Intelligent process automation has completely revolutionized the ways in which companies provide services and undertake business processes.
Do you remember a couple of decades ago, when artificial intelligence technology was merely the stuff of cinema and overactive imaginations? Well, those days are long gone, and artificial intelligence and automation are very much a part of our real world.
Intelligent process automation has completely revolutionized the ways in which companies provide services and undertake complex business processes. Continue reading to learn some of the many use cases for intelligent process automation and how it’s changing how we live and do commerce.
1. Insurance Claims Processing
One of the best examples of intelligent process automation can be found in the insurance industry in claims processing. Handling insurance claims can be a lengthy and time-consuming process, but it doesn’t have to be. Insurance companies have to process customer data as well as information about the incident in question to deliver their customers the compensation or financial assistance they need.
With intelligent automation of the claims process, customers can file insurance claims online by themselves. Customers go online and input the necessary data, and computer vision analyzes the claims form and delivers the results to the insurance company’s human workers. Automating claims removes the possibility of human error and biases in claims processes.
2. Answering Online Customer Requests
One of the great things about the element of intelligent automation known as robotic process automation (RPA) is that it allows human workers to be everywhere at once—at least seemingly. Through the use of chatbots and other live chat solutions, companies can provide online answers to customers around the clock without human intervention. The end result is that no customer gets left behind, improving the customer experience without having to grow your customer service teams.
Chatbots aren’t mindless robots that merely say “Hi” when you visit a website—they’re able to provide quick solutions, and with time and machine learning, they’re often more effective than human workers. The difference between machine learning and human learning is that humans don’t always implement what they learn in business processes, but machine learning algorithms do.
3. Personalized Product Offerings
Customized products are the wave of the future, which is why many companies spend a lot of capital to gain insights into what customers want. Variable data printing software makes it easier than ever for companies to create products with specific customers in mind.
A great use case of variable printing data is the personalized Coca-Cola bottles with common names on them. They even allowed customers with uncommon names to go online and customize their own bottles. Variable data printing is one of the technologies that’s sure to experience expansion in the coming years.
4. Credit Approval
Applying for a loan or other type of credit-sensitive product can be a long and nerve-wracking process. These days, many lenders and creditors use cognitive automation to provide customers with answers in a matter of minutes. Not only does intelligent automation of credit approval speed up response rates, but it also gives customers a sense of privacy as they’re the only human involved in the process.
Another one of the great things about using intelligent automation to process credit requests is that it gives customers an accurate view of ways to work on and improve credit. Furthermore, artificial intelligence cuts cost to lenders and creditors by eliminating the need for human workers to participate in the process.
5. Interactive Voice Response
One of the most frustrating things for customers is waiting on the phone to speak with the right customer service agent. Thanks to cognitive technology and customer relationship management (CRM) technology, companies can greatly reduce wait times for their customers.
Interactive voice response uses technology such as machine learning to process customer requests and queries by acting as a virtual customer service agent. Not only does interactive voice response technology help callers to reach the right agent quicker, but it can often manage the entire customer service process without human intervention.
As you can see, intelligent process automation enables companies to do more while their human workers do less, cutting both costs and human error. Through process automation, you can enhance the efficiency of business processes, enhance the customer experience, and improve data usage. With use cases in both simple and complex processes, automation technology has changed the landscape of business for the better and forever.
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