Robotic Process Automation (RPA) and Artificial Intelligence (AI) are no more buzzwords today and almost everyone knows how these are transforming the enterprises worldwide. More than this, AI can augment traditional RPA tools and offer much more than RPA or AI could achieve alone.
For an enterprise to survive in this hi-tech world, they need to embrace digitization into their processes and operations rapidly. Traditionally, business process improvements may require multi-year efforts and cannot happen in a single day. However, RPA has gained a massive acceptance due to its ability to automate the business processes without disrupting the enterprise applications. Likewise, the new age Artificial Intelligence applications are helping enterprises to enhance their ROI by providing better business values.
Combining AI and RPA
When Artificial Intelligence and Robotic Process Automation combines, it gives rise to Cognitive Automation – a new hype today and much more powerful what solely AI or RPA could deliver.
To define more precisely – cognitive automation refers to the implementation of AI techniques to automation for any specific business process. Cognitive automation, unlike other types of AI such as machine learning, or deep learning, imitates human thinking. It can make more informed judgments and perceptions using AI technologies like Natural Language Processing, Pattern Recognition, Image Processing and most importantly – contextual analyses.
Cognitive Automation is the hottest hype presently and gaining more and more acceptance worldwide. One of the surveys from IDC states that in 2017, the largest area of AI spending was cognitive applications. This includes all the applications that automate processes which automatically learn, discover and make predictions. This year nearly $2.5 billion investment can be witnessed into the cognitive software platform. The cognitive-related IT and business services spent will be more than $3.5 billion and will enjoy a five-year CAGR of nearly 70%.
Also, according to IDC, the cognitive applications that will see the most traction in the coming year are a quality-management study, diagnosis and treatment systems; robotic customer service agents; automated threat intelligence and prevention systems; and fraud analysis and examination. These areas will witness nearly 50% of all cognitive spending.
Why you should consider?
Cognitive automation has proven to be effective in addressing key challenges by supporting companies in improving their day-to-day activities as well as their entire business. Few benefits that intelligent automation brings by implementing to the organizations are-
Reduce the Costs- If you are planning to reduce expenses and automating your processes by implementing traditional RPA, in this scenario try considering more advanced technology – Cognitive Automation – McKinsey survey suggests that it helps businesses achieve ROIs up to 300% in just a few months.
Improves the Quality of Workflows- Error rates can be immensely reduced by assigning your digital workforce all the tedious and repetitive tasks that are performed by your human employees manually. You could use human intelligence into more creative work and they could proactively enjoy their work, while your intelligence automation team will ensure that your processes are error-free and checked!
Enhancement in Productivity- Because your intelligent digital workers never exhaust and can labor 24/7, 365 days a year, they are even capable of supporting decision making out of your documents and emails. This doesn’t help meet the deadlines of critical tasks but will help you to expand the capabilities of your organizations without adding headcounts.
Businesses need to identify how to implement cognitive automation wisely and should be focusing on their strategic decision-making capabilities and then it could help in achieving the overall objectives. Already traditional RPA and Artificial Intelligence are altering the world with their enormous capabilities and the Intelligent Automation is likely to accelerate what they could achieve alone.