We know how chatbots have become the first point of contact for our consumer queries; from saving our time waiting in the long virtual queues for a human operator to simply sending us a perfect link to report that maddening issue, AI surely feeds into our need for instant gratification.
Once a matter of science fiction, artificial intelligence is assisting healthcare providers in diagnosing deadly diseases at early stages such as cancer. It predicts when a key sensor in a machine must be replaced, thus avoiding manufacturing line shutdown, and can even forecast when the units will sell out.
From risk management for investors to changing character voices in children’s books, AI has become an important aspect of our lives. However, there is another side to AI that focuses on automation that results in a room full of opportunities available for the business leaders.
AI/ML Adoption in Data Collection
Beginning with Smart Data Transformation
Automation helps in performing mundane and repetitive business tasks such as data entry, data extraction, web-based data collection, etc., thus freeing the human resources for critical tasks that require creativity, a human touch, logical decision making, and experience. Therefore, businesses must look for critical points where automation can be the front runner and lead to delivering higher value.
While we talk of automation as a game-changer for businesses, tech giants such as Gartner project hyper-automation as a shift from an option to survival condition (IT automation and digital transformation lead to the need for hyper-automation). It also predicts that through 2024, the drive towards hyper-automation will lead organizations to adopt at least three out of the 20 process-agonistic types of software that enable hyper-automation.
Having said that, investing in smart data transformation is a great start. It is the fuel that ensures the seamless functioning of a company and expedites organizational growth. Smart data transformation helps you turn raw and unstructured data into tagged and schema-compliant structure XML for data products, analytics, and AI/ML applications. In other words, it helps you automatically collect all the data you need from different sources & formats and presents it to you in your desired structure, format, and in your preferred location.
Data Transformation Incentives
Automating data collection offers great incentives for organizations including cross-border compliance risk management and streamlined processes. You can imagine for yourself the benefits a company can gain when the humans are in the loop, and the latest technologies such as RPA, AI, and ML team-up. Take a look:
1. How about increasing efficiency by 60-90%?
Yes, you read that right! Automating processes such as data extraction, web-based data collection, data formatting, etc., helps businesses accelerate their time to value. The cognitive bandwidth of the employees is increased, leading to higher productivity and improved efficiency. Also, the virtual workforce can effectively work round the clock without any fatigue or burnout.
2. Why compromise on data accuracy?
Data collection is a resource-draining business process, where there are higher chances of errors. Inaccuracies or redundancies in the initial such steps not only delay the entire data processing cycle but also slow the decision-making process. Thanks to AI/ML adoption in data collection, chatbots are put to work to perform those manual tasks. Thus, there are reduced chances of possible human errors, offering up to 99% data accuracy.
3. Think of ‘Maximum out of Minimum’
Technology solutions aren’t meant to be expensive. What’s interesting to note in automation is that businesses can reduce costs up to 80% and witness 5X faster turnaround time. Yes, you get that right since there is no extra expense required for automated data collection and smart data transformation. It is an apt example of ‘maximum out of minimum’!
Getting the Right Solution
Automation is complicated and several organizations are still figuring out how to begin with the process and gain value from the technology. Collaborating with an experienced vendor that offers smart data transformation services can do the needful. They offer custom automated data collection solutions where humans and the latest technologies such as RPA, AI, and ML team up to convert raw and unstructured data extracted from different sources to well-structured and formatted data as per the client’s XML schema. You can learn more about getting started with smart data transformation for your business by scheduling consultations with industry experts.
Way Forward – Overcoming the Obstacles
When asked about the hurdles in automated data collection, the answers were very obvious. Stakeholders cited data security, privacy, regulatory compliance risks, and integration complexity. Above all, getting started with automated data collection is also a matter of concern. Determining the ROI gets difficult since the organizations are too early to find any returns on the process.
However, smart data transformation solutions are at your rescue. Data security can be ensured in numerous ways by the service provider. They follow stringent data security protocols, offer scalability, and all their practices are industry compliant. ROI can be seen in the form of accelerated time to money, reduced costs, increased productivity, and enhanced efficiency. The solution highlights the transformative and strategic results for growth-focused leaders.
All in all, business stakeholders and decision-makers must invest in automated data capture solutions, set realistic expectations, and create new business modules to harness the AI/ML potential fully and expand paradigms.