Today, the convergence of Artificial Intelligence (AI) and Automation technologies has emerged as a transformative force, propelling organizations towards unprecedented levels of efficiency and innovation. This synergy between AI and Automation represents a pivotal juncture for enterprises, fostering a paradigm shift in how they conduct operations, make decisions, and achieve business objectives.
In this era of rapid technological evolution, understanding how AI and Automation technologies collaborate to drive superior business outcomes is imperative for enterprises seeking to stay ahead in a competitive landscape. This exploration delves into the symbiotic relationship between AI and Automation, elucidating the transformative potential they hold for B2B entities aiming to thrive in the digital era.
Thus, it would be right to say that AI, particularly Generative AI, are two of the most defining features of Industry 4.0, the next phase of the Industrial Revolution. Just by themselves, the two breakthrough technologies have given a massive boost to the industry at large, such that:
These figures indicate that the two technologies, the market will make massive technological as well as economic leaps in the coming days. For being capable of creating this scale of impact, the technologies have come a long way today. Let’s see how the two technologies have come to influence the market so profoundly.
The trend around workflow automation or any other form of automation began in the 2000s. However, automation, as we know it today, finds its roots in the 70s when former IBM employees came together to build the first manufacturing resource planning software. Further, Gartner’s Enterprise Resource Planning software boosted the growth of automation when it hit the market in 1990. Then, as the popularity of the internet and cloud technology grew, digital transformations became an industry staple and are still on the rise. The automation industry owes its growth to the fact that companies across sectors woke up to the benefits of automating mundane tasks, saving time for more sophisticated tasks and innovation.
Similarly, from the basic programs that were formulated in the 1950s, AI has incrementally evolved over the years. In 2022, we saw the massive paradigm shift in the use of AI with the launch of ChatGPT. Since ChatGPT’s launch, tech companies have reported a 14% spike in employee productivity with 97% of businesses considering the AI tool beneficial for their businesses. Even before ChatGPT reached the market, AI adoption was deemed important in the market. In fact, AI adoption was at its peak in 2019, clocking a staggering 58% growth.
Given the trailblazing impact the two technologies have had (at least in recent years) it is worth wondering: What would be the outcome of AI and Automation joining forces?
Industry figures are clear: as AI and Automation join forces, the market has a force multiplier in terms of creating value! For example, 52% of telecom companies have boosted their productivity with the use of chatbots. Even back in 2021, Gartner had predicted that AI augmentation with save 6.2bn hours of worker productivity, creating business value worth $2.9tn.
Ventures have woken up to the promise of the synthesis of AI and Automation. For instance, when it comes to data entry automation, 48% of businesses are using some sort of AI tools, be it ML, data analysis, or others.
Today, RPA (Robotic Process Automation) tools are redefining what productivity looks like. These tools are bringing together the impact of AI and BPM (Business Process Management) software which automates workflows in companies. RPA can power high-volume automation by emulating and then further improving human actions by recording them on a computer interface. Using AI, the RPA process reduces errors, optimizes RPA, and aids forecasting via effective pattern recognition and data extraction.
A recent Deloitte survey revealed that RPA has shown remarkable performance across multiple metrics. RPA implantations have boosted compliance by 92% and increased the quality and accuracy of tasks by 90%, ultimately spiking productivity by 86%. RPA implementations have also been responsible for reducing costs by 59%. These figures suffice to explain the impressive projections that the RPA processes are expected to meet: the market is set to grow by $12bn in just a decade (2020-2030). Some other ways of integrating AI and Automation are by leveraging ML and Natural Language Processing (NLP).
Here are some of the key advantages of the confluence of Automation and AI:
The importance of combining AI and Automation cannot be overstated. Whether it is cutting down costs to add new revenue streams, preventing and recovering inefficiency-induced revenue, or increasing employee and customer satisfaction – the confluence of AI and Automation seems to be the answer. With the mundane tasks taken care of, employees can focus on creative and high-value work, requiring nuanced and imaginative thinking.
At IntuEra, we have always believed in taking deep dives into cutting-edge projects. To find new ways to make the best of technology and create value, we seek new-age solutions to industry problems. To tackle these problems, in our agile innovation lab inventive projects are nurtured. We are driven by the belief that Automation and AI can potentially offer solutions that are greater than the sum of their parts.
We have been building innovative solutions leveraging Large and Small Language Models (LLMs and SLMs) and advanced natural language processing (NLP) models that are integrated with automation to perform end-to-end tasks that have the potential to drive significant business outcomes. To elaborate, some of our solutions supercharge sales processes to capture qualified leads or implement collaborative intelligence for contract renewals or advancing month-end finance and accounting close cycles. Our solutions also strive to transform how analytics is delivered to decision-makers. All in all, we are constantly working on identifying ways in which we can leverage the power of technologies by working together to positively impact business outcomes.
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