AI And Automation: The Future Of Economic Prosperity Lies In Three Crucial Mindset Shifts

Higher-skilled job categories in medicine, legal services, accounting, finance and law enforcement are all in scope to be augmented and even replaced by cognitive technologies. In fact, while the transformational powers of robotics and cognitive automation are only in their infancy stage, the work of more than 100 million knowledge workers across the globe may be impacted by automation over the next 10 years. Cognitive automation — basically, the intersection of artificial intelligence (AI) and cognitive computing — has become one of the fastest-moving technologies because of the rise of the digital and connected workforce. According to one forecast, the global cognitive robotic process automation market will generate revenue of $50 million in 2017 and will expand at a compound annual growth rate of 60.9 percent from 2017 to 2026. Conversations at the highest levels of business have changed from efficiency-focused to intelligence-focused. Technologies are coming online that enable cognitive automation by modeling the intelligence of humans, extending their decision making models and refining them.

• These technologies exist now, and many companies are deploying AI and automation solutions successfully today.
• The fourth generation of AI — generative AI — marks a paradigm shift in what AI brings to the table, Oren said, outlining three major places it’s bringing significant value and disruption to the enterprise.
• In their place, cognitive supply chains are emerging — AI-powered systems designed to sense, understand and adapt in real time.
• Cognitive automation — basically, the intersection of artificial intelligence (AI) and cognitive computing — has become one of the fastest-moving technologies because of the rise of the digital and connected workforce.

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On its website, Neura Robotics promotes its Neuraverse web platform approach designed to facilitate networking, collaboration and co-creation within its partner community. Changing the way we work—with the help of AI—necessitates changing our mindsets, starting at the top. In doing so, we can begin to seize the opportunities of AI as a solution to drive business transformation, economic growth and global prosperity.

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Early adopters will create the new normal that makes tomorrow’s AI conversations as standard as today’s internet. When we launched Aera Technology, we took a gamble talking about concepts we feel strongly about, particularly cognitive automation. 2024 appears to be an exciting year for automation, filled with enthusiasm and activity. The enterprises that make the most of these trends are those that learn to balance the risk and reward of automation and target the right use cases for their organizations. Many countries are beginning to face the emerging working-age population and productivity crisis—an increasing gap between the demand for skilled talent and the people available to address it. However, this is not a universally felt crisis; some countries are feeling greater pressure than others.

Artificial Intelligence Buzz: C-Suite Interest?

In fact, nearly 97% of enterprise decision-makers said they believe the pandemic sped up their company’s digital transformation efforts. Our sister community, Reworked, gathers the world’s leading employee experience and digital workplace professionals. And our newest community, VKTR, is home for AI practitioners and forward thinking leaders focused on the business of enterprise AI. Human input and creativity will ultimately drive the AI that then supports human intelligence.

Omron and Neura Robotics Partner on Cognitive Robot Development

At the same time, I fully understand and acknowledge the concerns and risks that AI brings. These technologies exist now, and many companies are deploying AI and automation solutions successfully today. I also strongly believe we will see increasing regulation in the years to come that will help stabilize the safe use of AI within and between countries. For instance, one of our customers developed a pilot project in three weeks using AI-based process automation to analyze company data and myriad tax regulations, saving the company $120 million.

It has become important for industry leaders to embrace and integrate these technologies to stay competitive in an ever-evolving landscape. Inefficient workflows within an organization can bring about delayed payments, document frauds, dataset oversights, time-consuming decision-making processes and more. Cognitive automation leverages natural language processing, computer vision and machine learning algorithms to mimic human cognition. For example, millions of hours of driver decision making had to be modeled to make self-driving cars feasible. And still, sometimes the car can be autonomous and sometimes it still does not know what to do. Similarly, training a cognitive automation system requires mapping human decisions in context.

Rather than reacting to constrained supply after demand forecasting, cognitive systems balance the two in tandem, maximizing opportunity and responsiveness, according to Usie. For over two decades CMSWire, produced by Simpler Media Group, has been the world’s leading community of digital customer experience professionals. In its simplest form, automation includes any improvement to a process that reduces human labor while resulting in an outcome that’s the same or better than that of the previous process.

• • Employees expect their enterprise systems to be as engaging, exciting and intuitive as consumer devices.
• When it comes to customer engagement and driving business, AI facilitates true personalization by optimizing recommendations, dynamic content generation and assembly, search optimization and tagging and sentiment analytics.
• Explore the future of AI on August 5 in San Francisco—join Block, GSK, and SAP at Autonomous Workforces to discover how enterprises are scaling multi-agent systems with real-world results.

People and technology should drive transformation

We can now automate repetitive tasks requiring manual labor using artificial intelligence and machine learning. It’s a step beyond basic automation, typically following predefined rules or instructions. But stakeholders and industry experts are eager to understand how generative AI can catalyze business transformation and economic advancement. In 2024—and beyond—there are three crucial mindset shifts that leaders must embrace to ensure AI drives these changes and accelerates economic growth. These same tools can provide insights into how employees engage most effectively, help select the best technologies for each task and each individual and help provide a seamless work environment. Imagine having an intelligent assistant draw on the recorded knowledge of your profession as well as real-time data from your environment, helping to inform your decisions and describe probabilities to your range of choices for a given task.