A few types of automation technology that can be used to streamline a business include Artificial Intelligence, Robotic Process Automation, and Cognitive Automation. This blog post will discuss what these technologies are and how they can be applied in your business.
- Artificial Intelligence
AI is software that mimics human intelligence or reasoning in order to function. AI is used for tasks such as data mining, predictive analysis, natural language processing (NLP), speech recognition, etc. The most common application of AI is machine learning which allows the system to teach itself new information without programming by looking at patterns found through experience or observation over time.
The latest advancements in AI technology now allow machines to communicate with each other without human intervention, which makes it easier for businesses to automate tasks that would usually require multiple employees or systems.
AI has many applications for businesses, including customer service chat bots, fraud detection algorithms, risk management, and product recommendations. Automation with AI technology can increase the accuracy and speed of decision-making in a business. AI technology is already considered as one of the top disruptive technologies that will transform industries globally in the next few years based on research carried out by Gartner.
- Robotic Process Automation
RPA is software that performs repetitive tasks like data entry, form processing, or filling out simple spreadsheets using a keyboard—the same way humans work. This helps free up employees to focus on more complex work. In contrast to AI, which uses machine learning for self-improvement, RPA can be programmed by humans with the required business logic in order to perform a specific process. RPA is already being successfully implemented by many businesses, ranging from global brands to local startups, because it doesn’t require the high level of investment that some technologies do.
RPA is being used by organizations in industries like health, financial services and insurance (FSI), consumer goods, utilities, banking & capital markets, etc. for various use cases, such as accounts payable automation/payment processing or other high-volume, low-complexity tasks.
- Cognitive Automation
CA is software that uses AI to understand complex information like human speech. It learns and then performs a task without explicit programming of business logic rules, unlike RPA which requires the manual coding of all necessary steps taken in order for an automated process to complete.
CA has many applications including chatbots or virtual assistants such as Siri on Apple devices (which incidentally was created using RPA to automate the processes of human-like responses), fraud detection, predictive maintenance, and robotics in factories. Cognitive Automation capabilities improve business efficiency since they provide the ability to leverage large volumes of data from a variety of different sources at speeds previously impossible.
There are a number of technology-based solutions for automating business activities. While these technologies may help businesses save money and time, they can also be expensive to set up and may not pay off in the end. There is no reason to worry; success can be achieved with in depth-knowledge about how these tools can help your company achieve its goals!
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