The present industrial landscape has a dire need for RPA solutions, especially those offered by Artificial Intelligence. These are becoming increasingly necessary to cope up with a fast-paced economy and ever-increasing challenges of the modern business. According to Forrester’s 2019 predictions, RPA and AI are emerging as the strategic combination in the corporate world.
This blog does the very job of making industries and businesses understand the practical application of artificial intelligence in RPA Solutions, that helps them get ahead of the curve. RPA Solutions by Artificial Intelligence Manufacturing Industry: RPA Solutions backed by artificial intelligence in the manufacturing industry have minimized the human effort as well as improved efficiency of the manufacturing system. It has made production decisions smarter and quicker. AI-based robots are configured to detect anomalies and are fed with appropriate solutions to resolve issues. Robots monitor each stage in the process. These robots provide data to the AI-based software, which helps in keeping a check on the count of inventory. This helps in managing the supply for the product. Apart from this, robots fasten the process in the production, packaging, and shipping of goods with minimal human intervention. Health-Care: The healthcare sector has witnessed inefficient processes and ascending medical costs. Artificial intelligence service providers are helping the healthcare sector with a much-needed modification. AI-powered RPA Solutions are bringing down the unnecessary hospital visits of the patients, thereby saving up to 20 percent time of the nurses. As per a survey by Accenture, workflow assistants have helped doctors free up as much as 17% time in their tight schedules. The top three applications of AI-enabled robots are robot-assisted surgery, virtual nursing assistants, and administrative workflow assistance. As time progresses, these applications will gain more experience, thereby enhancing their abilities and use cases. This will lead to an appreciation in efficiency, output, and precision. Finance: The prime factors that are essential in the working of the finance industry are accuracy, real-time reporting, and churning of massive amounts of data to make decisions. Fortunately, artificial intelligence excels in all these virtues. Fintech firms are leveraging RPA solutions via robo-advisors. Robo advisors gain a significant advantage as compared to traditional wealth managers. For starters, they are available irrespective of time and location. Hybrid robo advisors can be used for complex investment decisions. Apart from the perspective of clients, full-service advisors, and discount brokerage houses can use robo-suggestions to increase their product portfolio. Robots with human hand holding can boost trust among clients. Travel and Transportation: RPA consulting companies have helped travel and transportation sector by gifting them virtual travel assistants. As per a survey by Trekksoft, one out of three persons uses virtual travel assistant to plan their trips. Apart from this, AI-enabled chatbots help customers with faster replies, reasonable booking prices, and travel recommendations. Personalized and human-like interactions enhance customer experience and feel. RPA solutions by artificial intelligence are gaining traction. It has the potential to replace human efforts and take up more jobs. But the bright side is that it will make the world, efficient and safer. If you are looking for exponential growth in your business via RPA solutions, we can help you sketch a path.
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Powerful and innovative technologies are emerging in this competitive world and Robotic Process Automation is one of the inevitable results of this technology enhancement. RPA has the power to transform the way businesses are operating now. The main goal of the RPA process is to communicate with the customers and internal business system in the same way that an employee does, to free up the time of human resources and use it for complex tasks. Based on the type of business, RPA vendors implement a robot applying your business logic, that can mimic human actions during communication with digital systems.
RPA Companies can easily configure automation robots to avoid repetitive and routine tasks that enhance business processes. These bots can perform any task with high accuracy like logging in and out of an application, mimic activities that a human would do, interact with customers with utmost accuracy, data copying, and pasting, filling different forms, opening email and attachments included in the email etc. The main benefits of RPA to industries are: Non invasive technology: The way RPA is built, it can easily adapt to any kind of BPM suite. It does not require complex integration, no need to change the underlying infrastructure in the companies. RPA does not require any technical skills a nontechnical staff can easily implement bot in their process. It can easily integrate into the central systems without any expensive infrastructure changes or enhancement. Accuracy, consistency and high productivity: These bots are highly accurate and very consistent. These bots are very less prone to make typos or mistakes that can easily be made by humans. Once the setup of RPA is complete, the elimination of manual errors is almost done. Companies may not receive any complaints from customers regarding data errors. Bots can easily process advanced analytics and combine different data sources, which is the most crucial feature of RPA. Bots will work with tremendous speed in tasks like filling forms, copying data from one system to other systems, where employees can take more time to perform. This increases the process cycle time in the tasks. Employee empowerment: Bots do not require any help from the other employees or guidance in performing tasks or any other technical skills. These can transfer complex processes from humans to machines with less time. Employees can invest their time in other strategic work. Compliance: Bots follow regulative compliance practices and provide audit trail records. Whatever the instructions that are configured in the bots, they follow the same and also they could playback the past actions if required. They can work 24/7 without any guidance. Robots can perform multiple tasks in just a few seconds with high accuracy and reduces the cycle time also. High ROI and cost savings: One of the major advantages of RPA is a reduction in implementation costs. Unlike other automation technologies, RPA does not require any high-level resources to integrate. RPA service providers can complete the automation with the present systems in the companies. Once it is successful, the tasks will be completed in less time with greater outputs, which results in high ROI. As per McKinsey, it is clear that the Implementation of ROI helps companies in gaining nearly 30% to 200% ROI in their first year. There would be around $5-$7 trillion cost savings in the businesses. As RPA provides high efficiency and productivity, the RPA market is growing rapidly and this would reach 2.9 billion by 2021, as per Forrester estimation. Gone are the days when the future was predicted by gazing at the crystal ball. BI and analytics services are all set to unlock the future through the potential of data, using predictive analytics. Insights have been turned into actions. And that’s what this blog talks about— the application of predictive analytics in business and the top 4 industries leveraging it.
Sectors Leveraging BI and Analytics Services Healthcare: While we’ve always been taught that prevention is better than cure, it is now that the healthcare sector has taken prevention to another level. Prevention and prediction walk simultaneously. There is a chunk of data floating around in the healthcare sector—records of patients have now gone digital, and computerized images have replaced the x-ray films, and so forth. To prevent the occurrence of any disease, the prediction made by leveraging these data is hugely beneficial. Business intelligence tools help in creating risk scores based on biometric data, lab testing, patient-generated health data, and data provided by healthcare providers. Individuals with elevated risks of developing severe health conditions can be identified before the occurrence of symptoms by using this data. It also allows healthcare providers to maintain the quality of services, keeping the cost intact for the patients. Retail: The crucial questions about demand always hovering about the minds of retailers are "Why, what? and how much?" Business analytics companies have gifted retailers with predictive analytics for all these queries. Customer behavior is unpredictable. But these behavioral patterns can be studied to amplify customer satisfaction, ameliorate customer service, and augment customer experience. BI and analytics services also tune the marketing mix for retailers. Predictive analytics help the retailer understand the needs and wants of the consumer, the sensitivity of consumers toward the price of the product, suitable promotional campaigns, and the channels of distribution and delivery. And, we all are aware of what the right marketing brings to the table. Cyber Security: Though bring-your-own-device (BYOD) and work from home have given flexibility to employees like never before, it has also opened gates to cybercriminals. A sea of data flows within the organizations daily. Predictive analytics enables organizations to identify patterns and detect anomalies in real time so that the data can be prevented. It can predict where cybercriminals are likely to hit next, where the soft spots are, and how armed you are to counter an attack before the damage has been done. Well, “forewarned is forearmed” is the principle that predictive analytics operates on. Where handling colossal data is a pain for organizations, it is a gain when it comes to predictive analytics. Human Resources: BI and predictive analytics have bestowed HR with multiple applications. They can predict the profile of an employee who would be the perfect match for the firm and can predict how long the employee is likely to stay with the organization. The productivity quotient of an employee and the kind of skills lacked in the organization can also be measured via predictive analytics. IBM used predictive analytics to find out which employees will quit with an accuracy as high as 95%. BI and analytics services are assisting clients in getting 360 degree insights about their business, customers, and products. It will not only predict the future but also analyze the risks beforehand. If you are a part of one of these sectors, or any other for that matter, and are mulling over leveraging the power of BI and predictive analytics for your business, we can help. |