What is cognitive automation and why should your enterprise care about it?
These are not just buzzwords anymore but a reality. New cognitive models have far-reaching impacts on various industries including healthcare, insurance, banking and more.
Several organizations have implemented cognitive automation across many processes and business affairs, leading to a host of benefits — from transforming data to actionable insights to improving customer satisfaction.
Cognitive automation starts with automating manual processes, also called RPA (Robotic Process Automation), and gradually moves across several applications in nearly every industry segment, increasing efficiency, streamlining processes, enhancing decision making and driving a digital revolution that was not possible previously.
Intelligent automation is heralding a new era of innovation, changing the way we operate — automating entire processes or workflows to powering a new generation of collaborative robots.
What is cognitive automation?
Cognitive automation also called Intelligent Automation, employs Robotic Process Automation or RPA to make the most of the structured and unstructured information out there, thereby assisting humans to make informed business decisions.
Cognitive computing is a subset of artificial intelligence that used advanced technologies such as neural networks, natural language processing, data mining, machine learning, sentiment analysis and contextual awareness to solve problems by mimicking human intelligence, analyzing data, studying patterns, and enabling humans to take relevant actions and decisions. In other words, cognitive automation utilizes advanced technology to solve problems with human intelligence/thinking.
Why should enterprises care about it?
Cognitive process automation offers a host of benefits that cannot be overlooked. The advancement of technology is ushering a new wave of automation possibilities that we were unimaginable previously. Organizations today fear missing out on the many opportunities that RPA provides. Cognitive automation involves automation of tasks that leverage AI capabilities and skills.
Looking to automate tasks that require high level cognitive skills? The answer — Invest in cognitive process automation tools. Whether you want to analyze historical data or need to label/categorize data, cognitive automation identifies underlying patterns, enabling the human worker to take decisions as swiftly as possible.
How are you as an enterprise benefiting from cutting-edge cognitive technology? Do you think cognitive automation can disrupt the digital sphere? Why do we need cognitive automation?
Below are a few key points on why enterprises should turn to cognitive technologies to step up your game.
Accurate data analysis — Making sense of the unstructured data
Data is being created at an unprecedented rate. There is a massive amount of structured and unstructured data out there that enterprises are waiting to tap into. This provides a goldmine of information, data-backed suggestions and recommendation to almost every industry. Collecting, storing, and analyzing data, helps derive valuable insights, focusing on improving existing and future business processes. Cognitive automation can keep up with the ballooning volume of information — collect and analyze textual information and respond to complex concerns as quickly as possible.
Thanks to NLP and chatbots, the collection of data, overall user experience and responding to customer queries is now a breeze.
Efficient business processes — Succeeding in the digital age
Examining vast amount of data and analyzing emerging patterns helps solve process-centric issues, simplifies process, and reduces risks across the enterprise. Enterprises can analyze complex data, make sense of the abundant data available, predict future, and improve overall business operations. With cognitive automation tools, enterprises can get rid of manual processes, legacy systems, and ensure a more streamlined process, digitally transforming operations, mining into the massive volume of data available, and providing real-time insights.
Change management — Powering a new generating of workforce
Can machines replace humans? Are organizations prepared for this change? How can organizations mitigate risks, address issues concerning compliance and talent management? The resistance to innovation is due to the fear of change and jobs being lost or replaced by Bots, leading to fear and uncertainty among employees. Adoption of new RPA tools and digital technologies should be a long-term vision; a vision wherein bots work in sync with humans, bringing about a human-machine interaction, creating a future workforce.
Business and IT leaders should sponsor and promote innovation, welcome new roles in the enterprise, establish a Center of Excellence, and facilitate collaboration between business and IT teams. This enhances existing operational performance, helps avoid the pitfalls and achieve the benefits that are crucial in ensuring a seamless collaboration between digital workers, employees and other stakeholders.
Wrapping up
It’s predicted that global spending on cognitive AI systems will reach $57.6 billion by 2021. No doubt, cognitive technologies such as AI, ML, NLP, and deep learning are transforming businesses and reinventing business models. Adopting cognitive solutions is the norm today with enterprises rolling out cognitive automation tools across every industry vertical, cognitive automation is the next step in Robotic Process Automation.
Don’t be left behind! Are you pursuing cognitive technologies to transform your business?
