What does smart business automation have to offer?
Robotics refers to software that acts like a virtual worker using existing IT infrastructure. The goal of robotics is to automate repetitive tasks in order to free people from activities of little value. In a changing world, robotics is enriched with many digital elements (for example, OCR – Optical Character Recognition, VA – Virtual Assistants) and analytical (for example, ML – Machine Learning, Data Science), which allows transforming the operating model of the entire organization. This is what is called Intelligent Automation (IA).
Intelligent automation is rapidly gaining a support function in the finance, tax, human resources and IT industries, as well as in the supply chain and many customer-centric processes.
Does it pay off?
As with other areas, financial sector automation brings tangible benefits to companies: increased efficiency and lower costs, and reduced risk of fraud by bankers.
Unlike a human, a robot does not get tired, does not make mistakes and performs the tasks assigned to it much faster. This is clearly seen in the case of robotization of credit processes. For example, a typical bank clerk takes an average of 40 minutes to analyze a borrower’s risk. Credit score automation will reduce this time to 10 minutes. Due to the fact that all the necessary analyzes were carried out by a robot, a person can only evaluate whether to provide a loan to the applicant or not, based on the risk index. Obviously, robotization initially requires some financial investment, and the company still only bears the cost of maintenance. According to the research of A. Kearney and Arvato, investments in automation pay off in a year after their implementation, and in the next three years they bring 100-300% profit.
When discussing the automation of the financial sector in Ukraine, the risk of mass layoffs of traditional workers who can be replaced by robots is obviously the greatest doubt.
Some experts believe that in the future, people in the structures of the bank will become a luxury item. Experts emphasize that tasks are automated, not positions, and the introduction of robots is designed to facilitate the daily work of employees. At the same time, it should be remembered that automation entails the need for employees to improve their skills so that they can easily find themselves in the automated world of finance. Robotization also brings non-financial benefits. The automation of financial processes primarily increases the level of customer satisfaction. Reducing the waiting time for decisions, improving communication, adjusting the proposal individually – all this contributes to an increase in customer satisfaction.
Rather than wondering how individual business process automation technologies in Kiev, Vinnytsia, and Dnipro can be used in an organization in the traditional way, intelligent automation is a rethinking of how processes can be transformed to meet new digital customer expectations. By combining different technologies for optimization and automation, decentralization of processes, we can achieve speed and efficiency while reducing errors and risks.
Artificial intelligence development company iTizzi (Odessa, Lviv) will help in:
- Identifying strategies and opportunities,
- Consideration of operating models and creation of centers of excellence,
- Risk assessment and control of automation, its impact on your employees,
- Defining a reference architecture and prioritizing processes,
- Development and implementation of IA.
Benefits from implementing complex IT solutions for a successful internet business can include:
- Decrease in operating costs (on average from 15% to 40%),
- Acceleration of processes (the robot is on average 3-5 times faster than manual control),
- Predictable performance and quality as the machines follow the same steps and algorithms sequentially,
- Reducing the risk of human error – and therefore reducing financial risk, reputational risk and regulatory risk,
- Development and implementation is measured in weeks, not months or years.
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