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The Era of Intelligent Automation is Here: Review 2023

Intelligent Automation is changing the business world. Here are the top ways AI digitizes the most difficult tasks to boost productivity. Top companies are enhancing their robotic process automation (RPA) deployments with a dash of artificial intelligence (AI) and machine learning (ML) with AI Automation Solutions to reap even more benefits from BPA (business process automation). Since the beginning of the epidemic, businesses have been initiating more and more projects to automate business processes, using tools like robotic process automation (RPA) to cut costs, increase productivity, and strengthen the reliability of their most essential activities. But some industry giants aren’t content to stop there. To further their automation goals, businesses are adopting “intelligent automation” (IA), a technique incorporating advanced technologies like AI and ML with traditional RPA to make it more effective. Intelligent automation techniques can combine RPA, AI, and ML with complementary technologies like NLP and chatbots to get optimal results. In addition, it seems likely that IA will gain traction inside companies looking to improve automation performance as RPA deployment reaches a more mature stage. Gartner predicted that investment in RPA software around the world will hit $2.9 billion in 2022, up 20% from 2021 levels. And that’s what exactly happened!

Artificial Intelligence – Powered Automation is Ushering In a New Era

Intelligent automation combines artificial intelligence with automation, including NLP, ML, and machine vision. Some intelligent automation systems, such as those used to power a new generation of collaborative robots and Google’s self-driving automobiles, assess and respond to a stream of situational data from sensors. Others, such as IBM’s Watson, absorb and analyze large volumes of textual data in order to promptly respond to difficult inquiries, such as a request for a medical treatment plan. As technology for voice recognition, natural language processing, and machine learning develop and become useable by non-specialists, the spectrum of business challenges to which intelligent automation can be applied expands. These technologies are becoming more widely available as open-source or low-cost products, as well as cloud-based services. Intelligent automation definitely holds promise for investors. Venture capital investment in robotics and artificial intelligence enterprises has increased by more than 70% in each of the last two years, surpassing $600 million since 2011. If businesses fully leverage intelligent automation, the overall impact on business could match that of the 1990s enterprise resource planning wave. intelligent-automation Source

Intelligent Automation Addresses Societal and Commercial Issues

  1. Changes in talent demographics offer the door for automated alternatives
Labor costs and scarcity have risen to the point that investments in automation now make economic sense in some industries. This is true even in sections of China, where the manufacturing economy was created on the strength of a big, low-cost workforce.
  1. With increasing complexity comes the need for cognitive “power tools” 
Data and information are being created at an increasing rate, far beyond humans’ ability to keep up. According to one study by IBM Watson healthcare collaboration with Cleveland Clinic, the amount of medical information doubles every five years. Just as power tools allow employees to keep up with escalating production volumes, intelligent automation allows knowledge workers—from surgeons to financial analysts to plant managers—to process, understand, and effectively utilize ever-increasing amounts of data.

Almost Every Industry is Investing in Intelligent Automation

Intelligent automation has progressed to the point where it has entered practically every sector of the economy despite its rapid development. Some businesses are leveraging it to challenge established industries, such as household products (for example, the robotic vacuum cleaner of Roomba company). In order to breathe fresh life into mature product categories such as tractors and autos, incumbents are investing in intelligent automation. Intelligent automation is being used by enterprises of all sizes to increase productivity, improve quality, cut labor costs, and reassign personnel from low- to higher-value duties. Intelligent automation applications are classified into three types: deciders, doers, and movers. 
  1. Deciders are computerized decision-making systems
Intelligent automation systems that automate decision-making often employ methods for aggregating, retrieving, and analyzing data—often complicated data such as human speech or unstructured text. The automated analysis and decision-making process can be integrated into a workflow where humans examine and approve machine judgments. For example:
  1. Services in Finance
Credit Suisse employs Narrative Science technologies. The information in the reports is used by financial analysts, bankers, and investors to plan for the future. Credit Suisse claims that, with the help of this technology, it is able to produce three times as many reports as it did before and that these reports are of higher quality and more consistent than those written by analysts.
  1. HealthCare
WellPoint, which serves roughly 35 million Americans with health insurance, has introduced a utilization management system based on IBM’s Watson cognitive computing technology.
  1. Technology
London has installed a network of video cameras throughout the city and uses clever technologies to automate the process of identifying criminal offenders.

Physical Chores are Automated by Doers, Such as Collaborative Robots

A new generation of intelligent robots can do a broader range of more complex activities, as well as collaborate with and even learn from human employees.
  1. Retail & Distribution
Kiva Systems created a “mobile-robotic fulfillment system” to help companies like Crate & Barrel and Walgreens automate retail distribution hubs. Crate & Barrel claims that the system has increased worker productivity by a factor of two when compared to its previous most automated plant. Amazon paid roughly $800 million for Kiva Systems last year. intelligent automation Source
  1. Automotive
For example, Volkswagen has installed “collaborative robots” in a German engine manufacturing plant.

Sensors and Artificial Intelligence are Used by Movers to Automate Transportation

Autonomous vehicle capabilities are fast evolving, with applications in a variety of industries, including defense, automotive, and mining.
  1. Defense and aerospace
Boston Dynamics has created several autonomous quadruped robots capable of climbing, navigating hard terrain, running over 30 miles per hour, carrying heavy loads, and following humans on demand.
  1. Automotive
Audi, BMW, Mercedes-Benz, Nissan, and Volvo: self-driving automobiles. BMW hopes to have semi-autonomous vehicles on the road by 2016.
  1. Resources and Energy
Rio Tinto is utilizing an autonomous haulage truck fleet created in collaboration with Komatsu to boost efficiency and ensuring safety of workers in the famous Australian Iron Mines.

FAQ’s

Suppose you’re thinking about incorporating intelligent automation into your business model. In that case, you need first to grasp what it is and how it’s utilized, from strategic to technological applications, as well as best practices for using robotic process automation (RPA) solutions. 

Intelligent Automation (IA) is a technology that combines RPA and AI to ensure business process automation and increase digital transformation. 

AI automation solutions can help firms streamline their operations by automating routine processes that formerly required manual labor. 

Intelligent automation has the potential to save 10 million lives each year, according to our estimates. It can accomplish this through assisting in clinical trials, disease diagnosis, and the prevention of medical errors. 

Final Word:

AI, robots, and automation advancements are ushering in a new era of intelligent automation, which is poised to become a fundamental driver of organizational success in the coming years. Companies in all industries must comprehend and implement intelligent automation or risk falling behind. 

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