With 2023 on the horizon, many businesses are planning and strategizing for the new year, and across multiple industries, automation will continue to be an important trend that will figure prominently in day-to-day operations. Automation is already present in businesses of all sizes, including features in software applications and technology such as self-driving vehicles and autonomous robots.
As more businesses adopt automation to optimize processes, improve productivity, and stay competitive, it will be important to stay on top of innovations and trends that will make this technology even better. So as we look ahead to the new year, here are three automation trends to keep an eye on, no matter what industry you work in.
3 Automation Trends to Watch in 2023
- Customer Insights. Customer data and information is without a doubt one of the most valuable assets a business can have. And, data management of key customer information is critical to success, especially for industries such as healthcare and insurance, where this data can help businesses proactively improve care, increase profitability, and make smarter decisions. Automation of data management can save precious time on the part of providers, allowing them to focus their attention on customer care. In the healthcare industry, better decision-making can lead to cost reduction if a medical issue can be properly diagnosed and handled with one office instead of two or more. And everyone benefits from those savings, from the customer to the payer and the provider. In fact, a McKinsey study found that “efficient big data analysis can save the U.S. medical industry $300 billion per year.”
Of course, when it comes to collecting and managing customer data, security is paramount, and when automating data management, it’s important to communicate what type of data is being collected and analyzed. Three ways that businesses can safely and effectively collect customer data include Customer Relationship Management software, Electronic Health Records, and mobile apps.
- Personalized Technology. We live in an era where customers expect that businesses tailor their services and experiences to their specific needs. As automation technology advances, customizable solutions will become more accessible so that businesses can keep up with customer demands and trends. We may think of customized technology when it comes to our streaming music platform, but even industries such as insurance will need to jump on this bandwagon. For example, customers should be able to decide how they file a claim and have the capability to report incidents digitally. This will require cloud-based solutions that can access claim settlement tools, such as an app. Introducing more customized solutions means insurance companies will need to optimize their processes with scalable tech and quicker processing times – all of which automation can do.
As we move into 2023, keeping up with customizable solutions will be key to keeping up with the competition. And as technology evolves to keep up with customer demands, we’ll see this level of personalization become the norm, rather than a new trend, with customers not only expecting it, but demanding it. An Accenture report confirms this with the finding that 80 percent of insurance customers want personalization from providers. It’s only a matter of time before that number climbs to 100 percent.
- Intelligent Automation. Intelligent automation, or IA, combines artificial intelligence elements such as natural language processing (NLP) and machine learning (ML) with automation. IA solutions can support capabilities such as business process management, process mining, robotic process automation, and optical character recognition. IA uses algorithms to automate and refine processes and workflows and can interpret both unstructured and structured data. For the healthcare industry, IA can be implemented in a variety of ways, including claims processing, customer service, and admin work. Emerging technology in IA has made tedious and time-consuming tasks more efficient and cost effective.
Both NLP and ML can be used in healthcare for data management where it can isolate meaningful data by detecting and categorizing language patterns. Additionally, NLP technology can take the form of a virtual agent to help answer customer questions and process claims. And the best part is, the more that IA is used, the better it gets as it learns along the way. While IA is on the rise in the healthcare industry, with a projected value of $201.3 Billion by 2030 growing at 43.4 percent CAGR, it is important for businesses to build in extra time for early adoption, training models, and an expected return on investment. But nonetheless, it’s a worthwhile investment that will save businesses both time and money.
Stay on Top of These Trends
Customer insights, personalized tech, and intelligent automation, are three essential automation trends to consider integrating into your business in 2023 and beyond. These trends can boost your automation capabilities and help optimize your business functions, increase revenue, and improve customer satisfaction. A true, win-win-win!
And remember, there are experts out there who can walk with you on the automation journey. At AscentCore, we’re driven to create innovative digital products that help our clients succeed. With years of experience and a world-class team, we can help your platforms keep up with your business. Reach out today and see how we can help.