“We are now in the midst of the next big tectonic shift via automation arbitrage — a term used to describe the recalibration of human labor to drive business outcomes” – Gartner
Intelligent Automation (IA), a combination of artificial intelligence and automation, is starting to change business processes in almost every sector.
IA systems can detect and produce large amounts of information, automate an entire process or workflow, learn and adapt as it keeps improving with daily updates and interaction. The application of IA is virtually endless, from collecting and analyzing data to making decisions based on textual information and even guiding autonomous vehicles.
The application of ‘smart systems’ and ‘smart bots’ is efficiently shedding away the dependence on manual labor for routine and repetitive tasks, freeing up humans to engage in more creative and challenging work functions within an enterprise.
In the words of Mark Cuban, “Whatever you are studying right now, if you are not getting up to speed on deep learning, neural networks, etc. you lose. We are going through the process where software will automate software, automation will automate automation.”
When compared to enterprises relying on legacy infrastructures, businesses implementing machine-driven automation are paving way for increasing revenue growth and more importantly, higher customer retention.
Intelligent automation has the potential to deliver value to organizations with systems that can think, learn and adapt, leading to efficient running of enterprises while cutting down expenses. With IA, businesses are operating faster and scaling more efficiently while gaining a competitive advantage in the digital economy. Its biggest impact will be felt by the Contact Centers, BPOs and the IT industry.
IA tools are set to evolve further as they imbibe an augmented ability to mirror human intelligence. And as they become smarter, we will also see them undertake and perform more intelligent and complex tasks. This will further spur IA’s adoption at an even higher level across functions — planning, budgeting, analysis and decision making — functions once perceived to remain only within the preserve of humans.
It can also help businesses configure process automation and incorporate the system into their segment. IA can learn, make changes, is programmed to resolve issues, and can replicate ‘human-like’ decision making. With machine learning and artificial intelligence integrated, IA can perform far superior tasks than a regular IT automation:
- Increased process efficiency
- Improved customer experience
- Optimized back-office operations
- Reduction in costs as well as risks
- Better workforce productivity
- Efficient monitoring and fraud detection
- Product and service innovation
IA systems can well-adapt to changes in dynamics, resources, geography, or even detect suspicious activities. They apply one set of rules in one situation and make adjustments to suit any new situation.
Several enterprises, research and development teams, sales organizations, manufacturing and logistics operations or customer service departments are leveraging the ability of these machines to handle human-like tasks and work in concert with humans to a great degree of sophistication. IA-enabled systems are instrumental in minimizing repetitive time and labour consuming tasks.
A recent Citi report estimates that “bots now manage approximately $20 billion of assets globally. Going by current trends, this could increase to as much as $13.5 trillion.” Going by the trends, market experts believe IA is the way forward.
According to a CIO report, 47% of IT decision-makers want better analytics and insights, while 40% would like automation of business process. To optimally utilize the potential of IA, companies are focusing on a well-designed risk and governance function by understanding risk appetite and compliance requirements, ensuring data security, authentication and access, and a consistent skill development and workforce training.
In the longer run, the benefits of IA outweigh the implementation costs, improve the metrics of not just employee satisfaction but also customer satisfaction, and eventually help increase the overall revenue. A well-implemented IA system will usher in a true digital transformation for enterprises.