Article | June 2, 2021
Intelligent Automation (IA) is one of the trending buzzwords of our times. What makes automation smart? Is it new? Why the renewed focus? Bill Gates believed automation to be a double-edged sword when he said: “Automation applied to an efficient operation will magnify the efficiency. … Automation applied to an inefficient operation will magnify the inefficiency.”
IA lies at the intersection of robotics, artificial intelligence (AI) and business process management (BPM).
But before you think HAL from 2001: A Space Odyssey, J.A.R.V.I.S. from Iron Man or Terminator 2: Judgment Day scenarios, first, a little context. IA is not new; automated manual processes have been in existence since the dawn of the Industrial Revolution. It enabled speeding up go-to-market, reduced errors and improved efficiencies. Over time, automation made its way into software development, quality assurance processes, manufacturing, finance, health care and all aspects of daily life.
“Intelligent” automation backed by robotics, AI and BPM creates smarter business processes and workflows that can incrementally think, learn and adapt as they go — for instance, processing millions of documents and applications in a day, finding errors and suggesting fixes or recommendations.
What Intelligent Automation Does, Humans Can’t
IA enables the automation of knowledge work by mimicking human workers’ capabilities. It includes four main capabilities: vision, execution, language, and thinking and learning. Each of these capabilities combines different technologies that are used as stand-alone or in combination to complement each other.
One oft-quoted IA example is fraud detection and prevention in the BFSI sector. Robotic process automation (RPA) optimizes the speed and accuracy of the fraud identification process. Since RPA can go through months’ worth of data in a matter of hours and throws up exceptions, teams cannot keep up with the speed and scale needed to resolve the issues flagged. However, speed and efficiency are of the essence where fraud management is concerned.
The answer lies in AI and BPM coupled with RPA. IA can streamline the process end-to-end. Pascal Bornet notes in his book, Intelligent Automation, that IA can help improve the overall automation rate to nearly 80%, and it can help improve the time to solve a fraud incident and obtain clients’ refunds by 50%.
While RPA provides excellent benefits and quick solutions, cognitive technologies offer long-term value for businesses, employees and customers.
IA And Digital Transformation
IA adoption is growing swiftly across the enterprise, being fast adopted by more than 50% of the world’s largest companies. Its benefits are relevant to the majority of business processes. For example:
• Industrial systems that sense and adapt based on rules.
• Chatbots that learn from customer interactions to improve engagement.
• Sales and marketing systems that predict buyer journeys and identify leads
The Future Of Work: Bitter Or Better
There is much speculation when it comes to IA and the future of work. The main contention is that robots will take away jobs from humans. My argument is that, while it will cause role changes, it doesn’t necessarily mean job losses.
The Industrial Revolution helped automate “blue-collar” jobs in manufacturing and agriculture. Similarly, IA will automate many white-collar jobs that are tedious and tiring. A recent IBM report shows that 90% of executives in firms where IA is being used believe it creates higher-value work for employees.
So, no, we will not be living in a dystopic world controlled by bots running amok! IA means better roles, the elimination of laborious tasks and improvements in employee well-being.
The Promise Of The Better Life
In 2018 alone, over $5 trillion (6% of global GDP) was lost due to fraud. Medical errors in the U.S. incur an estimated economic value of almost $1 trillion — and 86% of those mistakes are administrative. A 2017 Medliminal Healthcare Solutions study found that 80% of U.S. medical billings contain at least minor errors — creating unnecessary annual health care spending of $68 billion. The World Economic Forum cited an ILO report that “estimates that the annual cost to the global economy from accidents and work-related diseases alone is a staggering $3 trillion.”
Now, let us imagine we can save $5 trillion globally through the deployment of IA. It means:
• Global budgets allocated to education could more than double.
• Global healthcare budgets could be increased by more than 70%.
• Environmental investments could be multiplied almost twentyfold.
Transitioning To Intelligent Automation
However, adopting IA is not like flipping a switch. There are some key steps an organization must experience in its bid to be automating intelligently.
• Planning. For the successful adoption of IA, business leaders must understand the relationship between people and machines. Enterprises must plan so as not to disrupt other parts of the business and integrate IA seamlessly into the existing programs. Instead of adopting IA across the processes, identify where it delivers the most value. Automating broken processes will not fix the problem. IA will only reap rewards on stable and mature processes
• Change management. IA is not easy to implement. There will be a great deal of resistance to adopting IA in your organizations. Designing a change management strategy, an execution road map, an enterprise operating model and key metrics for ROI will help your cause. Invite key stakeholders from the outset to ensure buy-in and train your employees to work in collaboration with IA.
• Governance framework. Establishing a governance framework helps determine who will watch the watchmen. The bigger the role of IA in your organization, the more critical governance becomes. Designing a framework will help you monitor performance as well as define exceptions and errors. It is a recipe for disaster if you don’t have a command and control center to ensure IA is making the right choices. Even more reason for humans with industry expertise to still “have their jobs” and excel at them.
Future Of Intelligent Automation
The future of IA will direct businesses to a more adaptive model that is beneficial for business leaders to uncover higher value and employees to do more satisfactory and creative roles. Preparing for an intelligent future means adapting our technology, skills and education to fit the future of the workforce.
What are we waiting for?
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Article | November 20, 2020
As smart machines, data, and algorithms usher in dramatic technological transformation, its global impact spans from cautious optimism to doomsday scenarios. Widespread transformation, displacement, and disaggregation of world labor markets is speculated in countries like India, with an estimated 600 million workforce by 2022, as well as the global labor market. Even today, we are witnessing the resurgence of 'hybrid' jobs where distinctive human abilities are paired with data and algorithms, and 'super' jobs that involve deep tech. Our historical response to such tectonic shifts and upheavals has been predictable so far - responding with trepidation and uncertainty in the beginning followed by a period of painful transition. Communities and nations that can sense and respond will be able to shape social, economic, and political order decisively. However, with general AI predictably coming of age by 2050-60, governments will need to frame effective policies to respond to their obligations to their citizens. This involves the creation of a new social contract between the individual, enterprise, and state for an inclusive and equitable society.
The present age is marked by automation, augmentation, and amplification of human talent by transformative technologies. A typical career may go through 15-20 transitions. And given the gig economy, the shelf-life of skills is rapidly shrinking. Many agree that for the next 30 years, the nature and the volume of jobs will get significantly redefined. So even as it is nearly impossible to gaze into the crystal ball 100 years later, one can take a shot at what jobs may emerge in the next 20-30 years given the present state. So here is a glimpse into the kind of technological changes the next generation might witness that will change the employment scenario:
RESTORATION OF BIODIVERSITY
Our biodiversity is shrinking frighteningly fast - for both flora and fauna. Extinct species revivalists may be challenged with restoring and reintegrating pertinent elements back into the natural environment. Without biodiversity, humanity will perish.
Medicine is rapidly getting personalized as genome sequencing becomes commonplace. Even today, Elon Musk's Neuralink is working on brain-machine interfaces. So you may soon be able to upload your brain onto a computer where it can be edited, transformed, and re-uploaded back into you. Anti-aging practitioners will be tasked with enhancing human life-spans to ensure we stay productive late into our twilight years. Gene sequencers will help personalize treatments and epigenetic therapists will manipulate gene expression to overcome disease and decay. Brain neurostimulation experts and augmentationists may be commonplace to ensure we are happier, healthier, and disease-free. In fact, happiness itself may get redefined as it shifts from the quality of our relationships to that between man-machine integration.
THE QUANTIFIED SELF
As more of the populace interact and engage with a digitized world, digital rehabilitators will help you detox and regain your sense of self, which may get inseparably intertwined with smart machines and interfaces.
DATA-LED VALUE CREATION
Data is exploding at a torrid pace and becoming a source of value-creation. While today's organizations are scrambling to create data lakes, future data-centers will be entrusted with sourcing high-value data, securing rights to it, and even licensing it to others. Data will increasingly create competitive asymmetries amongst organizations and nations. Data brokers will be the new intermediaries and data detectives, analysts, monitors or watchers, auditors, and frackers will emerge as new-age roles. Since data and privacy issues are entwined together, data regulators, ethicists, and trust professionals will thrive. Many new cyber laws will come into existence.
HEALING THE PLANET
As the world grapples with the specter of climate change, our focus on sustainability and clean energy will intensify. Our landfills are choked with both toxic and non-toxic waste. Plastic alone takes almost 1000 years to degrade, so landfill operators will use earthworm-like robots to help decompose waste and recoup precious recyclable waste. Nuclear fusion will emerge as the new source of clean energy, creating a broad gamut of engineers, designers, integrators, architects, and planners around it. We may even generate power in space. Since our oceans are infested with waste, a lot of initiatives and roles will emerge around cleaning the marine environment to ensure natural habitat and food security.
TAMING THE GENOME
As technologies like CRISPR and Prime-editing mature, we may see a resurgence of biohackers and programmable healthcare. Our health and nutrition may be algorithmically managed. CRISPR-like advancements will need a swathe of engineers, technicians, auditors, and regulators for genetically engineered health that may overcome a wide variety of diseases for longer life-expectancy.
THE RISE OF BOTS
Humanoid and non-humanoid robots will need entire workforce ecosystems around them spanning from suppliers, programmers, operators, and maintenance experts to ethicists and UI-designers. Smart robot psychologists will have to counsel them and ensure they are safe and friendly. Regulators may grant varying levels of autonomy to robots.
DATA LOADS THE GUN, CREATIVITY FIRES THE TRIGGER
Today's deep-learning Generative Adversarial Networks (GANs) can create music like Mozart and paintings like Picasso. Such advancements will give birth to a wide array of AI-enhanced professionals, like musicians, painters, authors, quantum programmers, cybersecurity experts, educators, etc.
FROM AUGMENTATION TO AUTONOMY
Autonomous driving is about to mature in the next few years and will extend to air and space travel. Safety will exceed human capabilities and we may soon reach a state of diminishing returns where we will employ fewer humans to prevent mishaps and unforeseen occurrences. This industry will need supportive command center managers, traffic analyzers, fleet managers, and people to ensure onboarding experience.
BLOCKCHAIN BECOMES PERVASIVE
Blockchain will create a lot of jobs for its mainstream and derivative applications. Even though most of its present applications are in Financial Services, Supply Chain, and Asset Management industries, very soon its adoption and integration will be a lot more expansive. Engineers, designers, UI/UX experts, analysts, auditors, and regulators will be required to manage blockchain-related applications. With Crypto being one of its better-known applications, a lot of transaction specialists, miners, insurers, wealth managers, and regulators will be needed. Crypto exchanges will come under the purview of the regulatory framework.
3D PRINTING TURNS GAME-CHANGER
Additive manufacturing, also popularly called 3D printing, will mature in its precision, capabilities, and market potential. Lab-grown, 3D-printed food will be part of our regular diet. Transplantable organs will be generated using stem cell research and 3D printing. Amputees and the disabled will adopt 3D-printed limbs and prosthetics. Its applications for high-precision reconstructive surgery are already commonplace. Pills are being 3D printed as we speak. So again, we are looking at 3D printers, operators, material scientists, pharmacists, construction experts, etc.
THE COLONIZATION OF OUTER SPACE
Amazon's Blue Origin and Elon Musk's SpaceX signal a new horizon. As space tech gets into a new trajectory, a new breed of commercial space pilots, mission planners, launch managers, cargo experts, ground crew, experience designers, etc. will be required. Since we have ravaged the limited resources of our planet already, mankind will need to venture into asteroid mining for rare and precious metals. This will need scouts and surveyors, meteorologists, remote bot operators, remotely managed factories, and whatnot.
THE HYPER-CONNECTED WORLD
By 2020, we already have anywhere between 50-75 billion connected devices. By 2040, this will likely swell to more than 100 trillion sensors that will spew out a dizzying volume of real-time data ready for analytics and AI. A complete IoT system as we know it is aware, autonomous, and actionable, just like a self-driving car. Imagine the number of data modelers, sensor designers and installers, signal architects and engineers that will be needed. Home automation will be pervasive and smart medicines, implants, and wearables will be the norms of the day.
DRONES USHER IN DISRUPTION
Unmanned aerial and underwater drones are already becoming ubiquitous for applications in aerial surveillance, delivery, and security. Countries are awakening to their potential as well as possibilities of misuse. Command centers, just like that for space travel, will manage them as countries rush to put in a regulatory framework around them. An army of designers, programmers, security experts, traffic flow optimizers will harness their true potential.
SHIELDING YOUR DATA
With data come cyber threats, data breaches, cyber warfare, cyber espionage, and a host of other issues. The more data-dependent and connected the world is, the bigger the problem of cybersecurity will be. The severity of the problem will increase manifold from the current issues like phishing, spyware, malware, viruses and worms, ransomware, DoS/ DDoS attacks, hacktivism, and cybersecurity will indeed be big business. The problem is that threats are increasing 10X faster than investments in this space and the interesting thing is that it is a lot more about audits, governance, policies, and compliance than technology alone.
FOOD-TECH COMES OF AGE
As the world population grows to 9.7 billion people in 2050, cultured food and lab-grown meat will hit our tables to ensure food security. Entire food chains and value delivery networks will see an unprecedented change. Agriculture will be transformed with robotics, IoT, drones, and the food-tech sector will take off in a big way.
QUANTUM COMPUTING SOLVES INTRACTABLE PROBLEMS
Finally, while the list is very long, let’s touch upon the advent of qubits, or Quantum computing. With its ability to break the best encryption on the planet, the traditional asymmetric encryption, public key infrastructure, digital envelopes, and digital certificates in use today will be rendered useless. Bring in the quantum programmers, analysts, privacy and trust managers, health monitors, etc.
As we brace for the world that looms large ahead of us, the biggest enabler that will be transformed itself will be Education 4.0. Education will cease to be a phase in your life. Life-long interventions will be needed to adapt, impart, and shape the skills of individuals that are ready for the future of work. More power to the people!
Article | June 9, 2021
Several marketing channels have emerged in the digital marketing industry, but email marketing, with its cost-effective methodology and direct approach, remains a critical powerful marketing tool for small businesses.
According to eMarketer, over 80% of marketers believe email is the most successful tool to acquire new clients and retain existing ones. The success of an email campaign, on the other hand, is directly related to the technique employed. The idea is to create material that people will respond to or desire to receive in their inbox.
As a result, most marketers have been attempting to tailor their emails so that their information can speak to each customer individually. Experienced retailers who have used marketing automation solutions to use segmentation, personas, and develop customer journeys are familiar with this.
Email marketing has never been easier, thanks to advances in AI and machine learning. More challenging tasks, such as email verification, targeting, and scheduling, as well as for analytics, have become considerably simpler.