As technological advancement is in full swing and making the shift towards digitization, IT technology developers are making efforts to develop software to ease the work which is being done manually. In this regard, one such technological advancement is Intelligent Automation, a unification of artificial intelligence and automation.
The eruption of intelligent automation has revolutionized the way data is handled and processed. Intelligent automation systems sense and synthesize a huge volume of information and automate entire processes and operational workflows in an organization and adapt it. Already, it is assisting a large number of business enterprises in order to meet the demand, intensify efficiency and implement new business models.
Based on industry-wide adoption, most progress has been made in a few years. Here is the intelligent automation adoption by industries based on a survey conducted by Analytics Insight.
Banking – Leveraging Intelligent Automation in banking operations will improve customer experience and assist accomplish operational excellence. Deployment of automation in both retail and commercial banking has been made the most progress. In our survey, just 15% of BSFI companies have fully adopted and deployed intelligent automation in their organization at scale. More than half, nearly 55%, have identified robotic process automation (RPA) can assist their organization to advance process efficiencies and improve service quality, and have planned to deploy it by 2025. In the rest of the executives, some reported their organization to have plans to deploy automation in the next three years while some yet have to understand this technology.
Retail and Consumer Products – Intelligent automation technologies offer the opportunity for improved customer experience and on-demand delivery by considering what customers want and when they want it. Brands and retailers today are adopting intelligent automation at a rapid pace, and that process is about to expedite. In the survey, over 80% of respondents expect their companies will utilize intelligent automation by 2025 in retail and consumer products. Besides, several executives expect their companies seek to leverage this technology for customer intelligence by the same year. And 40% reported their organizations are already utilizing some form of intelligent automation. The executives in retail and consumer products also said intelligent automation capabilities could help them by increasing annual revenue growth by up to 10%.
Energy and Utilities – Since the world gasps for clean, safe, cheap, and reliable energy, the global energy and utilities sector is undergoing an unprecedented transformation. Earlier, the sector has underestimated intelligent automation’s true potential. In our survey, just 15% have been able to implement multiple use cases at scale. Conversely, only 18% of organizations are deploying quick-win use cases, such as forecasting, energy trading, yield optimization, grid behavior interfaces, and complaints management.
The report further divulges that the sector is already seeing momentous value from automation, in terms of boosting operations, top-line growth, and engaging customers, compared to other industries. Using intelligent automation, nearly 40% of business leaders reported they had seen an increase in operations quality, 45% have seen an increase in inbound customer leads, more than 81% reported enhanced customer experience through faster responses, nearly 78% saw a reduction in the number of processes associating to queries and purchases and 32% said they witnessed an increase in staff productivity.
Pharmaceutical – Advancements in artificial intelligence have transformed the way businesses operate, helping in streamlining processes while freeing up employees from repetitive and tedious tasks. It is no surprise that these signs of progress are assisting to create a new generation of healthcare products that will improve the patient experience. One of these major trends of intelligent automation, or using machine learning and AI is to improve processes in patient care. In the survey, nearly, 40% reported their organizations have deployed automation and it is working as expected. Automation in healthcare is clearly focused on data gathering, wherein 76% percent of respondents have implemented or had plans to deploy big data automation for gleaning, processing, and storing data.
Manufacturing – Automation has strongly established itself at the forefront of digital transformation across enterprises and industries. Technology advancements such as Industry 4.0, Internet of Things (IoT) and Machine-to-Machine (M2M) communication, and other similar futuristic visions of manufacturing augment the level of factory automation. With AI and automation-powered technologies, the manufacturer can advance efficiency, fasten processes, and optimize operations. It can also lessen the production cost by 20% of which 70% comes from enhanced resource productivity.