As you’re aware, Robotic Process Automation refers to the automation of repetitive, rule-based processes across back-office and frontend operations. Though RPA delivers a wide range of benefits — from improving productivity to eliminating human errors, it does have its limitations.
Can it be applied across functions and industry verticals? Can it enable enterprises to better understand data? That’s where Artificial Intelligence or AI comes into the picture. AI, one of the most disruptive technologies, uses several applications including, robotics, Natural Language Processing, and Machine Learning to make informed decisions based on data insights and analysis.
The global spending on AI and cognitive solutions is predicted to grow into a $46 billion market by 2020. With such tremendous growth, enterprises are capitalizing on this massive opportunity, investing in digital tools more than ever, leveraging AI to solve business problems and improve decision-making, thereby paving the way for digital transformation.
Undeniably, RPA is fast growing across a range of industries – manufacturing, healthcare, entertainment, retail and governance. Did you know that about half of the work we do could be automated? With the convergence of RPA and AI, enterprises are undergoing a paradigm shift, where they are moving from being data-aware to data-driven. Do you want to implement chatbots to improve customer service? Are you looking to use the power of Computer Vision to extract data from images? You’re not alone! AI is ushering in a new way of doing business and enterprises do not want to be left behind.
Many organizations are beginning their automation journey by automating simple repetitive tasks, thereby freeing up the human worker to focus on more strategic functions. Implementing RPA is considered a first step in the automation journey. Organizations today are moving from simple RPA to intelligent or cognitive automation.
AI-powered solutions are bringing in a new era, where data is seen as the key enabler, fostering collaboration between the human-digital worker. Enterprises should draw out a clear roadmap or plan for automation, where organizational buy-in and developing a strategy that aligns with the organization’s goals is crucial.
Here are a few ways enterprises can benefit from Artificial Intelligence:
Provides assistance 24/7
Are you struggling to communicate with your customers? Have you been put on hold by a customer service agent? Move over call centers! With AI, businesses – from transport to healthcare can provide real-time assistance to customers anywhere, anytime. Automating customer interactions helps businesses interact and respond to customer queries as quickly as possible. According to a recent report, it is estimated, that by 2020, 85% of all customer interactions will be taken care of by intelligent machines and that chatbots will be responsible for saving billions of dollars for retail, e-commerce, banking, and healthcare.
Creates personalized shopping experiences: No doubt, AI is revolutionizing customer experience. AI-powered personalized experiences in retail/lifestyle not only improve sales but also customer engagement. With a huge amount of data out there, Artificial Intelligence uses algorithms to identify patterns based on customers’ purchasing behavior to predict customer action and offer discounts and products specific to the customer. With the e-commerce giant, Amazon changing the way we shop, customized shopping experiences is the way to go. From suggesting similar products/what you should shop to helping you choose the perfect dress, Artificial Intelligence utilizes data to accurately predict customer intent and behavior.
Provides business insights
With data growing at an unprecedented rate, businesses are capitalizing on the massive volume of data to identify patterns and predict trends. AI enables data processing quickly, making it a breeze. Your data is stored in cloud databases, waiting to be tapped. A potential treasure trove of information, AI processes the data points, learns, adapts and generates business insights that will help change the face of your enterprise forever.
Improves decision making
With the application of Big Data, Artificial Intelligence not only uses data to provide business insights but also helps you make better-informed decisions. Machine Learning helps large corporations to study data patterns to provide insights for smarter decision-making. It’s a mammoth and impossible task, for a human to analyze billions of data points out there. With AI, business leaders can make intelligent decisions and identify opportunities to scale higher.
We can conclude by saying that Artificial Intelligence is the road ahead for enterprises. Moving beyond RPA improves operations, drives business value, impacts decision making, and ushers in enterprise-wide transformation.