Initialisms are super handy in a range of different industries, with IT (there’s one!) general business and local government being huge fans.
Using initialisms can save you a lot of time and keep your business documents from sounding repetitive, whilst making it clearer and simpler to digest.
And whilst we’d never teach our granny to suck eggs, there are some cool new initialism kids on the block that you may or may not have heard of just yet, namely RPA, BC, AI, ML.
So, what do these mean?
Really Perfect Alpacas? Beautiful Cookies? Annoying Initialisms? More Lager?
As much as we like (prefer) these meanings, all of the above are infact some really useful IT concepts that your business could adopt either now or in the short – medium term. They can form part of your strategy for digital transformation and enable a more streamlined version of your current processes (Alas, alpacas aren’t capable of that).
RPA – Robotic Process Automation
Did you know that there’s a whole sweatshop of robots waiting within your computer to do exactly what you command? Well, RPA allows you to assign repetitive or process driven tasks to these robots, allowing them to work their magic.
So, what can they be used for?
Is there a repetitive process that needs to be followed, maybe copy and pasting addresses from a spreadsheet to link to a client record in your database? Or a leavers notification system that informs Payroll, IT, admin, Governing bodies, accountants that someone has left your business? Well RPA can help – and the best thing about it is that you probably already have access to the tools that will enable this, such as Microsoft Flow / Power Apps.
BC – BlockChain
Unless you have been hiding in a damp cave for the last few years, you are more than likely to have at least heard of BlockChain, even if you don’t completely understand what it is.
The most common use of block chain currently is as a form of currency. BitCoin, Ethereum, Dash, JP Morgan Chase have their own internal version and now Facebook have decided they also want in on the action. BlockChain based currency has the potential to replace the dollar as the worlds reserve currency, in one of its forms…
But is BlockChain something I can implement in my business?
At the moment in the SME sector there are many people tinkering with the technology for ‘Smart Contracts’.
Smart Contracts can be used to trigger when certain conditions are met in the chain. E.g. when someone has signed a contract digitally this can then go the next recipient in the chain with everyone in full knowledge that the chain has not and cannot be broken on the way. Each transaction intrinsically linked to the next.
For now, keep playing with BitCoin and understand the technology so you are well read when a plausible service suitable for your business comes along.
AI and ML – Artificial Intelligence and Machine Learning
Many marketeers use AI as an exciting acronym for what is essentially MI.
So, what is the difference between the two?
Let‘s look at MI first and an example found in Google Photos. In Google Photos you can search for ‘building’ ‘baby’ ‘carrot’ for example and the system will bring back pictures of those objects. It has learnt what these objects look like by being shown millions of pictures of the objects so now it understands that –
A baby has a
A building has
If Google doesn’t have enough data to find you a picture it will use you to help identify other objects so the crowd mind can enhance its machine learning.
True AI refers to logic, understanding, self-awareness, emotional knowledge, planning, creativity, problem-solving and learning. Machines can do none of these. Machines learn by improving their ability to guess accurately over time and do not learn as we human do.
Machine learning is expected to add 10.3% to GDP in the UK by 2030 (PWC – AI UK Report)
So, if you’re interest in RPA, BC, AI, ML and would like any more information on these concepts and how they could be implemented within your business, please do not hesitate to get in touch with one of our tech experts today.