Artificial Intelligence (AI) & Robotic Process Automation (RPA)
The transformation of the business process through RPA and Artificial Intelligence is generating great changes in evolution within organizations and global companies are betting on robotic and cognitive technologies as competitiveness levers, and investors do not hesitate to boost them foreseeing their benefits.
According to Bank of America’s Robot Revolution report, Merrill Lynch estimates that the world market for robots and artificial intelligence will reach US$ 153 billion by 2020.
Robotics basically encompasses three major areas: Robotic Process Automation (RPA), cognitive technology, and Artificial Intelligence. Three engaged concepts that are unstoppably scaling positions as sources of competitive advantage, and although all these three are in different stages of maturity, RPA is already considered a mature, non-invasive technology with a return on investment in less than a year.
As the consulting firm Deloitte says: RPA is a good alternative to reduce or eliminate human workload in bulky back office processes and able to integrate harmonically with existing IT applications in multiple environments.
Conciliac, from its side, has launched its first RPA reconciliation solution known as Concilac Power Solution. It is developed with the purpose of increasing the application’s autonomy in the operational processes of Data Matching, accessing the data sources to reconcile and executing all the steps autonomously respecting the rules set for each scenario and in the scheduled times.
This frees users from the tedious tasks of crossing manual or semi-manual data, and provides more time for analyzing results.
Conciliac’s R&D (research and development) department continues its journey in search time optimization as well as tasks and budgets, through the greater autonomy of its solutions with the execution of automated processes of reconciliation.
Artificial Intelligence is synonymous of efficiency
In the coming years, the AI is going to be used to transform great part of the financial functions; everything which is related to reporting of benefits, quarterly closings, participation in much more strategic functions such as financial analysis, perform forecasts and asset allocation are going to b influenced.
Some studies predict that by 2035, AI could double economic growth rates in 20 countries and increase labor productivity by 40 percent. The growing importance of AI has significant implications for financial institutions.
Artificial intelligence will adopt different faces. Through semi-autonomous or autonomous driving, in the form of bots (computer programs that emulates human behavior), personalized referrers or intelligent personal assistants.
According to forecasts by the consulting firm Gartner, the market for smart personal assistants will exceed $ 2 billion in 2020.
Sources: Savia Magazine, El país.
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