Can Robotic Process Automation Rescue Businesses From An Economic Recession
COVID-19 is panning out to be a historic tragedy both for the human race as well as our economy. While most businesses are stalled due to the economic recession induced by COVID-19, there is a ray of hope. Robotic Process Automation (RPA) is rising up as the savior for many businesses by offering recession-proof operations. RPA might be that one alleviating factor that can keep your business and the economy afloat.
When implemented successfully, RPA can help many sectors experience an undeniable upsurge. How RPA can help businesses get through these unprecedented times? This post takes a look. We will also examine a few automation cases.
Related Reading: Jaw-dropping Facts about Robotic Process Automation
Businesses Can Stay Afloat in These Unprecedented Times
RPA goes beyond allowing businesses to stay afloat. It also helps them respond instantly to drastic changes in demand during such critical situations as COVID-19. It has proven to be an invaluable technology for businesses by ensuring that employees remain productive even if they have to work remotely and from home.
Here are some benefits of RPA.
RPA allows your business to run smoothly despite ever-changing demands while automating manual processes and increasing efficiency. Furthermore, it is helping organizations combat the spread of COVID-19 and is providing customers with timely support as businesses move on to new operating models. For instance, deploying chatbots or automated answering machines in contact centers or help desks can help handle bulk volumes of customer service calls and emails, especially when organizations are forced to function remotely or operate with a limited number of employees.
Less dependency on the individual employee
Though we can’t deny the need for human intervention in most processes, certain tasks need to be accomplished with precision and speed. Here is where RPA becomes useful as a fast and flexible way to replicate employee-driven processes. RPA enables businesses to automate certain critical processes with greater precision and efficiency. And soon, RPA will free businesses from being dependent on the limitations caused by employees’ absence.
Keep up with production
RPA enables organizations to keep up productivity by providing assistance to an overwhelmed customer using attended automation or front office bots. This frees up employees to attend to other critical aspects of the business. RPA can cater to an increase or decrease in the supply chain demand while allowing you to rely on automated back-office activities.
Industries leveraging RPA
Here are a few examples of industries who have successfully leveraged automation: (examples cited by UiPath)
Health of the workforce: Updating all relevant data of sick employees in real-time while keeping track of healthy employees could be painstaking. With RPA, bots can be set up to keep track of hospital employees. This minimizes manual errors and ensures employee safety.
Increasing demand in virus testing: With the increasing demand for virus testing, the wait time for registration also increases. Cleveland Clinic in the United States reduced their patient verification and registration time considerably by deploying an attended robot that collects and prints patient data, thereby reducing hospital backlogs.
Accelerating clinical testing: Filling test reports itself would take about 3 hours per day in the life of a staff nurse. But since Mater Hospital in Dublin automated its process through robots, medical personnel are able to use their precious time taking care of their patients rather than chasing admin tasks.
Banking and financial services
Surge in trading volume: Global markets have seen a trading surge by about 300% daily. This is tremendously increasing the operational burden. Leveraging automation has ensured business continuity while maintaining high levels of customer satisfaction despite the huge spike of activity in areas such as trade allocations and reconciliations.
Acknowledging customer complaints: Acknowledging customer complaints in line with UK regulations has been especially challenging for financial services because of their reduced staff. Automation has allowed the banking and financial services to acknowledge complaints in time in compliance with UK regulatory government requirements.
Helps HR specialists to remain focused on analysis: COVID-19 has overwhelmed the HR department with a large volume of sick leave requests. Automation of two phases of this process has reduced backlogs in processing leave requests while allowing HR specialists to stay focused on their people.
Optimization of the supply chain: COVID-19 has forced factories to shut down leaving their production line idle. RPA allows companies to optimize their supply chains. This has resulted in accurate delivery estimates, optimized vehicle routes, efficient shipment consolidation as well as accountable sourcing.
Reduced manufacturing expenses: Prolonged closures of manufacturing plants have forced manufacturers to cut down their operational costs. RPA automates repetitive and manual tasks thus reducing operational costs.
Related Reading: How Robotic Process Automation Is Revolutionizing Industries?
Weather These Turbulent Times with Robotic Process Automation
Robotic Process Automation will enable businesses to efficiently allocate funds to areas that need greater focus. It can automate qualification ad validation processes, update public health data in real-time, and much more. Educational institutes can also leverage automation to schedule and activate their classes using LMS and eLearning platforms.
Obviously, COVID-19 has brought about changes in the working style of both the consumers and clients. RPA will cater to their needs and help ensure that businesses can stay afloat during these difficult economic times.
How Can You Get Started?
Start small! Start by automating small tasks that will give you the needed confidence and experience in automation solutions. Research and evaluate how far automation is applicable to your IT environment. Talk to experts at Fingent and find out how you can build on the benefits of RPA.
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How AI is bringing change to the software testing practice
Artificial Intelligence is penetrating into multiple functions performed by the software industry. In software testing, the technology holds the potential to be a game-changer. Imagine the capability of your software to test and diagnose itself and make self-corrections! This will lead to huge savings on your resources. With this in mind, let’s try and understand exactly how AI will impact the traditional way of software testing.
Before we proceed, let’s get one thing clear – Do we really need AI in software testing?
Do We Really Need AI in Software Testing?
Software testing came into existence as a result of the evolution of development methodologies. It fed the need for robust, error-free software products. Testing was a laborious task for sure. However, automating software testing required traceability and versioning, both of which were critical and needed careful consideration. Something was needed to resolve this.
As businesses move towards digital transformation and the software market continues to grow, businesses expect a real-time risk assessment across all stages of the software delivery cycle. AI in software testing is the right response to these challenges. AI can develop error-free applications while enabling greater automation in software testing. This helps meet the expanded, critical demands for testing. It improves the quality of engineering and reduces testing time allowing the tester to focus on more important things. The verdict is clear then – We Really Need AI for Software Testing!
Five Impressive Ways AI Impacts Software Testing
1. Improves object application categorization
AI is widely used in object application categorization. When tools and testers are created, unique pre-train controls can be created. Once the hierarchy of the controls is categorized, testers can create a technical map to obtain labels for the different controls.
In the near future, AI will become capable of observing users perform exploratory testing on the testing site. And once user behavior is assessed, it can assign, monitor, and categorize the risk preference.
2. Automation of test case writing
Gone are the days of web crawlers. As automation is picking momentum, AI tools have become capable of learning business usage scenarios of test applications.
Related Reading: Unconventional Ways Artificial Intelligence Drives Business Value
They can automatically collect insightful data such as HTML pages, screenshots and page loading time and eventually train ML models for expected patterns of the app. And as soon as they are executed, any variations are marked as potential issues. This makes it easier for the tester to find and validate differences and fix issues.
3. Enhanced accuracy
To date, source analysis requires human resources to accomplish the task. Unfortunately, because of the enormity of the data, even the best experts could overlook, or miss out on observing certain critical defects. Human error and the tendency to lose focus further impairs the experts involved in software testing. It can be disastrous if bugs caused by these errors are caught by consumers before project stakeholders. Product positioning and brand reputation can be jeopardized.
Thankfully, AI can teach systems to learn source analysis and, in the future, apply this acquired knowledge. This ensures that testers have greatly enhanced accuracy. It eliminates the probability of human error and also shortens the time to run a test and increases the possibility of finding defects or bugs.
4. Automation without the user interface
AI-based techniques can be applied for non-functional tests such as performance, security and unit integration. It can also be applied on various application logs which assists in developing auto-scaling capabilities such as bug prediction.
AI algorithms can enhance UI testing, predict the next test, determine the outcomes for subjective and complex tests and much more. In other words, AI could increase the overall test coverage while it increases the depth and scope of the test itself.
5. Reduces cost and decreases time to market
The need for manually repeating a test is time-consuming and extremely expensive. But with AI, such tests can be automated to repeat several times over. Each time the software test is repeated automatically, the source code gets modified to correct any bugs. This eliminates the additional cost of repeating the test and increases the speed of the test from days to hours, which in turn saves more money.
Related Reading: Quality Assurance in Software Testing – Past, Present & Future
Allow AI to Revolutionize your Business
AI has proven to have a significant impact on software testing with its benefits ranging from optimization to extraordinary savings. It enables testers to move beyond the traditional route and dive toward precision-based testing processes. This can prove invaluable to your business. To find out how you can make this happen for your business, contact us.
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What Is Robotic Process Automation?
Robotic Process Automation is the process of applying automation to perform tedious business tasks of the workforce, such as data manipulation, response triggering, transaction processing, and other redundant tasks. According to a recent study by Snaplogic, 90% of the workforce are burdened with redundant tasks. This not only reduces their productivity but also consumes significant amounts of time with which they could perform higher-value tasks.
The Role Of RPA: Features That Enhance Business Process
Once your enterprise has decided to implement RPA, it is time for you to choose the right robotic process automation solution.
Traditional RPA software bots are known to handle only a specific task at a given time. When it comes to addressing high volumes, there is a necessity to clone these bots and run them simultaneously. RPA providers usually charge users for each concurrent process. This can become a costly affair for enterprises, especially during volume spikes. Thus, undue extra costs are a key factor to consider while choosing an RPA solution for your business.
RPA works as a virtual assistant and can handle complex processes starting from performing complicated calculations, data capturing to maintaining records.
In addition to prioritized work queues, user-friendly features, data analytics, and non-disruptive nature, the following are crucial features that enhance business processes:
- Non-disruptive nature: An enterprise can easily implement RPA into their workflows without having to disrupt or change the existing structure or risks.
- Data analytics: Gathering critical data from multiple sources, analyzing and storing the data, and creating reports have brought digital transformation to businesses with RPA. This enables accurate forecasts of sales data along with other Key Performance Indicators (KPIs).
- Prioritization of Internal Work Queues: Every RPA software consists of internal work queues. These work queues are used to extract data derived from various transactions for analysis. The extracted data is then stored on a cloud server and made available for access by the bots.
- User-friendliness: Employees can operate on the robots without any extra RPA knowledge. They only need to learn how the systems work.
- Scalability: With RPA, it is possible to upscale and downscale various robotic operations.
Types Of Robotic Process Automation Tools
RPA enhances robotic performance in different ways. The three major categories include Working Robots that are commonly used for Data Collection and Project Planning. Monitoring Robots detect faults and breakdowns, whereas Screen Scraping Robots provide data migration tasks for enterprises.
Robotic Process Automation tools come in varying sizes and shapes. Analyzing your business objectives is the most critical factor before deciding to choose a specific RPA tool for your business. A few of the major RPA tools are as follows:
- Attended Or Robotic Desktop Automation Tools
This type of automation always starts with the user via the user’s desktop. The user first launches the RPA code to perform required operations rather than waiting for the workforce to perform.
- Unattended Automation Tools
This type of automation completes business processes in the background and is used mainly to perform back-end tasks.
- Hybrid Automation Tools
This type of automation combines both attended and unattended automation tools to perform start to end operations.
How To Choose The Right RPA For Your Business
A clear set of objectives form the primary goal before opting a specific RPA tool for your business. The following are the key factors you need to consider before selecting an RPA tool for your business:
1. Easy-to-use Interface
Simple user experience is a major criterion for choosing the right RPA tool for your business processes. A simple user interface will ensure all employees work efficiently.
2. Proper Deployment
An RPA tool that can be quickly deployed with the existing technology stack is what is required.
Replacing tedious tasks performed by the human workforce is largely replaced by the bots. This process of automation saves costs. Employees can focus on their core tasks and spend time and effort on their skills rather than performing redundant and tedious tasks with the help of RPA tools. Purchasing an RPA software tool involves associated costs, such as cost of individual licenses, cost of the software, and other overheads.
Implementing an effective RPA tool enhances the business processes and leads to the growth of the enterprise. This growth is accompanied by hiring more resources. Thus an RPA tool can enhance the scalability of a business in the long run.
Data analytics, compliance, and financial transactions require a highly secure environment. A great RPA software tool ensures a secure solution for all business processes and updates as well.
The architecture of the RPA depends on where you plan on employing your RPA tool. The deployment and maintenance of an RPA tool depend on factors such as layered design, component reusability, robust delivery, popular language support system, easy accessibility, and so on.
Choosing an RPA suite that consists of solid inbuilt features is critical. Flexibility, scope, availability of wizards and GUIs, other extendable commands and supports are some of the features to consider.
8. Exception Handling Support
A robust RPA solution can detect errors during automation and automatically resolve without human assistance. In other cases where human intervention is required, an effective RPA tool must be able to send error messages.
9. Extended Support
Different vendors offer different support. A dedicated support team is necessary to ensure strong maintenance and support.
To make the best decision on choosing the right RPA solution for your business and access the full potential of RPA tools, get in touch with our experts today!
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Chatbot or Chatbaby: Why Chatbot Technology Needs Time To Mature?
Automation is at its height in this digital era and artificial intelligence is the core technology behind successful industries today. A chatbot is a computer program that interacts with human users via the Internet. These auto-operating conversational bots, artificially replicate the patterns of human interaction. This is made possible via Machine Learning algorithms.
Amazon’s Alexa and Apple’s Siri are well-known examples of chatbots. They respond to queries based on the data they are provided with. Since a chatbot is programmed to perform tasks independently, it can respond to queries based on predefined scripts and machine learning applications as well.
Enterprises that have enhanced IT infrastructure, implement chatbots in varying departments. For instance, ERP, on-premises to cloud, etc., improve customer experiences and increase business value.
Chatbots As Conversational Tools In The Workplace
The potential benefits that chatbots provide to companies are immense. On one hand, when chatbots provide personalized and efficient search results, on the other hand, companies find cost savings a prominent feature on implementing chatbots.
Enterprises enhance their workflows and operations increasingly with the help of chatbots as co-workers. This helps companies in serving a larger market segment. Chatbots automate redundant tasks that sap the productivity and efficiency of the workforce and enable them to focus on their core functions. Chatbot technology enhances customer experience by providing them with personalized content.
Chatbots: Influence In Industries Today
Enhances Customer Service
According to a recent survey, 83% of customers need online assistance to complete their shopping. Customers will need online real-time assistance from a real store. The assistance required by customers include areas like during registration, logging in, adding products into the cart, payment, checkout, etc. This is where chatbots serve as a salesperson by interactively communicating with customers via text, voice and so on and provide them with rich content.
Additionally, chatbots provide automated answers to redundant queries of customers. It also forwards the queries to real sales personnel when the need arises. This saves the time of human customer service resources, avoiding the need for customers to wait for responses. This scales up operations of enterprises to new markets globally as well.
Customer service that chatbots offer is proactive. This means that chatbots facilitate a 24/7 service for interacting with its customers real-time. Initiating communication with the customer periodically, is another benefit of the prevailing chatbot technology, thus enhancing your brand perception considerably.
Monitors Data To Provide Critical Insights
An enterprise benefits from gaining traction of customers on its website’s landing page. But it is equally important to ensure that the landing page also generates enough organic traffic. Chatbots reaches out to the customers who visit the landing page and gathers critical data as to why the customer left the page without a purchase and so on.
Online customer behavior and buying patterns are tracked effectively via monitoring the data thus derived.
Generate Leads Effectively
Chatbots ensure a better lead generation by helping in determining leads via KPIs such as timeline, budget, etc. Chatbots thus ensure higher conversion rates.
Implementation of a fully functioning chatbot is much faster than hiring individual employees for each task. With great speed, chatbots also ensure error-free operations. It is also easy to implement and maintain. This reduces costs and other overheads significantly.
Chatbots In Its Chatbaby Phase: Conversational Limitations In Current Chatbots
Chatbots have evolved into a phase where it can integrate Natural Language Processing or NLP technology to support the workforce in performing extensive searches. That being said, chatbots currently face a limitation. AI-based chatbots, for instance, are restricted to duplicate results. For example, a flaw in a chatbot can result in the chatbot responding to a high engagement level content such as an office party album instead of retrieving business-related documents.
Why Do Chatbots Need To Mature?
Though chatbots support customer services, they lack a human element in them. A full-fledged implementation of a matured chatbot requires addressing numerous technological gaps. Only then the services of these chatbots can be extended from a chatbaby level, offering just employee assistance to a serious enterprise level.
Even when chatbots interact in an automated manner, they sometimes cannot answer even simple queries. For instance, chatbots lack becoming conversational in a detail-oriented manner. Thus, it is necessary to learn the complex machine learning technology and its bottlenecks initially before you proceed to implement it in your business.
Around-the-clock support is what customers look forward to while they search via queries online. This 24/7 ability to converse with the customers real-time is what is yet to be achieved.
In 2019, chatbots are still in their chatbaby phase and need to mature. 75% of global consumers prefer human interaction rather than a chatbot or any other automated service at the time being.
The data required to establish a fully conversational chatbot is immensely huge. This explains the need for a much higher understanding of machine learning and challenges around natural language processing technique implementation.
Can There Be An Alternative To Chatbots?
Chatbots can handle simple tasks to help the human workforce. But when it comes to complicated tasks, assistants that can proactively work to streamline interactions with customers, are required. For this, employees must be able to access from a centralized location.
Employee Intranets, for instance, are hubs that allow organizations to access data in real-time and whenever required. This not only allows them to store data in an easily accessible manner, but also help in connecting with resources and tools at a fast pace. This now becomes a perfect collaboration system.
As more and more employees become tech-savvy and with the growing requirement of companies to expand their mobile technologies and strategies, connecting remotely is a necessity. With the growing remote working, it is important to implement social media features into various communication channels as well. This enables a human element to be present and can act as an alternative to chatbots.
2019 can be seen as a year to understand machine learning technology and to develop the digital workplace. With evolving technology, it is also important that an organization ensures a perfect environment where resources and tools support these digital assistants and help in making critical data simple and accessible. Call our strategists right away to learn more about how chatbots can improve your business effectively and productively.
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Can Smart Home Technologies Reshape The Real Estate Industry?
“Mid pleasures and palaces though we may roam, be it ever so humble, there’s no place like home,’ sang American actor and poet Howard Payne back in 1822. He never could have imagined back then what a home, more specifically, a smart home could be 200 years later. From smartphones to smart homes, smart is the buzzword. Automation, ease, and freedom – that is what a smart home provides and that is what people are looking for today. In this article, we will consider how smart home technology is creating an impact on real estate now and will continue to do so into the future
What is Smart Home Technology?
Automation is a major factor in smart home technology. When your coffee pot goes off at a pre-set time or a sprinkler system goes on and off when you’re out of town, you are using automation. But “smart home automation” goes a step further in that it includes remote monitoring and programming. They become “smart” when you can control and communicate with several devices from great distances. With the rise of tablets and smartphones, you can now connect everything from phones, TVs, lights and much more. These are invented with the intent to make the home comfortable and safe. The question is, are common people interested in smart homes?
The Merger of Real Estate and Lifestyle
In this day and age, owning a home defines your way of life. When people invest in real estate, they look for comfort and security. Somehow real estate and lifestyle have always been intertwined with each other. And just as technology has had a positive and powerful impact in improving lifestyles, it has also had an impact on the housing sector. Now real estate is not only about owning a patch of land, but it is also no more about where you are located. Rather, it is more about what you can do within the given area on a more digital level. Would this have an impact on real estate?
According to the forecast by the International Data Corporation’s (IDC) Worldwide Quarterly Smart Home Device Tracker, the global market for smart home devices is expected to grow by 26.9% year over year in 2019 to 832.7 million shipments. As consumers adopt multiple devices within their homes, we can expect this sustained growth to continue with a compound annual growth rate (CAGR) of 16.9% over the 2019-2023 forecast period. And they expect double-digit growth in the market of smart homes.
Talking about Canada, for instance, IDC estimates that half of the Canadian population will be 55 and older in just one generation from now. And most of these potential buyers would prefer an age-in-place or an independent or assisted living environments, which would invariably lead them and their families to invest in smart homes.
Smart home services provide a whole range of benefits. Some are related to monetary benefits while others are related to comfort, all factors that would greatly impact real estate. This has bought some great benefits to real estate firms in closing deals and generating more revenue.
It is Easier to Resell a Smart Home
A vital consideration for an investor is the resale value of the property. The greatest impact home automation systems and devices have on real estate are that they increase the resale value. They usually raise the home value in terms of curb appeal. As smart home technology becomes more prevalent, home-buyers will see the benefits of investing in a smart home.
Adding home automation features and amenities can only do good. Along with location, market, condition, neighborhood, and age of the home, technology is also factored in when determining the market value of that property. Surely a home with smart home devices will have a greater value than a home that doesn’t.
Quicker Selling Time
The formula for selling your house fast is figuring out how to appeal to home-buyers. Multiple factors such as the location of your house, the condition it is in, the price and the features of the property can determine how quickly it will sell.
Marketing your home effectively, featuring smart home technology is another critical step in selling your home fast. A home buyer would be more inclined to buy a ready to move-in home than having to install smart home features after purchasing the property. Real estate listings with smart home technology upgrades sell faster than homes of a similar price per square foot.
Attract a Variety of Potential Buyers
Smart homes were believed to fit the lifestyles of the rich and famous or technologically gifted few. But now smart home products and systems are adopted by consumers across generations and communities.
According to statistics, the largest home buyers are millennials. Many of them are attracted to homes that have smart home technology features. Installing smart home products in a house can provide a millennial home buyer with a “wow” moment when they enter the home and thus improve the chances of attracting them.
The same research also says that single women are also investing in real estate. Installing a smart home security feature in a house can be attractive to a single parent who might be especially interested in security for their home and themselves.
Related Reading: Check out how Fingent can enable property managers, streamline their operations with PropTech.
Smart homes are now the norm. Home automation elevates the wow-factor of a real estate listing. The addition of smart home technology is very attractive to a potential buyer. And we can be sure that as technology continues to evolve, home buyers will continue to be attracted more towards smart homes because of the conveniences it offers.
Along with equipping homes with smart home technology, real estate firms can benefit from other technologies specifically designed to streamline the way they work and bring in business. Contact us for more information on that.
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Automatic control, which has been the foundation of automation, has been here for centuries. As far back as the 17th century, systems with automatic control devised for the regulation of steam engines, temperature control, and other applications. Automation has come a long way since then. Its application in the Health care sector that has been especially noteworthy since it has made huge strides in saving costs, labor, and lives! This blog will have an in-depth into how automation is revolutionizing the health care sector.
The Healthcare Industry – An Overview
Before we get into the role automation has played in the healthcare sector, it makes sense to have an overview of how the Healthcare Industry has been doing. Innovation and R&D in the past few decades have contributed to more effective medicines, improved diagnostic aids, and technological solutions to non-invasive procedures. These are naming just a few of the accomplishments in the healthcare industry.
Along with the accomplishments, there have been a few challenges as well. The availability of quality and affordable healthcare for its people is an important indicator of how well a nation fares on the Human Development Index (HDI). The problem is that even developed countries are struggling to meet this need effectively. There are many reasons for this and here are a few of them.
1) Rising Expenditures
There are huge investments being made in the healthcare sector in terms of funding drug discovery and providing facilities. This often translates into enormous hospital bills, which reaches down to patients.
A Research Gate study showed that supply expense per patient admission in the US was estimated to be $4,470! The disproportionate constraint of health insurance reimbursements makes the problem worse. The growing demand for procedures requiring medical devices is a further strain on the pockets of health care providers. For example, the National Center for Health Statistics (NCHS) predicts that the number of knee replacements will expand by 673% by the year 2030. Identifying R&D opportunities for drug discovery also involves large expenses and involves several data assimilation and regulatory challenges. Large volumes of data and insights are involved, and this expends time and cost.
Balancing costs and health outcomes require an intelligent assessment by formulary committees, which takes into consideration numerous data variables.
2) Appointment Scheduling
A survey of nearly 500 healthcare professionals on the Top Challenges for Medical Practices showed that lost revenue from broken appointments was the top challenge with 49.5% respondents voting for this. Other challenges included:
- Low response to recall efforts
- Not enough staff time to call patients
- Keeping updated patient contact information
- Lack of an efficient way to reach patients via text message
- Not connecting with enough patients with a reminder phone call
Patients entrust private information to health care providers, including social security numbers and financial details. The theft of such data could be catastrophic, to say the least. Reports show that the highest data breach resolution costs in the United States are for healthcare data breaches, which typically cost an average of $408 per record. The time taken to identify and contain a breach includes significant losses. Above all, the loss of trust and reputation with customers could deal a fatal blow to health care providers.
What is Data Automation
Automation is when manual tasks are reduced by the use of information technology. Repetitive tasks that require least human intervention benefit the most from automation. Data automation is the process when programming takes care of the assimilation, storage, and analysis of data.
Data automation usually involves:
- Extraction: Multiple open data sources are mined for relevant information.
- Transformation: The data is converted into a format that can be used by machines.
- Loading: The data is then fed into the system to serve as the raw material for automation.
Big Data Automation (BDA), is a broad concept that makes use of innovation and IT resources to create value. A few aspects of Big Data automation were brought out in a whitepaper by WhereScape. The WP has Barry Devlin describing Big Data automation as follows:
In addition to reducing manual labor in the collection and analysis of data, automation can help reduce administrative workloads and improve patient care on many levels. Robotic Process Automation (RPA) is the next level in automation. This uses machine learning and AI to effectively handle tasks that are done manually. RPA has made huge strides in Healthcare. A Deloitte article entitled “RPA in Health Care Can Improve Outcomes for All “puts it well: ‘RPA can help health care and life sciences organizations collect and translate patient and transactional data into meaningful, actionable formats; streamline compliance-related processes; and relieve employees of some tasks they now perform.’ Here are some ways in which automation is revolutionizing the healthcare industry: As we discussed earlier, a major cause of rising healthcare costs is the growing demand for medical devices and the innovation costs involved in drug discovery. Automation can greatly aid in this. Recently, FDA Commissioner Scott Gottlieb revealed a budget action plan, which focused on modernizing drug and device production and using innovation to minimize costs and advance public health priorities. Some of the highlights were to enlist “as many as 10 million electronic medical records to speed the regulator’s ability to address emerging safety concerns for drugs, biologics and medical devices.” This would help in fast-tracking the assessment of safety and effectiveness of the drugs and devices. The collection and analysis of data would also support drug discovery and new product functions. Consider the savings in cost and time if tasks like scheduling appointments and reminders would be automated. Apps that automate these tasks have freed up valuable staff and resources allowing them to concentrate on patient care. Some features that these apps make possible: A manual error is often the cause for most security breaches. By automating data processing and sharing, healthcare companies can ensure that handling of data by humans is minimized. With the help of AI and automation, healthcare providers can enable alerts, monitoring, and prioritization of abnormal behavior. Predictive analysis, diagnosis, and recommendations can also be automated ensuring that the system continuously learns to detect and eliminate security vulnerabilities. While we considered just three challenges and the ways in which automation is helping to resolve these challenges, there are many more. Fingent works with various clients in the healthcare sector to design customized applications to help automate their critical processes. Drop us a message to learn how we can help.
How Automation Is Revolutionizing Health Care Sector
1) Solving Rising Costs
2) Appointment Scheduling Solutions
3) Security Solutions
In addition to reducing manual labor in the collection and analysis of data, automation can help reduce administrative workloads and improve patient care on many levels.
Robotic Process Automation (RPA) is the next level in automation. This uses machine learning and AI to effectively handle tasks that are done manually. RPA has made huge strides in Healthcare. A Deloitte article entitled “RPA in Health Care Can Improve Outcomes for All “puts it well: ‘RPA can help health care and life sciences organizations collect and translate patient and transactional data into meaningful, actionable formats; streamline compliance-related processes; and relieve employees of some tasks they now perform.’
Here are some ways in which automation is revolutionizing the healthcare industry:
As we discussed earlier, a major cause of rising healthcare costs is the growing demand for medical devices and the innovation costs involved in drug discovery. Automation can greatly aid in this. Recently, FDA Commissioner Scott Gottlieb revealed a budget action plan, which focused on modernizing drug and device production and using innovation to minimize costs and advance public health priorities. Some of the highlights were to enlist “as many as 10 million electronic medical records to speed the regulator’s ability to address emerging safety concerns for drugs, biologics and medical devices.” This would help in fast-tracking the assessment of safety and effectiveness of the drugs and devices. The collection and analysis of data would also support drug discovery and new product functions.
Consider the savings in cost and time if tasks like scheduling appointments and reminders would be automated. Apps that automate these tasks have freed up valuable staff and resources allowing them to concentrate on patient care. Some features that these apps make possible:
A manual error is often the cause for most security breaches. By automating data processing and sharing, healthcare companies can ensure that handling of data by humans is minimized. With the help of AI and automation, healthcare providers can enable alerts, monitoring, and prioritization of abnormal behavior. Predictive analysis, diagnosis, and recommendations can also be automated ensuring that the system continuously learns to detect and eliminate security vulnerabilities.
While we considered just three challenges and the ways in which automation is helping to resolve these challenges, there are many more. Fingent works with various clients in the healthcare sector to design customized applications to help automate their critical processes. Drop us a message to learn how we can help.
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The quest for improved productivity and efficiency in a highly competitive world has landed many enterprises at the altar of automation. A global survey by the Grant Thornton International Business Report reveals about 56% of firms are either automating processes or plan to do so over the next 12 months.
However, businesses caught up in the hype of emerging technologies seldom realize that for all the benefits of automation, it is a double-edged sword, which has the potential to inflict serious damage to the vitality of the enterprise.
Automation Improves Accuracy and Speed with Reduced Costs
Automation brings to the table a load of benefits, and among the most obvious and direct benefits are improved accuracy and speed, with reduced costs.
Manual processing of tasks is prone to errors, regardless of how dedicated the person entering the data, and how rigorous the cross-checks. Moreover, manual updating of records, data entry, or process is both time-consuming and resource intensive. What takes days of painstaking effort may be executed in a matter of seconds, by leveraging automated technologies.
Likewise, automated operations, with synchronized operations, and turning switches on and off at the right time, improves efficiency, eliminating wastage.Automated robots work 24×7 at factories, without taking a break, and automated agricultural operations increase crop yield, improving productivity and Returns on capital investment manifold.
Automation also brings in consistency to processes, and increase predictability. With automated system and processes, the outcome both in terms of time and results may be predicted with a high level of accuracy.
Automation enables implementing the seven lean principles of eliminating overproduction, reducing waiting, prompt transportation, avoiding unnecessary processing, eliminating unnecessary inventory, doing away with excess motion, and eradicating defects, with gusto.
Automation Improves Safety
Automation eliminates the risks associated with several hazardous jobs, from handling molten lead to operating shredders, and preempts employees from being infected with ergonomically related disorders through monotonous data entry, injuries due to lifting heavy weights, and so on.
Automation Offers Macro Level Benefits
Automation removes the kinks in the production and operations process, leading to a high level of efficiency and better products. At a macro level, such improved efficiency leads to reduced costs and lower prices which boost demand, both factors improving the now all-sacrosanct bottom-line.
A spin-off benefit is, gains to the environment. The highly efficient operation of heating and cooling systems, brought on by automation, reduce energy. Likewise, automated robots used in mining reduce waste and conserve the environment.
However, often overlooked are indirect benefits of automation, which may be just as profound. Automation spares employees from drudgery and allows them to focus on meaningful tasks. Such work enrichment plays no small part in giving employees a psychological boost and can contribute to employee retention in a big way.
Automation and the Job Loss Quandary
For all the benefits, automation poses certain challenges as well.
One of the biggest benefits and a major reason why companies opt for automation is to reduce their wage bills, which often constitutes a sizable chunk of their operations expenses, to the point of making operations unviable. In fact, it is the wage bill that sounded the death knell of many industries in the US and other developing economies, shifting business to China and other developing countries. Automation is widely seen as an effective tool for competitive advantage, to overcome the challenge posed by low-wage economies.
Automation does lead to a reduction in workforce and reduced wage bills. About 43% of businesses expect automation to lead to job losses. About one in every three companies in the manufacturing, technology, clean tech, and food & beverages sectors expect automation to replace at least 5% of their workforce.
However, enterprises salivating on the prospects of a substantial reduction in their wages bill, as automation takes over manual tasks, may have to hold on to their celebrations. Automation takes away manual tasks, but brings in additional complications, such as the need to monitor and maintain the automated system, with adherence to Quality Assurance (QA) process. In essence, it may replace several low-end jobs with a few high-end jobs. Only large enterprises can be assured of a reduced wage bill. For small and medium enterprises, automation reducing their wage bills depends on the scale and nature of operations, and in the worst-case scenario, automation may actually end up inflating the wages bill!
Automation induced job losses can cause macro-level disruptions as well. In Stephen Hawking’s words, automation can “decimate the middle-class jobs” and displace the working class. Apart from the remaining employees being psychologically unmotivated, such a trend can result in the enterprises finding it difficult to get talent, and having to spend more resources and effort than necessary of its human resource and strafing functions.
Automation May End up Being Costlier!
From a financial perspective, deploying automated systems requires significant capital investment. A situation may well arise when the cost to implement and maintain the automated systems exceeds the manual costs, making automation financially non-viable. There are also unpredictable costs related to maintenance, and repair, and also predictable but indirect costs related to supervision and training that make automation financially dangerous for an enterprise.
Also, automation depends on having a highly matured technology infrastructure as its backbone. Without reliable ultra-fast backbone and equally dedicated supply of energy, automation will fall flat on its face and become counter-productive. Many companies assume this as given, when the reality may be different, or at least much costlier than anticipated, even in first world economies.
Automation is Not Yet Compatible with Customization
A more significant challenge is the loss of versatility or flexibility. No machinery is as flexible as the human body, and no artificial intelligence can supplant the human brain. An employee can perform a flexible variety of tasks, whereas a machine is limited to what it has been programmed to do. Automation basically entails repeating the same process over and over again and requires standardization. One off customizations, to cater to any special situations or exigencies, or even approaching each customer in a special way, is an anathema to process or operational automation.
The latest developments in 3D printing may provide a breakthrough in applying automation in a customized way, but it is still early days, and there is a long way to go before viable models emerge and mature.
Unless automation is implemented without a thorough understanding of the business process, or customer preferences, it can make things pretty annoying for the customer. Consider the case of an automated customer service helpline, where the customer has to spend minutes selecting one option after another, and in the end, be cut off because he made a wrong choice somewhere and now cannot find the option he wants.
Also, automation works well in a perfect world, but in a practical world, where there may be a need for compromises, automated systems may fall flat on its face. For instance, a strike or a hold up may disrupt the supply chain, throwing the entire synchronized system in disarray.
Each wave of automation has come with fresh benefits. The first wave of automation, heralded by the Industrial Revolution of the 19th century and made production robust. The second wave of automation in the 20th century boosted production capabilities and speeded up things. The latest wave of digitally inspired automation, powered by IoT and related technologies, promises intelligent insights which have the capability to overcome, almost all these existing drawbacks or challenges.
The trick is to get the implementation right. It requires effective teamwork, bringing together all stakeholders. A partner who knows his trade is essential to develop cutting edge and seamless solutions that leverage the benefits of automation and customize it for the enterprise.
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Do you think social media marketing is important for your business? If yes, do you use social media channels on a regular basis? If your answer is yes, then great. What if you didn’t post a tweet today, or in the last one week? What’s going to go wrong, right? (That’s an oxymoron!).
Well, what’s going to go wrong, is probably your entire business. Yes, it is that important. According to a recent study, about 1.7 billion people in the world use social media. That accounts for almost a quarter of the world. Which means, if there is anything that you want people to know, or if you want to know about something, chances are, that you either put it up on a social media channel, or read it up through one, respectively. What started off as a secondary marketing technique by, let’s say around early 2000, has now become THE MOST influential tool for marketing in a few years. So, as much as you need to be active on your social media networks, you need to also keep yourself updated with all the latest trends in social media as well, don’t you think?
Here are the top 3 trends in social media marketing.
- SoLoMo – Since social media marketing and advertising through mobiles have been gaining popularity lately, and since social media is one of the most popular channels for digital content, there has arisen a new marketing mix, involving all these 3 factors. It is called SoLoMo, which is an acronym for Social, Local and Mobile based marketing plans. TechTarget defines SoLoMo as “a term representing the convergence of collaborative, location-based and on-the-go technologies primarily used for marketing and discovery purposes.” Some examples of apps using this technique are FourSquare, Yelp etc. You need to really engage with your customers through social networking sites and keep your online marketing efforts in line with your offline efforts. You need to also reach out to your customers wherever necessary, through location-based apps that compliment your facebook and twitter ads.
- Twitter trends – According to a recent Twitter survey, apparently almost 61% of Twitter users follow various businesses online to share their opinions and ideas. Promoted trends on Twitter have had a pretty huge impact in this regard. 32% of users said that they are more likely to follow and even visit certain businesses after they see a promoted tweet from them that relates to their personal interests or ideas. Promoted trends are basically time-based, context-based and situation-based trends in Twitter, promoted by the advertisers. Just like trending topics, promoted tweets are also visible to all Twitter users and on clicking on them, the users will be shown all tweets that contain the trending hashtags or terms. These are very effective when you want to disseminate mass awareness about a particular product of yours. You can concentrate on a targeted niche of users every time you launch a new product or service too.
This is an example of what a promoted trend on Twitter looks like:
- Visual content – Whether it is on Facebook or Twitter or any social media channel, visual content never fails to attract us. It has been found that posts on social media channels with videos, attract up to 3 times more inbound links than regular text posts. Facebook, Instagram, Pinterest etc. are some platforms that businesses utilize, to post videos and launch video advertisements through. Companies can run visual content marketing campaigns to increase their profits as well. Visual content marketing campaigns involve content in several forms such as animated GIFs, images, infographics, videos etc. or anything that attracts you. Various organizations have carried out such campaigns and have experienced tremendous increase in customer engagement and hence their profits.
These trends, along with a number of upcoming trends in the world of social media marketing are sure to bring about a revolution in this field. As influential as these are, the impact that they are going to create in this regard is also going to be pretty huge. What do you think are likely to affect industries in a big way?? Let us know in the comments below.