As you know, advances in technology have permanently changed the way we think about work and the pandemic added seismic shifts to how we are getting work done across all industries
From mass relocations to mass resignations to massive changes in work processes including where work is getting done the future of work looks very very different from it did even just three years ago.
In this article, we are going to explore how organizations are applying intelligent automation
- Facing labor shortages and also drive efficiency
- What kinds of work can be automated and how can data skills benefit employees
- How advances in automation can improve workforce operations and profitability
- What will be the jobs of the future and also how automation can improve the work experience for employees
Everything in life is a workflow from the time you wake up go get a cup of coffee go drop off the kids go to work come back if that premise holds that everything in life is a workflow life can be automated.
For example: Let me give you a very simple example in the 60s and 70s we used to wash dishes by hand, keep it to dry but if you look at the 90s and 2000s the dishwasher automated that process, completely what did that accomplish right that accomplished optimization productivity but more importantly time to go focus on high value tasks high value tasks Now-a-days, enterprises are looking for more productivity
- How do they get optimization
- How can they get employees to go focus on high value tasks like innovation
- Provide a quality work with fast and secure implementation
Driving with intelligent automation has a huge benefit beyond these 3 things, which is
“HAPPY CUSTOMER”
That’s what intelligent automation and digitization brings together.
For examples:
McDonald’s completely automate the drive through order taking you drive up to a kiosk you place the order a voice recognition system takes it completely automates it pushes it to the front me as a customer shorter queue i can get my order done fast, result in “Happy Customer.”
Airlines completely automate no paper trail no human interaction you swipe your phone you walk through check-in process
Pharmacies where complete end-to-end processing the prescriptions
Last but not least, large insurance companies where think about it you know if you had an accident the time it took for you to go through the process of filing a claim getting your car fixed.
But we can just take a picture of the accident, or the car upload it quickly get a quote send it to the body shop what used to take days weeks months can be done in hours. Happy Customer, that’s what intelligent automation brings.
It brings not only optimization productivity but it creates happy customers and that’s what every enterprise is striving towards that’s the most important thing.
So, let’s get started!
Table of Contents
- What is Intelligent Automation?
- Components of Intelligent Automation
- The Benefits of Intelligent Automation
- Future Of Work
- Summary
What is Intelligent Automation?
Intelligent Automation refers to the use of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Robotic Process Automation (RPA), and Natural Language Processing (NLP) to automate and optimize business processes.
It involves combining these technologies to create an intelligent and self-learning system that can perform tasks more efficiently and accurately than humans.
Some Interesting facts and figures:
- According to a report by McKinsey, Intelligent Automation could potentially automate up to 45% of current work activities, which represents around $2 trillion in annual wages globally.
- In 2020, the Intelligent Automation market was valued at $10.9 billion, and it is expected to grow to $19.7 billion by 2025, at a CAGR of 12.9%.
- A study by Deloitte found that 60% of organizations that have implemented Intelligent Automation have seen a positive ROI within the first year.
Real-world examples:
- Amazon uses Intelligent Automation in its warehouses to automate tasks such as inventory management and order fulfillment.
- Coca-Cola uses Intelligent Automation to optimize its supply chain and improve efficiency.
- Tesla uses Intelligent Automation in its manufacturing process to optimize production and quality control.
Components of Intelligent Automation
Artificial Intelligence (AI)
AI is a branch of computer science that enables machines to simulate human intelligence and behavior. It involves teaching machines to learn, reason, and make decisions on their own based on the data and information they receive.
Example: Virtual assistants like Siri and Alexa use AI to understand voice commands and respond to them appropriately.
Machine Learning (ML)
Machine Learning is a subset of AI that involves teaching machines to learn from data without being explicitly programmed. It involves developing algorithms that can learn and improve from experience.
Example: Netflix uses ML algorithms to analyze users’ viewing habits and recommend personalized content.
Robotic Process Automation (RPA)
RPA is a software technology that allows organizations to automate repetitive and rule-based tasks performed by humans. It involves creating software robots that can mimic human actions to perform tasks such as data entry, data extraction, and data processing.
Example: Banks use RPA to automate the processing of loan applications and other administrative tasks.
Natural Language Processing (NLP)
NLP is a branch of AI that involves teaching machines to understand and process human language. It involves developing algorithms that can interpret, analyze, and generate human language.
Example: Chatbots use NLP to understand and respond to customer inquiries in real-time.
The Benefits of Intelligent Automation
Intelligent Automation has numerous benefits, including improved efficiency, reduced costs,
Improved Efficiency
Intelligent Automation can improve efficiency by automating repetitive and mundane tasks, allowing employees to focus on more complex and high-value tasks. Automation also reduces the time required to complete tasks and eliminates errors that can occur due to human error.
Example: A customer service chatbot can handle a large volume of customer inquiries simultaneously, reducing the time customers have to wait for a response.
Reduced Costs
Intelligent Automation can significantly reduce costs by eliminating the need for manual labor and reducing the chances of errors that can lead to rework and associated costs. Additionally, automation can improve productivity and output, further reducing costs.
Example: A manufacturing company can use robotics and automation to perform tasks such as welding and painting, reducing the need for human labor and the associated costs.
Enhanced Accuracy
Intelligent Automation can enhance accuracy by eliminating human errors that can occur due to fatigue, distraction, or lack of concentration. Automation also ensures consistency in output and reduces variability.
Example: An ML-powered system can analyze medical images and help doctors diagnose diseases more accurately and efficiently.
Better Customer Experience
Intelligent Automation can improve customer experience by enabling faster and more accurate responses to customer inquiries, providing personalized recommendations, and offering 24/7 support.
Example: An airline can use RPA to automate its booking and check-in process, allowing customers to book flights and check-in at any time of the day, improving their experience.
Increased Employee Satisfaction
: Intelligent Automation can increase employee satisfaction by reducing the time required to complete tasks, eliminating mundane and repetitive tasks, and enabling employees to focus on more creative and challenging tasks.
Example: A finance department can use RPA to automate its accounts payable process, freeing up employees from manual data entry tasks, and allowing them to focus on higher-value tasks such as data analysis.
Future Of Work
The future of work is rapidly changing with the advent of intelligent automation. The impact of this technology on the workforce, the changing nature of work, the emergence of new job opportunities, and the importance of collaboration between humans and machines are key areas to consider.
Impact of Intelligent Automation on the workforce
Intelligent Automation is likely to have a significant impact on the workforce, with some jobs becoming redundant while others are transformed. However, new jobs will also emerge as companies adopt intelligent automation.
According to a study by McKinsey, by 2030, up to 800 million jobs could be lost worldwide due to automation. However, the same study suggests that new jobs will be created as a result of the adoption of intelligent automation.
Changing nature of work
The nature of work is changing, with a shift from routine tasks to more complex tasks that require creativity and problem-solving skills. There is also an increased need for reskilling and upskilling to keep up with the evolving nature of work
- Shift from routine tasks to more complex tasks: Intelligent Automation will automate routine and repetitive tasks, freeing up employees to focus on more complex tasks that require creativity and critical thinking.
- According to a report by the World Economic Forum, the top skills required in the workplace by 2025 will include analytical thinking, creativity, and complex problem-solving.
- Increased need for reskilling and upskilling: As the nature of work changes, there is an increased need for employees to reskill and upskill to keep up with the evolving demands of their jobs.
- According to a report by the McKinsey Global Institute, up to 375 million workers (14% of the global workforce) may need to switch occupational categories and learn new skills by 2030 due to automation.
New job opportunities
While some jobs may become redundant due to automation, new jobs will also emerge in areas such as AI and automation and the creative and human-centered industries.
Jobs in AI and automation: As companies adopt Intelligent Automation, there will be an increased demand for jobs in areas such as AI and automation, including data analysts, machine learning engineers, and automation specialists
- According to a report by Gartner, AI will create 2.3 million jobs by 2020, while eliminating 1.8 million
- According to a report by the World Economic Forum, the top growing job roles between 2020 and 2025 will include roles in the healthcare industry such as medical professionals and nursing and midwifery professionals
Importance of collaboration between humans and machines
As automation becomes more prevalent, it is important to consider the collaboration between humans and machines. Humans will continue to be an essential part of the workforce, working alongside machines to achieve optimal results.
According to a report by McKinsey, jobs that require high levels of creativity, social interaction, and complex problem-solving are less susceptible to automation, and will require human collaboration and interaction
Summary
In this article, we explored the concept of Intelligent Automation, its components including AI, ML, RPA, and NLP, and examples of Intelligent Automation in practice. We also discussed the benefits of Intelligent Automation Insights, including improved efficiency, reduced costs, enhanced accuracy, better customer experience, and increased employee satisfaction.
The future of work is dynamic, and Intelligent Automation is set to play a significant role in shaping it. While some jobs may become redundant, new jobs will also emerge, creating opportunities for workers to upskill and reskill.
Collaboration between humans and machines will also become increasingly important, with humans providing creativity, empathy, and problem-solving skills, while machines handle routine and repetitive tasks.
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