A new study has shown that businesses which make use of intelligent process automation have made considerable savings in the last year.
The research, carried out by IT consultant, Cognizant, quizzed 537 ‘senior business and technology decision makers’ from a wide range of sectors that included technology, healthcare and financial services. Almost one-fifth of respondents had enjoyed savings of over 15 per cent over the previous 12 months.
Those in the health industries achieved the greatest cost-savings, through automating middle-office functions like processing and claims coding, according to eweek.com. In banking, around half of those polled reported revenue growth of ten per cent and the majority of banks apparently expect to see the same level of growth in the coming three to five years.
Overall, the respondents agreed that they were automating between 25 and 40 per cent of their workflows; typically those that were manual processes. This allows them to redeploy resources and maximise skills.
Speaking to channelworld.in about the automation, Cognizant business process services executive vice-president, Gajen Kandiah, said: “The future of process work includes connecting skilled people to increasingly powerful technologies such as autonomic computing – including artificial intelligence, machine learning and deep learning – that can increase savings, enhance insights, and accelerate business.
“This shift is playing out in just about every industry.”