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Intelligent process automation: The engine at the core of the next-generation operating model

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Full intelligent process automation comprises five key technologies. Here's how to use them to enhance productivity and efficiency, reduce operational risks, and improve customer experiences. Since the financial crisis of 2007–09, many companies have applied lean management to improve cost efficiencies, customer satisfaction, and employee engagement simultaneously, and many programs have achieved substantial impact on all dimensions. Progress on digital, however, has been more uneven. In the insurance sector, for example, an October 2016 FIS study found that 99.6 percent of insurers surveyed admitted they face obstacles in implementing digital innovation, while 80 percent recognize they need digital capabilities to meet business challenges.


Intelligent process automation: The engine at the core of the next-generation operating model

#artificialintelligence

Since the financial crisis of 2007–09, many companies have applied lean management to improve cost efficiencies, customer satisfaction, and employee engagement simultaneously, and many programs have achieved substantial impact on all dimensions. Progress on digital, however, has been more uneven. In the insurance sector, for example, an October 2016 FIS study found that 99.6 percent of insurers surveyed admitted they face obstacles in implementing digital innovation, while 80 percent recognize they need digital capabilities to meet business challenges. This difficulty has been compounded by the boom in "insurtech" investments in 2016--topping $3.5 billion in funding across 111 deals since 2015. As macroeconomic conditions continue to put pressure on profit margins across sectors, cost productivity and unlocking new value are back at the top of the senior-management agenda.


Winning in automation requires a focus on humans

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Although corporate adoption of automation technology is becoming more widespread, success remains elusive. Three-quarters of respondents in a 2018 McKinsey global survey say their companies have begun to automate some business processes or plan to do so within the next year. Yet many find total returns have fallen short of their expected target. Our client work indicates there are two main reasons for this. First, too many organizations fail to consider how automating certain steps in a business or customer-facing process will affect upstream or downstream handoffs and connections, which can introduce new inefficiencies, capping the value delivered by automation.


Winter Is Coming--For The Economy And AI

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Economic winter has been a long time coming; the US has had the longest-running bull market in the country's history. Markets, startups, and corporate innovation and expansion have flourished for over a decade. But now we appear to be entering the early days of winter, as markets fall on coronavirus threats and large companies--including automotive, retail, and technology firms in the U.S. and Europe--announce substantial layoffs. Even before the coronavirus-related market declines, my conversations with companies and their consultants indicated that more companies are talking about restructurings and capital expense reductions than expansions. Several economists have raised the odds of a recession in 2020 to 50% or above.


Top 10 AI Trends for 2020

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Artificial intelligence, machine learning, neural networks or whatever other fancy terms industry is coming out with for what is defined as the sophisticated computer technology that is becoming widely utilized to understand and improve business and customer experiences. I assume, you have heard of it before, but they way it is defined today is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Digital IQ, as the measurement of how well an organization can understand its business processes from a variety of critical perspectives, will play an increasingly important role in every digital transformation strategy as more enterprises come to the realization that they must have visibility into their operations. Digital intelligence solutions will help organizations increase this business-critical ability by optimizing automation initiatives and complementing platforms like RPA and BPM. In 2020, more organizations will adopt digital intelligence technologies into their overarching digital transformation initiatives, as enterprises realize that these solutions illuminate paths to improved customer experience, reduce operating costs and sharpen competitive advantage.