What is Cognitive Automation An Introduction
It can carry out various tasks, including determining the cause of a problem, resolving it on its own, and learning how to remedy it. For instance, Religare, a well-known health insurance provider, automated its customer service using a chatbot powered by NLP and saved over 80% of its FTEs. The organization can use chatbots to carry out procedures like policy renewal, customer query ticket administration, resolving general customer inquiries at scale, etc. A self-driving enterprise is one where the cognitive automation platform acts as a digital brain that sits atop and interconnects all transactional systems within that organization. This “brain” is able to comprehend all of the company’s operations and replicate them at scale. Yet the way companies respond to these shifts has remained oddly similar–using organizational data to inform business decisions, in the hopes of getting the right products in the right place at the best time to optimize revenue.
“RPA handles task automations such as paste, moving and opening documents, and transferring data, very effectively. It also allows organizations to set up a good foundation for automation. However, to succeed, organizations need to be able to effectively scale complex automations spanning cross-functional teams,” Saxena added. “We see a lot of use cases involving scanned documents that have to be manually processed one by one,” said Sebastian Schrötel, vice president of machine learning and intelligent robotic process automation at SAP. The banking and financial industry relies heavily on batch activities.
Know your processes
As a business grows, the number of contracts it has with customers and suppliers also grows. Contract management is the process of overseeing all of these agreements in an efficient manner…. Businesses that adopt cognitive automation will be able to stay ahead of the competition and improve their bottom line. It means that the way we work is changing, and businesses need to adapt in order to stay competitive. One of the most important aspects of this digital transformation is cognitive automation. To reap the highest rewards and return on investment (ROI) for your automation project, it’s important to know which tasks or processes to automate first so you know your efforts and financial investments are going to the right place.
“The governance of cognitive automation systems is different, and CIOs need to consequently pay closer attention to how workflows are adapted,” said Jean-François Gagné, co-founder and CEO of Element AI. These technologies are coming together to understand how people, processes and content interact together and in order to completely reengineer how they work together. Cognitive automation is also starting to enhance operational excellence by complementing RPA bots, conversational AI chatbots, virtual assistants and business intelligence dashboards. One organization he has been working with predicted nearly 35% of its workforce will retire in the next five years. They are looking at cognitive automation to help address the brain drain that they are experiencing. “With cognitive automation, CIOs can move the needle to high-value, high-frequency automations and have a bigger impact on the bottom line,” said Jon Knisley, principal of automation and process excellence at FortressIQ.
Cognitive automation vs RPA
This technology can handle semi-structured and unstructured data inputs and has the ability to “learn” to improve itself. It can also figure out complex situations and make predictions, which is something not possible with RPA. Experts believe that complex processes will have a combination of tasks with some deterministic value and others cognitive. While deterministic can be seen as low-hanging fruits, the real value lies in cognitive automation. Another way to answer this is to ask if the current manual process has people making decisions that require collaboration with each other, if yes, then go for cognitive automation. Rest all can fall into the deterministic bucket, Seetharamiah confided.
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