5 Industry Use Cases for IPA
RPA alone has restricted capabilities. It performs one action repeatedly without considering nuances or exceptions. For example, if an RPA system was programmed to sort red and blue balls, it would be unable to react in the case of a yellow ball. It’s only able to perform automations within its predefined process.
RPA automations must have these process programmed. They don’t learn or adapt to different workflows, making it impossible to perform complex, human-like tasks on their own.
However, when you add AI to RPA, the optimization possibilities are endless. This powerful combination is called intelligent process automation (IPA), which is a superior alternative to RPA.
So what can IPA do?
Check out five intelligent process automation use cases across these five industries:
1. Financial Services – Mortgage Cross-sell
Eighty percent of banking customers don’t have their mortgage with their primary bank. Since it’s much cheaper to sell to an existing customer than to a new one, banks can reduce their acquisition costs by cross-selling mortgages to existing customers.
One beneficial intelligent process automation use case is connecting these systems to banking data to alert bankers when existing customers exhibit home buying behavior. IPA systems can also offer suggestions for loan products and packages that best fit the customer’s based on their data profile.
2. Insurance – Claim Processing
Insurance claims often require hours of manual effort by employees. IPA platforms can automate most of those important, but routine steps throughout the claims process.
IPA can port over customer data from claims forms into the company’s CRM system or database through field mapping. For printed forms, they can scan, digitize and port that information into the database as well. This eliminates hours of click work and data entry for claim’s employees.
3. High Tech – Churn Prediction
Many technology companies use a subscription-based pricing model that gives customers more flexibility, which also makes canceling subscriptions easier. IPA can improve customer retention by alerting a tech sales rep of the churn risk of their customers before they decide to cancel their service.
Technology companies can implement a churn prediction intelligent process automation use case. IPA platforms analyze customer behavior to find risk factors, then alert sales or service representatives of the churn risk and provide recommendations on how to keep that customer.
4. Telecommunication – Automate Common Customer Requests
Many incoming messages from telecommunication customers are repetitive, often only requesting minor changes to their plan. Common requests include changes to address, removing a line from their service plan or paying their bill, all small changes that add up to many hours.
IPA with natural language processors (NLPs) can scan and determine the intent of an incoming customer message. Depending on the message content, it generates an automated reply, updates the customer’s existing plan automatically or routes the message to the appropriate department.
5. Logistics and Supply Chain – Demand Prediction
Logistics companies are collecting mountains of data, much of which goes unused, such as average time to make a product, customer waiting times and how much inventory is produced.
An intelligent process automation use cases in this industry is pulling that data together to make predictions about consumer demands which logistics businesses can use to optimize their processes across the board and meet ever-changing demands.