What are the Best Cognitive Automation Providing Companies?

For example, cognitive automation can be used to autonomously monitor transactions. While many companies already use rule-based RPA tools for AML transaction monitoring, it’s typically limited to flagging only known scenarios. Such systems require continuous fine-tuning and updates and fall short of connecting the dots between any previously unknown combination of factors. The integration of these three components creates a transformative solution that streamlines processes and simplifies workflows to ultimately improve the customer experience.

Robotic process automation (RPA) – Using software robots to automate repetitive and routine tasks, such as data entry or form processing. Robotic process automation can be used to reduce costs and improve efficiency in areas such as finance, human resources, and supply chain management. Traditionally cognitive capabilities were the realm of data analytics and digitization. Robotic Process Automation (RPA) works best if you have a structured process, involves a large volume of data and is rule based. Vendors claim that 70-80% of corporate knowledge tasks can be automated with increased cognitive capabilities. To deal with unstructured data, cognitive bots need to be capable of machine learning and natural language processing.

Cognitive plugins/bots in RPA marketplaces

Also, RPA does not need coding because it relies on framework configuration and deployment. Whereas, cognitive automation relies on machine learning and requires extensive programming knowledge. Robotic process automation RPA solutions will always arrive at the need for deeper integration of unstructured data that bots can’t process.

This AI automation technology has the ability to manage unstructured data, providing more comprehensible information to employees. By simplifying this data and maneuvering through complex tasks, business processes can function a bit more smoothly. You’ll also gain a deeper insight into where business processes can be improved and automated. Cognitive automation utilizes data mining, text analytics, artificial intelligence (AI), machine learning, and automation to help employees with specific analytics tasks, without the need for IT or data scientists. Cognitive automation simulates human thought and subsequent actions to analyze and operate with accuracy and consistency.

RB’s Cognitive Automation Journey

After realizing quick wins with rule-based RPA and building momentum, the scope of automation possibilities can be broadened by introducing cognitive technologies. What’s important, rule-based RPA helps with process standardization, which is often critical to the integration of AI in the workplace and in the corporate workflow. For example, one of the essentials of claims processing is first notice of loss (FNOL). When it comes to FNOL, there is a high variability in data formats and a high rate of exceptions. Customers submit claims using various templates, can make mistakes, and attach unstructured data in the form of images and videos. Cognitive automation can optimize the majority of FNOL-related tasks, making a prime use case for RPA in insurance.

In the insurance industry, cognitive automation has multiple application areas. It can be used to service policies with data mining and NLP techniques to extract policy data and impacts of policy changes to make automated decisions regarding policy changes. It can also be used in claims processing to make automated decisions about claims based on policy and cognitive automation tools claim data while notifying payment systems. As CIOs embrace more automation tools like RPA, they should also consider utilizing cognitive automation for higher-level tasks to further improve business processes. It provides predictive insights into potential supply chain disruptions and optimizes logistics operations, including delivery route planning.

This is also the best way to develop a solution that works for your organization. Cognitive Automation is used in much more complex tasks such as trend analysis, customer service interactions, behavioral analysis, email automation, etc. It’s as simple as pressing the record, play, and stop buttons and dragging and dropping files around. To execute business processes across the organization, RPA bots also provide a scheduling feature. Cognitive automation also improves business quality by making processes more efficient.

It provides additional free time for employees to do more complex and cognitive tasks and can be implemented quickly as opposed to traditional automation systems. It increases staff productivity and reduces costs by taking over the performance of tedious tasks. The initial tools for automation include RPA bots, scripts, and macros focus on automating simple and repetitive processes.

Intelligent Automation Vs. Artificial Intelligence: What’s The Difference And Why It Matters

There are a number of advantages to cognitive automation over other types of AI. They are designed to be used by business users and be operational in just a few weeks. Agents no longer have to access multiple systems to get all of the information they need resulting in shorter calls and improve customer experience. Cognitive automation makes it easier for humans to make informed business decisions by utilizing advanced technologies. These technologies can be natural language processing, text analytics, data mining, semantic technology, and machine learning. RPA uses basic technologies like screen scraping, macro scripts, and workflow automation.

Cognitive automation uses technologies like OCR to enable automation so the processor can supervise and take decisions based on extracted and persisted information. Most businesses are only scratching the surface of cognitive automation and are yet to uncover their full potential. A cognitive automation solution may just be what it takes to revitalize resources and take operational performance to the next level. It infuses a cognitive ability and can accommodate the automation of business processes utilizing large volumes of text and images.