Deep Impact. These words best describe the extent that automation, AI, and machine learning has penetrated people’s lives. Technology is involved in nearly all of the conveniences you enjoy today. Intelligent automation has radically changed the way personal and business affairs are conducted.
For businesses especially, integrating automation, AI, and machine learning (ML) in business operations has become essential. You have better chances of scaling and achieving financial targets. More importantly, you provide customers with competent, problem-free and timely service.
How deep is the impact?
In “Deep Impact,” the Hollywood sci-fi flick in the late 90s, people watched in horror as a giant meteor was on a collision course with Earth. Automation, AI, and machine learning can be likened to that approaching comet. But unlike in the movie, people did not fear the impact and instead embraced the arrival of the emerging technologies.
The doors have opened for companies to effect change and develop seamless business operations. But as a consequence, people expect nothing short of exceptional in the delivery of good and services.
Businesses are experiencing transformations
When AI was being introduced, people were skeptical. There is worry that robots and machines will replace humans in offices, factories, and other places of work. That thought alone already gives you the impression that computers can do the job better. But that’s not actually the case. Isn’t AI the brainchild of humans?
Automation, AI, and machine learning will only do the tasks their human sponsors program them to do. By using these technological advances, businesses are experiencing transformations. Companies, big or small, and across all industries are having a field day streamlining business processes for better efficiency.
The crucial roles of AI and ML in financial services
The primary purpose of using AI is to understand any data provided by the user like human intelligence and take action based on that.
You utilize AI in order to make sense of the information and elicit intelligent thought. The financial services sector has long been in search of end-to-end solutions in the credit cycle. AI and ML have shortened the entire lending process and improved customer satisfaction. From the application, pre-qualifying, evaluation, approval, and loans settlement stage, every bottleneck has been eliminated.
AI is able to sort out the voluminous data and use them where applicable. The result is a well-informed decision by the approving authorities and quick access to funds by borrowers. Meanwhile, ML allows companies to save on labor costs and man-hours. ML performs the credit analysis task amid the large volume of transactions. The cognitive computing technology present in ML can also detect and predict fraud.
Aside from loans management, ML is being used in other business units such as funds and risk management, treasury, and customer service. With robo advisors in wealth management, there is no face-to-face interaction with human advisors.
The need is everywhere
Nearly all industries need automation, AI, and machine learning. The fintech startups, for instance, are leveraging technology and incorporating it with their business models to compete with the bigger banks. AI is highlighting the obvious. Clients are done with the traditional ways. You can’t expect the affluent millennials to buy into your products and services with antiquated business processes.
In the world of advertising, digital and experiential marketing strategies are replacing the traditional mediums. AI is used for market research and branding strategies. AI has also made inroads in the insurance industry and expediting insurance claims.
AI is gaining ground in the healthcare sector too. Robots will soon be permanent fixtures in personal care and wellness programs. Neuroscientists and robotics experts believe socially-assisted robotics is the solution to address the lack of healthcare professionals.
Actually, many companies have linked up with a Robotic Process Automation (RPA) solution provider to reduce operational expenses and improve service rendition. An RPA operates faster and with higher accuracy.
Intelligent Automation is the future
Artificial intelligence and machine learning are not yet fully optimized. However, expect the evolving technologies, especially RPA to be deployed on a grander scale. Companies are beginning to realize that increasing business efficiency and employee productivity is of supreme importance to thrive in a highly-competitive digital environment.
Intelligent automation comprises all three where AI and ML involve the thinking and learning process based on data gathered. On the other hand, RPA is the software that can mimic human actions and do the tasks of the human workforce. The fundamental difference is that AI and ML are data-driven while RPA is process-driven.
AI and ML are the key ingredients if businesses want to make sense of the massive data and increase the company’s overall value. RPA is reshaping business processes and lifting employee productivity to new heights.
Moving forward, business success is now anchored on automation, artificial intelligence, and machine learning. It’s either your business apply these smart systems to better compete or be irrelevant in a tech-supported world. These toolkits will disrupt the traditional systems but produce significant benefits for all in the very near future.