Automation
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In a nutshell, it's a special interface for a COM object. To be automatable, the object should support the IDispatch interface. You can then automate (call functions, etc.) that object with another program, or a VB X| script, or what have you. You can write these interefaces in a speical langauge (IDL I think it's called), and create a type library so that other programs can link to the COM object easier. Just a fancy addition on top of COM. :) No generalization is 100% true. Not even this one.
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Automation is for automating your daily tasks or industrial stuff that can be done by robots. It is a great addition to the modern world. There are many types of automation like robotic process automation, personal automation, industrial automation, and flexible automation. Visit the detailed guide on the topic Which Describes Personal Automation.