect data from client papers, verify the data, pinpoint danger areas, and forward cases requiring human decision-making to the appropriate people. Banks may increase regulatory compliance, decrease error rates, and shorten processing times for KYC by using intelligent automation.
• Brickendon’s conversational AI-enabled intelligent bots can interact with consumers throughout the process, respond to frequently asked questions, offer advice, offer self-service features like appointment scheduling or purchase processing, gather customer feedback, and report customer concerns.
• By gathering information from corporate systems and supporting documents, performing data manipulations as necessary, creating reports in predetermined formats, and disseminating them to relevant stakeholders in accordance with the content, Brickendon helps AI-powered bots automate the process of creating financial reports.

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Sources: 

1. https://www.researchgate.net/publication/351512462_Intelligent_Automation/link/609b50d6458515d31513f187/download 
2. What is Intelligent Automation? | IBM 
3. https://pyramidsolutions.com/enterprise-content-management/blog-ecm/what-is-intelligent-automation/