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How To Use Artificial Intelligence And Automation To Drive Your Business Forward

Artificial intelligence (AI) and automation look different in practice than what many believe. Colloquial interpretation of these technologies usually results in human-like robots rapidly going through tasks that vary from the mundane to intricate.

Experts project the AI Market will grow dramatically over the next five years.

How many times have you heard about someone worrying, “Robots are coming for my job!”?

In reality, robots that use AI and automation aren’t as visible as movies make it seem. And, most importantly, robots aren’t here to take jobs from hard-working employees. Instead, modern robots lie under the surface, coupling with existing technology to make your employees better, faster, more reliable.

When done right, AI and automation prove to deliver a lot of hard to ignore benefits, such as:

● Faster, more consistent results

● Increased flexibility and scalability

● 24/7 operations with fewer errors

● Reduction of labor costs

But, not all businesses see the results they hope for from artificial intelligence and automation. A McKinsey survey found that only 55% of companies believe that the programs that leverage these technologies have been successful. More than half of respondents also admitted it has been much harder to adopt them than they had initially expected.

That’s why experts recommend employing a specialist in AI and automation to not only launch your new technology but also stay with you through project completion. Tagence is an entire company of those specialists.

Getting a Head Start on AI and Automation

Business owners need to understand the basics of these technologies and what AI and automation can do to improve their company before they invest.

So, what is AI… and what can it do for you?

By implementing AI and automation, businesses usually aim to improve operations and support a business’s ultimate goals. It stands to reason that the first step a company should take when employing AI for automation is figuring out where this technology could fit in their practices, what can realistically be improved or supported through state of the art technologies, and what is best left alone. 

Here are some tips on how to approach adopting artificial intelligence and automation to enhance your business operations:

1. Get A Basic Understanding Of The Technology

Artificial intelligence refers to a wide array of algorithms that focus on building smart machines that can perform various tasks that, traditionally speaking, require a human to complete. Through AI, businesses can achieve automation in specific processes and reap the benefits, like higher value tasks completed faster by employees. 

The field of AI is still growing. There are many tools and programs already on the market today that a business operation can add to increase productivity, such as robotic process automation (RPA). 

There is a lot of information available to businesses that can help them understand AI and automation. We suggest taking a gander at Stanford University’s Artificial Intelligence: Principles and Techniques or reading more of the Tagence Blog for examples of how AI or RPA could work in your industry.

2. Analyze Your Business Operations and Identify Potential Needs

Understanding the basics of AI and automation allows businesses to identify what these technologies can solve and where they may fit into the broader scheme of things.

Successful AI and automation programs rely on businesses having a clear idea of what issues these technologies can address. Though these technologies are more advanced than simple software a computer already has, they are still not as intelligent as many business owners hope right out of the box. 

Specifically, initially, the bots cannot figure out the business’s precise needs, but they can be programmed to learn how to tackle specific issues. This bot managed learning process is why you need an expert to help you identify the right process and aim your bots at enacting a solution.

3. Establish A Set Of Priorities

The AI global market is continuously growing. Its value was USD 39.9 billion in 2019, and expect that number to grow tremendously as tech giants are hard at work trying to develop newer, better, and faster software. 

For business owners, this means there are a lot of options and opportunities when it comes to AI. A simple search can unveil countless software designed to address virtually every business need. Because of this AI software market glut, it’s essential to stay focused on your business’ priorities.

In particular, small businesses need to have an established set of priorities for AI adoption and slowly integrate these technologies into their operations based on what initiative can bring forward the most value first. 

4. Find Your AI and Automation Niche

AI and Automation Can Do Extraordinary Things.

For example, the banking sector has been quick to embrace AI and automation. Many banks have already integrated AI systems for several purposes, from customer support to credit fraud detection or anomaly screening. A success story to consider is HDFC Bank, which developed an AI-based chatbot called EVA (Electronic Virtual Assistant), which assists customers with all their banking queries.

Since it launched, Eva has addressed millions of customer questions and interacted with tens of thousands of unique users. Eva collects knowledge and provides simple answers in less than a second, ensuring that HDFC Bank consumers get the help they need at virtually any time. Thanks to its success, now the bank is looking for ways to leverage AI for fraud detection.

Removing the workload generated from resolving routine requests, EVA has allowed customer service employees to focus on more complex cases. 

5. Consult With Experts

Once a business has decided to determine if AI can assist with their automation goals, it’s worth consulting with a robotic process automation specialist. You need an expert to help you find the right tool, refine an implementation strategy, and create the right change management plan to ensure the software will be successful. 

Even if a business has an internal team handling AI tasks, bringing in an outside AI consultant can help the company stay on track and make the best decisions regarding how to adopt RPA technology. 

Adopt AI and Automation Soon

Artificial intelligence and automation are already a reality for many industries, and AI and automation adoption increases year-over-year. Experts expect to see this adoption rate increase at an alarming rate over the next few years.

Companies looking for ways to automate mundane and repetitive tasks can reap many immediate benefits of AI with RPA. 

Download Tagence’s Free Guide to RPA and learn how you can leverage AI to accelerate your business.