01/11/2021 - Economy | Mainstorming

IAS Parliament 3 years

KEY POINTS

· Automation is the fourth irreversible trend after globalization, digitization and mobility.

· According to a report by McKinsey, around 88% of finance and insurance executives, and 76% of IT executives reported an increased implementation of automation since the pandemic.

· , intelligent automation (IA) adds cognitive technologies to ensure enterprise-wide business process automation.

· This helps employees focus on high-value work, while also lowering costs, improving efficiency and managing dynamic customer needs.

· IA is seen as the main driver for digital transformation since IA processes unstructured data, handles exceptions and learns continuously.

· A top-down approach for creating a “fully automated enterprise" is seen as a strategic business enabler by many companies that want to retain their competitive advantage.

· IA utilizes artificial intelligence (AI) and machine learning (ML) capabilities to work with unstructured, non-standardized and dynamic data.

· The automation journey begins to function like a flywheel, which is scalable, where continued use of automation generates ideas that expand automation quickly for enterprises.

· When an organization uses a hybrid approach to determine what to automate, a feedback loop is created that amplifies use cases and drives adoption.

· Low-code platforms employ visual, drag-and-drop techniques instead of traditional lines of programming, and offer authorizations and access controls by default.