The robots are coming!
Well, technically they're already here and have been for some time, but they are still coming! Global trends indicate robotic process automation (RPA) and artificial intelligence (AI) technologies are slowly becoming the new norm. This is a trend now affectionately known as the fourth industrial revolution. Companies with large numbers of customers or users have begun to realise what these new technologies can achieve for their business. Chances are you've probably come across some of their new employees, or at least heard about them. Think about Alexa from Amazon, Siri from Apple, Cortana from Microsoft. Their purpose is to respond to queries and commands but also to interact with customers. With this technology, instead of a significant proportion of a company's workforce being comprised of call centre representatives, many employees can be reassigned to more productive tasks. What a dream- no more having to ask customers if they've tried turning their device off and on again!
But how do these wide-sweeping trends impact small to medium sized enterprises? What can these businesses do to take part in this new industrial revolution?
Unsurprisingly, with lockdowns, social distancing, and complications to workforces and workflows, Covid-19 has accelerated already existing trends in automation. No business has been spared, no matter the size. Social distancing measures have redefined the modern workplace and forced businesses to adapt. Customer expectations have changed too; speed and the feeling of personalised service are no longer a bonus but are downright demands! Underneath these changes, technological trends have remained relatively consistent. RPA and AI technologies have steadily evolved into effective and efficient solutions to resolve weaknesses laid bare by COVID. And this is just the beginning.
RPAs are now emerging as an important piece of technology every business should consider implementing. While some of us may still be thinking of RPA as an expensive and futuristic version of an employee, the reality is very different. Simply, an RPA is a technology that involves bots who mimic human actions to complete repetitive tasks. Employees no longer need to spend hours repeating simple, time-consuming tasks and can instead focus on more productive activities. In industries where digitalisation is already commonplace, RPAs are really thriving. This is due to their enhanced flexibility within digitally enabled business environments. They're more affordable too.
We also see an emergence of RPAs in otherwise commoditised business functions such as Business Process Outsourcing (BPO). Here, RPA's are slowly phasing out traditional BPO by beating the practice at its own game. What made BPO valuable was the lure of cost savings. But now, with the emergence of RPA technology, the value of a BPO has diminished and businesses are now developing bespoke RPA software as a more cost-effective alternative. Integration is easy too. Most RPAs will integrate with common software apps by default and implementing them is as simple as recording your actions and having the robot repeat the same actions. Time-consuming tasks, such as creating customer invoices, automating payroll and returns, and expense management, can now be automated through an RPA, saving time, and increasing efficiency.
Alongside RPAs, AI technology is also emerging as an effective technological solution for SMEs. However, in comparison to RPA’s, AI allows businesses to go one step further than simply handling low-value repetitive tasks. With the ability to adapt and recognise patterns, AI opens avenues for innovation and exploration into developing new products and ideas, enabling opportunities for growth that were previously untapped.
There are two main functions of how AI can operate within an SME business, both take advantage of its pattern-learning abilities. The first increases immediate productivity levels by enabling 24/7 response times with customers and increasing employee welfare by reducing health and safety risks. These unique pattern-recognition abilities of AI can also predict future outcomes without breaking the bank. Through pattern recognition, AI can determine when machinery needs to be repaired before it breaks down. Thus, reducing downtime by getting a head start on fixing the issues before they become problems.
Second, the proactive nature of AI can also be used to predict changes in customer behaviour. For instance, in the retail industry where data-hungry algorithms predict changes in purchasing patterns and product demand. Whilst in the healthcare industry, it can reduce costs associated with care and prevent delays in diagnosing patient's needs. Those at Insider reported that researchers at the University of North Carolina Lineberger Comprehensive Cancer Center used IBM Watson's Genomic product to identify specific treatments for over 1ꯠ patients. The product performed big data analysis to determine treatment options for people with tumours who were showing genetic abnormalities. Other industries benefit too. The transport and logistics industry benefit from cost and time reductions with real-time fleet management improvements, while those in the retail industry benefit with increases in sales and customer reach. Thus, making predictive analytics valuable to any business decision maker, no matter the industry.
In terms of the change in the rate of diffusion, neither RPAs nor AI have been negatively impacted by COVID. While it's true that there have been plenty of disruptions, delays, and changes to the business environment and faster, and more personalised services have gone from just a bonus to customers to now being demanded, COVID may end up having and unexpected positive consequence: the status quo is being challenged and traditional ways of thinking about how to solve business challenges are getting turned on their heads. The proverbial upsetting of the applecart has provided opportunities for innovation and problem-solving, inspiring new solutions to fix the problems intensified by COVID. It's also been a time for reimagination. We're changing the way we work, the way we buy, the way we create and the way we learn, and automation is playing a big role in this.
