Issue: Today’s organizations face a number of challenges: increasing efficiency, enhancing decision making, staying competitive, ensuring customer loyalty, reduction in manual efforts, reduction in errors and lastly scale up process with increase in volume. Organizations are continuously trying to streamline finance, accounting, HR, procurement and IT processes. With the advancement in technology, namely digital, newer opportunities are now available for organizations to explore to take efficiency and cost optimization to the next level. Organizations would now need to think out of the box to resolve the core issue and to attain process efficiency at an optimal cost.
Cognitive automation has recognized to be effective in addressing those key challenges. . It is commonly allied with Robotic Process Automation (RPA) as the conjunction between Artificial Intelligence (AI) and Cognitive Computing.
Understanding the Impact of Cognitive Robotic Process Automation: Will there be a world where Robots can intelligently work as a human? Can Robots can perform repairing, monitoring and maintaining costly machineries and equipment?
Gratitude will be given to the integration of Robotic Process Automation (RPA), Data Science and Cognitive methods called Cognitive Robotic Process Automation (CRPA). According to Institute for Robotic Process Automation & Artificial Intelligence-‘Robotic process automation (RPA) is the application of technology that allows employees in a company to configure computer software or a “robot” to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.’ Cognitive automation leverages different algorithms and technology approaches such as image processing, natural language processing, text analytics and data mining, semantic technology, deep learning and machine learning.
RPA can be considered as one of the most proficient and developing form of technology which can reduces cost & improves efficiency, shift Full-time equivalent (FTE) resources to activities with higher revenue generating opportunities, support processes that has been outsourced to shared services centers and improve service delivery to internal customers. By making brainy use of resources, near-zero error rates and improved compliance and reduced process cycle time Robotic Process Automation (RPA) is expected to save companies 50-70% on labor costs.
Myth: The belief that automation is going to take all jobs and lead to mass unemployment is a myth. People also think CRPA is Artificial Intelligence, and it is a human replacement to correct processes. However robots cannot replace human functions – without intelligence, compassion, communication skills and judgment calls processes would not work. RPA allows employees to emphasis on only jobs humans can do; strategy making, planning, creativity and connecting with people.
Shift in Gears: Conventional Robotic Process Automation (RPA) is already adopted. As the processes advanced, and modified, the obvious next thought is to start exploring Artificial Intelligence (AI) and Machine Learning (ML) can supplement these processes. The objective is to turn RPA from being dumb automation to intelligent automation. The expansions in cognitive computing, enables to put things in a context and use logical/mathematical reasoning to evaluate problems, instead of just automating repetitive and dumb problems that IT faces.
Cognitive computing enabled RPA can help to change the attention of IT – from process automation to delivering business outcomes. Placing more worth on the end outcome or action makes IT strengthen its position within the organization and establishes IT as a true business enabler. By being able to effectively process businesses’ data, coupled with the ability to learn from past experiences, these systems can learn and eventually master the tasks they are given. In short: continuous improvement.
With continuous progression in technologies like Chat BOTS, virtual reality, computer technology, natural language processing, and speech recognition technology; RPA capabilities are being extended to processes that require perception building or smart decision making into account unstructured data during automation. CRPA vendors are now busy in integrating cognitive abilities into their product and also working as third party providers of dedicated cognitive tools to offer clients much needed solutions for their enterprise. The consequences of cognitive RPA are great and foretell a productive future in which not only throughput is massively enhanced, but also new strategic possibilities are envisioned.
Be “in control” of your future! Have you watched a TV, driven a car, used running water, listened to an iPod, played games on your Wii, or sent text messages on your cell phone lately? Nearly each and every modern ease is the result of complex processes. Without talented individuals to design, build, improve, and uphold these processes, our world and our future would be very different. Cognitive Robotic Process Automation and control professionals literally control the world.
Moreover in this novel coronavirus (COVID-19) crisis has pushed companies to revolutionize like never before. Leaders who may have been slow to adopt automation technologies—such as Cognitive Robotic Process Automation (CRPA), artificial intelligence (AI), and machine learning (ML)—have begun leveraging them as a way to cut costs during economic turmoil, provider faster service to customers, and revamp their operations for distributed work.
While in the pre-crisis era, Cognitive Robotic Process automation was viewed as a means to innovate, reduce cost and gain a competitive edge, now the purpose has shifted to survival and damage restriction. To mitigate global supply chain risks for future crises, manufacturers will encourage their in-house capabilities instead of out-sourcing manufacturing to other countries. The pandemic will exaggerate the need to automate, especially in jobs that have high human interaction and the ones that are hazardous, causing death or injuries. Building technologies that will protect and provide workers and consumers, a safe environment will be the central point in this drive to RPA.
Although, the degree of adoption may be varied depending on the industry and the readiness of the companies to make huge investments at this time, the COVID-19 crisis has certainly acted as a catalyst to the transition to automation, especially in building resilience among businesses for future disruptions.
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