Businesses are fast adopting automation tools to resolve their daily challenges. Cognitive algorithms that mirror screen human reasoning have already been implemented in complex situations.
As companies are evolving swiftly with the help of advanced technologies, support functions have become a primary concern. With ever-changing trends, robots have become an inevitable part of human life. Automation is expected to drive more transformations, as per a report by Oxford Economics on “How Robots Change the World”. It claims that robots have the potential to take over 20 million jobs around the world by 2030. Researches also agree that the rise of bots would benefit companies, driving increased productivity and economic growth.
Today, most brands have already adapted to the disruption of legacy systems. With the high use of robotic process automation (RPA) in businesses, many lower-level tasks have replaced humans with bots and algorithms. Clearly, it has improved the expansion of computing power and data flows. The investment plans for robotic process automation (RPA) is expected to exceed $2.9 billion in 2021, as predicted by Forrester.
Enterprise CIOs are strongly considering using ChatBots since they can make customer experiences simpler. For many businesses, it makes sense to focus on incorporating robots in the core service features. A study by IBM claims about 80% of enterprises will switch to bots by 2020, and this will serve to reduce customer service costs by nearly 30%. With the advancements in artificial intelligence (AI) and machine learning (ML), ChatBots will become more insightful. Research by Survey Monkey and Drift revealed that because of consumer preferences, the use of robots is increasing – only 38% of users today prefer speaking with humans.
Similarly, predictive algorithms are almost everywhere in technical processing. It is no secret that various social media platforms already have users’ data- that is the reason why people see ads that they see. Brands are taking all the advantages of this to market their offerings. With the increase in mobile communication and 5G, the smartphone’s AI algorithms can even predict human feelings. As per the MIT Technology Review, the AI that can track voices and faces is smart enough to detect human moods and depression also.
Market leaders implemented automation and digital solutions years ago on the primacy for business optimization, improved efficiency, and cost savings. They are continually finding additional sources of value while using advanced technology to support enterprise functionalities.