Industries to Get Smarter with the Future Software Robots Promise: Study
TEANECK, N.J: According to the latest study by the IT service company Cognizant, software robots with attributes like machine learning, artificial intelligence and big data are will transform industries across verticals in the coming 3-5 years.
"The future of process work includes connecting skilled people to increasingly powerful technologies such as autonomic computing -- including artificial intelligence, machine learning and deep learning -- that can increase savings, enhance insights, and accelerate business. This shift is playing out in just about every industry," notes Gajen Kandiah, Executive Vice President, Business Process Services at Cognizant.
The dramatic impact predicted by the study included response from 537 senior business and technology decision-makers across multiple industry sectors, including financial services, insurance, healthcare, pharmaceutical, retail, hospitality, and technology.
The respondents asserted the on the huge benefits of intelligent process automation (IPA), and big data, envisioned as the gateway for delivering cost efficiency and valuable insights for businesses; rapid processing and precision, unlimited scalability, and lower cost of ownership, combined with timely business decisions through automation-enabled analytics.
While admitting that the trend was still in the initial stages, the study concludes that there is a long tail of process systems yet to be automated, as machine learning and artificial intelligence enable a new generation of knowledge "robots" that can mimic human actions while interacting with multiple applications.
Key take away of the study:
Respondents believe they are automating, on average, 25-40 percent of their workflow today. The survey indicates this automation is occurring with workflows that follow rote procedures and manual inputs, paving the way for next generation IPA technologies to drive greater cost savings and efficiency while driving richer business insights when applied to more complex workflows.
About half of the respondents saw automation as significantly improving their business processes within three to five years. About 44 percent have similarly high expectations for business analytics.
Nearly one-fifth reported achieving cost savings of greater than 15 percent from IPA over the past year.
Health insurers emerged as industry trailblazers, pushing frontiers of cost reduction through automation of middle-office functions, such as claims coding and processing, with over one quarter seeing at least 15 percent cost savings year-over-year.
In banking, nearly half of those surveyed reported at least 10 percent revenue growth driven by process-aligned analytics over the past year, and nearly three out of every four banks (73 percent) expect to see similar growth in the next three to five years.
"Our IPA practice applies digital transformation at the process level to help our customers benefit from automation. Our new study findings show that this trend will only accelerate over coming years as business leaders seek agility, better customer understanding, and cost savings," adds Kandiah.