What are the benefits of cognitive automation?

COVID-19 and its butterfly effect threw the importance of digitizing processes into stark relief. Enabling business processes to be managed remotely, with automation, means less reliance on the human workforce, freeing cognitive automation definition those resources to do the work that only humans can do. Itransition offers full-cycle AI development to craft custom process automation, cognitive assistants, personalization and predictive analytics solutions.

These benefits are possible for any organization, regardless of industry or function. Upgrading RPA in banking and financial services with cognitive technologies presents a huge opportunity to achieve the same outcomes more quickly, accurately, and at a lower cost. Cognitive automation is more expensive and may take longer to implement than traditional RPA tools in specific scenarios. AI models require extensive training in order to produce an algorithm that is highly optimized to perform one task.

Marketplace supported cognitive capabilities

This is less of an issue when cognitive automation services are only used for straightforward tasks like using OCR and machine vision to automatically interpret an invoice’s text and structure. More sophisticated cognitive automation that automates decision processes requires more planning, customization and ongoing iteration to see the best results. Other than that, the most effective way to adopt intelligent automation is to gradually augment RPA bots with cognitive technologies. In an enterprise context, RPA bots are often used to extract and convert data.

This results in increased customer satisfaction, loyalty, and a positive brand image, ultimately leading to business growth and a competitive advantage in the market. Consider you’re a customer looking for assistance with a product issue on a company’s website. Instead of waiting for a human agent, you’re greeted by a friendly virtual assistant.

Innovation and insights

The hype around cognitive automation can unfortunately often inspire too much initial confidence and scope in some organisations’ RPA pilot projects. Often, this is not down to failures in the cognitive technology itself, but rather the failure of organisations to fully appreciate the complexities and risks of implementing it. Cognitive automation is also starting to enhance operational excellence by complementing RPA bots, conversational AI chatbots, virtual assistants and business intelligence dashboards. “The shift from basic RPA to cognitive automation unlocks significant value for any organization and has notable implications across a number of areas for the CIO,” said James Matcher, partner in the technology consulting practice at EY. “Cognitive RPA is adept at handling exceptions without human intervention,” said Jon Knisley, principal, automation and process excellence at FortressIQ, a task mining tools provider.

Cognitive automation has proven to be effective in addressing those key challenges by supporting companies in optimizing their day-to-day activities as well as their entire business. Cognitive automation can uncover patterns, trends and insights from large datasets that may not be readily apparent to humans. Technological and digital advancement are the primary drivers in the modern enterprise, which must confront the hurdles of ever-increasing scale, complexity, and pace in practically every industry. Explore the cons of artificial intelligence before you decide whether artificial intelligence in insurance is good or bad.