5 Myths About Intelligent Automation Debunked
Innovators are creating products and solutions that are reinventing the business of enterprise applications to help humans and machines work together to meet new organizational goals. Intelligent automation has the capability to help companies redefine their operating models, but there’s still a hesitation with moving forward. Most businesses know that intelligent automation will save them money, but they aren’t sure if software automation is applicable for their industry, or how to measure the return on investment.
We’re here to debunk the myths around intelligent automation.
- Myth #1: Intelligent automation eliminates jobs
Technology as a whole changes our lives, including how we work. This ranges from payment processing and chatbots to our smartphones and internet connection. It’s true that many tasks previously performed by humans like contact centers are now automated with technologies like RPA, but artificial intelligence (AI) will continue to rely on humans because AI still needs training.
Automation shifts manual tasks to a software robot so employees can focus on more mission driven objectives. Time spent updating spreadsheets and sending bulk emails will be used on more customer-focused, managerial and communication-based tasks. Jobs are being redefined, not replaced.
- Myth #2: Intelligent automation will become too smart and take over
Let’s go ahead erase the Terminator scenario from the discussion. Intelligence refers to the ability to solve problems in any domain, not consciousness. Automation is the process of completing a task with little to no human intervention. Intelligent automation is a suite of new technologies that combines artificial intelligence and automation to support tasks done by knowledge workers. In short, humans create the processes and oversee the technologies your organization uses. Think computer systems for speech recognition than humanoid-looking robots.
- Myth #3: Intelligent automation is expensive
RPA is becoming the preferred choice for many companies because of its low cost and ease of implementation. RPA reduces the costs of existing manual operations and generates a return on investment in less than a year because the average cost of running a robot is less than a full-time employee. While there are implementation costs, the London School of Economics found that the ROI ranged between 30 and 200 percent in the first year.
- Myth #4: Intelligent automation won’t work for my industry
Industries like finance have accelerated at a faster pace than other economic sectors, but that should not deter you from thinking your company cannot benefit from these technologies. Every industry is looking for ways to enhance customer engagement and automate back office tasks. This includes processing claims in the healthcare and insurance sectors, fulfilling orders in manufacturing and completing orders in retail. Intelligent automation works across every industry.
- Myth #5: Intelligent automation is a temporary trend
Trust us. Intelligent automation is here to stay. Developers and innovators are creating more solutions to add to the business toolbox. The future is moving toward machine learning and cognitive algorithms that can adapt to complex situations and apply judgment and learning.
Understanding the benefits of intelligent automation can move your company towards deriving value through a digital transformation.