The companies already excelling in the field of new-age technologies, are at the forefront of adopting to next wave of automation. As the need for evolution is accelerating, the smarter ways are paving their ways to digitally transform the world. The advancements in AI and RPA are developing a favorable environment for the growth of intelligent automation (IA) enabling businesses to leverage combined efforts of AI, robotics and human capabilities.
The key enablers of IA are easily available with hefty investments in this technology. Tracing the current trends, some experts do believe that the global market of AI will expand at a compound annual growth rate (CAGR) of 40%, marking up to US$26.4 billion in 2023.
According to a recent KPMG survey, more than 50 percent of participants said they had already invested more than US$10 million in intelligent automation projects. The survey was conducted among 600+ business leaders across 13 countries.
To create an intelligent working environment to enhance operational performance and customer experience, transparently businesses are investing in intelligent automation technologies.
The Integrant of Intelligent Automation
Robotic Process Automation:
RPA is an automation engine that employs software robots to perform repetitive and mundane tasks which previously consumed a lot of human time. The advantage is that this technology can carry out such process smoothly and with accuracy in high volume. Organisations tend to gain efficiency and offer tangible cost reduction while deviating employees’ concentration towards more creative and strategic tasks.
Here, AI can be considered as assistant to the software robots and humans in order to make them work more intelligently. The varied subsets of AI including machine learning, deep learning, NLP, optical character recognition, semantics analytics, predictive analytics and others are widely utilised by organisations to augment their operations and projects through intelligence.
Low-code Development Platform:
A low-code development platform like K2 uses graphical user interface and configuration instead of computer programming in order to develop powerful business applications across and organisation. The remarkable feature of the platform is that it can combine various applications and systems including RPA and AI solutions to cohesively build intelligent automation process.
The Harmonised Power of AI+RPA Along with Low-Code Development Platform
Well without any doubt, these technologies on their own are capable of adding significant values to the business but as the world is transforming, it is required to bring about advancements in their technique and overall approach. In order to truly incorporate intelligent automation, these technologies are required to be collaborated into one holistic approach. By investing in collaboration of these technologies, organisations can chase new ways of working and finding success.
For example, when software robots are mixed with machine learning and natural language processing technology, it can act as virtual assistant and perform in smarter ways. Further when these bots are mixed with sentiment analysis capabilities, it can identify trends and patterns in conversation and interaction procedure.
What Are the Challenges in Adoption?
A survey conducted by Deloitte has discovered that the technology market for RPA, growing at 20 percent per annum is expected to reach $5 Billion by 2024. The 2019 Global Human Capital Trends survey also revealed that with the predictive growth of 64 percent in RPA and 81 percent in AI, organizations plan to employ these technologies more extensively.
Moreover, the study has also unveiled that several organizations today are still not up to the mark where they can easily combine all such technologies into an intelligent automation platform.
According to a study presented by KPMG, only 10 percent of the organization has been successful in introducing RPA, AI and smart analytics in an integrated form. Additionally, the report suggests that companies need to pace up their understanding of how, when and where to integrate technologies to optimize the process and potential completely.
Direction for Future Road
Beside efficient implementation of new technologies, it is crucial for companies to understand that this can develop adoption silos obstructing the way of progress. But fortunately, the creation of intelligent automation need not to be complex rather with a low-code application development platform, companies possess tools quintessential for integration of multiple technologies and resources to carve one intelligence automation process.
This further benefits by easy tracking of performance across functions and technologies as they run on single platform. The tracking will provide with the data to identify areas for improvements specially in revenue growth and quality of customer experience.