AI injects “intelligence” into automation, enabling systems to execute tasks, comprehend complex data, make informed decisions, and learn from outcomes. Unlike technologies such as robotic process automation (RPA), which follow predetermined rules, AI leverages data to evaluate situations and determine the best course of action. Now that we've explored how AI augments traditional automation tools, let's delve deeper into the realm of intelligent automation.

Intelligent automation removes barriers to scaling automation that have hindered business productivity for years. This powerful fusion of technologies automates complex processes, empowering organizations to adapt to change faster and more effectively than ever before.

According to Gartner, 80% of companies worldwide are expected to have efficient data management systems in place by 2025. This projection highlights the growing recognition of data governance tools as essential enablers for maintaining and enhancing the quality and security of organizational data within these data management systems. In this blog, we will talk about some of the best data governance tools and software to consider in 2024.

Did you know data scientists spend around 60% of their time preprocessing data? Data preprocessing plays a critical role in enhancing the reliability and accuracy of analytics. This blog will discuss why data preprocessing is essential for making data suitable for comprehensive analysis.

Data integrity refers to protecting data from anything that can harm or corrupt it, whereas data quality checks if the data is helpful for its intended purpose. Data quality is a subset of data integrity. One can have accurate, consistent, and error-free data, but it is only helpful once we have the supporting information for this data. Data integrity and quality are sometimes used interchangeably in data management, but they have different implications and distinct roles in enhancing data usability.

Automation and artificial intelligence have been key players in financial services for years. Financial institutions have automated routine tasks across fraud detection and prevention, loan application processing, and customer service, to name just a few. But the pace and breadth of adoption will only increase. In the lending market, automated underwriting can be a game-changer.

An effective data governance strategy is crucial to manage and oversee data effectively, especially as data becomes more critical and technologies evolve. This strategic approach to data governance aligns with findings from a McKinsey survey, suggesting that companies with solid data governance strategies are twice as likely to prioritize important data — leading to better decision-making and organizational success.

A 2021 Educase report shows that 75% of surveyed institutions have started or are planning extensive digital transformation strategies to improve their data utilization. The importance of a strategic approach to data utilization in this context cannot be overstated. Effective data management frameworks ensure that data across the institution is accurate, consistent, and used in alignment with internal policies and external regulations.

Data ingestion is important in collecting and transferring data from various sources to storage or processing systems. In this blog, we compare the best data ingestion tools available in the market in 2024. We will cover their features and pros and cons to help you select the best software for your use-case.