Real-time and automation: Trends to watch in 2023

In 2023, the increased use of real-time and automated technologies and innovation can lead to quantifiable benefits, cost savings and increased customer engagement.

As we enter the new year, there are some real-time and automation trends and technologies worth keeping an eye on. The main reason: both are becoming increasingly necessary in many industries and applications.

Let’s take a look at real-time developments first. As we reported in 2022, the bottom line is being affected in real time. Based on a survey of 1,200 companies by KX and the Center for Economics and Business Research (CEBR), the Business Value Growth report found that 80% of companies’ revenue growth could be directly related to their investments in real-time data analytics.

In the new year, when looking for real-time impact, perhaps the most important focus is the increasing need for real-time situational awareness and insights. Businesses can use the insights from this data and analytics to improve operations and more. There are numerous applications in areas such as supply chain management, customer engagement, and fraud detection/prevention. Examples include:

• Overcoming the Challenges of Building Real-Time Architecture for Audience Engagement
• The Rapid Growth of Consumer Fraud: A Key Area of ​​Focus for Public Safety Agencies
• Study finds, Innovation-led supply chain officers outperform their peers

Success in any field is due to the availability of massive amounts of real-time data coupled with easy-to-use and highly scalable analytics solutions, platforms and cloud-based services.

Let’s start with the data. It could be a clickstream on an online retailer's website, location data from a customer's phone, status data (performance, operating speed, temperature, etc.) from an Internet of Things (IoT) device, or other data.

In order to use this data, companies need to invest in infrastructure. This might include event-driven architectures, systems that can consume streaming data, or application components that provide real-time access to data through APIs.

Automation and RPA

Automation can give businesses the edge they need to stay agile and relevant in today’s competitive marketplace. It can help reduce costs, save time and improve accuracy. In 2023, it is expected that many enterprises will prioritize the application of automation methods in their organizations and operations.

By bringing automation into the everyday employee experience, businesses can help ensure individuals don’t become overwhelmed by growing workloads, waste time on repetitive tasks, and lose efficiency. As a result, automation provides businesses and employees with more time to focus on meaningful, higher-value tasks.

There is no doubt that business process automation can be a powerful tool. Whether in retail, manufacturing, shipping, or any other industry, robotic process automation (RPA) can eliminate tedious tasks, increase accuracy, and add value to a company's bottom line.

As we saw last year, RPA is essentially software that enables digital workers ("robots") to perform step-by-step tasks or business processes within existing systems and applications. Like humans.

Several examples from the past year suggest that companies should strive to make the types of applications of these technologies more common in 2023. They include:

• New Zealand-based Fonterra is using robots to help re-sort its dairy stock during times of excess supply. Manually, the process involves 38 checks in the company's systems to ensure the reclassified products meet customer and regulatory requirements. There are at least 30 such requests every day. However, the robot will carry out all necessary regulatory checks. It can evaluate natural language reports or structured data to determine whether a product is eligible for reclassification, and even email a human staff member for help if something goes wrong with the product. It can reduce a two-hour workday to 10-20 minutes, and Fonterra believes the robot saves it more than NZ$180,000 a year.
• Using Bionic Team Members nationwide, customers are provided with a single assistant and a team of robots to quickly complete all mundane tasks. In our article, the authors provide an example of how these bionic team members work in tandem with human agents. Take, for example, a customer calling to report a disaster, such as a house fire. Calls will be automatically routed to a customer service agent. Behind the scenes, automated processes that interact with third parties perform routine tasks for specific types of events. So, in the event of a house fire, different robots would book a hotel room, arrange a rental car, and deposit money into a customer's bank account to cover emergency expenses like food and other necessities.

In the new year, businesses should examine their business processes to determine the best way to process transactions, store data, order new products, and more. In addition to simple automation, RPA processes should use artificial intelligence (AI), machine learning (ML) and other advanced computer technologies to build a foundation to streamline the entire business process.

Last Word

Using real-time data and analytics along with automation and RPA are areas that businesses should focus on in 2023 to improve operations and better serve customers. As we've seen over the last year, using these technologies and innovations has resulted in quantifiable benefits, cost savings and increased customer engagement. There are many operational elements and business functional areas that can benefit from these technologies.

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