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Weekly AI Digest: Improving ROI with Intelligent Automation

How can you achieve a cost savings of up to 75%?

With automation, according to an article from KPMG this week. There’s also reports on how automation can help enhance capacity up to 35% as well as improve the overall quality of work. More and more evidence is pointing to the benefits of automating specific tasks or business processes. However, many companies find that it’s difficult to capture these benefits. So, what is the best way to ensure a positive ROI when investing in automation technology?

 

The Model T and Ford’s Assembly Line

What’s interesting to think about is automation techniques are nothing new. This has always been a concern for businesses. Take for example the auto industry. In 1912, it took about 12 hours to make a Model T car from start to finish. At the cost of about $800, cars were only limited to the wealthy. Then, Henry Ford implemented the first mechanical assembly line in 1913. Manufacturing times decreased drastically (to 90 minutes per car) and were sold at around $300 – more than a 50% decrease in price. This opened up the market to more buyers and by 1927, Ford was selling a Model T every 24 seconds.

Henry Ford Assembly Line

Image Credit: Ford Motor Company

What made Ford and the assembly line successful is they were able to recreate the same product, cheaper, and better quality. Soon the whole industry adopted assembly line techniques, allowing the automation industry to do more with less.

 

The 3 Types of Intelligent Automation

Today, we’re into a new era of Intelligent Automation. Going beyond just repeating the same steps over and over, Intelligent Automation is augmented with AI technology allowing it to reason and analyze. By incorporating an AI engine, automation can extend into new areas and do more complex tasks. The level of sophistication and reasoning can vary, as pointed out by KPMG Managing Director David Kirk. To account for this, he separates Intelligent Automation into three main types: Basic, Enhanced, and Cognitive.

 

The Layman’s guide to the Spectrum of Robotics and Automation

Source: The Layman’s guide to the Spectrum of Robotics and Automation, David B. Kirk, June 2016.

 

Introducing Automation Incrementally

At Yseop, cost savings is a priority for many of our customers. Other priorities are customer relationship enhancement, scalability, as well as optimizing and improving business processes. What we’ve learned over the years is that for many, it’s best to introduce automation incrementally. Start with those simple, repetitive tasks consuming your day-to-day work and then build towards more complex business processes. This not only helps the company adapt but also allows you to incorporate Intelligent Automation tech immediately. This is where Yseop can help. Download our white paper with tips on how to choose your first Natural Language Generation (NLG) use case to get you started with finding some ideas of where to begin automating.

 

 

Some other reads from last week that might be of interest: