Having delivered significant business outcomes in terms of precision, accuracy, and speed, the automation arena is getting smarter and smarter every day. The expectations of a business leader for an automation tool are being set at high standards that will not only expedite the processes at a much faster pace but at the same time improving the productivity and efficiency of the human workforce.
As discussed in our previous blog, conventional RPA has already satisfied organizations by automating rules-based, well-defined tasks, and operating with unstructured data. However, more than 70% of the processes in an organization involve unstructured data. With the ever-increasing complexities of processes across industries, companies are yearning to explore various avenues to develop a smarter assistant that can actually understand and replicate human decision-making. The classic RPA, as you might know, cannot process common forms of data such as natural language, scanned documents, PDFs, and images. But with the introduction of Artificial Intelligence (AI) and Machine Learning (ML), RPA is getting smarter by expanding its capabilities and paving way for cognitive platforms.
The global RPA market is expected to cross USD 3 billion in 2025 according to a study. Simultaneously, the AI market is projected to reach USD 191 billion by 2024 at a CAGR of 37%. As evident, cognitive automation and RPA are set to redefine the way businesses work.
Making RPA Smarter
Cognitive automation has the ability to mimic human thoughts to manage and analyze large volumes of unstructured data with much greater speed, accuracy, and consistency much like humans or even greater. While Robotic Process Automation(RPA) takes care of paper-intensive tasks, cognitive automation offers intelligence to information-intensive processes by leveraging machine learning algorithms and other technological approaches. The high-end automation technology is a giant leap in the automation journey, extending and improving the range of processes within an organization and thereby gaining cost savings and customer satisfaction in terms of accuracy.
With the amalgamation of Artificial Intelligence and robotic software, cognitive automation, or intelligent automation can perform more complex tasks that fit the bill of the expectations set by the business leaders. As organizations have found the perfect candidate in CRPA, they are gradually upgrading their automation tools in what will be their stepping stone in experiencing true hyper-automation.
Considered as the hottest field in automation technology, cognitive automation is fully equipped to analyze various complexities in a process and responds to various requirements the process demands. Specialized in managing unstructured data, the automation tool requires little to no human intervention while carrying out labor-intensive processes.
Since cognitive automation encompasses any automation technology, it includes a multitude of skills and highlights such as machine learning, natural language processing, speech synthesis, computer vision, and analytics. The key highlight of cognitive automation is that a cognitive solution could handle more complex problems and inputs. While traditional RPA doesn’t work beyond its set boundaries, cognitive solutions deploy machine learning algorithms to adapt and improve to the varying needs of the process.
Enhancing the human connection
Cognitive RPA takes a big step forward with the help of artificial intelligence and deep learning while negating human-driven tasks of thinking and executing. As the robotic software is being integrated with human-like intelligence, the onus of performing a task is moved to the cognitive tools. That being said, the introduction of CRPA does not equate to the negligence of the human workforce. In fact, the truth is advanced automation tools like CRPA compliments the responsibility and demand for human cognition. Despite possessing the utmost sophistication of AI, the technology may fall short to the complexities of the human brain. In short – the onus is on the technology, but the criticality lies in the manual resources.
Although CRPA can still play the role of traditional RPA by automating redundant, time-consuming activities, the processes will require some level of understanding and decision-making for the successful completion of the tool. As we get to the business end of the automation tool, let’s take a quick peek at the application areas where CRPA has shown great promise.
Discovering mismatches between purchase orders and invoices:
Toggling between multiple screens and the use of natural language processing has helped organizations create error-free invoices.
End-to-end customer service through chatbots:
While chatbots have been the trump card in assisting customers, their impact is limited in terms of integration when it comes to conventional RPA. For example, if a chatbot is not integrated into the legacy billing system, the customer will be unable to change their billing period through the chatbot.
KYC Authentication in Banks:
Analyzes public records and captures handwritten customer input and scanned documents in order to fulfill KYC requirements. CRPA also automates trade finance transactions by taking care of regulatory checks.
Insurance Claims Processing:
Leverages claims based on policy and claim data to make automated decisions and notifies payment systems.
With functionalities limited to structured data and simple rules-based processes, RPA fails to offer a 100% automation solution. Though cognitive automation is a relatively new phenomenon, the benefits and promises reaped are immense if companies meet proper adoption and successful implementation of RPA. As the automation pool expands its dominance across several industries, organizations must be wary of choosing their processes wisely while implementing sophisticated RPA tools.
Read more about: RPA insurance claims processing automation
At Aspire, our team of innovative RPA experts is ready to empower your business process operations in terms of both rules-based and intelligence-based automation solutions. Get a free consultation or contact us at [email protected].