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COVID-19: Why RPA alone is not enough

COVID19 Why RPA alone is not enough

 

Robotic Process Automation (RPA) is demonstrating remarkable potential in enterprise deployments, saving thousands of hours each year, reducing wages costs and enabling people to focus on higher-value work. However, recent experience has shown that intelligent and agile automation of business processes requires more than RPA. The biggest problem with enterprise operations today is the simple fact that most firms only implemented RPA and believe that this technology is the only good solution for optimizing their routine processes. An RPA application often has to coexist with other applications supporting different workflows for handling huge digital workload while increasing productivity and reducing costs.

 

RPA is relatively easy and quick to implement technology and promises a strong ROI and is defiantly a helpful element for automating simple, repetitive tasks, especially in connection with legacy systems or documents. However, the current pandemic has shown the limits of this technology.

RPA imitates human behaviour that is repetitive and doesn’t require special knowledge, such as filling in the same information in multiple places, re-entering data, or copying and pasting content, screen scraping, opening emails and attachments, carrying out checklists, vetting contracts, moving files and folders, or reconciling processes as codified rules instruct the computer software ‘robots’ to perform human tasks within a process.

 
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As RPA directly integrates into existing / legacy infrastructure, the most common pitfall in its integration is the lack of strategy, governance, and planning. Robots, which act as digital assistants on end devices in the company and sometimes require the intervention of the employees, can only be made available for the home office with a lot of configuration effort. This is often not even possible due to the presence of legacy infrastructure. One the other hand, holistic, intelligent process automation offers the necessary flexibility and agility that goes beyond RPA and requires additional technologies such as artificial intelligence, case management and business process automation.

 

With the combination of RPA and BPA, companies can comprehensively digitize their entire customer processes, handle and orchestrate flexible units. Human and digital actions can be coordinated and controlled to create seamless end-to-end processes and this control can be quickly and flexibly adapted to new conditions at any time. As RPA does not stand on its own, organizations will need tools such as BPA for overall management of a business process. RPA cannot itself change process or optimize it, it only executes a process, but on the other hand BPA enhance the performance of an implementation of RPA by ensuring that the process being automated is optimized and delivering the required results. The goal of RPA and BPA is to create more efficient and effective workflows. However, both use different forms of automation.

 

With such flexible approach and technology stack, companies have significantly more options in situations like COVID19. For example, there would be the possibility of redesigning the process flows so that they integrate the home offices. Business applications can be adapted very quickly to the new working environment, since the underlying processes and system connections remain constant. This flexibility will not only pay off in crises but will also offer companies the possibilities benefit significantly from this in normal times. For example, when they have to react to new market requirements, with acquisitions and mergers or when certain departments can no longer be filled because the employees have retired and no young people can be found.

 

Therefore, firms need to set a clear vision, governance, and performance objectives when integrating and using RPA solutions to scale up their operations. stakeholders from IT, business, support, compliance, and HR must also be involved in order to ensure strategic alignment across the organization.

Is a Chatbot right for your business?

 

Chatbots, either it’s the one structured by hard coded questions/answers or the one that are able to learn through AI and Machine Learning, are like robot and use to provide excellent customer service but are also well known in marketing & sales.

With the integration of chatbot via website, Facebook messenger or via a voice assistant such as Amazon Alexa, Siri or Google Assistant, companies want to offer their customers a unique customer experience. Chatbots are having a significant impact on the way businesses connect with their customers, manage their marketing campaigns for lead generation, and automate payments. That is why more and more companies are trying to differentiate themselves from the competition with voice assistants and chatbots (so-called conversational interfaces). Multiple surveys also show that chatbots are well received by users.

 

The chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%. Worldwide, chatbots will generate over $8 billion in savings by 2022 and 80% of enterprises will use chatbots as they have the potential to transform businesses in two ways, by delivering radical efficiencies, and by helping businesses meet ever-increasing consumer demands. Nowadays, some of the advanced chatbots are powered by AI, that are able to solve problems, send personalized messages and improve interactions with customers.

 

According to a survey conducted in April 2019 by Ada and Forrester Consulting, 89% of customer service decision-makers in Canada, the UK and the US believe chatbots and virtual agents are useful technologies for personalizing customer interactions. Another study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

 

Even though chatbot first appeared in 1950 by Alan Turing under the name of Turing test to check a machine’s ability to exhibit intelligent behaviour equivalent to, or indistinguishable from, that of a human, chatbot ecosystem is only expanding since few years in companies’ robust ecosystems that currently exists. Chatbots are on the rise thanks to increasing demand from consumers to have a 24/7 digital experience. Therefore, more and more major companies continue to deploy channels such as messaging apps, cloud networks, SMS, and email clients where chatbots live and interact with users.

 

Here below are some useful stats to know on chatbots for 2020:

 

Is a Chatbot right for your business

 

      • In 2019, chatbots became more AI-driven, capable of handling complex human interaction with ease and are now taking over traditional conversational services – Grand View Research report.

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    • 265 billion customer requests are recorded per year and businesses spent nearly $1.3 trillion to address them. Using chatbots could help save up to 30% of this cost – IBM

 

    • Around 40% of millennials say they chat with Chatbots on a daily basis – Mobile Marketer research

 

    • 53% of companies identify AI as a tool for creating ‘customer-first culture’ – CX Network

 

    • The top industries profiting from chatbots are real estate, travel, education, healthcare, and finance – Chatbots Life, 2019

 

    • Up to 73% of healthcare admin tasks could be automated by AI, and the adoption of chatbots could save the healthcare, banking, and retail sectors $11 billionannually by 2023 – Business Insider Intelligence

 

    • By using chatbots, businesses and consumers will save a combined 2.5 billion hours by 2023 – Juniper Research

 

    • 70% of chatbots accessed will be retail-based by 2023 – Juniper Research

 

    • 61% of executives say that conversational bots enhance employee productivity via automatic follow up of scheduled tasks – Accenture

 

    • 60% of executives say that chatbots improve their agents’ ability to handle client queries by networking with other bots – Accenture

 

    • 53% of companies use AI chatbots in their IT department. 23% use them for administrative tasks – Spiceworks

 

    • Top chatbot uses are for getting a quick answer in an emergency (37%) and resolving a complaint (35%) – Oracle

 

    • Chatbots not only help to reduce cost but they also drive more revenue by upselling as they can remember customer’s preferences, they are able to provide advice, tips and recommendations. All of this is possible if the chatbot is intelligent enough to know the customer’s buying journey.

 

Sources:

Cloud Computing Adoption in 2020

All Cloud 2020 Cloud Infrastructure Report xorlogics

According to a report from Forrester cloud adoption meant to accelerate and change the enterprise landscape entirely, transforming the cloud from being “a place to get some cheap servers or storage, to being shorthand for how companies turn amazing ideas into winning software – faster.” This statement fits perfectly with AllCloud’s finding that 85% of organizations expect to have the majority of their workloads on the cloud by 2020.

 

A study from Flexera 2020, in which a total of 750 global cloud decision-makers and users about the public, private and multi-cloud market participated from around the globe, also confirms that Cloud spend is rising as organizations adopt multi-cloud strategies and put more workloads and data in the cloud.

According to the AllCloud study more than 70% of IT professionals said half their companies’ IT workloads are in the cloud now, 85% expect to have the majority of their workloads on the cloud by 2020, and more than 23% will be cloud-only.

 

Here below are the highlight of the report on how organizations are progressing in their journey to cloud. It’s important to know that the survey began in the first quarter of 2020 = during the early phase of COVID19.

 

cloud 2020 xorlogics flexera

 

Multi-Cloud success within Enterprise:

Many organizations silo applications within a given public or private cloud, with 41% integrating data between clouds. 93% of enterprises have a multi-cloud strategy and 87 % have a hybrid cloud strategy.   Only 33% of all participating organizations use multi-cloud management tools. Respondents use an average of 2.2 public and 2.2 private clouds.

 
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Public Cloud adoption within Enterprise:

20% of participating enterprises spend more than $12 million per year on public clouds. The top three public cloud providers remain AWS, Azure and Google. Azure is narrowing the gap with AWS in both the percentage of enterprises using it and the number of virtual machines (VMs) enterprises are running in it. 40% of enterprise AWS users spend at least $1.2 million annually versus 36% for Azure More than 50% of enterprise workloads and data are expected to be in a public cloud within 12 months. 59% of respondents who answered a question about COVID-19 expect cloud use to exceed plans due to the pandemic. The top challenge in cloud migration is understanding application dependencies.

 

Top Challenges of Cloud adoption:

83% of enterprises indicate that security is a challenge, followed by 82% for managing cloud spend and 79% for governance. For cloud beginners, lack of resources/expertise is the top challenge; for advanced cloud users, managing cloud spending is the top challenge. Organizations are over budget for cloud spend by an average of 23% and expect cloud spend to increase by 47% next year. 56% of organizations reported that understanding cost implications of software licenses is a challenge of software in the cloud. Organizations aren’t taking advantage of all cloud provider discounting options, but are beginning to leverage automated policies to shut down workloads after hours (51%) and rightsize instances (49%).

 

Source:

Flexera 2020 State of the Cloud Report

All Cloud : 2020 Cloud Infrastructure Report

 

COVID-19: How to Fight Against Cybercrime in the Home Office Environment

COVID-19 cyberthreats

 

Covid-19 pandemic has forced many employees to work from home. Organization must not only stay productive but also safe. The Covid-19 outbreak has officially been categorised by the World Health Organization (WHO) as a pandemic, meaning in the current situation, many companies are not only faced with the challenge of enabling their employees to work in the home office, but also to protect them and all systems against the increasing cybercrime.

 

As organizations are shifting more and more of their business online, a wide variety of cyberattacks have been recorded since the pandemic began – from attacks on the World Health Organization (WHO) to steal information to mass phishing emails and spam campaigns targeting home office workers. It doesn’t only stop there; cyber criminals have even created websites with domain names related to Covid-19 to take advantage of user fears and concerns and launch ransomware attacks. Therefore, prevention is always better then repairing damages afterword.

 

Here below are few tips that companies should and must take into account in every home office environment in order to protect fromcyberattacks.

 

Cybersecurity training for employees

Mostly neglected in many companies, employees training on cybercrime related topic is highly recommended. Once your employees are well informed about cybersecurity and home office, they are able to detect any risk that can endanger the security of the company  and  reduce the risk of opening the door to criminals.

 

Install and setup Access controls

No matter whether you are running a small, medium or large business, Access control really is ideal for almost any business scenario to prevent data leaks or unlawful data access. With access control, you can easily keep track of all statistics related to who access your company’s data. A good setup of access control combines authentication and authorization.

This setup determines whether a user should be allowed to access the data or make the transaction they’re attempting. A user with a certain role will only be able to see files that are necessary in order to complete his tasks via data access control. In other terms, a user with restricted data access will not be able to see or shear any other corporate data.

 
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Reinforce security settings for emails

Ensure your email security settings by putting strong passwords and secure login. Implement scanners or other tools to filter spams along with email encryption tools. Mostly, engage all employees to take part in education around email security and how not to fall in trap of phishing attacks. This way, employees can take measures to guarantee the security of their email accounts against known attacks and avoid being a victim.

 

Access to company networks only via VPN

Make sure that all of your employees who access your corporate network use VPNs. Without VPN access, no employee should be able to view company data, because with a VPN, corporate data is virtually impossible to be view by outside forces, keeping the private information — private.

 

Allow access to SaaS applications only through the corporate network

Ensure that SaaS applications are only accessible to remote users via the company network and that they cannot access the applications directly from there home or any other public Internet. With your security solutions, you gain insight into all data traffic that accesses your services in the cloud. Most SaaS providers provide such access to their services; however, you may need to enable some settings for this to work properly.

 

Keep your software updated

Make sure to update your software on your device when prompted. Cybercriminals frequently use known exploits, or flaws, in your software to gain access to your system. As these updates often include fixes to security vulnerabilities, a regular check on them is highly recommended in order to avoid becoming a cybercrime target.

 

Keep your device safe

It may sound very basic but it’s very important to keep an eye on your device along your surroundings! Lock your device when you step away from it. And never leave sensitive or confidential information at your desk, like post-it notes with your password written on them or USB drives. Don’t give anyone remote access to your device if you feel unsure.

5 Tips for Effective Remote Work

 

Remote work attracts many employees as it offers undeniable advantages. Not only it allows you to have more time for yourself, you can get up later and finish earlier, without worrying about uniforms, you can work in your pajamas or sweats, but also to concentrate well as you organise your work and time yourself, and, above all, save time and money in terms of work-to-home commutes.

 

Remote working isn’t in hype because of the outbreak of Covid-19, it represents many benefits for business as companies that allow remote work have 25% lower employee turnover and employees who work remotely are more likely to be happy and productive.

Along with its benefits, it also contains a series of traps. Without a well-defined framework, it is indeed easy to let oneself be distracted with domestic duties.

In addition, we run the risk of becoming an outsider from the box. Here are 5 tips for effective teleworking.

 

  1. Focus on your to-do list

When you’re in the office, you’re used to a certain pace of sociability: between meetings, coffee breaks, hallway discussions and lunch breaks, it can be difficult to really focus on a task without being distributed by someone. Do not take the same reflexes when you work from home: do not check your emails/social medias every 5 minutes. On the contrary, take advantage of it to accomplish the tasks that require more concentration and set yourself specific times to answer your emails. You can check them once an hour. If the request is urgent, your team members will call you.

 

  1. Focus on a few essential tasks

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Don’t overestimate the number of tasks you can accomplish in a day. Forget the overflowing to-do list along with the feeling of unfinished business that accompanies it, and prefer a 1-3-5 to-do list: schedule an important task, three medium-sized tasks and five small tasks each day.

 

  1. Take breaks

Telework can also be a trap at your expense if you skip your well deserved breaks. Because at the office, breaks are imposed on you when you are interrupted by your colleagues or when you go out to eat lunch. On the other hand, at home, you may be tempted to skip the healthy midday break by quickly eating a snack in front of your screen. However working for long stretches without breaks leads to stress and exhaustion. Therefore, breaks are crucial for productivity and creativity. They allow you to recharge the batteries, refresh your mind, replenish your mental health and boost your concentration. Go for a walk. Cook yourself a small dish. Call a friend. Don’t forge to take some time for yourself !

 

  1. Keep your colleagues and supervisor up to date

Inform your colleagues of the advancement of project / tasks you’ve accomplished during your day. Write it down in the common calendar if necessary. Clearly leave the contact details to which you can be reached. Make videos for in-depth details or communications because study shows that people spend 5 times longer looking at video content compared to static content when they’re scrolling through their screens. You can also make live video calls to communicate with your team or company while boosting visibility. It similar of being together without the logistical, cost or health implications of a large in-person gathering in cast of Covid-19.Avoid relying on email or an intranet as it can be difficult to tell if anyone is actually paying attention.

 

  1. Stay in touch with your colleagues

Be careful not to isolate yourself from your colleagues. It is important to come forward and stay present and active in the life of the company. If you have an internal chat system, use it. Otherwise install Skype, Viber or WhatsApp, or exchange emails. Keep up with the latest updates, especially in a fast-moving situation like Covid-19.

ERP System: Key Features for a Successful Integration

ERP System Key Features for a Successful Integration

An ERP system is a vast information system that manages information about a company’s products, production facilities, materials management and accounting, customers, suppliers and employees’s data sales and marketing, financial balances, etc. It is used by every department in an organization and many individual processes in companies are closely interwoven with the core of the business model and are therefore critical to the success of the market presence. An ERP or enterprise system is designed to standardize, streamline, support and integrate organizational processes across functional boundaries.

It wouldn’t be wrong to think of an ERP as the brain of company’s technology system, as ERP provides a fully integrated, intuitive platform through which you can analyze, monitor and conduct the majority of data-driven tasks. Here below is a list of few key features which are decisive for the digitization success of a growth-oriented company.

 

  • Integration

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Integration of ERP system is a major part for its success. The study behind integration of ERP system, to make sure that the company will benefit from all of its functionalities and endless capabilities to work harmoniously, makes all difference from other types of software’s. Implementing a new ERP system that digitally maps the central operational functions is often considered a risk by many decision-makers. As it integrates all facets of a business, by synchronizing all core areas, businesses are able to gain real time visibility across your entire business with 24/7 access, increase productivity together with operational efficiency, reduce costs and enhance competitiveness. A well-integrated ERP allows employees to work from a single source of information reduces the discrepancies between your teams along with the associated errors anIntegration also allows your business to work with multiple components at once.

 

  • Automation

Automating company processes completely or at least partially is important for companies that want to pursue dynamic growth and act in more efficient and sustainable way.

Firstly, the advantages of digitally available data can be optimally used by automated processes, for example for taking orders in the online shop, because if the company is dealing with a large volume of inventory orders, sales, customer interactions, etc. it’s necessary that you can see and respond to data in real-time. In many cases, in absence of ERP system or with a legacy ERP system don’t update automatically and prevent or delay you from taking immediate action.

Secondly, with the help of appropriate cross-functional processes, companies can act faster and more reliably on the market, for example they are able to run certain processes such as a web shop outside of business hours. An advanced ERP system is able to make decision such as delivery capability can be guaranteed with the existing stock within the regular delivery time etc.

 

  • User orientation and availability

The main point of an agile ERP software solution is to be available wherever the user needs the system – in the home office, in the field, in mobile storage or in a meeting. When deciding on an ERP, it’s important to consider whether employees will be given access to the system via an app on mobile devices. In addition to that, a good ERP system will allow you to integrate external sources and build out a single source of truth for your data. This enables fast, error-free, digital information exchange and saves time and money and reduces the risk of critical complaints along the entire supply chain.

Those who ensure a properly operating ERP systems and an unified digital process chain

enable enterprises to reduce the time required to complete virtually every business process by delivering efficient and fast processes.

 

  • Customization

It’s proven that the business landscape changes too rapidly to use historic information to forecast the future. In addition to that the current pace of technological development is having profound changes on the way companies’ work. As the ERP system forms the digital backbone of a company and is usually purchased for a useful life of ten to 15 years. Company’s leaders must keep in mind that no matter how good their ERP system is, it cannot address 100% of their organization’s needs. Therefore, in view of the expected changes in the market and in technological development, we must ensure that the software can always be adapted to new requirements. Because once your organization’s areas of competitive advantages to the existing features of ERP, your ERP is best customized for all your company’s needs.

 

  • ERP Flexibility

Organizations that integrate an ERP system in their process gets the real-time visibility into data they need to make decisions quickly. Ambitious companies that are entering the ERP world can meet their needs for a standardized solution that maps the central processes within the framework of high-quality and user-friendly workflows. Because companies have data on hand, they can change and shift based on operational and market demands and as soon as they gain momentum and individual adjustments are required, the system must be able to upgraded to the full version. Furthermore, a flexible ERP enabled by Cloud technology is able to save you time and money.

2020: Year of Chatbots

chatbot artificial intelligence salesforce

 

Artificial Intelligence (AI) is all around us and we are taking advantages of it continuously via our smartphones, wearables, Internet of things, cars, home appliances, in our offices, in public services, in our retail experiences throughout media and beyond. AI has fulfilled its promises to fundamentally change our everyday living. Artificial intelligence (AI) has the potential to transform industries and the way organisations and professionals used to work. With the ability to learn and adapt, AI is capable to develop increasingly sophisticated capabilities that will allow it to execute a growing number of tasks that works perform manually today.

 

According to an April 2019 survey from Ada and Forrester Consulting, 89% of customer service decision-makers in Canada, the UK and the US believe chatbots and virtual agents are useful technologies for personalizing customer interactions. Another study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

 

While there had initially been fears that AI would replace human workforce and take over jobs, the emerging consensus is that is proving to be a bonus for enterprises and human workforce because it will allow machines to execute repetitive, routine tasks while freeing human up to perform higher level activities that will increase their overall productivity. In addition to that, As AI has been identified as one of the biggest technologies for the economic growth. More and more business and governments are launching programmes designed for developing deep learning capabilities in AI in order to build an AI ecosystem.

According to PwC’s 22nd Annual Global CEO Survey, AI will add US$15.7 trillion to global GDP by 2030, which is more than the current output of China and India combined. Gartner predicts that 70% of organizations will integrate Artificial Intelligence to assist employees’ productivity by 2021. Business leaders know that those who take the lead now will get the biggest share of this prize. according to the latest Global CEO Survey, nearly 3 out of 5 Global CEOs believe AI will have a larger impact on the world than the internet revolution.

 

ARTIFICIAL INTELLIGENC LARGER IMPACT THAN THE INTERNET REVOLOUTION

 

These figures show that AI is increasingly making its way into any workplace with the help of virtual personal assistants (VPAs) and other forms of chatbots and expanding human performance in many organizations. For enterprises, AI chatbots offer a way to build a more personalized and engaging customer experience, which in return delivers a wealth of customer information that is highly valuable in better understanding their customers and growing their business.

US market researcher expected that 85% of consumer-business interactions would be through intelligent bots. The new online study from USU confirms a high potential for the customer service of the future. Here below are few key areas where businesses can derive value from chatbots:

 

    • Business are creating value through transforming customer journeys by providing immediate response to consumer’s queries or issues. According to McKinney’s study, 75% of customer demand NOW service within 5 minutes of online contact. If business can beat this time, they can convert a ‘visitor’ into a ‘paying’ customer.

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    • Staffing a 24x7x365 contact center mainly with human agents can be costly. According Human Resource Institute, it costs companies $10-$15k to replace one frontline employee. Therefore, it’s easier for Business to avail a 24/7 customer service via their chatbots ecosystem that are able to resolve customer queries related to i.e. complaints, product returns, refunds, tracking & tracing of orders etc in no time. According to a survey by Oracle, 80% of brands are planning to integrate Chatbots in their customer service by 2020.

 

    • Chatbots help to reduce costs by enabling enterprises to serve more customers without hiring extra staff as Chatbots are able of speeding up response times, freeing up agents for more challenging work, and answering up to 80% of routine question.

 

    • Chatbots not only help to reduce cost but they also drive more revenue by upselling as they can remember customer’s preferences, they are able to provide advice, tips and recommendations. All of this is possible if the chatbot is intelligent enough to know the customer’s buying journey.

 

 

Sources:

 

Artificial Intelligence: Top Pick Statistics for 2020

Artificial Intelligence Top Pick Statistics 2020

    • According to the market research firm Tractica, Revenues from the artificial intelligence (AI) software market worldwide is expected to have a growth of 6 billion by 2025 – Statista

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    • According to Gartner, Inc. 25% of customer service and support operations will integrate virtual customer assistant (VCA) or chatbot technology to communicate with customers by 2020 – Gartner

 

    • Large companies are adopting AI at a rapidly accelerating rate. Just 4% of enterprises had adopted AI 12 months ago. Today, 14% of enterprises have deployed AI. A further 23% intend to deploy AI within the next 12 months. Adoption will continue to accelerate; in two years, nearly two thirds of large companies will have live AI initiatives – Gartner

 

    • According to PwC analysis, AI, robotics and other forms of smart automation will bring great economic benefits and contribute up to $15 trillion to global GDP by 2030 – PwC

 

    • By 2020, investors will use platform, data value and customer engagement metrics as value factors for all enterprises- IDC

 

    • IDC predicts that the Global Datasphere will grow from 175 Zettabytes by 2025 – IDC

 

    • Artificial intelligence has come into the mainstream because it allows us to make sense of an increasingly large amount of data in real time. Indeed, worldwide data will grow 61% to 175 zettabytes by 2025- IDC

 

    • In order to fill skill gaps caused by the need of AI adoption,75% of organizations will be investing in employee retraining by 2025 – IDC

 

    • By 2021, at least 50% of global GDP will be digitized with growth in every industry driven by digitally enhanced offerings, operations, and relationships- IDC

 

    • The RPA Services Market will grow to reach $12 Billion by 2023. Also to be noted that, Forrester has previously projected that the RPA software market itself will grow to $2.9 billion by 2021. – Forrester

 

    • 11,214 results This is the number of open positions produced by a recent search for “robotic process automation”on LinkedIn’s jobs site. Titles vary within this growing IT jobs category, but “RPA developer” (and variations of the same) is an increasingly common one – reflecting the need for IT pros who can build the bots that enable organizations to offload repetitive, time-consuming tasks – LinkedIn

 

    • Clinical health AI applications can potentially create $150 billion in annual savings for the US healthcare economy by 2026 – Accenture

 

    • Growth in the AI health market is expected to reach $6.6 billion by 2021—that’s a compound annual growth rate of 40% – Accenture

 

    • According to a report by Statista, revenue in the Smart Home market amounts to $90,968m in 2020. Household penetration is 9.3% in 2020 and is expected to hit 19.3% by 2024. The average revenue per installed Smart Home currently amounts to $77.07. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 15.0%, resulting in a market volume of $158,876m by 2024 – Statista

 

    • 80% of all marketing executives predict Artificial Intelligence will revolutionize marketing by 2020 by generating a better sale close rate, increase in revenue, improvements in website traffic and customer engagement and a higher conversion rate of potential leads to paying customers- DEMANDBASE

 

    • Chatbots integration will allow banking and healthcare sector to save $8billion annually by 2020- Juniper research

 

    • AI surveillance technology is spreading at a faster rate. At least 75 out of 176 countries globally are actively using AI technologies for surveillance purposes, including smart city/safe city platforms (56 countries), facial recognition systems (64 countries), and smart policing (52 countries) – Carnegie endowment for international peace

 

    • AI embedded in analytics and other marketing software will free up more than a third of data analysts in marketing organizations by 2022, providing them with more time to spend on other business priorities instead of spending time on repetitive manual processes – Gartner

 

    • In approximately 60% of occupations, at least 30% of constituent activities are technically automatable by adapting currently proven AI technologies in sectors such like: Finance and insurance, Retail, transport and trade, Professional services, Manufacturing, Healthcare – McKinsey Global Institute

 

    • According to the report, the global artificial intelligence (AI) in cyber security market was USD 7.1 billion in 2018 and is expected to reach approximately USD 30.9 billion by 2025, at a CAGR of slightly above 23.4% between 2019 and 2025 – Zion Market Research

 

AI and Automation impact on medium-sized Companies and Organizations

 
The Business Benefits from AI and ML
  • Massive Data Consumption from Unlimited Sources
  • Rapid Analysis Prediction and Processing
  • Simplifies Time-Intensive Documentation in Data Entry
  • Handling Repetitive Jobs
  • Reduction of Error
  • Improves Precision of Financial Rules and Models
  • Easy Spam Detection
  • Interpret Past Customer Behaviours
  • Better Customer Segmentation and Accurate Lifetime Value Prediction
  • Recommending the Right Product
  • Digital Assistance and 24/7 Availability

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Hyper Automation and Artificial Intelligence (AI) are seeping into every aspect of business, from operations to production and from product development to business processes. Processes, tasks and role models – everything is changing with this revolutionizing in the commercial sector. This evolving area of Artificial intelligence (AI) and machine learning (ML) is the future for all businesses, and it’s already affecting the way we live and work today. In fact, research firm Markets and Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!

 

The new digital technologies are having different impacts on jobs in the short and longer term. While automation may displace workers within a sector in the short term, studies are demonstrating that overall employment is growing when looking at a longer period comparing results from different sectors and the World Economic Forum has found that, by 2022, algorithms and other transformative technology could create more jobs – as many as 58 million. Because despite automation and artificial intelligence, people will continue to be important in the future.

 

Artificial intelligence opens up possibilities far beyond currently available functions. PwC estimates that business could save $2 trillion globally by applying intelligent automation to many activities that were previously processed by humans and making employees more productive.

 

Like business of all sizes, SMB are also flooded with data gathered from different sources such as, customer data, supplier data, market data, operations data and many more. AI can quickly pull out insights from these databases and extract valuable data. Managers can get valuable insights on business process from workflow management and/or make sales predictions easily by using data from ERP systems. As AI is able to pull out insights from data easier than human workforce and run the routine tasks to add value to existing business, company can use its human resources to solve potential problems, spend time on creative tasks and boost business ability to innovate.

 

SMBs can also benefit from AI to identify, understand and better target their customers. Business can forecast customer behaviour and run data-based campaigns to have remarkable results with the use of big data and artificial intelligence. It helps them to save a lot of money on marketing and sales efforts by bringing them valuable leads. Not only business can achieve valuable leads and turn them into customers but they can also maintain a good relation and provide a better service to these customers by introducing a 24/7 customer service with the help of AI equipped chatbots. These chatbots are able to handle customer enquiries and provide customer support on time and appropriately, based on the needs of customers.

 

Not only in customer service, artificial intelligence is demonstration it’s capacities in accounting, finance, auditing and tax controlling, fraud detection as well. Instead of recurring routines, data analysis, process control and optimization by automating procedural tasks would be on the agenda of SME by allowing employees to make even more valuable contribution to corporate management. As AI can decipher data and draw actionable insights easily from complicated situations and eliminate/reduce errors, it’s totally transforming and changing the way accounting and tax firms used human intelligence to perform same tasks. With an accurate integration of AI empowered workforce, accountants and bookkeepers can build a value-based business, attract more customers and increase revenue by spending less time that they were used to spend.

 

Customer service and accounting are not the only 2 departments getting aids from AI, sales and marketing are also getting their potential customer’s pipeline faster than ever before by finding interesting leads in their databases as contact information is available for the market you want to target.
By engaging each potential lead in a very personalized way, sales person can turn the lead into a paying customer and recommend the right product with the help of gathered data on the customer.

 

Sources:

Artificial Intelligence: Just a Trend or A Long-Term Growth Factor?

Artificial Intelligence Just a Trend or A Long-Term Growth Factor

Artificial Intelligence is having an impact on our world in many different ways by playing an increasingly important role in our lives and worldwide economy. The number of companies that have integrated AI in their process is growing rapidly, in sectors like health-care, retail, HR, marketing and cybersecurity industry and the war for talent acquisition and competition for value creation is on the next level between industries and nations.

 

AI is not new or just a temporary trend, history tells us that humans and the companies are remarkably successful at working together with robotics to the latest technologies such as smart machines, including 3D printing, AR and VR in order to survive in competitive era and also find new opportunities for their companies’ growth. A study by MMC Ventures revealed that 60% of the interrogated cases, which represents 1,580 companies, AI is being used in their solutions and 40% of the self-proclaimed “AI companies” in Europe had discovered that AI was not used in their solutions.

 

AI is bringing its advantages in sectors like healthcare, transportation, cyber security industry, security industry, prediction of natural disasters, farming, smart-cities, and is helping to reinforce economy. A discussion paper created by McKinsey demonstrated how AI applications are contributing for social good. According to McKinsey’s analysis, AI initiatives are having a positive impact on good health and well-being, peace, justice and strong institutions, provide quality education, protect all life on land and below water, ending poverty, industrial innovation and infrastructure, reducing inequality, climate action, decent work and economic growth, gender equality, sustainable cities and communities and responsible consumption and production, increase work efficiency and output, offers accurate future predictions, detect frauds, avoid human errors with the help of increased automation and many more.

 

Artificial intelligence is certain ally and dramatically improving the efficiencies of our workplaces and increasing the work humans can do by taking all repetitive or dangerous tasks and the human workforce to do work they are better equipped for, such as, tasks that involve creativity and empathy among others. By doing work that is more engaging to them, job satisfactions, productivity and happiness among employees is also increasing.

 

AI in its many forms offers users the ability to do tasks on a scale and at a speed that humans cannot achieve on their own. AI can also gain new insights from analytical tasks. It’s not just about collecting large amounts of data (=bigdata) and investigative it with advanced mathematics or developing amazingly complex algorithms. Once the gathered data is well extracted, managed and good algorithms are chosen, our society will gain countless hours of productivity with just the introduction of well automated tasks.

 

Thus, it seems important to clear the fuss around AI destroying jobs because it’s only fiction rather than a fact. Instead of destroying jobs, AI is bringing a gradual evolution in the job market, people are getting better at their jobs with the help of AI. According to a report from the World Economic Forum (WEF) called “The Future of Jobs 2018, and recent report called “Job creation and elimination worldwide due to AI 2022” AI, Machines and algorithms in the workplace are expected to create 2.3 million jobs. Even who does the work is changing rapidly – human, robot, or co-bot. The division of labour between humans, machine and AI is shifting quickly. By 2025, it is expected to shift to 48% human, 52% machine or algorithm. The combination of human and machine is the new normal in the workforce of the future.

 

Technology helps move society forward, and the integration of AI is doing the same. The integration of AI into healthcare, smart cities, law and other service-based industries is helping in making processes simpler and giving them enough time to focus on other issues. In this increasingly data-driven world the importance and impact of artificial intelligence is only growing and is becoming more crucial in gaining competitive advantage. Therefore, despite all the positive effects and worldwide boom in artificial intelligence industry, companies shouldn’t forget that AI is only a tool that they need to update/improve continuously instead of one-time investment in order to achieve their goals.

 

Sources:

 

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