Welcome!

Java IoT Authors: Yeshim Deniz, Liz McMillan, Elizabeth White, Pat Romanski, Frank Lupo

News Feed Item

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

Companies Unlocking the Value of Machine Learning, Artificial Intelligence and Big Data to Drive Savings, Agility and Business Insight with Knowledge Processes

TEANECK, N.J., March 26, 2015 /PRNewswire/ -- 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."

About Cognizant's Intelligent Process Automation

Cognizant's IPA practice provides solutions for more than 120 clients in industries such as banking and financial services, healthcare, insurance, retail, and technology. Using a proprietary framework of technology, methodology, best practices, and integrated analytics, the practice leverages machine learning, artificial intelligence and deep learning principles to help clients achieve efficiency gains, while supporting growth and innovation based on rich digitally generated data.

Survey Methodology

The research was conducted by Cognizant with support from an independent research agency (E2E Research). More than 500 senior executives across North America (57%) and Europe (43%) responded to an online survey. Respondents represented companies with revenues of $500 million to $3 billion. Automation was defined as any activity that was previously performed manually and that is now handled by technology such as process automation tools.

About Cognizant

Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 75 development and delivery centers worldwide and approximately 211,500 employees as of December 31, 2014, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant

Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, our expectations regarding opportunities in the marketplace, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

A new study from Cognizant's Center for the Future of Work showed that business leaders across multiple industry sectors are using software robots not only to save costs, but increasingly to make their businesses smarter through intelligent process automation.

 

Cognizant Logo

Photo - http://photos.prnewswire.com/prnh/20150325/194516-INFO  
Logo - http://photos.prnewswire.com/prnh/20110329/NY67603LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/software-robots-making-business-smarter--new-cognizant-study-shows-dramatic-impact-of-intelligent-process-automation-300056227.html

SOURCE Cognizant

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...