By JOLT Experts on Jan 7, 2019 8:49:57 PM
In the age of digital industrialization, development of new technology never stops. In recent years, the proliferation of emerging technology is breaking new grounds and transforming businesses across industries and geographies.
In this blog, we break down the 3 emerging technologies that have the potential to disrupt the future of work: RPA, AI/ML, and Blockchain, and list out ways it can help your business, as well as tips on how to get started.
Robotic Process Automation (RPA)
What it is RPA
- Robotic process automation tools are designed to mimic the manual paths taken by a human by using a combination of user interface (UI) interaction or descriptor technologies. It can be used to automate repetitive and rule-based tasks that most humans find boring and mundane.
- The RPA tool operates by using a rules-based process that can be triggered manually or automatically. The process is mapped to follow the same workflow as a human would, manipulating data across multiple systems, performing actions and triggering downstream activities.
Why RPA matters
- Maximized operational efficiency and transactional volume
- Higher data accuracy
- Increased productivity
- Significant cost savings
- Thorough audit trail for ease of compliance
- Stronger analytics
- Better customer satisfaction
- Scalable for AI and cognitive integration
How can RPA help your business?
RPA can deliver highly impactful business results in shorter time frames compared to traditional enterprise technologies, by improving customer, employee and supplier experiences of the IT applications and laying the foundation for intelligent automation and digital transformation. In the recent years, RPA has proven its concept across all industries and business functions. Below we outline the low-hanging fruit use cases that businesses see suitable for early RPA adoption:
- HR administrative processes (employee on-boarding, recruitment, payroll, etc)
- Finance and Accounting activities (invoice processing, order entries, AR, AP, GL, etc)
- IT services (new users’ creation, server monitoring, password resets, backups, batch processing, printer setups, etc)
- Customer management (customer on-boarding, order monitoring, data collation from disparate systems for customer service, etc)
How to get started with RPA
Proof of concept on low hanging fruit processes that can deliver quick results and savings, build a solid business case to obtain executive buy-in based on POC/pilot program results and scale up to broaden the automation scope across business functions.
What is Blockchain
Blockchain is an electronic ledger that consists of an expanding list of cryptographically signed, irrevocable transactional records shared by all stakeholders in a network.
Why Blockchain matters:
- Record transparency: The blockchain ledger technology can never be edited or tampered by anyone.
- Provides undisputable records of digital assets transfer, making it the most trustworthy transaction evidence available.
- Maintains a traceable record of assets and transactions that enable transparency in audit and compliance efforts.
- Enables decentralization and distribution of the main system of record
How can Blockchain help your business?
Blockchain can help businesses build trust, accuracy and prove transparency, main use cases include:
- Supply chain management
- Invoice checking
- Password protocols
- Smart contracts
- Asset ownership
- Ledger-based data storage
- Intellectual property tracking
- Audits & compliance
- Regulation enforcement
How to get started with Blockchain
Proof of business to find areas that Blockchain can add value in, experiment carefully as it is an evolving technology that lacks clear standards and SMEs.
AI & Machine Learning
What it is Artificial Intelligence
- Artificial intelligence technologies consist of a wide variety of tools that can perform tasks requiring human intelligence, these can include computer vision software commonly known as OCR: Object Character Recognition, language processing and translation software commonly known as NLP: Natural Language Processing, facial recognition, speech recognition, pattern recognition software, and many more.
What it is Machine Learning
- Machine learning is a subset of AI, its main goal is to train computer software with large amounts of data in order to progressively enhance the algorithms to enable intelligent decision making and human-like reasoning and prediction capabilities.
Why AI & Machine Learning matter
Living in the 4th industrial revolution, it is hard to think of an industry, society, business, and consumer that won’t be impacted by AI technologies, the transformational potential that AI and ML technologies are promising is indisputable. Most of us are already interacting with AI solutions in our daily lives knowingly or unknowingly. Products like Amazon’s Alexa are designed with NLP to understand voice and commands to relay comprehensive information back, Tesla uses Machine Learning and situational awareness to analyze surroundings and predict environmental risks, Facebook leverages Neural Networks to detect objects and classify images, and Netflix uses machine learning for personalization of content suggestions.
How can AI & Machine Learning help your business?
AI/ML technologies can be applied to help businesses deliver next generation solutions and expand their competitive edge in the market, common use cases include:
- Highly accurate business recommendations based on customer data, process analytics, and market drivers.
- Business efficiency enhancement and removal of bottlenecks that hold back higher profits and growth potential.
- Superior customer experience, and optimized logistic speed and quality.
- Streamlined release processes and higher agility in testing, tuning, and releases for the DevOps team.
How to get started with AI & Machine Learning
Organizations can begin their intelligent transformation journey by establishing a data gathering process of both structured and unstructured data that can be leveraged by data scientists to create algorithms, train the systems, review the output, and refine them to progressively scale up its applicability.
It is important to prioritize data collection, use process automation tools like RPA to ensure data accuracy, evaluate which area of your business have the largest data sets (CRMs, ERPs, etc), and analyze the potential of specific AI solutions that can bring into your main business functions. Consider introducing cognitive solutions that can complement and enhance the existing technology stack to produce superior business outcomes, think of computer visual enhancement tools like OCR to optimize invoice or claims processing of unstructured data such as scanned or image-based files.
At JOLT Advantage Group, we are passionate about enabling our customers for true digital transformation via the implementation of emerging technologies that has the potential to deliver superior outcomes. We don't just care about short term results, we care about perfecting the journey towards intelligent automation. While we help you map out your RPA roadmap, design your processes and implement your bots, we will also work to create global identifiers and future stakes, to enable the storage of quality business data that will prepare your organization for AI initiatives. So once you’re educated, enabled, and ready to hit the ground running, we will step in to add-on the cognitive components needed to make your process automations, intelligent.
Contact us to learn how we can help you initiate or ramp up your emerging technologies adoption.