Automation is a process that reduces human intervention in business and IT processes. These include smart automation for AI-powered enterprise resource planning (ERP) tagging systems, generative AI automation for risk detection by large banks, or Buy Now, Pay Later (BNPL) services by disruptive market entrants. The benefits of automation can include cost reductions, efficiency gains, process rationalisation, reductions in human error, and the ability to divert human resources to more complex tasks. There are various types of automation powered by different technologies, with basic automation taking simple tasks and digitising them. Process automation requires more investment but is useful for bringing transparency and rationality to business processes. However, cognitive automation uses the latest AI technologies to streamline and scale decisioning across systems, teams, and organisations. The use of automation for business systems is endless, with firms increasingly integrating automation with smart contracts to unlock seamless transactions.
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