Today’s tech-driven world is all about automation. Almost every industry is reaping its benefits in one way or another and making its business more productive and efficient. One form, in particular, is making headlines across the globe and it is known as Intelligent Process Automation (IPA).

According to Gartner, IPA sits at the top of the list of the highest-ranked enterprise software and the spending on it is constantly increasing as well. Organizations are leveraging their efficiencies to enable digital transformation to achieve the desired business objectives.

One thing organisations have learnt in the wake of the recent disruptions is that constantly revamping digital prowess is vital for long term business success. Human-machine collaboration is essential to run operations seamlessly. While machines take care of repetitive tasks, humans utilize augmented intelligence technologies like Cognitive RPA to make important decisions.

The spreadsheet-based manual forecasting approach that is still used in many retail organizations is not suitable for staying ahead of the competition and improving their bottom line. Manual adjustments of forecasts in this method leave all inventory spend decisions to human judgement, which pushes towards generalized decisions rather than going with product, vendor, and market-specific indicators.