The market for Process Automation is substantial and is projected to reach $137.64 billion by 2028. This inspires a thought of Process Automation origins and progression. How did this journey start, and how has technology evolved to shape today’s industries? The narrative spans stages from Robotic Process Automation (RPA) to Intelligent Process Automation (IPA) and the latest breakthrough, Generative AI.
The Rise of RPA, Automating Repetitive Tasks
Robotic Process Automation (RPA) is often considered a part of the broader field of AI. However, it’s important to note that RPA and AI are distinct concepts, even though they can complement each other.
RPA refers to the use of software robots or “bots” to automate repetitive and rule-based tasks within business processes. These tasks typically involve interacting with digital systems and applications in a manner similar to how a human user would. RPA is designed to streamline processes, reduce errors, and improve efficiency.
Transition to Intelligent Process Automation (IPA), Learning from Data
As technology progressed, AI involved the development of algorithms and systems that enable machines to perform tasks that typically require human intelligence. This can include areas of natural language processing, image recognition, decision-making, and learning from data.
This transition marked a significant shift from rigid, pre-programmed instructions to systems capable of learning from data. Machine learning algorithms allow AI systems to recognize patterns, make predictions, and adapt to changing inputs.
Generative AI, Unleashing Creativity and Innovation
The latest milestone in the AI journey is the era of Generative AI. Unlike its predecessors, Generative AI is not bound by pre-existing data or fixed rules. Instead, it leverages advanced neural networks to generate new, original content. This includes text, images, and even entire pieces of music or art. In the corporate world, Generative AI proves instrumental by not only answering queries but also facilitating deeper analysis, demonstrating its transformative impact on various facets of business operations.
Examples of Process Automation Evolution on Business Operations
Banking
- RPA – Can be employed to automate routine tasks such as data entry, transaction processing, and account reconciliation within simple, standardized documents.
- IPA – Can be used to simplify loan applications by automating the extraction of essential information from intricate clients’ documents, such as income statements, tax returns, etc. Furthermore, it can be used for end-to-end automation of the client onboarding process by extracting and cross-checking data from diverse documents. IPA tools can be integrated with banking infrastructure through APIs, enhancing overall document processing efficiency.
- GenAI – Can be deployed to generate comprehensive financial reports based on raw data, producing detailed insights for stakeholders without manual intervention. Additionally, for example, GenAI can analyze clients’ spending patterns, investment history, and financial goals to generate personalized financial advice, enhancing the overall customer experience and financial well-being.
Insurance
- RPA – Can streamline the processing of standardized claims, automating tasks like data entry and document verification, enabling insurers to deliver faster and more accurate services to policyholders.
- IPA – Can automate the claims processing workflow by efficiently extracting and cross-checking information from unstandardized claim forms and supporting documents. Additionally, IPA can streamline policy underwriting processes by automating the validation and analysis of information from diverse documents, such as medical records and financial statements.
- GenAI – Utilizing historical data, GenAI can simulate various risk scenarios, enabling the calculation of insurance premiums based on these simulations. In addition, for example, GenAI can assess vehicle damage based on customer-uploaded details, estimate repair costs, and determine claim amounts.
Environmental Services
- RPA – Can be used to automate simple tasks of data extraction from standardized Environmental and Sustainability documentation.
- IPA – Can analyze vast data from complex documentation such as ESG reports, providing valuable insights and aligning investment portfolios with sustainability goals.
- GenAI – Can be used for simulating various environmental scenarios and predicting potential impacts. By analyzing historical data and environmental factors, GenAI models can generate insights into the ecological consequences of proposed projects, aiding decision-makers in designing environmentally sustainable initiatives. By considering factors such as location, waste types, and environmental impact, these models can suggest efficient and sustainable waste management practices for environmental conservation.
AI has come a long way since its inception, evolving through various stages to become an indispensable part of our technological landscape. Across industries, the assimilation of advanced AI technologies stands as a lighthouse of change, offering businesses unparalleled efficiency and precision. In banking, AI streamlines processes, optimizing workflows and customer interactions. Insurance sees a revolution in risk assessment, empowering decision-makers with data-driven insights. Meanwhile, in the environmental sector, AI contributes to sustainability goals, aligning businesses with a future-focused on innovation and responsible practices.
The journey from RPA to sophisticated Generative AI reflects not just advancements in technology but paradigm shifts in business operations.
UHURA IS AN AI PLATFORM THAT READS AND UNDERSTANDS COMPLEX DOCUMENTS JUST AS HUMANS DO. WE HELP BUSINESSES SPEED UP THE REVIEW AND DECISION-MAKING PROCESSES BY USING AI TO UNCOVER VALUABLE INSIGHTS FROM DOCUMENTS, REPORTS, CONTRACTS AND AGREEMENTS. WE USE CUTTING-EDGE AI, INCLUDING IMAGE PROCESSING, NATURAL LANGUAGE PROCESSING AND MACHINE LEARNING TECHNOLOGY, TO BRING UNPRECEDENTED ACCURACY AND SHORTEN DOCUMENT PROCESSING TIME FROM HOURS TO SECONDS.
