Automatic Computation
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Nov 24, 2024
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Automatic Computation 2
Automatic Computation
In the current world that we live in today that is now being dictated by technology driven
and fast paced business industry, the importance of automatic computation in business cannot be
overstated. This technology has greatly influenced the way in which day to day operations of
business are being done and the advantages that comes with it are massive, ranging from
fostering innovation and competitiveness to enhanced operations. This paper will look into
automatic computations to determine the benefits this technology has on business organizations
and how it is being used to address various problems that affect this organizations. Moreover, the
paper will also look into how this technology contributed to achieving major organizations
objectives such as revenue growth, decision making, competitive advantage and operational
excellence just to name a few.
Types of Organizations Benefiting from Automatic Computation
One major advantage of automatic computations is the versatility of this technology. This
characteristics enable the technology to be used in various industries and organization types. This
technology is significantly important to organization or industries that need data processing,
analysis and automation as an integral part of their day to day operations. Some of the
organization that majorly rely on this technology include;
1.
Manufacturing Industries
: This is one of the industries that mainly rely on automatic
computation to implement quality control measures, optimize the production process and
monitor supply chains. All this is done an effort of increase productivity in order to meet
the client expectations at the same time reducing production cost.
2.
Financial Institutions
: Financial institutions such as investment firms, insurance
companies and banks majorly rely on this technology because it play a crucial part in
Automatic Computation 3
addressing issues such as fraud. This technology can also be used for risk management in
this firms. In addition to that, they can also be used for algorithmic trading (Basel
Committee on Banking Supervision, 2018).
3.
Healthcare
: The healthcare system has also benefited a lot form this technology because
it has played a major role in helping healthcare workers automatically manage patient
records, make diagnosis and at the same time find the appropriate treatment plan that the
patient needs. (Hersh, 2018).
4.
E-commerce and Retail
: This industry, just like the financial institution benefit a lot
from this type of technology. For instance, automatic computation can be used in
conducting task such as customer relationship management, inventory management and
recommendation systems just to name a few. This helps this type of industry to make a lot
of profit because it increases the efficiency of the industry. (Chen, 2019).
Business Problems Addressed by Automatic Computation
a.
Enhancing Efficiency and Productivity through Automatic Computation
One of the major advantages of using automatic computation is increasing operational
efficiency. This is especially important to complex process and routine task. For instance, a
companies like Tesla, or General Motors greatly rely on automatic computation in increasing the
efficiency of production of their vehicles. In this industries, robots that are powered by artificial
intelligence are being used to do complex task such as painting and welding with a lot of
precision and speed. What this does is increase the speed of production reducing downtime and
at the same time reducing wastage that could have been made if human resources were being
used to do the same type of the job. In the end, all this translated to these organization reducing
the cost of production and directing other resources to other initiatives. (Lee, 2019).
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As discussed earlier, financial institutions also rely on this technology to a greater extent
in employing high frequency trades, especially in the stock markets. In this type of situations,
thousands if not millions of trade executions are being made in second and therefore automatic
computation is need to increase response time which will help in maximizing profits in this
industries. (Basel Committee on Banking Supervision, 2018).
b.
Fostering Innovation and Creating New Business Models
Data is important in any organization that deals with innovative products and services.
Automatic computation play a major role in analyzing the data available and enabling companies
make sense of massive data sets that have been collected over time. The simplicity that is
brought forward by this technology enable companies to clearly understand what they need in
order to develop new products, services or business model that will serve their clients well.
For instance, in recent years we have seen how the healthcare industry has used automatic
computation to carry genome research. It is hard to analyze vast amount of genome data sets.
Therefore, researchers have greatly relied on automatic computation to identify genetic markers
that are being associated with certain diseases. This has played a significant role in developing
personalized treatments plans that are groundbreaking in every sense. (Hersh, 2018).
In the tech industry, a lot of companies greatly rely on this technology to come up with
cutting edge application and services that are going to stand out to their customers. For instance;
NLP or better known as natural language processing algorithms are being used to power
chatbots, virtual assistance and language translation tools like google translate. (Silver, 2016).
c.
Boosting Revenue and Profits through Enhanced Customer and Supplier Intimacy
Automatic computations have played a major role in making the business industry
understand customers’ behaviors in attempt to find better marketing strategies. For instance
Automatic Computation 5
companies such as Target use this technology to identify a customer behavior and know what
product they can advise to that client via email. This is all enabled by data analytics that is done
by this automatic computations. (Chen, 2019).
Additionally, business that work on supplier side heavily rely on this technology to optimize
their procurement processes. Through automatic computations, analytics and demand forecasting
can be made in advance and this will enable the supplier to plan in advance with other suppliers
on favorable terms of supplying products that they think will be needed in the future. This is very
important because this business by doing this are able to save cost and at the same time
strengthen the relationship with their partners. (Porter & Heppelmann, 2015).
d.
Improving Decision-Making with Timely, Accurate Information
Decision makers such as managers and senior employees are the one that have benefitted a
lot from this technology. Automatic computations plays a crucial role in provided decision
makers with actionable and accurate information that will be used in making decision concerning
a particular matter in the organization. This technology has given managers power to make
informed choices that directly affect the operation and performance of an organization.
For instance, in the supply chain management, automatic computation is used to continuously
monitor the level of inventory, transportation routes and production schedule. All this will be
difficult to efficiently carry out if automatic computation was not there. Additionally, because
this technology provide real time data analytics, organization are well equipped to make dynamic
adjustments to meet any changes that might arise in an attempt to meet customer demands.
(Chopra & Meindl, 2016).
In conclusion, automatic computation is a game-changing technology with wide-ranging
effects on businesses in numerous industries. Automatic computation helps organizations achieve
Automatic Computation 6
operational excellence, drive revenue growth, and gain a competitive advantage by enhancing
efficiency, encouraging innovation, and facilitating better decision-making. Organizations that
effectively use automatic computation are not only thriving in an era of rapid change, but they
are also ensuring their long-term viability in the dynamic business environment.
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References:
Basel Committee on Banking Supervision. (2018).
Principles for the Sound Management of
Operational Risk
. Bank for International Settlements.
Chen, M. (2019).
Artificial Intelligence in E-commerce: A Systematic Literature Review
. Journal
of Engineering and Applied Sciences, 14(12), 4033-4040.
Chopra, S., & Meindl, P. (2016).
Supply Chain Management: Strategy, Planning, and Operation
.
Pearson.
Hersh, W. R. (2018).
Health Care Information Systems: A Practical Approach for Health Care
Management
. Jones & Bartlett Learning.
Lee, J. (2019).
Production and Inventory Control Handbook
. McGraw-Hill Education.
Porter, M. E., & Heppelmann, J. E. (2015).
How Smart, Connected Products Are Transforming
Competition
. Harvard Business Review.
Silver, D., et al. (2016).
Mastering Chess and Shogi by Self-Play with a General Reinforcement
Learning Algorithm
. Nature, 529(7587), 484-489.