Artificial intelligence-driven robotics can supercharge massive databases by accelerating the capture, analysis and distribution of their data and enable them to continually learn and improve, writes Gordon Sands, executive director, IT Architecture at Depository Trust and Clearing Corporation in Futures and Options World.
For back-office applications, robotic process automation (RPA) can replace repetitive data-entry tasks with automated processes that can accelerate workflows and slash error rates.
Not only has the automation of repetitive processes moved from the factory floor to the computer desktops of workers in a range of business sectors, it has expanded organizations’ bandwidth, enabling them to focus on higher-value activities that improve outcomes for employees as well as clients. And financial services firms are leading the way in incorporating robotics in our operations.
As companies in the financial sector, including DTCC, have implemented robotics projects and put new robotics pilots in motion, those experiences are helping dispel some lingering misconceptions about the use of robotics in business, such as: robotics is a jobs-killer; robotics can only be used tactically in business, to automate simple, repetitive tasks; and robotics introduces unmanageable risks to an organization’s data and security.
As financial services firms have learned, these notions are generally misleading and outmoded. Real-world experiences can demonstrate how robotics is deployed and affects organisations’ human capital and applications development processes.
To note, RPA refers to computer software that is configured to automate repetitive, deterministic processes, whereas “smart” robotics can deliver even greater value by augmenting RPA with artificial intelligence (AI) and machine learning.