Automation – Impact on Retail, finance and IT sectors
We live in a world that changes every day; responding quickly and keeping our business on par with these unprecedented changes has become a major challenge for many of us. Thankfully our business world is already in a path of process automation embracing the possibilities in Artificial Intelligence (AI). The current crisis acts just like a catalyst giving this transformation an acceleration to ensure business continuity. The tremendous advancements and the boundless opportunities in Artificial Intelligence have widened the scope of automation. Cognitive and robotic process automation solutions are one of the most widely adopted AI technologies by the business world now. Yes, companies are implementing intelligent process automation to improve employee productivity and to reduce costs, thereby unleashing the hidden revenue sources. But there are some industries/sectors where this transformation became a necessity and had a significant impact.
So, how AI automation is transforming industries? What exactly global companies are doing with AI to streamline their operations. Here we bring you some insights on how these sectors are harnessing AI automation to reduce cost, improve efficiency, and to stay competitive in this dynamic world of business.
Retail Industry
- Optimise supply chain plan- By deploying AI, automation, robotics across the entire value chain, retailers can save a significant share of expenses.
- Accurate demand forecasting-AI algorithms enable retailers to forecast an accurate demand rate to drive higher margin rates.
- Improved customer experience- With intelligent algorithms, businesses can create more accurate customer intelligence, helping to deliver personalised customer experience.
- No queues and waiting period- With the implementation of smart checkout technologies and voice, video and wifi enabled shopping gives shoppers a queue/ waiting for free shopping, delivering a seamless experience.
Considering the current economic and health crisis, you still want to move on with a retail business without thinking about etail, then it is possible only with AI. No other innovation, as of now, holds as much guarantee to spare the retail business as AI.
Insurance Sector
- Intelligent data processing- The insurance sector handles a huge pile of data processing and analysis. This tiresome process can be made smart using intelligent automation. This avoids the inefficient, error-prone, and repetitive nature of traditional data processing systems with lesser human intervention.
- Improved Customer satisfaction through automated claims processing- Proper implementation and integration of AI automation in claims handling and processing significantly reduces the processing and cycling time.
- Enhanced Risk assessment and fraud detection- AI implementation can improve on-time detection frauds that are very critical in this industry, and it enhances the risk assessment giving its operations a security lock.
Automation is becoming a game-changing strategy for the Insurance sector. Rising advancements in automation like cognitive solutions, AI etc. are offering a wide range of opportunities for insurers. Some of them have already created a competitive edge in this. So it’s high time to adopt the benefits of automation to stay competitive in this industry.
Finance Sector
- More personalised customer experience- RPA made easy customer onboarding and personalised services through fast data processing from KYC documents with lesser manual processing.
- Increased operational efficiency and cost-effectiveness- Integrating RPA in operations can increase productivity, speed, and efficiency, which all can help in saving a marginal level of cost.
- Risk and compliance reporting- With the implementation of RPA in finance can generate full audit and compliance reports, thereby reducing business risk and maintaining process compliance.
- Ensure business growth- As RPA bridges legacy data, as well as new data creating a unified system allows banks to produce faster and more efficient reports.
The wave of automation has knocked the financial sector too, and the impact is significantly greater than any other sector. Finance is one of the industries that embrace new technologies and evolve rapidly. So investing in automation is the best and futuristic way to move up with this continuously evolving transformation journey.
Coming years seem to be most promising for intelligent automation, and industries are already embracing it. Is your business ready to explore its potential? Then we can help you to assess your process automation readiness.
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