Category Archives: Automation

Mitsubishi Electric, a factory automation solutions provider, has agreed a strategic investment in Clearpath Robotics, the parent company of autonomous mobile robot leader, Otto Motors.

With more than 4 million hours of production experience, Otto Motors pioneering autonomous mobile robot (AMR) technology and award-winning software are used by Fortune 500 companies to deliver productivity and safety in material handling operations.

The investment expands the strategic relationship between Otto Motors and Mitsubishi Electric, and strengthens the two companies commercial collaboration.

Matt Rendall, Otto Motors CEO and co-founder, says: Industrial automation is continuing to transform businesses around the world.

As a globally-trusted leader with a strong mission to invest in continuous technological innovation and ceaseless creativity, Mitsubishi Electric has been an important partner for Otto Motors.

We are proud to have their continued support and share a vision to accelerate industrial automation globally. We look forward to pursuing the tremendous opportunity ahead.

Satoshi Takeda, Mitsubishi Electrics chief strategy officer, says: The relationship between Mitsubishi Electric and Otto Motors is built upon years of respect and trust.

Otto Motors is well positioned to become a leader in industrial autonomy. We see a bright future ahead for Otto Motors and are honored to support their continued success.

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Mitsubishi Electric agrees strategic investment in Otto Motors to ... - Robotics and Automation News

Accelerates the adoption of AI across the Insurance market

NEW YORK, May 15, 2023 /PRNewswire/ -- Roots Automation, creator of AI-powered Digital Coworkers, today announced the release of InsurGPT - the world's most advanced fine-tuned Generative AI model, designed specifically for the Insurance market.

InsurGPTfurther expands the natural language capabilities of Digital Coworkersby utilizing proprietary, fine-tuned Large Language Models(LLMs) to read and accurately extract data across:

InsurGPTutilizes a deep corpus of insurance specific data and documents alongside systems and process knowledge to significantly improve the accuracy, speed, and validity of data extraction and inferencing, while reducing false-positives, 'hallucinations,' that non-industry specific Generative AImodels produce.

InsurGPT is designed by Insurance operators for Insurance operators and is natively embedded in all of Roots Automation Digital Coworkers. Critically, each interaction between a human and Digital Coworker improves the InsurGPT model, benefiting all customers.

"We have fundamentally imbued our Digital Coworkers with deep insurance experience and knowledge through InsurGPT" comments Chaz Perera, Co-founder and CEO of Roots Automation. "InsurGPT removes the need for templates or heavy OCR configuration to analyze and process business documents, it simply reads insurance documents like a human would and produces accurate results, fast and at scale."

Importantly, Roots Automation Digital Coworkers utilizing InsurGPT are already delivering real results for Insurance operators.

For example, a national Third-Party Claims Administrator (TPA) is using InsurGPT to scale its First Notice of Loss (FNOL) process.

This TPA was challenged with standardizing claim setup and document handling processes while servicing the varying needs of carrier partners and customers.

Traditional hard-coded rules, decision logic, and templates failed to effectively factor for document complexity and the idiosyncrasies of carrier partner/customer special account instructions.

Leveraging InsurGPT allowed the TPA to work with non-standard instructions and documents within the FNOL process, resulting in greater accuracy without requiring a change to the underlying process.

"Critical to the development of InsurGPT was the fundamental belief that while companies like OpenAI and Google - and the entire open-source community - have created something great, they are not interested in going deep into the Insurance sector - nor have they considered the security, data privacy or heavily regulated nature of the insurance space. We have!", comments John Cottongim, Co-founder and CTO of Roots Automation. "Importantly InsurGPT is constantly improving through the real-time interactions between our Digital Coworkers and our Customers' teams".

InsurGPT is the most advanced insurance-specific Generative AI model which enables organizations to remove routine tasks, increase digitization and accelerate the adoption of AI.

About Roots AutomationRoots Automation combines machine intelligence and human ingenuity to create intelligent Digital Coworkers, providing organizations with AI-powered, digitized employees that can think, read and intuit like people.

Digital Coworkers are pre-trained to understand and interact with documents, systems and processes commonly found in insurance.

Digital Coworkers are always on, ultra-secure and deliver ROI from day one - freeing a human workforce of inefficient, soul-destroying work, increasing their productivity and job satisfaction. Roots Automation is based in New York and was founded in 2018. For more information, visit https://www.rootsautomation.com/.

SOURCE Roots Automation Inc

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Roots Automation Introduces InsurGPT - the World's Most Advanced ... - PR Newswire

A special report from NAPCO Research highlights the ways print providers are redefining business strategies to maintain profitability as they face labor shortages, declines in print volumes, price competition, heightened security requirements, and changing customer needs. The New Formula for Production Print Success leverages NAPCO Research surveys and print provider examples to highlight how process automation and digital transformation are strengthening business results.

The report (download the full asset here) identifies the following 4 challenges and presents recommendations and real-world examples of ways print providers are overcoming them.

Achieving profitability goals can be a challenging task. According to the PRINTING United Alliances 2022- 2023 State of the Industry research, while industry sales are growing and confidence is on the rise, operating cost inflation and labor shortages are squeezing print providers margins. In turn, print providers are prioritizing the importance of cost reduction and production productivity. Nonetheless, commercial printers participating in the State of the Industry research are taking multiple actions to beat profit targets, from price increases to cost-cutting to capital investment that supports automation, faster production speed, and more streamlined workflow. In addition, commercial printer survey respondents report their top capital investment objective is to increase productivity/efficiency (82%), followed by increasing production speed (53%), and automating operations (52%).

Commercial printers participating in a NAPCO Researchs Annual Print and Trends and Strategy Service survey identified the following as their top three workflow pain points or inefficiencies influencing productivity:

This challenge points to the benefits of investing in the right equipment and workflow automation to reduce costs, enable faster throughput, increase efficiency, and improve output quality.

Another essential benefit of automating business processes is that it reduces labor requirements, a critical challenge for print providers. Despite persistent labor and skill shortages, technology solutions exist to support print service providers in reducing staff needs, simplifying processes, and automating tasks.

Over half of commercial printers (56%) participating in a NAPCO Researchs annual survey report differentiating their products and services is a key challenge. Offering printing enhancements is a way for print providers to differentiate from the competition and capture more business. Marketers and brand owners understand the value of enhanced printing and its ability to give their printed communications a premium look.

Brand owners, marketers, and consumers are looking for eco-friendly options. Sustainability is an important topic across all industries, but printed products often suffer from a perception that they are difficult to recycle, end up in landfills, and are damaging to the earths forests. At the same time, organizations are becoming increasingly aware of their impact on carbon emissions and the environment.

Print service providers are looking for new ways to address these challenges while remaining competitive and profitable. Meeting todays competitive challenges requires re-aligning business strategies to adjust for new market realities. The new formula for a printing companys success combines delivering quality, turnaround, price, value, innovation, security, and sustainability.

Download the full asset today to learn how to power profitability with efficiency, automation, differentiation, and sustainability.

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Research Shows Ways Digital Print and Automation Power Profitability - Printing Impressions

Published: May 15, 2023 at 5:22 p.m. ET

Shares of Rockwell Automation Inc. ROK inched 0.84% higher to $274.14 Monday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.30% to 4,136.28 and the Dow Jones Industrial Average DJIA rising 0.14% to 33,348.60.

This was the stock's third consecutive day of gains.

Rockwell...

Shares of Rockwell Automation Inc. ROK inched 0.84% higher to $274.14 Monday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.30% to 4,136.28 and the Dow Jones Industrial Average DJIA rising 0.14% to 33,348.60.

This was the stock's third consecutive day of gains.

Rockwell Automation Inc. closed $35.22 short of its 52-week high ($309.36), which the company achieved on March 9th.

The stock outperformed some of its competitors Monday, as Honeywell International Inc. HON rose 0.36% to $194.31.

Trading volume (509,489) remained 235,766 below its 50-day average volume of 745,255.

Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.

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Rockwell Automation Inc. stock outperforms market on strong trading day - MarketWatch

Presto Automation Inc. (NASDAQ:PRST), might not be a large cap stock, but it received a lot of attention from a substantial price increase on the NASDAQGM over the last few months. As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value. Is there still an opportunity here to buy? Today I will analyse the most recent data on Presto Automations outlook and valuation to see if the opportunity still exists.

View our latest analysis for Presto Automation

Presto Automation appears to be expensive according to my price multiple model, which makes a comparison between the company's price-to-earnings ratio and the industry average. Ive used the price-to-earnings ratio in this instance because theres not enough visibility to forecast its cash flows. The stocks ratio of 37.53x is currently well-above the industry average of 16.49x, meaning that it is trading at a more expensive price relative to its peers. But, is there another opportunity to buy low in the future? Given that Presto Automations share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. This is based on its high beta, which is a good indicator for share price volatility.

earnings-and-revenue-growth

Future outlook is an important aspect when youre looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Buying a great company with a robust outlook at a cheap price is always a good investment, so lets also take a look at the company's future expectations. Though in the case of Presto Automation, it is expected to deliver a highly negative earnings growth in the upcoming, which doesnt help build up its investment thesis. It appears that risk of future uncertainty is high, at least in the near term.

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Are you a shareholder? If you believe PRST should trade below its current price, selling high and buying it back up again when its price falls towards the industry PE ratio can be profitable. Given the uncertainty from negative growth in the future, this could be the right time to reduce your total portfolio risk. But before you make this decision, take a look at whether its fundamentals have changed.

Are you a potential investor? If youve been keeping tabs on PRST for some time, now may not be the best time to enter into the stock. The price has climbed past its industry peers, in addition to a risky future outlook. However, there are also other important factors which we havent considered today, such as the track record of its management. Should the price fall in the future, will you be well-informed enough to buy?

If you want to dive deeper into Presto Automation, you'd also look into what risks it is currently facing. To that end, you should learn about the 6 warning signs we've spotted with Presto Automation (including 5 which are a bit concerning).

If you are no longer interested in Presto Automation, you can use our free platform to see our list of over 50 other stocks with a high growth potential.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Is It Too Late To Consider Buying Presto Automation Inc. (NASDAQ:PRST)? - Yahoo Finance

The drive to reshape work at organizations keeps on trucking, according to a new survey by leading global advisory, broking and solutions company WTW. Furthermore, a relatively small number of organizations reported they are effectively managing the various business and people risks associated with the ever-changing work landscape.

According to WTWs Dynamics of Work Survey, the number of companies in the U.S. that automate some of their work is expected to climb to 74% in three years, up from 65% this year and 51% three years ago. Additionally, those organizations expect that more than one-quarter (27%) of their work will be automated in three years, nearly double (14%) from three years ago. Respondents also said they expect over half of their employees (55%) will work either fully remotely or hybrid in three years, compared with 15% before the pandemic.

As employers emerge from the pandemic, their need to reimagine how and where work gets done is at an all-time high, said Tracey Malcolm, global leader, Future of Work and Risk, WTW. This transformation, including the shift to remote work, has led to an increase in people, business and operational risks. Unfortunately, many employers believe they are falling short in the critical responsibility of managing these risks.

Indeed, only one-third of respondents (33%) report they have effectively managed the risks associated with the dynamics of work changing work conditions, digitalization and alternative sources of talent over the past three years. Employers are currently taking or planning to take action to address these risks. These include:

The dynamics of work will continue to evolve for many years. Creating a sustainable competitive advantage will require robust strategies to unlock the potential of these shifts and careful management of people and operational risks. Effective plans will start by placing talent at the heart of work changes by understanding employee preferences and perceptions, aligning work and total rewards programs, and strengthening risk management frameworks, said Amol Mhatre, head of Intellectual Capital, Research and Innovation, WTW.

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U.S. Companies Embrace Automation and Digitization - CPAPracticeAdvisor.com

SpartanNash is placing robots that will scan shelves to make sure they are properly stocked in several grocery stores in Michigan and Indiana. // Photo courtesy of SpartanNash

Food solutions company SpartanNash of Byron Center, south of Grand Rapids, unveiled plans for the additional use of an autonomous inventory robot named Tally in 15 grocery stores inMichiganandIndiana.

Developed by retail technology company Simbe Robotics, Tally is part of SpartanNashs continued investment in technology to improve service.

After a successful pilot in select D&W Fresh Market stores in Williamston, SpartanNash will be placing Simbes robot in additional Family Fare stores. The company also is placing Tally in Martins Super Market stores in Indiana. The real-time data intelligence that Tally provides should help ensure store customers favorite items always stay fresh, adequately stocked, and priced competitively.

Tallys speed, accuracy, and automation enable our Associates to save time in inventory tracking and spend more time on the floor serving store guests, says Tom Swanson, executive vice president of corporate retail for SpartanNash.

Tally is designed to be a quiet, slim robot that unobtrusively traverses store aisles throughout the day, using 3-D computer vision technology to collect accurate shelf data. It can capture 15,000 to 30,000 products an hour, ensuring products remain in-stock, in the correct location, and accurately priced.

When we first started working with SpartanNash, we knew this was a partner that recognized the powerful role technology can play in enhancing in-store operations and, as a result, the customer experience, says Brad Bogelea, co-founder and CEO of Simbe Robotics. Its been so rewarding working together to further deploy our retail solution. Were excited to continue providing powerful insights for SpartanNash to help improve the shopping experience for store guests and Associates.

This move by SpartanNash follows the companys recent work with food technology platform Afresh Technologies and is part of the companys efforts to use customer-focused innovation.

SpartanNash is positively influencing our store guest experience through new-to-world technology innovations such as Tally to help us in our mission to deliver the ingredients for a better life, says Masier Tayebi, executive vice president at SpartanNash.

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Byron Centers SpartanNash Ups Customer Service with Robotic ... - DBusiness

Throughout financial services, we are seeing an increased push for digital transformation, as customer expectations rise and banks look to maximise business efficiencies to supercharge growth and, ultimately, boost the bottom line.

Alongside this, when it comes to regulatory compliance, the UK Government has recently introduced the Economic Crime Plan 2, and other measures, to combat the pressing issue of financial crime, which is an ever-present reminder of the need to balance this pursuit of growth with meeting compliance obligations.

Traditionally, in the case of Know Your Customer (KYC) activities, and particularly onboarding, banks and financial institutions have relied on predominantly manual systems and have not made full use of innovative solutions, such as dynamic KYC process automation, which can ensure continued compliance while driving efficiency across the board.

To deliver on customer and regulatory expectations, as well as remain competitive in a crowded market, they must now trust in the technology available to them. Not only can outcomes be significantly improved now by doing so, but future benefits will also be realised as the KYC operation will be set up to handle ongoing business growth.

For institutions in the process of transforming their KYC processes, spending on technology that can have unquestionable impact is vital.

While the UK has avoided a predicted technical recession so far, businesses must still be mindful when allocating budgets, which makes it even more important to concentrate on those areas that will have a tangible effect on day-to-day operations.

We know that, in the world of financial services, it is vital to stay ahead of the game when it comes to compliance. KYC is an essential component, allowing institutions to verify the identity of clients and flag potential risks, and one headline benefit found through automation is around time savings. It has been found that, with Encompass dynamic KYC process automation, for example, each analyst can save up to 13 hours per KYC investigation, boosting overall output and, ultimately, profitability.

Not only can automation result in a positive return in investment through efficiencies and improved processes, leading to overall growth, but, as mentioned, it also enhances customer experience, particularly at the onboarding stage.

Traditional processes require extensive documentation and verification, often resulting in lengthy onboarding times and missed revenue opportunities. As well as this, staff members who manage these processes are often overwhelmed with constant checks and the ever-changing regulatory landscape, which can lead to decreased productivity.

The way in which businesses can keep pace and promote growth is by utilising automation, focused on real-time investigations. Automating the manual due diligence process undertaken by KYC analysts can reduce the onboarding period from 12 to two days, giving customers a faster, much-improved experience overall.

Another game changer connected to technology is that, with automation, digital KYC profiles can be built in minutes, rather than days or weeks. This removes KYC bottlenecks, takes much of the strain away from analysts, and reduces the time to trade by over 40 per cent, making for a more rounded, smoother service that increases staff morale, as well as brings satisfaction externally, resulting in increased loyalty.

KYC compliance is a continuous process, with the regulatory landscape quickly evolving.

Compliance teams must stay up to date with the latest regulations and policies to ensure that their organisations are meeting obligations. Enabling consistent, streamlined compliance, automation provides real-time access to the critical data required for investigations, while also assisting in monitoring regulatory changes and updating customer profiles in real-time. This allows for a more robust, effective procedure, which fully automates the KYC search in eight minutes.

For banks and financial institutions to thrive today, it is imperative that they leverage the best in technology. With automation, organisations can see a positive impact on all facets from processes to satisfaction and returns that will help to power meaningful long-term business growth.

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Why KYC automation is key to business growth strategies - FinTech Magazine

15/05/2023 SolutionsPT Limited

Supported by long-time partner SolutionsPT | AVEVA Select UK & Ireland, NeoDynes PI System Partnership strengthens its position as a driving force for process improvements through automation.

NeoDyne, an Irish and UK company in its 25th year of delivering complex system integration across a wide range of industries, has recently achieved PI System Partner status from AVEVA, supported by SolutionsPT, AVEVA Select partner UK & Ireland. The specialism in PI systems builds on NeoDynes Endorsed SI status, the highest tier in AVEVAs Partner Network. The endorsed integrator is strategically located in Ireland (Cork, Dublin and Galway) and the UK (Hemel Hempstead and Chesterfield) to deliver solutions and services across life science, food and beverage, and consumer packaged goods. NeoDyne has worked closely with SolutionsPT since its inception to be at the forefront of technology by supporting customers throughout their digital transformation journeys.

Brendan Kearney, Associate Director, NeoDyne, said, "We are delighted to join the PI System Partner community and to extend our relationship with SolutionsPT and AVEVA. This partnership marks a major milestone for our PI team and further strengthens our credentials in AVEVA's innovative portfolio of products. We are excited to help our customers gain real-time insights into their operational data across multiple layers. We fully expect this partnership to accelerate our ability to deliver world-class PI solutions that transform our customer's processes and eliminate inefficiencies.

Continuous learningBecoming a PI System Partner is a testament to the dedication and rigour of NeoDynes engineering teams and their commitment to ongoing learning.

Aidan Finnegan, Regional Manager, SolutionsPT said:System integrators are a vital part of our business and play a massive role in delivering digital transformation for our customers, and for that reason we are always seeking to work with the best. NeoDyne is a perfect example of what we expect from Endorsed System Integrators; they show a consistent dedication to embracing new technology and this recent PI System Partnership is just another example. NeoDyne is constantly growing their capability and this aligns well with SolutionsPTs ethos of combining technology and practical, real-world operability, ensuring digital transformation benefits the all-important human operator.

Highest levelThe AVEVA System Integrator Partner programme recognises participants by their technical excellence, customer service and integrity. Achieving PI System Partner status is no different, with NeoDyne having demonstrated their mastery of the product, delivery capability, and industry expertise.

System Integrators looking to seek new business, develop understanding of the latest technology, and deliver digital transformation shouldenquire about the partner programme here.

Process and Control Today are not responsible for the content of submitted or externally produced articles and images. Click here to email us about any errors or omissions contained within this article.

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Leading Ireland & UK Industrial Automation company NeoDyne ... - Process & Control Today

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Market Drivers:

The major drivers of the automation testing market include the following:

Market Segmentation:

The automation testing market is segmented based on component, type, deployment mode, organization size, vertical, and region. Based on component, the market is segmented into testing tools, services, and others. The testing tools segment dominated the market in 2020 and is expected to maintain its dominance over the forecast period.

Based on type, the market is segmented into functional testing, non-functional testing, and others. The functional testing segment dominated the market in 2020 and is expected to maintain its dominance over the forecast period. Based on deployment mode, the market is segmented into on-premises and cloud. The cloud segment dominated the market in 2020 and is expected to maintain its dominance over the forecast period.

Based on organization size, the market is segmented into small and medium-sized enterprises and large enterprises. The large enterprise segment dominated the market in 2020 and is expected to maintain its dominance over the forecast period. Based on vertical, the market is segmented into IT and telecom, healthcare, manufacturing, retail, BFSI, and others. The IT and telecom segment dominated the market in 2020 and is expected to maintain its dominance over the forecast period.

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Regional Analysis:

The automation testing market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa, and Latin America. North America dominated the market in 2020 due to the presence of major market players and the early adoption of automation testing in the region. Asia Pacific is expected to witness significant growth over the forecast period due to the increasing adoption of automation testing in various industries in the region.

Recent Developments:

Some of the recent developments in the automation testing market include the following:

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Key Players:-

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Automation Testing Market: Industry Overview, Size, Share and ... - Digital Journal