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Let's talk automation.
In the traditional model for developing software applications, programmers and business leaders would first sit down and hash out the specs for the application and then move sequentially through the coding, testing and release phases of development. This is called the "waterfall" model of software development because it always moves predictably from one level to the next, like a river that flows over a large group of rocks.
Advances in fields such as computer vision, machine learning, and speech recognition and processing are enabling companies to take advantage of AI tools and technologies, thereby improving productivity and cutting costs. IT research and advisory firm Gartner predicts that, in the next three years, companies that use cognitive ergonomics and system design in new AI projects will see long-term success four times as quickly as their competitors.
IT environments are more complex than ever before, with potentially hundreds of different software applications running on thousands of workstations. What's more, hot new tech trends like virtualisation, cloud computing, and big data are changing the fundamental nature of how organisations function.
Robotic process automation (RPA) isn't yet a household name, but it will be very soon if current trends continue. According to IT research and advisory firm Forrester, the RPA market is set to explode from £180 million in 2016 to £2.1 billion in 2021 — just five years later.
Robotic process automation (RPA) has the potential to radically transform businesses in a variety of industries — and financial services companies in particular. Banks, credit unions, insurance agencies, credit card companies and others can all stand to benefit by bringing RPA into their organisations.