Intelligent process automation (IPA) can help your business streamline repetitive tasks, ensure data accuracy, and save money

No matter what your business does, you probably need a lot of raw data to do it. Records, invoices, fillable forms, and similar resources all contain valuable information, but they require proper indexing and analysis before you can turn them into useful insights. That’s where intelligent process automation (IPA) comes in. IPA entrusts rote, repetitive data management tasks to sophisticated computer algorithms. This frees up employees to do more interesting, demanding work instead. IPA can also help reduce transcription errors and save money in the long run.

What sets IPA apart from similar technologies is its incorporation of artificial intelligence (AI) and machine learning (ML) capabilities. Rather than just following predetermined rules, IPA can change and adapt over time. To start, you’ll need to analyze your workflows and determine which steps could benefit from automation. With the right tools, IPA can minimize data entry busywork while maximizing employee efficiency.

What is intelligent process automation?

Broadly speaking, IPA uses computer algorithms rather than human beings to complete simple, repetitive tasks. For a more specific explanation, we need to define a few related terms first:

• Robotic process automation (RPA) is, in effect, a less advanced version of IPA. Like IPA, RPA can extract and manage data from digital documents without human oversight. Unlike IPA, RPA requires strict preprogrammed rules. It doesn’t adapt to new information without human oversight.
• Intelligent document processing (IDP) is a specific type of IPA that deals with data extraction. IDP can recognize and index text from digital documents. From there, it can categorize and modify files based on the data they contain. Documents scanned with optical character recognition (OCR) can be a valuable source of information for IDP.
• Workflow automation is the general process of streamlining repetitive tasks. Data entry, for example, may require a human to collect, collate, and categorize information from hundreds of physical records. A high-quality scanner and the right IPA software could automate this workflow.
• AI and ML: Artificial intelligence is a general term for any computer program that replicates a human activity. Machine learning allows AIs to adapt and “learn” over time through larger data sets and more sophisticated analysis. IPA always includes AI and ML elements.

Together, all of these terms contribute to a working intelligent automation definition. IPA does not simply extract data and route files appropriately. It can also analyze those files and draw meaningful conclusions from them with minimal human oversight.

Did You Know?:Ricoh provides expert workflow automation solutions by combining high-quality document scanners, robust scanning software, and innovative file management. Click here to learn more.

Benefits of intelligent process automation

Intelligent process automation offers three key benefits for businesses:

Efficient operations

The most obvious benefit of IPA is that it speeds up information capture. Consider how much information is on the average patient intake form or vendor invoice. A worker might need a few minutes to enter data from a document, but IPA requires only a few seconds. The technology can also create new files and put them in the proper folders.

In fact, thanks to AI and ML, IPA can often handle even more complex tasks:

• Creating and sending vendor invoices
• Flagging improper or fraudulent transactions
• Synthesizing and sharing reports
• Processing payments
• Simplifying specialized data through natural language processing (NLP)

Accurate data

When people type (and retype) massive quantities of data, transcription errors are inevitable. While some errors may be relatively harmless, others can have more drastic consequences. An incorrect credit card number could delay a vital payment. A missing allergy on a patient’s medical history could be life-threatening.

IPA helps reduce the risk of transcription errors. Algorithms don’t lose focus, get tired, or hit the wrong keys by accident. They also improve over time as they “learn” from larger data sets. Just be aware that AI and ML can make mistakes, so some human oversight is still necessary. That’s especially true if someone’s money or well-being is at stake.

Reduced costs

In most businesses, labor represents a huge expense. That’s because workers have specialized skills, which machines can’t replicate easily. The more time your employees spend on simple, tedious tasks, the less time they spend putting their expertise to use. That’s an inefficient use of their time and an inefficient use of a company’s payroll.

As businesses scale, IPA can also be a valuable tool. More customers means more raw data. That means more time and resources spent on managing and analyzing that data. However, an algorithm can handle thousands of records as easily as it can handle a few dozen. A growing business with a solid IPA strategy might simply need additional servers or cloud storage. These aren’t generally as expensive as hiring new staff members.

Did You Know?:Ricoh’s fi Series and ScanSnap scanners make document automation simple, thanks to high-resolution image quality and accurate OCR software features.

Intelligent process automation in the business world

Now that we’ve answered the question “what is intelligent automation,” we’ll lay out some potential use-cases for it. While any business can benefit from IPA, it’s particularly useful in industries that rely on extensive, detailed records.

Take the banking industry, for example. As new customers sign up for accounts, IPA can extract and categorize data from their intake forms. IPA can generate financial reports, detect fraudulent activities, approve loans, and even ensure compliance with regulatory standards. This process costs less than hiring a team of employees, and is also faster and less prone to human biases.

To implement IPA in your business, you’ll need to identify which processes you can automate. Talk to your employees to determine which routine day-to-day activities are simple enough for an algorithm to handle. They’ll probably be eager to tell you which of their assignments are rote busywork, and which require a creative human touch.

From there, look for software that can automate the tasks in question. Hyland, a Ricoh partner, offers content intelligence capabilities as part of its broader suite of automation solutions. The company services healthcare, finance, government, media and retail industries, among others. Hyland’s automation tools support processes such as data entry, document verification, inventory management, and employee onboarding. The exact software you need will depend on what your company aims to accomplish.

Contact RICOH for workflow automation solutions

If your business could benefit from intelligent process automation, then RICOH can help. Our high-quality scanners can digitize your physical records, while our sophisticated scanning software can extract and index the data they contain. Book an appointment with us today to learn how your company can automate your workflows and glean valuable insights from your data.

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