The benefits of automation in the legal sector
Legal firms have to deal with a large volume of repetitive, routine tasks. They must complete them...
The change brought to many industries by RPA is revolutionary.
Banking employees can step back from compliance checks to focus on customer service, medical staff deal with hospital logistics in a fraction of the time it would usually take, manufacturers lower costs while investing in innovation - and these are only a few examples. By adding AI (human intelligence mimicked by machines) to the mix, companies can lower costs, improve efficiency, leverage insights, and meet their goals in a more strategic, integrated manner.
According to our analysis, global GDP will be up to 14% higher in 2030 as a result of the accelerating development and take-up of AI – the equivalent of an additional $15.7 trillion. The economic impact of AI will be driven by:
1. Productivity gains from businesses automating processes (including use of robots and autonomous vehicles).
2. Productivity gains from businesses augmenting their existing labour force with AI technologies (assisted and augmented intelligence).
3. Increased consumer demand resulting from the availability of personalised and/or higher-quality AI-enhanced products and services.
While RPA brings incredible productivity improvements to a number of business processes, there are times when human employees need to engage with it to move the work along. This happens most often when the situation requires choosing between a number of outcomes. By coupling automation with artificial intelligence, companies can benefit from a much broader spectrum of benefits, including the learning loop.
While robotic process automation can complete the same repetitive tasks that many human employees slog through every day (such as data collection and manipulation, calculations, and reporting), it doesn’t have the ability to make human-like decisions. RPA needs to be given rules to follow, and it will do so to the letter, vastly reducing risk of error for many processes. AI solutions, on the other hand, can simulate human intelligence.
Thanks to artificial intelligence, RPA gains the ability to discover new opportunities to automate, and offers enhanced problem-solving capabilities. This can result in a process automation flow that is based on data and continuously updating insights, fitting itself to the dynamic working environment of an organization in the era of digital transformation. The ROI improves significantly, as well, thanks to accuracy and performance improving over time.
Of company data is unstructured & can be automatically extracted only with AI
Improvement in straight-through processing
Of invoice data extraction
Reduction in operational costs
Every organization is plagued by tasks that shouldn’t be falling onto any team member’s...