In modern times, running a successful business without automated processes is quite problematic, if at all realistic. Automation of certain routines allows you to significantly reduce costs, but at the same time increase the quality of products and reduce the time it takes to complete certain tasks.
How is Automation Changing the Business?
The introduction of automated processes designed by the expert developers in many companies is quite slow, but after the introduction, there is an increase in profits and customer interest. Many large companies are already beginning to implement various pilot programs (both with RPA and intelligent automation).
As an example, marshrutization of the prior tasks which is done automatically by AI robots, let the right employees communicate directly with the segment of the particular customer problems, providing the last with the quality service without delay.
Along with maintaining these technologies, company owners expect:
– Reduction of the required staff
This will bring additional funds to the company, as well as free employees from monotonous work and allow them to pay attention directly to customers.
– Personalization
The entire time-consuming process will be automated, and employees will only be needed to work with customers, which in turn will improve the quality of services provided and increase the company’s rating.
– Technological improvements
The existing structure will be supplemented with certain elements, which will increase integration, as well as facilitate the rapid solution of tasks.
Using the right tools in today’s business is a must. This not only allows you to increase profits and the customer relationship to the company, but also allows the company to stand out (or keep up) among other companies that are engaged in similar activities.
The Most Successful Options for Implementing Automation
Proper implementation of process automation is the main key to further success. The wrong implementation of automation will not only not improve the company’s performance and profit, but it can also create certain difficulties, and vice versa. Properly selected automation scenarios are necessary for successful business development, which is why you need to consult with specialists or use the services of an experienced company before implementing them. They are selected based on the company’s activities, so for an insurance company, the most successful options are the following:
– Processing of claims
This process is quite time-consuming and takes a long time. This is usually the most problematic process for both insurance companies and their customers. At the same time, it is impossible to exclude the human factor (various kinds of errors), which does not allow the automation of the process.
The introduction of automation in this process allows you to reduce the processing time of the application by almost half (up to 48%), while eliminating the human factor and the need for an expanded staff. Automation reduces the salary fund, increases customer loyalty, and eliminates various types of risks.
– Policy management
The users themselves should check the validity period of the policies, which often leads to their non-renewal, as well as subsequent problems (collecting the necessary documents, etc.). In some companies, this work is performed by a number of employees.
Automation of this process allows you to remind the client about the validity period of his insurance, and, consequently, to its subsequent extension, without unnecessary costs. The company saves on reducing the company’s staff, and also does not miss out on the profits that should come with the extension of insurance contracts.
– Compliance with regulatory requirements
Various changes are regularly made to the requirements of the work of insurance companies and to comply with them, it is necessary to regularly monitor them, as well as to inform employees. Failure to comply with the requirements or certain errors will lead to sanctions (fines), which will affect not only the employees, but also the company.
The introduction of automation eliminates this kind of error. Employees are confirmed to be tired, mistakes, forgetfulness, but automation is not. At the same time, it keeps a record of all its actions, which will further improve the quality and speed of task execution.
– Underwriting
Collecting data for certain processes takes too much time, and this prevents employees from performing additional tasks, as well as increases customer dissatisfaction.
The introduction of automation in such processes accelerates the collection of the required data, which in turn allows employees to deal with the required problems, as well as increases customer loyalty and the company’s image.
Of course, the possibilities of workflow automation are much broader. For each industry, the most optimal and profitable scenarios should be selected, the right choice of which will affect both the company’s performance and its final image and profit.
Advantages of Intelligent Process Automation
Intelligent automation and artificial intelligence, in comparison with RPA solutions, have the greatest prospects and profitability. The advantages include the following:
1) Processing unstructured data
In most cases, employees have to work with huge databases or a large amount of various data (which is not always available in the digital version). Such work is very time-consuming, and the monotony of the work contributes to the effect of the human factor (various errors and inaccuracies), which can ultimately play a significant role.
Artificial intelligence allows not only to process a larger amount of data for an identical period, but also eliminates various kinds of errors. At the same time, you can automate the process with the help of artificial intelligence from the beginning to the very end.
2) Integration with legacy applications
Many companies still use various outdated programs and applications (they do not want to transfer databases or retrain employees), which ultimately significantly slows down the development of the company.
Automated AI will allow you to fully automate the process and will perform several tasks at once. In the end, the speed of information processing will increase significantly, as well as the speed of performing a number of tasks, which will affect the success and profitability of the company.
3) Additional benefits and scaling capabilities
The introduction of intelligent automation, despite the initial costs, ultimately turns out to be very profitable for all companies, and also allows them to reach a new (higher) level.
It increases the accuracy and speed of performing the required tasks, reduces the company’s expenses on the salary fund, and increases the profitability and productivity of the business.
Conclusion
Of course, at the initial stage, it is necessary to spend certain funds to implement the automation of the required processes, however, as practice shows, this amount is returned within the first year of use (in some cases within 1.5 years), but in the future, the company’s profit shows impressive growth, which would simply not be possible without the introduction of these processes.
In addition, automation reduces the production time, and also improves the final quality of products. Quite often companies manage to reduce their staff involved in the routine operations, providing the opportunities to concentrate on the more intellectual and creative work (additional profit, due to better productivity and some savings on new employees’ search and less pressure on HR dept.
Such work increases the clients’ satisfaction, company’s rating, as well as the final quality of service.
