Category Archives: Automation

New User Interface for Enterprise Legal Management, Contract Lifecycle Management and Workflow Solutions Maximizes Productivity for Corporate Legal Departments and the Businesses They Serve

HOUSTON, April 29, 2021 (GLOBE NEWSWIRE) -- Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today introduced a new look and feel for its products. The enhanced design allows corporate legal professionals, Onit App builders and business collaborators in departments such as compliance, sales and IT to create, collaborate and get more done in fewer clicks. Video is available here.

When paired with Onits no-code platforms, Apptitude for workflow automation and the AI-based Precedent for business intelligence, the intuitive experience enables corporate legal to build business solutions, gain greater user adoption and maximize productivity.

With Onit, its about working the way you think. Were making it easier with every new product enhancement and experience for in-house counsel to practice law and offset inefficiency. Our new look serves the same mission, making it even simpler to navigate and complete tasks so that our customers can focus on higher-value contributions, said Eric M. Elfman, CEO and co-founder of Onit.

Onit Process Builder A Visual Interface for Onit App BuildingA crucial, complementary feature to Onits new look is Process Builder. Introduced last summer as part of its workflow platform Apptitude, Process Builder allows users to build and manage business logic and workflows with a visual interface. Builders configure logic by dragging and dropping actions and groups of actions exactly where they need to go, meaning corporate legal can quickly build Apps without relying on or waiting for technical resources. To date, more than 5,500 Apps and 130 solutions have been constructed on Apptitude, covering use cases for business continuity, trade association approval and management, fund management and more.

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Onit also hosted its Hack the House competition last fall, where five teams of Onit Fortune 500 customers, industry partners and staff experts built Apps in the span of three weeks. The Apps helped overcome challenges related to diversity, IP, compliance and more. You can read more about the Apps and the business needs behind them here.

Onits new look is now available. Customers can reach out to their account managers to learn more or view the video here. To schedule a demo, visit here.

About OnitOnit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit http://www.onit.com or call 1-800-281-1330.

Media inquiries: Melanie BrennemanOnit(713) 294-7857Melanie.brenneman@onit.com

A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b99a5fc2-a89b-4abe-9f15-00f2539692c8

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Onit Releases a New, Modern Look for Its Workflow Automation and AI Platforms and Products - Yahoo Finance

Bloomberg

(Bloomberg) -- The global chip shortage is going from bad to worse with automakers on three continents joining tech giants Apple Inc. and Samsung Electronics Co. in flagging production cuts and lost revenue from the crisis.In a dizzying 12-hour stretch, Honda Motor Co. said it will halt production at three plants in Japan; BMW AG cut shifts at factories in Germany and England; and Ford Motor Co. reduced its full-year earnings forecast due to the scarcity of chips it sees extending into next year. Caterpillar Inc. later flagged it may be unable to meet demand for machinery used by the construction and mining industries.Now, the very companies that benefited from surging demand for phones, laptops and electronics during the pandemic that caused the chip shortage, are feeling the pinch. After a blockbuster second quarter, Apple Chief Financial Officer Luca Maestri warned supply constraints are crimping sales of iPads and Macs, two products that performed especially well during lockdowns. Maestri said this will knock $3 billion to $4 billion off revenue during the fiscal third quarter.Its a fight out there and you have to be in daily contact with your suppliers. You need to make sure that youre important to them, Nokia Oyj Chief Executive Officer Pekka Lundmark said Thursday on Bloomberg Television. When there is a shortage in the market, it is things like how important you are in the big picture, how strong your relationships are and how you manage expectations.Meanwhile, companies that supply chips are reporting surging sales and pledging to invest billions to expand capacity as they struggle to keep up with demand. Qualcomm Inc., the worlds largest smartphone chipmaker, said demand for handsets is surging back as life returns to normal in some markets that had been locked down by the Covid-19 pandemic.STMicroelectronics NV, a key chip supplier for carmakers, said profit for its auto and power unit jumped 280% in the first quarter. CEO Jean-Marc Chery credited a surprise rebound in demand as well as the industrys adoption of new, digital features that require more chips for the latest wave of supply chain constraints.Samsung, which is both a producer and user of chips, said Thursday that component shortages will contribute to a slide in revenue and profit this quarter at its mobile division, which produces its marquee Galaxy smartphones.The shortfall of critically needed semiconductors has forced the entire auto industry to cut output, leaving thin inventories at dealerships just as consumers emerge from Covid-19 lockdowns. In just the past week, Jaguar Land Rover Automotive Plc, Volvo Group and Mitsubishi Motors Corp. have joined the list of manufacturers idling factories.The second quarter is going to be worse for automakers than the first quarter, said Song Sun-jae, an analyst at Hana Daetoo Securities Co. in Seoul. The chip-shortage problem could end up lasting longer, maybe into next year.Beyond Apple, whose high-specification iPhones and aggressive demands typically place it at the front of the line, the dearth of chips threatens to dampen a nascent rebound in the entire smartphone market. Worldwide shipments surged an estimated 27% to 347 million devices in the first quarter, aided by a plethora of new models and Chinas swift post-pandemic recovery. A shortage of components such as app processors could sap that momentum over the rest of 2021.Covid-19 is still a major consideration, but it is no longer the main bottleneck, Canalys Research Manager Ben Stanton wrote Thursday. Supply of critical components, such as chipsets, has quickly become a major concern, and will hinder smartphone shipments in the coming quarters.At Ford, the shortage will likely reduce production by 1.1 million vehicles this year, CFO John Lawler said on a call with reporters. The carmaker expects a $2.5 billion hit to earnings due to scarce chip supplies.Tesla Inc. CEO Elon Musk earlier this week called the chip shortage a huge problem. NXP Semiconductors NV said its expecting supply to be tight all year and warned constraints for the auto industry could extend into 2022.There are too many uncertainties about when chip supplies will improve, and thats making it difficult for automakers, said Lee Han-joon, an analyst at KTB Investment & Securities Co. in Seoul. For semiconductor makers, the auto industry isnt really seen as one of their key customers and thats putting the carmakers in a much tougher position in securing supplies.(Updates with Caterpillar in the second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2021 Bloomberg L.P.

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Rockwell Automation, Inc. to Host Earnings Call - Yahoo Finance

Rockwell Automation (ROK) came out with quarterly earnings of $2.41 per share, beating the Zacks Consensus Estimate of $2.15 per share. This compares to earnings of $2.43 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 12.09%. A quarter ago, it was expected that this industrial equipment and software maker would post earnings of $1.92 per share when it actually produced earnings of $2.38, delivering a surprise of 23.96%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Rockwell Automation, which belongs to the Zacks Industrial Automation and Robotics industry, posted revenues of $1.78 billion for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 4.27%. This compares to year-ago revenues of $1.68 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Rockwell Automation shares have added about 7.1% since the beginning of the year versus the S&P 500's gain of 11.5%.

What's Next for Rockwell Automation?

While Rockwell Automation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

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Ahead of this earnings release, the estimate revisions trend for Rockwell Automation was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.97 on $1.74 billion in revenues for the coming quarter and $8.94 on $6.88 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Industrial Automation and Robotics is currently in the bottom 6% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportRockwell Automation, Inc. (ROK) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

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Rockwell Automation (ROK) Surpasses Q2 Earnings and Revenue Estimates - Yahoo Finance

Over the next two weeks, the boards of BAE Systems, AstraZeneca, Glencore, Flutter Entertainment and the London Stock Exchange all face the possibility of shareholder revolts over executive pay at their forthcoming annual general meetings (AGMs). As the AGM season begins, there is a particular focus on pay.

Executive pay is often the most contentious item at an AGM, but this year is clearly exceptional. The people running companies that have been severely impacted by Covid-19 cant be blamed for the devastation of their revenues by the pandemic, but they also cant take credit for the government stimulus that has kept them afloat. Last week, for example, nearly 40 per cent of shareholders in the estate agentsFoxtons voted againstits chief executive officer, Nicholas Budden, receiving a bonus of just under 1m; Foxtons has received about 7m in direct government assistanceand is benefiting from the governments continued inflation of the housing market. The person who has done most to ensure Foxtonsongoing good fortune is not Nicholas Budden but Rishi Sunak.

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Under the Enterprise and Regulatory Reform Act, executive pay is voted on at least every three years, and this process forces shareholders and the public to confront how much the people at the top take home. Tim Steiner, the highest-paid CEO in the FTSE 100, was paid 58.7m in 2019 for running Ocado, which is 2,605 times the median income of his employees for that year, while the average FTSE100 CEO makes more than 15,000 a day.

As the High Pay Centres annual assessment of CEO pay points out, a top-heavy wage bill extends beyond the CEO, and could be unsustainable for any company this year. When one considers high earners beyond the CEO, says the report, there is actually quite significant potential for companies to safeguard jobs and incomes by asking higher-paid staff to make sacrifices.

In the longer term, as companies commit to greater automation of many roles, it's pertinent to ask whether a company needs a CEO at all.

A few weeks ago Christine Carrillo, an American tech CEO, raised this question herself when she tweeted a spectacularly tone-deaf appreciation of her executive assistant, whose work allows Carrillo to write [and] surf every day as well as cook dinner and read every night. In Carrillos unusually frank description of the work her EA does most of her emails, most of the work on fundraising, playbooks, operations, recruitment, research, updating investors, invoicing and so much more she guessed that this unnamed worker saves me 60% of time.

Predictably, a horde arrived to point out that if someone else is doing 60 per cent of Carrillos job, they should be paid 50 per cent more than her. But as Carrillo with a frankly breathtaking lack of self-awareness informed another commenter, her EA is based in the Philippines. The main (and often the only) reason to outsource a role is to pay less for it.

If a role can be outsourced, it can be automated. But while companies are racing to automate entry- and mid-level roles, senior executives and decision makers show much less interest in automating themselves.

There's a good argument for automating from the top rather than from the bottom. As we know from the annotated copy of Thinking, Fast and Slow that sits (I assume) on every CEOs Isamu Noguchi nightstand, human decision-making is the product of irrational biases and assumptions. This is one of the reasons strategy is so difficult, and roles that involve strategic decision-making are so well paid. But the difficulty of making genuinely rational strategic decisions, and the cost of the people who do so, are also good reasons to hand this work over to software.

Automating jobs can be risky, especially in public-facing roles. After Microsoft sacked a large team of journalists last year in order to replace them with AI, it almost immediately had to contend with the PR disaster of the softwares failure to distinguish between two women of colour. Amazon had to abandon its AI recruitment tool after it learned to discriminate against women. And when GPT-3, one of the most advanced AI language models, was used as a medical chatbot last year, it responded to a (simulated) patient presenting with suicidal ideation by telling them to kill themselves.

What links these examples is that they were all attempts to automate the kind of work that happens without being scrutinised by lots of other people in a company. Top-level strategic decisions are different. They are usually debated before theyre put into practice unless, and this is just another reason to automate them, employees feel they cant speak up for fear of incurring the CEOs displeasure.

Where automated management or decision intelligence, as Google and IBM call it has been deployed, its produced impressive results. Hong Kongs mass transit system put software in charge of scheduling its maintenance in 2004, and enjoys a reputation as one of the worlds most punctual and best-run metros.

Clearly, chief execs didnt get where they are today by volunteering to clear out their corner offices and hand over their caviar spittoons to robots. But management is a very large variable cost that only seems to increase Persimmon's bonus scheme paid out half a billion pounds to 150 execs in a single year while technology moves in the other direction, becoming cheaper and more reliable over time.

It is often asked whether CEO pay is fair or ethical. But company owners and investors should be asking if their top management could be done well by a machine and if so, why is it so expensive?

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CEOs are hugely expensive why not automate them? - New Statesman

Firms in all industries see artificial intelligence (AI) and automation as a means to improve operational quality and customer experience (CX), reduce costs and increase margins. Customer service is a good place to employ such technology as its both a major expenditure and a driver of customer experience. AI and automation can help at every step of the customer service journey.

For instance, conversational AI or chatbots are appealing to organisations looking to offer customer service outside of business hours without requiring extra staff. By removing repetitive, low-value tasks from customer service agents, automation lets them focus on where their human touch adds the most value.

This is how hotel chain Hyatt uses a virtual assistant for parts of its reservations journey, taking away the mindless draining tasks such as authenticating customers or gathering their travel dates and destination before transferring the call with all the relevant context to an agent who can focus on the emotional component of the selling. Finally, the ability of the agent to connect to the customer is a fundamental driver of call quality.

As artificial intelligence and automation technologymatures and becomes more affordable, its tempting to rush to deploy it, but this can result in common pitfalls that prevent a business from reaching the impact they expected or worse, that hurt the customer experience.

This can happen if there is a lack of insight into the end-to-end customer service journey. A customer service journey involves multiple digital and non-digital channels, as customers typically try to self-serve before reaching out to a customer service representative. CX professionals who target specific moments or touchpoints in the journey without a clear and complete picture fight a losing battle.

Suppliers of automation and AI services say their main challenge with customers is managing expectations about what technology can and cannot do Forrester

If call centres are overwhelmed because customers cant find the information theyre looking for on the company website, the first action should be to fix the website rather than deploying a chatbot to answer those requests.

Misjudging technology capabilities is another problem organisations can encounter. Suppliers that operate in the automation and AI market agree that their main challenge with customers is managing expectations about what technology can and cannot do. The best return on investment comes from high-volume, simple use cases that can be answered without the need to hand over the interaction to a human agent.

But when companies get it wrong, they create frustrating experiences for customers. Conversational AI or chatbots that lock customers into dialogues, redirecting them from one unhelpful tool to another, are a common illustration of such misjudgment.

It is also worth noting that these technologies should not be considered as replacements for humans. The Covid-19 pandemic accelerated the rate at which machines took on human jobs. Workforce reduction is still considered a potential benefit of AI, but while AI is transforming customer service, it wont replace human agents. Human representatives are necessary for highly emotional or complex cases where customers seek human interaction.

To reap the benefits of AI and automation, you must identify their right place and role in your customer service journey. Forrester breaks this down into six steps.

The starting point is to map out the service blueprint of your customer service.

Opportunities for AI and automation often reside in the backstage of the experience. Start mapping the visible part of the customer service journey, including before and after interacting with an agent. Then add the invisible layers of the experience the technology and processes that enable or hinder steps of the journey. Once you have a complete service blueprint, highlight pain points for all actors that are part of it.

Forresters second tip is to apply the five whys technique, which iteratively drills down into a problem to identify the root cause. Use the five whys technique to perform a deep root-cause analysis of your pain points and assess if you really need artificial intelligence or automation.

Prioritise opportunities that benefit customers and employees for each opportunity identified, evaluate who will benefit and then prioritise those that benefit both employees and customers Forrester

A UK police force, for instance, used service design to discover that a large number of 999 calls were mere requests for information and were hindering call handlers from helping citizens truly in need. Additional research showed that fragmented processes and workarounds for existing blockers were reducing efficiency and visibility of the process for citizens. The solutions focused on better access to information rather than automation.

Forresters third tip is to prioritise opportunities that benefit both customers and employees. For each opportunity identified, evaluate who will benefit and then prioritise those that benefit both employees and customers.

One company that tried this approach is BT, which used AI to improve customer service by focusing its field engineers on the right job at the right time. Instead of using the workforce management system to assign jobs only to local engineers, the company used fuzzy logic to enable field engineers to cross regional borders, resulting in better service, increased productivity, reduced travel costs and improvements in employee well-being.

The fourth recommendation is to identify the right technology. The termscover such a broad range of capabilities that the help of a subject matter expert might be needed to define whats right for a particular company, depending on its existing systems and use cases. However, theres one technology thats fundamental for the contact centre speech recognition.

Dutch telco KPN, for instance, used speech recognition to reduce its average hold time by 30 seconds per call and increased its net promoter score by 17 points. The customer begins by stating in their own words why they are calling. AI authenticates the caller, recognises their intent, and automatically answers or routes them to the right agent. When it does so, it pulls out the customers details and call history and transcribes their own words so the agent immediately has the right context.

Next is to make emotional connections beyond empathy part of the requirements of the AI and automation project. Subtle changes in words can improve customer experience by creating a positive emotional connection with customers. Content strategists know that what you say and how you say it can be a powerful differentiator. AI can generate emotionally engaging content, but you need to ensure its emotional capabilities.

For example, the team building Capital Ones AI assistant, Eno, focused on developing its emotional intelligence. As a result, the bank saw customers sending Eno gratitude messages after using it as if they had experienced a positive interaction with a real person.

Forresters final recommendation is to align success metrics for the end-to-end journey. Finding the right metrics to measure the return on investment of automation and AI requires a careful assessment. Avoid isolated metrics. Rather, define a set of journey-level quality metrics to measure impact correctly.

One story of woe is that of a telecoms company which had focused on reducing call times in its service centre when onboarding new fibre network customers. But when the firm partnered with McKinsey & Company to analyse journey data, it found that reducing call times caused more follow-up technician visits. This cost the firm between 10 and 20 times what it had saved by shortening call times.

This article is based on an excerpt of the Forrester report, How AI and automation drive better customer service experiences.Karine Cardona-Smits is a senior analyst at Forrester. Ian Jacobs is a principal analyst at Forrester.

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How AI and automation drive better customer service - ComputerWeekly.com

This report contains market size and forecasts of Automation and Control Sensors in global, including the following market information:Global Automation and Control Sensors Market Revenue, 2016-2021, 2022-2027, ($ millions)Global Automation and Control Sensors Market Sales, 2016-2021, 2022-2027, (K Units)Global top five Automation and Control Sensors companies in 2020 (%)

The global Automation and Control Sensors market was valued at xx million in 2020 and is projected to reach US$ xx million by 2027, at a CAGR of xx% during the forecast period.Research has surveyed the Automation and Control Sensors manufacturers, suppliers, distributors and industry experts on this industry, involving the sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, obstacles, and potential risks.

Download PDF Sample of Automation and Control Sensors Market report @ https://www.themarketinsights.com/request-sample/131394

Total Market by Segment:Global Automation and Control Sensors Market, By Type, 2016-2021, 2022-2027 ($ Millions) & (K Units)Global Automation and Control Sensors Market Segment Percentages, By Type, 2020 (%)Speed SensorsVibration SensorsPressure SensorsHumidity SensorsPosition SensorsTemperature SensorsOthers

Global Automation and Control Sensors Market, By Application, 2016-2021, 2022-2027 ($ Millions) & (K Units)Global Automation and Control Sensors Market Segment Percentages, By Application, 2020 (%)AutomotiveAerospaceFoodMachineryOthers

Global Automation and Control Sensors Market, By Region and Country, 2016-2021, 2022-2027 ($ Millions) & (K Units)Global Automation and Control Sensors Market Segment Percentages, By Region and Country, 2020 (%)North AmericaUSCanadaMexicoEuropeGermanyFranceU.K.ItalyRussiaNordic CountriesBeneluxRest of EuropeAsiaChinaJapanSouth KoreaSoutheast AsiaIndiaRest of AsiaSouth AmericaBrazilArgentinaRest of South AmericaMiddle East & AfricaTurkeyIsraelSaudi ArabiaUAERest of Middle East & Africa

Report Customization available as per requirements Request Customization@ https://www.themarketinsights.com/request-customization/131394

Competitor AnalysisThe report also provides analysis of leading market participants including:Key companies Automation and Control Sensors revenues in global market, 2016-2021 (Estimated), ($ millions)Key companies Automation and Control Sensors revenues share in global market, 2020 (%)Key companies Automation and Control Sensors sales in global market, 2016-2021 (Estimated), (K Units)Key companies Automation and Control Sensors sales share in global market, 2020 (%)

Further, the report presents profiles of competitors in the market, key players include:CognexBaluffBaumer GroupIfm Electronic GmbhKeyenceRockwell AutomationDaihen CorporationInfineon TechnologiesATI Industrial AutomationSick AgHoneywell International Inc.DatalogicTexas InstrumentsTDKSensopartTE Connectivity

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Table of ContentChapter One: Introduction to Research & Analysis Reports

Chapter Two: Global Automation and Control Sensors Overall Market Size

Chapter Three: Company Landscape

Chapter Four: Sights by Product

Chapter Five: Sights by Application

Chapter Six: Sights by Region

Chapter Seven: Manufacturers & Brands Profiles

Chapter Eight: Global Automation and Control Sensors Production Capacity, Analysis8.1 Global Automation and Control Sensors Production Capacity, 2016-2027

8.2 Automation and Control Sensors Production Capacity of Key Manufacturers in Global Market

8.3 Global Automation and Control Sensors Production by Region

Chapter Nine: Key Market Trends, Opportunity, Drivers and Restraints9.1 Market Opportunities & Trends

9.2 Market Drivers

9.3 Market Restraints

Chapter Ten: Automation and Control Sensors Supply Chain Analysis10.1 Automation and Control Sensors Industry Value Chain

10.2 Automation and Control Sensors Upstream Market

10.3 Automation and Control Sensors Downstream and Clients

10.4 Marketing Channels Analysis

10.4.1 Marketing Channels

10.4.2 Automation and Control Sensors Distributors and Sales Agents in Global

Chapter Eleven: Conclusion

Chapter Twelve: Appendix12.1 Note

12.2 Examples of Clients

12.3 Disclaimer

List of Table and FigureTable 1. Key Players of Automation and Control Sensors in Global Market

Table 2. Top Automation and Control Sensors Players in Global Market, Ranking by Revenue (2019)

Table 3. Global Automation and Control Sensors Revenue by Companies, (US$, Mn), 2016-2021

Table 4. Global Automation and Control Sensors Revenue Share by Companies, 2016-2021

Table 5. Global Automation and Control Sensors Sales by Companies, (K Units), 2016-2021

Table 6. Global Automation and Control Sensors Sales Share by Companies, 2016-2021

Table 7. Key Manufacturers Automation and Control Sensors Price (2016-2021) & (US$/Unit)

Table 8. Global Manufacturers Automation and Control Sensors Product Type

Table 9. List of Global Tier 1 Automation and Control Sensors Companies, Revenue (US$, Mn) in 2020 and Market Share

Table 10. List of Global Tier 2 and Tier 3 Automation and Control Sensors Companies, Revenue (US$, Mn) in 2020 and Market Share

Table 11. By Type Global Automation and Control Sensors Revenue, (US$, Mn), 2021 VS 2027

Table 12. By Type Global Automation and Control Sensors Revenue (US$, Mn), 2016-2021

Table 13. By Type Global Automation and Control Sensors Revenue (US$, Mn), 2022-2027

Table 14. By Type Global Automation and Control Sensors Sales (K Units), 2016-2021

Table 15. By Type Global Automation and Control Sensors Sales (K Units), 2022-2027

Table 16. By Application Global Automation and Control Sensors Revenue, (US$, Mn), 2021 VS 2027

Table 17. By Application Global Automation and Control Sensors Revenue (US$, Mn), 2016-2021

Table 18. By Application Global Automation and Control Sensors Revenue (US$, Mn), 2022-2027

Table 19. By Application Global Automation and Control Sensors Sales (K Units), 2016-2021

Table 20. By Application Global Automation and Control Sensors Sales (K Units), 2022-2027

Table 21. By Region Global Automation and Control Sensors Revenue, (US$, Mn), 2021 VS 2027

Table 22. By Region Global Automation and Control Sensors Revenue (US$, Mn), 2016-2021

Table 23. By Region Global Automation and Control Sensors Revenue (US$, Mn), 2022-2027

Table 24. By Region Global Automation and Control Sensors Sales (K Units), 2016-2021 continued

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Impact Of Covid 19 On Automation and Control Sensors Market 2020 Industry Challenges, Business Overview And Forecast Research Study 2026 The Courier...

By Saurabh Tiwari

The year 2020 has been a landmark year. It was a year that saw a small virus transform almost every sector of the economy. Most of the financial institutions had to undergo digital transformation because people's propensity to do online transactions grew rapidly. The insurance sector has been no exception as most insurers had to digitally transform their businesses at a much faster pace as lockdowns dramatically changed consumer habits, their needs and expectations, and how they consume services.

This has, however, been a boon for the sector as there had been a long-standing agreement for years that digitisation, and specifically automation, is the differentiator that the insurance industry needs in the evolving digital world.

The industry would see a major shift not only in the way insurers reach out to prospective consumers to sell their products and services, but also a much more seamless and automated processes to ensure a seamless consumer experience right from purchasing and renewing policies, reviewing claims and handling grievances.

Albeit in a nascent stage, many of these changes are already making their mark in the insurance industry. In time to come, we would see more applications of emerging modern technologies in the insurance sector, like software robotics, machine learning, artificial intelligence and cognitive solutions to automate the entire consumer experience while improving profit margins for insurance companies.

In a bid to make the most of first-mover advantage, many insurers have implemented automation strategies already in areas like claims processing and consumer onboarding. The intention is to speed up operations, differentiating their products from their competitors and also provide seamless services to their consumers.

The biggest benefit of automation in the insurance industry is AI-enabled claim processing which reduces the turnaround time drastically from weeks to hours and even minutes. In some cases, it has even been reduced to seconds like in the case of New York-based insurance startup Lemonade which established the record of paying out the claim in just three seconds, the fastest claim settlement in the history of the insurance industry. This may seem like an exception today, but there is no doubt that this would become the norm over the next decade or so. In terms of customer service, automation has already proved to be a game-changer with highly sophisticated chatbots addressing most of the queries of the consumers without any human intervention required.

These chatbots are expected to become even smarter in the coming years and address an even wider range of queries from customers and provide them final resolution instantly. This not only reduces the human resource cost for the insurance company, thereby improving their profit margins, but it also ensures round the clock support with absolutely no waiting time for the customers.

Another area where automation is likely to play an even bigger role going forward is the underwriting process, which involves gathering data from multiple sources and then analysing it to determine risk. Through this underwriting process, the scope of coverage and premium is determined for the policyholder. The process, which used to take several days, has already been automated to a great extent by leveraging digital technologies and one can now get a premium quotation instantly by providing their basic information.

Through a combination of big data analytics and artificial intelligence, this process would become even more sophisticated in the coming years. The data from different sources would automatically be collected, and the claims history and health history of the prospective policyholder automatically analysed, to arrive at a personalised quote for each individual. This would also mean fairer premiums, and hence more faith in the insurance industry.

Since the type and level of risk which needs to be covered by the insurer is different for different individuals based on their age, medical history and lifestyle habits, automation of this risk assessment would rule out any possibility of human error, and even human bias, thus making it possible to determine ones vulnerability to specific ailments and accurately measure the risk.

So those who eat healthy, exercise daily, get regular medical check-ups and maintain an overall healthy lifestyle would be able to lock in a lower premium than, say, one who has a family history of serious ailments smoke or just has a sedentary lifestyle. Some insurers have taken small steps in this direction where they offer discounts to those who achieve specific health goals like walking a specific number of steps over a given period of time. This, of course, is just the beginning.

The author is CTO, Policybazaar.com.

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Automation will be the biggest differentiator in the insurance industry - ETCIO.com

Rockwell Automation, the worlds largest company dedicated to industrial automation and digital transformation, announced that it will be partnering with Precast FZCO, a leading provider of industrial automation solutions in the Middle East. With this agreement, Precast FZCO is now authorized to distribute Rockwell Automations software solutions in the region.

Aligned with Rockwell Automations strategy to support companies globally on their digital transformation journeys, Precast FZCO will now be able to provide its customers with the latest technologies.The Rockwell Automation and Precast FZCO teams will work closely together to bring greater value to customers in the Middle East.

Susana Gonzalez, EMEA President at Rockwell Automation, said:Weare very pleased to have Precast joining us as our first-ever authorized software master distribution partner in the Middle East. Thisis an important milestone, and we believe it will bring great value to our customers and help us bring The Connected Enterprise value proposition. With this partnership, we will strengthen our overall position, continue driving digital strength in the Middle East and accelerate our growth in the software solutions business.

Congratulating on this agreement, Sebastien Grau, Regional Vice President Sales for Middle East, Turkey and Africa at Rockwell Automation, said, This partnership is a significant leap forward for both Rockwell Automation and Precast FZCO in the industrial sector. This collaboration will help us as a company to better serve our customers, ensuring that they have the software solutions they need. By combining Rockwell Automations extensive expertise and portfolio of industrial solutions with Precast FZCOs leading-edge simulation solutions, we will make it easier for companies to get access to innovative software that will allow them to achieve their desired business goals.

Serving Industrial Automation to the entire Middle East, Turkey, and African region for the past 13 years, Precast FZCO operates from five office locations in UAE, Turkey, Lebanon, Egypt, and Saudi Arabia. Representing more than 1,200 experienced local and international clients, Precast is well-established for providing the latest innovation and hardware, as well as software solutions, to many sectors in the automation industry. Now a member of Rockwell Automations PartnerNetwork, Precast FZCO will provide Rockwell Automations software solutions across several industrial automation sectors.

We are excited to become an Authorized Distributor of Rockwell Automations software solutions in the Middle East, said Kamal Diab, Owner and Managing Director of Precast FZCO.Precast FZCO has been committed to serving clients in the region for over a decade withthe highest value, enabling them to achieve optimized production.This partnership with Rockwell Automation is an important step for us, as it will open our doors to several exciting new opportunities through Rockwell Automations leading solutions. We will move forward together. Together we will bring about positive change!

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Rockwell Automation names Precast FZCO as first ever authorized software distribution partner in Middle East - Tahawul Tech

Nintex Chief Product Officer Neal Gottsacker

Offering free, downloadable business solution templates for nearly all industry and department use cases, they are available within the Nintex Solution Accelerator Gallery and integrated with Nintex Workflow Cloud.

Nintex has announced it is helping organisations accelerate their digital business transformation initiatives with pre-built configurable process maps, workflow and forms automation, as well as robotic process automation templates.

Downloadable business solution templates from Nintex span common use cases, industries, and departments and are available in the Nintex Solution Accelerator Gallery and integrated with Nintex Workflow Cloud.

The free Nintex process maps and automation templates are available here.

Nintex Chief Product Officer Neal Gottsacker (pictured)said: Our pre-built and easily-configurable digital business solution templates are designed to save every organisation valuable time while accelerating how fast processes can be documented and automated.

Every process map and automation template is built to meet specific business process scenarios across departments and industries like government, financial services, manufacturing, and more.

With nearly 290 templates and more than 15,000 template downloads, Nintex says its Solution Accelerator Gallery is a free online resource to help organisations of all sizes accelerate digital transformation with a best-practice approach to process mapping and automation.

The gallery is easily searchable with filters which makes it fast to find an ideal template for a business process to be documented, reengineered or automated.

Filters include:

Nintex tells us its Workflow Cloud customers can also quickly access every Nintex Solution Accelerator Gallery template from within their Nintex Workflow Cloud tenant via integrated links to the gallery.

This helps organisations quickly auto-import their Nintex tenant details into relevant templates to efficiently deploy solutions even faster.

Popular Nintex templates include employee onboarding process maps and workflow templates, as well as process maps for invoice processing, workflow templates for work from home agreements, and templates to quickly convert SharePoint 2010/2013 workflows."

Naturally, Nintex invites everyone to experience the power and ease of Nintex Workflow Cloud and the seamless integration to templates in the Nintex Solution Accelerator Gallery with a personalised demo you can request here.

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Nintex accelerating digital business transformations with new process maps and automation templates - iTWire

More than two-thirds of workers are willing to retrain for new jobs as they look toward the aftermath of the pandemic, according to a new study by Boston Consulting Group (BCG) and The Network. The interest in developing new skills is highest among those in the early- and midcareer phases.

A new report based on the study, Decoding Global Reskilling and Career Paths, is being released. Its the third in a series of publications that BCG and The Network have issued about the pandemics impact on peoples work preferences and careers.

The economic uncertainty touched off by the pandemic comes at a time when workers in just about every field already have some level of concern about being replaced by technology. Forty-one percent of workers globally have become more concerned about automation during the pandemic, according to the survey. The increased concern is especially common among people who work at financial institutions or at insurance or telecommunications companies.

The pandemic and the increasing speed of technological disruption have prompted people to question their chosen career paths, said Rainer Strack, one of the authors of the study and a senior partner at BCG. Almost seven in ten people say they are open to retraining that would allow them to switch to completely different job roles. This level of flexibility could help employers and governments that are worried about preparing their workforces for the future.

Retraining willingness68% globallyis highest among workers who have fared worst during the pandemic or have the most concern about automation. This includes workers in service-sector, customer service, and sales roles. Almost three-quarters of the people in these jobs say they would retrain for something new. Those in job roles seen as less vulnerablehealth and medicine, social work, and science and researchgenerally arent as ready to switch careers.

There are some geographic differences in the willingness to retrain as well. People in developing economies, including many in Africa, are the most enthusiastic, with as many as three-quarters saying they would retrain to prepare themselves for a new job. Europeans and Americans have the lowest level of willingness, the study shows, but even in those geographies the proportion of people who say they would retrain is generally above 50%.

More than a third of people worldwide have been laid off or forced to work fewer hours during the COVID-19 crisis, according to the survey. The economic fallout has been worst for the young and least educated. Almost half of those under 20, and an equal proportion of people with only a high school degree, have lost income during the pandemic.

The pandemic is another reminder after the 2008 financial crisisthat there are always going to be events that threaten economies and require workers to adjust, said Kate Kavanagh, a co-managing director of The Network and a co-author of the report. Workers have come to accept that their only real job security lies in their adaptability, which sometimes means shifting roles or even careers.

A Move Toward More Stable Fields

The study shows a high level of realism in peoples attitudes about retraining. Most of the areas of retraining willingness involve moves into fields that, at least for the moment, seem less risky than the fields people are in today. Generally, the new fields that people say they would consider have similarities to their current jobs.

Digital and information technology top the list of potential next careers, probably because of the expanding opportunities in those areas and the generally high remuneration. For example, more than 20% of people currently working in artistic or creative jobs say they would retrain for a digital job, as do more than 20% of people currently working in consulting or media. Office and management jobs (such as marketing and human resources) are also seen as attractive next career steps, possibly because of the perceived ease of transitioning into those jobs for a variety of workers.

Workers have already been taking steps to upgrade their skills. The proportion of workers spending a few weeks or more on skill building each year has held steady, at about two-thirds, since BCG and The Network last asked this question, in 2018.

The approach to learning has evolved, however. Forty-eight percent of people now use an online educational institution (such as a MOOC, or massive open online course) for learning, and 36% now use a mobile app. Both approaches still trail on-the-job training and independent study, todays most popular approaches to workplace learning, but in the era of the pandemic digital approaches have made inroads.

The data gathered for Decoding Global Reskilling and Career Paths provides insights into workers career expectations by gender, age, education level, and position in the job hierarchy.

A copy of the report can be downloaded here.

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Automation Adds to Job Security Concerns: 68% of Workers Say They Would Train for a New Career - The Ritz Herald