convedo Intelligent Process Automation Blog

When you hear the words "artificial intelligence," the first thing that comes to mind might be a super-intelligent computer or a walking, talking robot — both of which remain firmly in the domain of science fiction. Yet AI isn't just restricted to these far-out ideas: businesses of all sizes and industries are already using AI technologies to digitally transform their processes and operations.

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.

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.

Not only can technology radically transform the face of private companies, it can be just as effective in the public sector. According to a 2016 European Union report, 81 percent of public services in EU member states are now available online. The term "digital government" refers to strategies and initiatives to bring governments and citizens closer together via technology.

Technology is the new currency of the 21st century. Organizations large and small are seeking to leverage technology in order to improve their business processes and make smarter decisions. Visions of digital transformation have launched a technological "arms race" between companies searching for key differentiators to give them a leg up on their competitors.