Intelligent automation in the energy and utilities sector

As the world cries out for clean, safe, affordable and sustainable power, demand from developing nations and the demands of new applications grow which result in sparking a backlash against old -centralised power sources. On the contrary, renewable energy sources are becoming more popular, and the industry is transitioning from regulation to creativity, while its clients shift from passive consumers to demanding buyers. Here, let's have an insight on what intelligent automation is and its role in the energy and utilities sector.

What is Intelligent Automation?

Intelligent automation (IA) blends robotic process automation (RPA) with sophisticated technologies like AI, insights, intelligent character recognition (ICR), optical character recognition, and process mining to develop self-learning, self-adapting corporate processes. Intelligent automation, also known as intelligent process automation (IPA) or hyper-automation, is a type of intelligent automation.

Intelligence Automation in Energy and Utilities

Intelligent Automation, for example, will be critical in capitalising on these trends, with savings of between US$237 billion and $813 billion possible over the next 3 years.

A polling of around 530 business executives in sector firms that are experimenting with or currently adopting intelligent automation solutions for the latest Capgemini Research Report.

• The entire potential of intelligent automation has been overlooked by the industry.
• Though great progress has been achieved in AI solutions, scaling up efforts remains a crucial concern.
• Companies are missing out on crucial use cases that have the potential to provide significant advantages.

Energy and Utilities Digitalisation

For the energy and utility industries, digitalization is the way of the future. Companies should focus on mainline and flow activities, as well as new companies such as renewables and beyond the metre, to transition into the smart, enhanced utility that will thrive in it. They must, nevertheless, be realistic and maximise ROI by re-engineering procedures before implementation. Ultimately, they must foster a culture and attitude in which these solutions complement the abilities of the workers.

IA Assistance in Businesses During the Pandemic

The tremendous social and economic effect of the COVID-19 pandemic highlights the importance of clever coordination of end-to-end digital operations in ensuring resiliency.

Intelligent automation is a tried-and-true strategic lever for cutting costs and increasing efficiency. However, businesses are increasingly turning to IA to boost their resilience and deal with the pressing challenge of fulfilling rapidly changing customer demands. Smart coordination of intelligent technology aids in the creation and implementation of end-to-end organizational processes that enable current company operating models to be adaptable and robust, as well as allowing businesses to anticipate and lead change.

Benefits of IA

Reduce your company's expenses

As per a KPMG report, RPA has the potential to save the financial services industry up to 75% in expenditures. According to Roland Berger, organisations might save 40% per year by lowering the time spent on procedures by 40–70%. You may save money by outsourcing some of your business operations and lowering the amount of time your staff have to spend on them. With your extra time, you might be able to reduce the number of your crew or, alternatively, take on more customers. As your company grows, having RPA in place will save you money in the long run.

Use your time wisely for more vital things

As previously said, RPA will reduce the amount of time your team members must spend on particular procedures, potentially saving up to 90% of your workforce's effort. While you may choose to reduce the size of your workforce, most businesses will redeploy their employees' time to higher-value responsibilities such as client connections and strategic organisational projects.

RPA eliminates the need for your personnel to spend numerous hours on repetitive tasks. They can instead devote their time to more critical duties that only humans can complete, such as customer interaction and account administration.

Eliminate the possibility of human error

There will always be the possibility of human mistake when your staff execute the same tedious duties over and over. Humans, after all, commit mistakes.

While mistakes are unavoidable, they may be extremely costly to enterprises. They are responsible for around 82 percent of manufacturing errors and 50–70 percent of electronic equipment breakdowns.

Human error may be expensive and time-consuming to fix, irrespective of your sector. You'll have never had to cope with these errors again if you automate company procedures. It will save you and your customers efforts and money, as well as eliminate the need for rework.

Ensure that analytics and audits can be traced

You'll always have a full and totally traceable trail when using RPA at your company. You'll be able to track every step of the process from beginning to end, which will enhance your analytics and aid financial audits.

Data from several systems must be reconciled

You'll be capable of interacting with data from any software application if you have a solid RPA strategy in place. In other words, you'll be able to link operations across numerous applications with ease.

Reduce the time it takes for clients to receive service

Speed is critical in order to remain competitive in an ever-changing environment. When it comes to delivering data or reports to customers, the quicker you can handle their information, the better.

RPA allows businesses to provide clients with near-instantaneous service. As a result, you may be able to retain consumers and improve overall client satisfaction.