Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
US Stock Markets

| More

Dramatic Impact of Intelligent Process Automation; Software Robots Making Business Smarter - Cognizant Study

Posted On: 2015-04-23 19:41:23

Senior executives across industries agree that new software "robots", leveraging attributes such as machine learning, artificial intelligence, and effective use of big data, will unlock significant value within the next three to five years, according to a new study released by Cognizant (NASDAQ: CTSH).

The study, conducted by Cognizant's Center for the Future of Work, polled 537 senior business and technology decision-makers across multiple industry sectors, including financial services, insurance, healthcare, pharmaceutical, retail, hospitality, and technology. Respondents largely agreed that the benefits of intelligent process automation (IPA), and mining the resulting big data, can be characterized as providing money and meaning for their businesses-faster processing with fewer errors, unlimited scalability, and lower cost of ownership, along with the ability to make more timely business decisions through automation-enabled analytics.

Executives surveyed consider their use of process automation to be high, but indicate they are still in early stages compared to the technology available. The study concludes there is a long tail of process systems yet to be automated, as machine learning and artificial intelligence enable a new generation of knowledge "robots" that can mimic human actions while interacting with multiple applications.

Key findings include:

- Respondents believe they are automating, on average, 25-40% of their workflow today. The survey indicates this automation is occurring with workflows that follow rote procedures and manual inputs, paving the way for next generation IPA technologies to drive greater cost savings and efficiency while driving richer business insights when applied to more complex workflows.

- About half of the respondents saw automation as significantly improving their business processes within three to five years. About 44% have similarly high expectations for business analytics.

- Nearly one-fifth reported achieving cost savings of greater than 15% from IPA over the past year.

- Health insurers emerged as industry trailblazers, pushing frontiers of cost reduction through automation of middle-office functions, such as claims coding and processing, with over one quarter seeing at least 15% cost savings year-over-year.

- In banking, nearly half of those surveyed reported at least 10% revenue growth driven by process-aligned analytics over the past year, and nearly three out of every four banks (73%) expect to see similar growth in the next three to five years.

"The future of process work includes connecting skilled people to increasingly powerful technologies such as autonomic computing-including artificial intelligence, machine learning and deep learning-that can increase savings, enhance insights, and accelerate business. This shift is playing out in just about every industry," said Gajen Kandiah, Executive Vice President, Business Process Services, Cognizant. "Our IPA practice applies digital transformation at the process level to help our customers benefit from automation. Our new study findings show that this trend will only accelerate over coming years as business leaders seek agility, better customer understanding, and cost savings."

"Businesses are taking a new approach to their organizational and business process models using automation as a key delivery model to digitize and analyze," said Charles Sutherland, Executive Vice President of Research at HfS Research who has been closely researching developments in technology and process automation. "By implementing software robots, service providers can ensure that work is done around the clock, eliminate human error, and ensure scalability as they save costs and drive revenue. Process automation also allows clients and service providers to share benefits including enhanced compliance, reduced risk and improved job satisfaction of staff."


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Cognizant Resolves Previously Disclosed FCPA Matter with U.S. Authorities

Cognizant announces Q4 results

Cognizant Named to Barron's 100 Most Sustainable Companies List

Strengthening labour market and firming up of economic activity allows US Fed to raise rates: Angel Broking

Cognizant Acquires Brilliant Service, a Japan-Based Intelligent Products and Solutions Company

Cognizant Named a Leader in Gartner Magic Quadrant for Managed Workplace Services in North America

Clean Motion listed on Nasdaq First North stock exchange on 26th of May 2016

NETGEAR Rolls out two industry-first series of ProSAFE(R) 10Gigabit (10G) switches

Genpact Schedules Earnings Announcement and Conference Call for First Quarter 2016 Results

Cisco Cloud Index Projects that Cloud Traffic in Middle East and Africa will quadruple by 2019

Bonnier Group Selects Cognizant For Finance and Accounting Services

New Cognizant Digital Healthcare Platform Drives Business Outcomes through Increased Consumer Engagement

Cognizant Named a Top Employer Across Europe for 2016 Based on Its Talent, Learning and Development Strategies

FedEx Cares Campaign Celebrated Across 34 Cities in India

Kuwait Oil Company Opts for Cisco Security Solutions for High-Security Network

NETGEAR Launches business product selector tool for Network management on Android and iOS Devices

Barracuda Introduces New Cloud Archiving Service

Etihad Airways Partners with Cognizant to Reimagine Digital Guest Experience Across the Group

NETGEAR flaunts R7000 Nighthawk AC1900 Smart WiFi Router with Enhanced Features

NETGEAR Founder & CEO Mr Patrick Lo unveils India growth plan

Cognizant Named to "Winner's Circle" for Internet of Things Service Providers in New HfS Research Report

Cognizant Named to Healthcare Payer Operations "Winner's Circle" in HfS Research Report

Red Hat Named a Leader in Mobile Infrastructure Services by Independent Research Firm

Johnson & Johnson India's 'I Pledge to Breastfeed' Campaign

Medtronic launches Resolute Onyx™ Drug-Eluting Stent in India

Barracuda Ranked Number One in Integrated Systems for Purpose Built Backup Appliance Units Shipped

Cognizant reaffirms 2015 Guidance

Red Hat Enterprise Linux for SAP HANA® Available on Amazon Web Services

Delhi Gourmet Club and Groupon India launch 'The Gourmet Studio'

Cognizant Partners with supermarket retailer NTUC FairPrice, Singapore

Cisco Embeds Security Everywhere Across the Extended Network Enabling Organizations

NETGEAR introduces 100% wireless HD Smart Home Security System in India

Cisco To Address Security Of Everything at IoTX 2015

Lumenis Deploys Cognizant's MedVantage

Cognizant Named a Top IT Infrastructure Transformation Consulting Provider by Kennedy Consulting Research and Advisory

Cisco Launches New Advanced Malware Protection Capabilities And Incident Response Services For Customers At GISEC 2015

StoreHippo commences Marketplace Integration for eBay and Amazon

Unisys Forward!Model 4150B Server Achieves Certification to Run on SAP HANA®

Consortium of More than 25 Airlines Chooses Unisys System to Manage Baggage Reconciliation Process at Australian Airports

Tryg Insurance Selects Cognizant

Cognizant Named a "Leader" in B2C Global Commerce Service Provider Report by Independent Research Firm

Unisys Teams with ServiceNow to Deliver New Integrated Service Management Solutions

NETGEAR AnnouncesReadyNAS 3130 Series Network Attached Storage devices

NETGEAR Builds Stronger SMB Networking With ProSAFE WC9500 Premium Wireless Controller

Unisys Announces Winners of Cloud 20/20 Version 6.0 Technical Project Contest

Family Dollar Deploys Cognizant's Cloud360 Platform to Boost Business Responsiveness and Drive Growth

Cognizant Recognized as "Market Leader" in Ovum Decision Matrix on Outsourced Testing Service Providers

NETGEAR pushes performance boundaries with ProSAFE® M6100 Chassis Series

Transcend Memory Cards win three years best seller award from Amazon Japan

NETGEAR launches India's first Wireless Tri-Band Router







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019