What is Intelligent Automation?
Intelligent Automation is an advanced version of automation. It involves machines mimicking human actions. This version of automation possesses the following cognitive abilities:
- Machine learning
- Natural language processing
- Computer vision technology
- Speech recognition
Machines with automated intelligence can understand enormous amount of structured and unstructured data. They are capable of assessing and learning it on the go. Intelligent Automation introduces operational efficiency and business efficacy.
The concept of intelligent automation has come a long way in the digital world. This technology is still progressing and continuing to add more competences of human brains into machines.
As per the market analysis done in the recent years, the market for BFSI robotic automation is predicted to mature at 75 per cent CAGR. It is also expected to reach USD 835 million by the end of year 2020. This report also suggests that the rate of rapid adoption specifies that BFSI companies will emphasize on wise investment in training and proprietorship of the automation technologies. This is much more efficient as compared to investment in professional services for automation processes.
Intelligent Automation vs. IT Automation
Artificial Automation and Intelligence are not new concepts. In fact, these have existed in the technology site since a few years now. Accessibility of sensors has increased with advancements in digital technology industry. The computing power and storage have also increased which led to widened reach of automation services in the business world.
Is automation different from Intelligent Automation?
Automation is usually deemed as a process involving transfer of tasks undertaken and accomplished by humans. However, this is not true. Automation is actually a process of introducing change in the way business operations/ tasks are performed. Automation is of different types:
- Fixed automation
- Programmable automation
- Robotic process automation
- Many more
Intelligent Automation technology is different. It comes integrated with an extra layer of Machine Learning and Artificial Intelligence abilities. One of the examples for this is filling of e-forms by customers for opening bank account. In case, customer enters wrong data or misses to update a specific section, the IT system will instantly reject the form. The form will also be flagged for human interference to fix the issue. On the other, intelligent automation can identify the issue and self-correct the problem. There is no need for human intervention.
This system makes business operations more efficient. The time and efforts saved will help with overall customer experience.
Intelligent Automation – The Benefits
Intelligent automation is an indispensible element of a modern day business. It empowers human staff with advanced smart technologies. IA helps seamless integration of responsive processes for quicker, smarter decisions. Some of the key benefits of IA in business world include:
- Increasing process efficiency
- Improving customer experience
- Optimizing back office operations
- Reducing overall costs and risks
- Optimizing productivity of work force
- Highly effective monitoring
- Fraud detection
- Product and service innovation
Technological Revolution You Just Can’t Ignore!
Intelligent automation promises huge potential for boosting efficiency of an average organization. It can be a game-changer for bigger companies. Initially, the capital investment required for implementing this automation may range from nominal to astronomical. This truly depends on what you actually wish to automate. Business process automation is affordable and can help you gain tremendous benefits.
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