From self-driving cars to disease-sensing machines, Artificial Intelligence is finding its way into every business sector. Bringing human-like intelligence to machines, AI revolutionizes the way business and industry functions. But can artificial intelligence deliver real world results or is it all buzzwords and hype? Our answer -- a resounding yes; artificial Intelligence is already delivering real world results. You may be wondering where we go next with artificial intelligence. Here Savvior - Pittsburgh’s customer enterprise software solution experts - break down the growing concept - which is already in practice - of Intelligence Automation, going over:
What is Intelligent Automation
How does Intelligent Automation work?
Why should it matter to you?
Let’s get started and dive a little deeper into the newest technology for revolutionizing your business processes.
What is Intelligent Automation?
The Perfect Marriage Between AI and Business Process Automation
Intelligent Automation (IA) combines artificial intelligence with the automated processes we already use in business. By allowing machines to sense and synthesize information using deep learning, they are able to to recognize patterns and anomalies. IA is then able to program itself to perform tasks and manage information rapidly. Intelligent Automation creates unprecedented efficiency across a variety of sectors, which is why 90% of C-level executives already report using some form of Intelligent Automation in their businesses.
Intelligent Automation in Our World Today
Enhancing customer experience and streamlining the monotonous
IA learns to use natural-language based processing to replace a variety of low-value human tasks, including judgment-based actions and image analysis. The IBM Institute for Business Value Research believes IA could most efficiently replace humans in areas of accounts payable, global trade services, and revenue accounts. These monotonous tasks that previously required human attention to make decisions, notice problems within processes, and make adjustments based on anomalies can now be completed with IA, which continues to learn and improve over time.
Businesses are already leveraging IA to streamline business processes. American Express, for instance, uses IA to detect fraud in real time on their 110 million credit cards. On top of protecting customers, they use data collected to connect cardholders with services and special offers that best suit their lifestyles. With speed and precision that humans cannot muster, IA can enhance customer experiences, improve forecasting, and - over time - develop stronger decision-making processes than humans.
How does Intelligent Automation Work?
Machine and Deep Learning Process Anomalies and Make Real-Time Improvements
Though an understandably complicated question, the basis of how IA functions can be boiled down to an computer architecture designed to mimic the neural networks of the human brain. This is accomplished through a masterful combination of machine learning and deep learning which works as follows:
Using Machine Learning, IA utilizes algorithms to develop patterns and recognize anomalies within data.
Deep Learning then uses these algorithms - while working around distractions, missing information, and confusion - to program itself to function despite of these hurdles.
The key to this technology exists within deep learning. The ability to work around distractions and confusion - breaking the machine free of the hackneyed ‘cannot compute’ error - is an important aspect of the value that only humans could add to a process. Additionally, with the perfect marriage of machine learning and deep learning, Intelligent Automation can analyze and organize multi-format data and, much like humans, continuously use algorithmic analysis and AI to improve itself in real-time. As the machine learns to be smarter and more efficient, you business gains an immeasurable amount of value from this intelligent automation.
How IA Affects Your Business
Lower production costs and boosted company morale
In business, it is vital to continue to use the most advanced, efficient technology and resources available to increase production while lowering costs. Intelligent Automation accepts this challenge by constantly evaluating systems and algorithms to optimize performance and outcomes.
By designing systems that can perform low-grade tasks - and go the extra mile by thinking like humans - employees can engage in higher value tasks that remove monotony from the workday, allowing you to best utilize your human capital resources. With IA your business can decrease human-made errors and cut costs by more than 75% in repetitive tasks.
This, over time, can have a variety of benefits for both company functioning and morale. As your business systems work faster, more accurately, and in some cases smarter than employees do, employees’ engagement in higher-value tasks allows them to experience a more dynamic, collaborative workplace. This shift in workplace organization will make employees feel more valued and important, and in turn may increase employee retention and satisfaction rates. This high retention rate in and of itself saves your company anywhere from 30-400% of an employee’s annual salary in turnover --- or in other words, IA continues to save your business in more ways than one.
Finding the balance between automation and human value
As IA becomes an increasingly valuable aspect of business processes, businesses must carefully evaluate the tasks they can automate. Ethical and functional considerations must be made in order to decide which aspects of the business can benefit from IA and which tasks remain best handled by trusted employees. As a highly contested ethical concern, proper attention should be paid to the amount of IA your business utilizes to ensure the accuracy of these functions and preservation of human capital assets.
Intelligent Automation, simply put, allows machines to think and act like humans. This efficient and money-saving technology is exactly what businesses need to take the next step in their digital strategy. With IA, your business can quickly and easily accommodate evolving industry changes and allow for unparalleled growth and efficiency in the business process.
Stay tuned for the next edition of our series on next-gen business solutions from the enterprise software solutions experts at Savvior, where you’ll learn more on these magnificent technologies and their applications.