In 2023 and beyond, intelligent automation is an investment your company can’t afford not to make.
While it may seem like an expensive luxury to automate your tedious business processes and cut down on the manpower needed to accomplish certain tasks, the truth is so many businesses are adopting automation solutions these days that anyone who doesn’t is at risk for getting left in the dust.
If you’re unfamiliar with intelligent automation, it’s like hiring a fully digital employee who works for free and accomplishes tasks with nearly perfect precision and instant results. Your digital employees can work with and alongside human employees and use artificial intelligence as needed for complex decision making.
To illustrate why intelligent automation is such a valuable investment, we’ve put together this list of all the ways AI-driven automation solutions can revolutionize your business.
Interested in intelligent automation, but unsure how to get started? Genislab can help you choose the most profitable use case and build your custom solution. Request a personalized demo.
Why Intelligent Automation Is A Crucial Business Investment
A handful of the benefits of intelligent automation listed below may sound similar to the benefits of traditional automation using RPA bots. However, intelligent automation is even more powerful than automation alone.
By layering AI and business process automation (BPA) over traditional automation with bots, you can automate entire processes from end to end and accomplish things most people don’t even realize are possible.
1. It offers unparalleled opportunities for human innovation.
In a typical company, employees handle tasks one at a time and slowly work through their to-do lists over the course of a work day. If the to-do list is short, this may leave some time at the end of the day for higher-level thinking. Most of the time, however, employees get to the end of their lists and mentally check out, having already accomplished everything they set out to do that day.
A company that invests in intelligent automation can automate most of those menial daily tasks. One Genislab client, for example, reduced their monthly employee hours by 890, freeing up 80% of the time employees spent on document processing.
Once automation takes over the tedious tasks, workers are free to provide exceptional customer service, brainstorm areas of improvement for the business, and design new, innovative products that can propel the company to new levels. These employees don’t waste time treading water, simply trying to stay on top of their pile of work; they drive the business forward with fresh ideas and creative solutions.
2. It reduces the potential for human error.
When employees make mistakes, it either directly or indirectly costs the company money. Even simple clerical errors can have steep consequences in the form of penalty fees, time wasted finding and fixing the error, and potentially even legal costs if someone were to sue over the mistake.
Additionally, high error rates drive customers away and damage the company’s reputation. It can be difficult or impossible to win back consumer trust after it has been lost.
By automating business tasks, you can dramatically reduce the errors that slip through the cracks. Not only will employees be less fatigued by tedium, and therefore less likely to make a preventable mistake, but an automated system can achieve a rate of data accuracy right out of the box that human workers could never hope to achieve. Even in cases where important transactions require human oversight, the system can make valuable suggestions and double-check the employees’ work for mistakes before anything gets finalized.
A prior Genislab customer reduced their error rate by 100% and shared this video review explaining all the ways automation improved their business.
3. The ROI is almost always worth the initial investment.
Even if you eliminate all the other benefits on this list and focus purely on the potential cost savings of investing in intelligent automation, the argument for choosing AI is overwhelming. That’s because intelligent automation can reduce operating costs so dramatically that the sticker price of purchasing a solution seems paltry in comparison.
Consider how much your company might save if you could cut down on salary payments, avoid paying employees overtime to hunt down and fix errors, and never worry about simple mistakes leading to noncompliance penalties and legal fees? If automating a critical business process—for instance, making sure all manufacturing equipment is operating optimally and staying within desired settings for worker safety—prevents just one workplace accident, that’s already a savings of potentially tens or hundreds of thousands of dollars in worker’s compensation fees and legal battles.
Intelligent automation can reduce operating costs so dramatically that the sticker price of purchasing a solution seems paltry in comparison.
One Genislab client achieved $4 million in yearly savings by automating the revenue cycle management workflow.
For a deeper look into how automation can save you money, check out this article on cost reduction with RPA or use our ROI calculator to receive a customized estimate of your savings.
4. It leads to higher worker satisfaction.
Nobody likes it when things go wrong. This is especially true if preventable mistakes and complicated, confusing processes slow your employees down day after day and prevent them from doing their best work.
Automating and streamlining complex processes with AI and BPA frees your employees up to work on things they truly care about instead of wasting time trying to figure out what went awry. Additionally, if employees can pass off their most dreaded, tedious tasks to the automation platform, they can instantly eliminate a huge source of stress, turn their attention to more creative, innovative work, and find a higher sense of purpose in their jobs.
5. It allows you to start small and scale up at your convenience.
If you’re dipping your toe into the world of automation for the first time, you might not be ready to make the leap to a full-scale intelligent automation solution. If you share your immediate goals and your vision for the future with Genislab, we can design a scalable solution that accomplishes your immediate needs and leaves the door open for further development down the line.
For example, we can always start by automating several processes with RPA bots and then, sometime in the future, layer in various AI technologies to join each puzzle piece into one holistic end-to-end automation solution.
6. It’s key to gaining a competitive edge.
As we’ve mentioned, automation isn’t just a luxury in today’s business world. It’s a necessity. You can see from the examples above how implementing an AI solution can keep your company competitive by reducing costs, eliminating errors, and allowing for innovation. With some creativity and open-mindedness, however, you can achieve even better results than you might think.
Consider, for example, automating your customer service desk. With advanced technologies such as sentiment analysis layered onto powerful bots that can respond instantly to support queries, you can take your customer service from adequate to exceptional overnight. In time, your reputation for excellent customer service could transform your brand and solidify your place in the market.
7. It can revolutionize the way you do business.
Cost savings are just the beginning of the story when it comes to the financial benefits of automation. In fact, every automation perk above, while powerful on its own, can combine with the others to make a whole greater than the sum of its parts.
So, what do you get when you combine higher employee satisfaction, reduced fatigue, fewer errors, a better customer experience, higher efficiency, lower costs, and the potential for increased revenue due to more opportunities for innovation? You get a business with healthy profit margins, an established space in the market, an endless potential for growth, and the time and energy to pursue bigger and better things. In other words, you receive a completely transformed business.