Decades ago, industrial automation systems facilitated the Industrial Revolution. Nowadays, intelligent automation software and systems are being designed to replace repetitive activities performed by people in the workforce.
Intelligent automation agents are made up of software code which executes commands based on pre-set goals designed to meet organizational objectives. These include management of software processes and applications. Nowadays, intelligent automation is being used to meet the exigencies of an increasingly complex and pressured marketplace.
By combining automation with artificial intelligence (AI), companies are able to achieve greater overall quality and higher efficiency of operations. Wide-ranging applications are possible, including basic activities such as analysis and collection of data to more complex activities such as decision-making processes used for guiding robots and autonomous vehicles. Intelligent automation is evident across multiple economic sectors.
The raison d’être for the creation of intelligent automation is the analysis of massive amounts of data which is then used for widespread automation of processes. Intelligent automation is geared towards learning, with an eye to transcending routine performance and delivering exceptional quality, efficiency, andeee productivity.
Examples of Intelligent Automation in the Marketplace
The technology sector is investing heavily in the development of intelligent automation software, particularly notable companies like Kryon RPA which is a renowned developer of AI-powered software robots for enterprise automation. This company recently raised $40 million for robotic automation process technology, and is aggressively expanding into new geographic markets.
Plus, many of the world’s leading technology companies such as Facebook and Google have invested heavily in robotics, machine translation, speech recognition, and artificial intelligence. Over a period of 6 months, Google purchased 8 robotics start-ups, while Facebook recently acquired an AI laboratory. Popular vehicle manufacturers, Volvo, Mercedes-Benz, BMW, Nissan, and Audi are planning to introduce autonomous vehicles to the market. IBM is also deeply invested in cognitive computing technology with a $1 billion investment in Watson.
Fusion of Technology
Intelligent automation is unique. It fuses automation with machine learning, machine vision, and natural language processing. Today’s hardware and software can be combined with AI for tremendous practical applications. The technology is astounding, capable of processing large amounts of information, analyzing data, and responding to real-time situations.e
On a more practical level, intelligent automation is being used by companies for the purposes of invoicing, streamlining business processes, making quick decisions, implementing marketing systems based on customer profiles, et cetera. An ever-expanding range of business applications is now available for intelligent automation. The proof of the pudding is evident with the investments taking place in this arena. Consider that venture capitalists have poured $600 million into AI and robotics since 2011.
These investments are designed to pay dividends with enhanced innovation and improved productivity. The systems function better, offer greater quality and are sophisticated in terms of processing ability and speed. To this end, intelligent automation has multiple applications in many different industries. For example, aging workforces can benefit from robotics, particularly labor-intensive industries.
There is enough evidence to suggest that humans simply cannot keep pace with the increasing complexity of data in the business world. Intelligent automation is the answer because it enables workers across the spectrum to better use the information which is available to them.
Many companies operate in a highly competitive marketplace where weak growth figures are the norm. In these cases, it pays to implement intelligent automation to improve efficiency, reduce costs of operations, and differentiate product offerings.
Finally: Which Sectors Benefit from Intelligent Automation?
Automated analysis of data and the decision-making processes which follow can certainly benefit multiple industries. All of this takes place within a controlled environment where humans review machine decisions and then approve them. Sectors include the following:
- The public sector – to avert natural or man-made disasters by deploying artificial intelligence technology in the form of sensors, cameras, and software to track threats and identify suspects.
- Healthcare sector – various intelligent automation systems have been implemented which are capable of understanding treatment recommendations and matching them with clinical guidelines and medical policies to ensure effective and consistent service. The objective is enhanced health and wellness of patients, while simultaneously reducing the cost and time involved in diagnosing, treating, and planning.
- Technology sector – risk analysis is a major bugbear for companies. Fortunately, intelligent automation software can identify important metrics and generate accurate credit models which can be used by companies to reduce credit risk. This future-oriented approach to managing risk has proven beneficial to companies all over the world. This credit function is now highly responsive and efficient, and has resulted in more favorable credit terms for deserving clients.e