The Economic Times
Intelligent Automation Virtual Summit
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” Bill Gates.
Intelligent automation is the combination of artificial intelligence (AI), machine learning, and process automation that is used to create smart business processes and workflows that think, learn, and adapt on their own.
HUMANS ARE CREATIVE, IMAGINATIVE, STRATEGIC, TACTICAL AND INVENTIVE. ROBOTS ARE BETTER SUITED TO TASKS THAT HUMANS FIND DIFFICULT AND DISLIKE.
Intelligent automation (IA) refers to the integration of robotics with multiple components from different emerging technologies. Robotics is transforming the efficiency of every organizational function from finance, tax, HR, and IT to supply chain, regulatory compliance and customer care. We’re not talking industrial or companion robots, of course, but rather software robots that operate as virtual employees, reliably automating manual, repetitive tasks at scale.
When robotic, intelligent and autonomous systems are integrated, the result is intelligent automation, widening the scope of potential tasks and processes that can be automated. This powerful combination brings transformation across the whole spectrum of emerging technologies such as artificial intelligence, blockchain and the internet of things.
The strength of intelligent automation comes to the fore when RPA combines with AI to enable applications that go beyond the routine to the innovative: from collecting and processing data to analysing and making contextual decisions.
Benefits and Barriers of Intelligent Automation
Intelligent automation technologies are helping organisations to transform business processes – not only achieving higher speed and precision, but also automating predictions and decisions based on structured and unstructured inputs.
Benefits driving uptake of technology
- Target to achieve increased productivity and cost reduction
- Greater accuracy
- Improved customer experience
Executives estimate intelligent automation will provide an average cost reduction of 22 per cent and an increase in revenue of 11 per cent over the next three years. However, those organisations currently scaling intelligent automation say they have already achieved a 27 per cent reduction in costs on average from their implementations to date.
Talking about barriers, process fragmentation and IT readiness are among the top at all stages with adoption. Organisations piloting automation also see a lack of vision and ambition for intelligent automation as a key barrier, while speed of implementation becomes much more significant for organisations implementing or scaling automation.
Reimagining the businesses WITH Intelligent Automation
The recent information-age is witnessing a rapid acceleration of Intelligent Automation (IA) which is undoubtedly the next evolutionary step in business proficiency. Our new ways of working and intense financial pressure resulting from the global COVID-19 pandemic has highlighted the critical need for business continuity and enterprise resilience.
The modern enterprise is becoming an increasingly automated environment: technological advancements in AI, Machine Learning and RPA are allowing organizations to improve business intelligence, streamline process and enhance productivity. Across the industry landscape operations are changing, from the automation of low-level administrative tasks to customer service Chatbots and complex self-regulating IoT system.
In their embrace of more digitised ways of working, many organisations have adopted robotics to automate repetitive rules-based processes. They are now seeking to scale these solutions and make them smarter by integrating artificial AI capabilities.
The leading technologies in the intelligent automation (IA) market continue to drive digital transformation initiatives at companies across the world at breakneck speed. The tools and platforms associated with these technologies are becoming more prevalent across all functional areas of business, not just back office and support services.
A Gartner survey found that business leaders worldwide ranked RPA as the 2nd most important transformational technology when just a year earlier, it ranked 9th
The movement upstream towards performing higher complexity tasks in revenue-generating areas of organizations is a testament to the value of the market. However, the increased use and dependency on IA solutions are also forcing the development process to mature and mirror more traditional software development practices. While adopting some of these traditional practices may seem cumbersome at first, the benefits quickly become realized as automation program scales.
The Economic Times Digital Workplace Virtual Summit