How Automation, And AI Are Making Business Smarter?
Understanding How Artificial Intelligence and Automation are Changing Business Operations
No one had expected a pandemic shock-like COVID-19. Despite the early warning of WHO in January this year, it wasn’t till March when things began deteriorating. Overnight countries around the globe announced strict lockdown measures, ban of export and import, and air travel. Industries were on the brink of a massive economic blow, and production units halted, people without jobs, new demand for essentials, and PPEs. If it was not evident how necessary it is to invest in Artificial Intelligence and automation or RPA (robotic process automation) before this, companies have now ramped up their investment in the said. Whether it was healthcare, manufacturing, or logistics, the world suddenly realized the importance of these disruptive technologies. With social distancing mandates issued to contain the spread of the coronavirus, corporate leaders have no choice but to adopt AI and automation into the industry framework.
AI is an essential asset as it is an annotator for digital transformation and data-fuelled market. Today it has evolved more than a science-fiction dystopia. Different subsections of AI have varied applications. For example,
- Machine Learning allows systems to process data and learn to improve the performance of a specific task without explicit programming.
- Natural language processing (NLP) allows virtual assistants to interact easily with customers.
- Deep learning helps to compile, analyze, and interpret collaborative data.
All these benefits, when coupled with the state of the art Automation technology, can help business streamline the tedious processes to execute various outputs. Analytics Insight forecasts the global market of Artificial Intelligence to grow at a CAGR of 29.0 percent from US$42.8 billion in 2019 to US$152.9 billion in 2023. While the Everest Group predicts automation to reach up to US$2.5 billion in 2020. In a 2018 Deloitte survey, respondents said RPA earned back their investment in less than 12 months. The respondents rated RPA favorably, saying it met or exceeded expectations for improved compliance (92 percent), improved quality/accuracy (90 percent), improved productivity (86 percent), and cost reduction (59 percent).
The best part is that automation can be tailored as per business needs using AI. Be it for talent acquisition, immediate email responses, monitoring the sale pipeline, or maintaining leads automation can enhance every monotonous process that does not require sophisticated cognitive thinking. If one has to distill the advantages of AI-powered automation in the business world, it would be higher quality, consistency, visibility, efficiency, and reliability. Moreover, it also cuts down unnecessary expenses, manual labor on repetitive tasks, and turnaround times. Automation is no longer about robots scurrying near assembly lines. It is about making business smarter.
Although there is quite some apprehension that AI and automation shall rob people of their jobs, in reality, these technologies present more opportunities than they replace. Hence business leaders need to identify which of the tasks need replacement and ones that need cognitive reasoning when planning for automation. Also though AI is more refined than earlier, leaders need to understand their brand goals before implementation. Then they can invest in machine learning, deep learning, and NLP models along with robust cybersecurity programs. These technologies will undoubtedly disrupt traditional systems and give better chances of scaling and achieving financial targets. Further, they go a long way in ensuring customers and clients get tangible results and competent, problem-free, and timely service.