Intelligent automation (IA) technologies are rapidly evolving to become strategic assets with significant impact on companies’ bottom lines. A recent study conducted by SS&C Blue Prism and Forrester Consulting has revealed remarkable gains achieved through IA implementation. The research, which analyzed a composite organization representative of five customers, demonstrated that over a three-year period, key benefits included enhanced productivity, compliance cost avoidance, and improved employee experience and retention. These advantages culminated in an impressive overall net present value of $53.4 million (£42.5m) per customer.
Real-world examples further underscore the transformative power of IA. In the healthcare sector, one client conservatively estimated savings exceeding $140 million in cost avoidance and recoup. Another healthcare provider reaped a $43 million benefit from a single use case, where a bot developed in just an afternoon recouped overtime pay for nurses and staff during the pandemic. These instances highlight the potential for substantial financial gains through strategic IA deployment.
The IA technology landscape encompasses a range of tools, including classic robotic process automation (RPA), optical character recognition (OCR), and document automation, the latter being hailed as a game-changer in the industry. Moreover, the integration of AI and generative AI is further enhancing automation capabilities, enabling better understanding of information from documents and messages, structuring semi-structured or unstructured data, and driving process completion.
Expanding Horizons with Chorus
At the forefront of IA innovation is Chorus, SS&C Blue Prism’s business process management (BPM) and process orchestration tool. Recently named a leader and star performer by Everest Group, Chorus is expanding its reach beyond traditional finance and insurance fields. The platform’s robustness is evident in its ability to handle millions of transactions and work pieces daily, showcasing its scalability and versatility across various industries.
The development of effective use cases for IA involves a blend of inspiration and perspiration. Industry leaders are focused on helping customers “catch lightning” by enabling them to reimagine processes and transform work. This approach emphasizes the importance of change agents and citizen builders within organizations, driving high-value chain automations that have tangible impacts on company objectives.
Implementing and Maintaining IA Solutions
Successful implementation and maintenance of IA solutions require a commitment to continuous process improvement. Organizations must designate individuals to manage changes in business rules and regulatory compliance, adopting an agile approach to updates. This ongoing attention ensures that automation remains aligned with evolving business needs and regulatory landscapes.
A compelling case study from a large US retail customer with 72,000 employees illustrates the transformative power of IA at scale. By deploying 60 ‘digital workers’ across 150+ automations, the company automated processes such as inbound customer order processing via digital fax. The results were staggering: 6.2 million transactions processed and 250,000 hours of work returned to the business, demonstrating the substantial efficiency gains achievable through strategic IA implementation.
Key Success Factors for Large-Scale IA Adoption
For large companies to succeed in their IA initiatives, several key factors are crucial. These include maintaining discipline in implementation, establishing a central intelligent automation team, embracing an iterative process, and providing a platform for non-technical people to collaborate effectively with the IA team. This collaborative approach ensures that IA solutions are aligned with business needs and can be rapidly adapted as requirements evolve.
In this landscape, leading IA providers are focusing on equipping citizen builders with tools to make strategic impacts, aligning automation efforts with the overarching objectives of the company. This approach not only democratizes automation but also ensures that IA initiatives drive meaningful business outcomes.
As the IA field continues to advance, industry leaders are actively sharing insights and best practices. For those looking to deepen their understanding of intelligent automation and its transformative potential, the upcoming Intelligent Automation event in Santa Clara on June 5-6 promises to be an invaluable opportunity to engage with thought leaders and practitioners at the forefront of this exciting field.