Artificial intelligence is no longer a technology of the future, and with it, automation has gone to the next level. We now live in a world where AI has been integrated into several industries, helping businesses reach their goals in a much more efficient, effective, and faster way. Automation of processes has made it easy for organizations to reduce cost, increase productivity, reliability, uptime, and improve overall performance.
Artificial intelligence and automation have become quickly accessible via open-source, cloud-based libraries. They are predicted to have a massive impact on economies, transform businesses, and change lives all around the world. Ample of companies have joined the bandwagon of Artificial intelligence, and it’s obvious why.
2019 is poised to leverage the duo of AI and automation to eliminate long-standing connectivity issues, spiked up costs, reduced efficiency, and complex issues that are otherwise difficult to manage manually. Apart from this, AI and automation along with IoT will play significant roles in the digital transformation journey of organizations based on their innovation quotient and digital maturity. Intelligent automation has radically changed the way business processes are executed.
The Impact of the Duo in the Financial Sector
The main purpose of an AI is to process the data provided by the user and take required actions based on it. Organizations use AI to make sense of complex data and create better solutions in a short span of time. The financial services domain has been searching for a feasible solution for the end-to-end credit cycle.
AI along with automation has proved to be an effective way to tackle problems in the financial sector by rendering processes that improve customer satisfaction as well as reduce internal manual efforts of the company. Right from the application, pre-qualifying, evaluation, approval to the loan settlement stage, most of the bottlenecks can be eliminated.
These technologies have been able to create patterns for voluminous data and use them appropriately wherever applicable. AI has enabled companies to save on labor costs and man hours, which has hiked up their profits by a significant margin, whereas automation is being widely preferred for streamlining tasks and speed workflows.
AI Brings Digital Transformation
Artificial Intelligence is all about transforming businesses and operational processes, leading to effective solutions that cater to business’ needs with a shorter quick around time. At this year’s Gartner Enterprise Architecture & Technology Innovation Summit, the company shared its prediction regarding artificial intelligence – that it will become a positive net job motivator, creating 2.3 million jobs while only eliminating 1.8 million positions in 2020.
The very existence of AI is dependent on humans, which means without us actually creating the technology and backend of an AI software or device, it is impossible for the technology to be developed or enhanced by its own. AI programs can partner and work alongside humans to accelerate digital transformation without posing any notable threat.
To be precise, AI replaces mundane, error susceptible, and repetitive tasks so humans can focus on adding value to the processes that require innovation, creativity, and problem-solving capabilities.
Each person carries individual traits like empathy, emotional intelligence, a personal judgment that AI lacks. Contrary to the myth about AI, it is indeed a much required, cost-saving, and reliable technology that is meant to improve customer experience, bring products faster to the market and provide value to innumerable aspects of a company without eliminating humans from the workplace.
A New Way of Living
Whether it is talking to Alexa or Google for help, asking your Nescafe E smart coffee maker to brew a fresh cup of coffee or streaming music online, artificial intelligence is all around you. It has helped companies connect with their customers at a much deeper and personal level where they can customize their business solutions and align them with each customer’s specific needs.
Trade giant Amazon is an eminent example that uses customer-oriented AI and in-app services for companies and their processes. Amazon Web Services (AWS), a set of machine learning programs, and pre-trained AI services for businesses is yet another investment that Amazon has made in recent years following the AI trend.
Another example is Netflix, which gives personal recommendations based on the watch history and interests of a user. It analyses user data and creates a pattern for each one of its users to determine what content are the viewers most likely to watch and what could possibly interest them more to ensure their users are engaged and continue the monthly subscription. Netflix also uses thousands of video frames from an existing movie or series as a starting point for thumbnail generation. It then identifies which thumbnails have the highest chance of resulting in the click.
Intelligent Automation – Thinking outside the bot
Artificial intelligence and automation are not yet fully optimized to their highest potential. However, companies are continually working towards a better future by eliciting the best of what is available now and finding the optimal measures for the future. One can expect a tremendous change in the way AI works today and the way it will work by the year 2025.
Companies are beginning to realize and analyze the increasing business efficiency and employee productivity post-implementation of intelligent automation. One of the most crucial technologies that will be developed and heavily worked upon is the RPA (Robotic Process Automation), a software that mimics human actions and does the tasks of the human workforce.
RPA software, embedded with more ethical and intellect values may replicate a human’s actions and decision making in the future. However, there is a need for more professional, knowledgeable, and creative people, and the requirement is going to increase in the near future.
Whether it’s to reach out to the user on a personal level or help them professionally, almost all companies use AI in one way or the other. In future, this is only going to increase, and the businesses would use the duo of AI and automation to achieve their end goals, which includes increasing customer satisfaction rate, improving customer retention, reducing costs, driving sales, generating leads, and much more.
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