- Intelligent automation, powered by artificial intelligence and machine learning, is revolutionising the way businesses operate.
- Intelligent automation has a broad range of potential use cases. It’s rapidly grown in popularity, becoming a major differentiator for process automation.
Intelligent automation (IA) is reshaping how businesses operate, offering significant benefits in efficiency, accuracy, and customer satisfaction. By embracing IA, organisations can stay ahead in a competitive landscape and unlock new opportunities for growth. Whether through chatbots or predictive analytics, the future of intelligent automation is bright and full of potential.
1. Mortgage cross-selling
The mortgage lending sector is intensely competitive, with many financial institutions neglecting a crucial resource: their current customer base. Surprisingly, a mere 20% of customers secure mortgages through their main bank. Recognising this, an increasing number of banks are employing intelligent automation to market mortgages to their existing clientele. These platforms analyse extensive customer data to spot opportunities for cross-selling. For instance, they can alert bank staff when clients display behaviours that suggest an interest in purchasing a home.
2. Procure-to-pay
Typical Procure-to-pay (P2P) tasks include things like vendor evaluation and selection and extracting invoice and payment data from multiple sources and systems. Third-party sources can include things like banks, vendors, and logistic companies, while examples of systems include CRMs and ERPs. A lack of integration requires employees to perform manual tasks.
For these reasons, many organisations have turned to intelligent automation to improve the efficiency and cost-effectiveness of their procurement processes. Robotic process automation (RPA) improves integration by making P2P tasks more efficient. These tasks include purchase requisition, purchase orders, invoice approval, and vendor management.
3. Employee onboarding and offboarding
Employee onboarding and offboarding are both tedious processes that consume a tremendous amount of resources. New hires must be trained, paperwork completed, and new tasks assigned. Business process management (BPM) enables organisations to complete all required onboarding and offboarding tasks. New employees will receive the necessary tools for their jobs, such as computer access and a security card.
Also read: Intelligent automation: Streamlining operations and enhancing efficiency across industries
4. Quote-to-cash process
A fast quote-to-cash (Q2C) process is essential for any organisation. Organisations need to send out quotes, fullfill orders, bill customers, and receive payments to maintain cash flow. Yet many businesses continue to rely on manual processing, which is slow, expensive, and prone to costly errors.
Intelligent automation enhances the Q2C process by streamlining operations. Technologies such as machine learning (ML) and artificial intelligence automatically extract data from documents like contracts and invoices. Additional Q2C tasks that can be automated include order fullfillment, onboarding new customers, and account provisioning.
5. Customer relationship management
Customer relationship management (CRM) software is a powerful marketing tool but can create extra work for sales teams rather than saving time. CRM intelligent automation eliminates manual tasks, freeing up representatives to focus on strategic work and sales.
Also read: What is automation and why is it important?
6. Campaign and advertising approval process
As advertising spans an ever-growing array of channels, managing marketing campaigns efficiently has become more challenging. The manual process of crafting and distributing content and advertisements across various platforms is time-consuming. Moreover, the need for employees to seek management approval before campaign deployment often delays processes.
Intelligent automation offers a solution by enabling organisations to establish automated approval workflows. Marketing team members can now electronically submit approval requests, which are then routed and approved by the responsible team member, significantly streamlining the process. This automation allows for campaigns to be approved and launched within hours, transforming a process that once took days or weeks into a much faster operation.
