It’s hard to stay competitive these days and one thing that could give your business the edge you’re probably looking for all the time is intelligent automation (IA).
Unlike traditional automation, which only handles simple, repetitive tasks, IA uses advanced technologies like artificial intelligence and machine learning to take on more complex work. This is especially useful in knowledge work because it relies on making decisions and solving problems.
If you automate tasks that take up a lot of time, like analyzing data and processing documents, you’ll have more time to focus on other aspects, like strategy and innovation.
We’ll take a look at how IA is transforming industries, helping businesses run more smoothly, and changing how knowledge work is done.
The Rise of Automation Across Sectors
IA is changing how industries work and it does so by automating both simple and complex decision-making processes. It can process unstructured data and adjust to new information, so it’s much more flexible.
The reason we’re seeing such growth in IA is because of the need to process large amounts of data quickly, increase efficiency, and reduce mistakes. Companies are also feeling the pressure to adopt digital strategies, which is speeding up the use of IA, so they don’t get left behind.
Artificial intelligence and machine learning are key to this progress and help with making decisions and predictions, while natural language processing improves handling documents and managing data.
Robotic process automation plays a big role in automating routine tasks that were once done by people. According to ABBYY, these technologies are already making a big difference in many industries, like law, finance, and healthcare.
3 Ways Automation Can Impact Business Operations
IA has a significant impact on how businesses operate, and below are a few key ways on how it does so:
1. Improving Productivity Across the Board
IA takes over the repetitive, lengthy tasks like entering data and managing documents to allow people to focus on what’s more important.
For example, you could use it to handle your paperwork and use the time you have for something that will help your business grow. There’s also less human error because some of those repetitive tasks have to be done with great precision, and those are very prone to mistakes. Once these tasks are automated, there are fewer mistakes, which can save you money.
Latest statistics show that automation could increase global productivity growth by 0.8-1.4% annually (according to McKinsey & Company).
Bill Gates famously said, “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”; This means that you first need to ensure your business runs efficiently in order to truly (and fully) take advantage of IA.
2. Making Decisions Based on Data
IA will allow you to instantly analyze data and make informed decisions faster.
In finance, for instance, artificial intelligence can help analyze the stock market or detect fraud, so you’ll get valuable insights in real-time. Machine learning improves your ability to predict future trends and helps you make productive decisions. This will provide you with the ability to anticipate market changes, customer needs, and operational challenges.
Just think of the fact that in the US alone, inaccurate data costs businesses an estimated 3 trillion (USD) annually (according to the National Law Review).
3. Scalable, Adaptable Solutions
It’s easy to scale IA with a business and manage growing data without the need for additional staff, which is perfect for growing companies.
IA solutions can be tailored to specific industries, like using NLP for legal documents or artificial intelligence in medical diagnostics.
According to the OECD, approximately 50% of work/businesses today could be automated or at least benefit from automation.
Looking Ahead: The Future of Work in a Digitized World
As IA continues to evolve, the future of work will change significantly. The workers’ roles and responsibilities will shift, we’ll find new ways to collaborate with machines, and we’ll also need to handle challenges related to adaptation and ethics.
Shifting Roles and Responsibilities in the Workforce
Traditional job roles will change thanks to IA. The changes won’t wait for us to adopt; they will happen regardless of how ready we are for them. Is this a good thing? Yes. The reason why is that, once we do adapt to the new technologies, efficiency will skyrocket, leaving us more time for other endeavors.
In the future, rather than focusing on manual tasks, professionals will become increasingly responsible for managing and interpreting automated systems.
Take the legal sector, for example; we’re seeing the rise of “legal technologists,” who specialize in working with legal automation tools and shift away from just pure administration.
Humans and Machines Working Together
While the first thought that one might envision is a scene from ‘Terminator’, or something similarly grim and scary, the actuality when it comes to IA is much different (far less dramatic and far more beneficial). IA systems are designed to improve the work humans do, not replace it. Machines handle repetitive tasks, while humans provide oversight and expertise and create a better partnership between both.
For instance, in finance or healthcare, artificial intelligence can analyze trends or patient data and allow experts to make more strategic choices based on up-to-date information. Workers will be able to focus on innovation and develop new solutions and business models that will drive the future of their industries.
Challenges on the Horizon
As IA changes job roles, there are concerns about there not being enough jobs for everyone. The companies will need to handle this; they’ll have to invest in retraining and upskilling their workforce to make sure their employees are able to manage and collaborate effectively with automated systems. This shift will need a proactive approach to education and developing skills. IA brings about some ethical issues, as well, especially around data privacy and security.
Sectors like finance and healthcare handle very sensitive information and they’ll have to make sure that their automation systems are secure and in line with regulations to protect both the company and customers’ data.
Conclusion
IA is the future, regardless of what we think of it. But if you’re being realistic and don’t fall prey to conspiracy theories, you’ll see what a positive change it can be for your business – and for the future of humanity.
Change is always tricky, but IA will make your business operate more efficiently, with greater precision and accuracy, and it will allow you to have more time for growth and innovation.
