Software robots, which come under the tag of intelligent process automation, has had a dramatic impact on businesses thanks to some of the attributes they possess, according to IT consulting company, Cognizant.
The claim was reflected in the company’s recent study, which polled 537 senior business and technology decision-makers across multiple industry sectors including financial services, insurance, healthcare, pharmaceutical, retail, hospitality, and technology.
It showed that senior executives across these industries agreed that these new software robots possess attributes such as machine learning, artificial intelligence, and the effective use of Big Data to make more timely business decisions through automation-enabled analytics.
In addition, it allows data processing with fewer errors, unlimited scalability, and lowers their cost of ownership. The executives surveyed also considered their use of process automation to be high, but indicate they are still in early stages compared to the technology available.
Cognizant said there is a line-up 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.
“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,” Cognizant business process services executive vice-president, Gajen Kandiah, said.
Other key findings from the survey include:
- Nearly one-fifth reported achieving cost savings of more than 15 per cent from intelligent process automation over the past year.
- Respondents believe they are automating, on average, 25-40 per cent of their workflow today.
- About 50 per cent of respondents saw automation as significantly improving their business processes within three to five years. About 44 per cent have similarly high expectations for business analytics.