Today, competition in the market is at its peak; enterprises no longer compromise with their abilities to meet demands with traditional automation. The recent technology trend is all about organizations looking for intelligent automation tools to solve business challenges, followed by increased productivity, accuracy, and efficiency, which benefits the organization.
Leaders are finding more innovative ways to leverage technologies like machine learning, intelligent automation, and predictive analytics; these are the fastest gaining technologies in the current market scenario. Artificial Intelligence (AI) promises organizations better analytics, deep insights, and business solutions like never before.
Reports say 46% of IT decision-makers now have much-advanced analytics, enabled by artificial intelligence, machine learning, big data, and deep learning; these all have significantly impacted their digital innovation initiatives over the last two years. Today customers demand a customized experience due to the ongoing technological advancements happening every day, everywhere. This can only be achieved with advanced analytical capabilities and deep learning. Technology is known to monitor and help customers’ movements and predict their subsequent actions more accurately. Start with it if the Return on Investment is aligned with your assumptions. In addition, a visual dashboard will allow the same user to demonstrate the value of your software platform to all of their internal stakeholders, which can be achieved through embedded analytics. The ROI of embedded analytics can inform users and investors about what they should do next. This will also increase customer lifetime value and decrease investor losses.
Impact of digitalization on business and intelligent enterprise technologies on organizations:
As per INC, the most significant forces transforming society and business are embedded intelligence, bots, making products and business applications brighter than ever. Today intelligent automation and artificial intelligence tools have the most significant impact on day-to-day business. Leaders are still doubtful about where to apply AI to make the most benefits and meaningful rewards. However, integrating artificial intelligence solutions across the company will not be a cost-effective affair in day-to-day business. Considerable investment will be needed in technology and talent upgrades, followed by sweeping change initiatives to ensure AI drives more value to the company.
Biggest challenges to implement in an intelligent business strategy:
Implementing RPA in the company might sound ideal, and fortunately, yes, it is. RPA certainly helps companies eliminate erroneous and mundane tasks and increase productivity and efficiency remarkably. Sadly, it is not as it sounds. Implementation of RPA in the organization has dozens of challenges. Here is a list of challenges one is likely to face while implementing RPA technology:
- Rapid changes in technology
- Culture
- Recruiting the right people
- Getting maximum value from investments
- Upgrading/working with legacy systems
- Competing priorities
- Linking initiatives to ROI
- Gaining senior management buy-in
- Assigning internal responsibility
- Lack of suitable vendors
Need of Businesses Undergoing Digital Transformations:
Every business needs to evolve with time from various legacy technologies, outdated methodologies, and archaic processes. Above all, digital transformation is rooted in need to respond to different customer demands and compete against all digital disruptors threatening their business in all sectors.
Future of Automation in Digital Transformations Business:
Digital transformations is the need of the hour. To become more agile, efficient and deliver value and better customer experiences, organisations are bound to embrace and adapt this new technology. Automation is at the heart of that. Technically, the future of automation is the driving force of digital transformation. This will pave the road to more and more complex, end-to-end automation with time, the ultimate intelligent automation. This new trend already emerged in the financial and banking sector and is seen to return significant returns by implementing intelligent automation in the form of improved regulatory compliance
The benefits of intelligent automation for an enterprise are as follows:
- Increase quality and consistency
- Enable 24/7 productivity
- Reduce processing time up to 80%
- Enhance flexibility and scalability
- Improve visibility and audibility
- Better data quality will drive to boost more analytics
- Manage seasonal demand cost-effectively
- Free time for higher-value work
Step by step approach to intelligent automation business:
- Rapid cost takeout:
- Enable Employees:
- Optimize technology:
- Operational transformation:
Conclusion:
Today, most organizations face the same challenge where organizations have to overcome the gap between the time taken for successful implementation of automation technologies, like intelligent automation and artificial intelligence, and the actual time taken to reach maturity. One big problem is a lack of understanding of the potential benefits of artificial intelligence to solve business problems. Every customer concentrates on adopting AI as a technology rather than applying artificial intelligence as a tool to solve existing problems. As per the recent report by IBM, shifting is the new standard. 93% of outperforming businesses are adopting artificial intelligence. Organizations are slowly moving beyond the question of adopting this new technology and are keen about its implementation.