How Cognitive Automation Unlocks the Future of Enterprise, Free Aera Technology White Paper

It provides predictive insights into potential supply chain disruptions and optimizes logistics operations, including delivery route planning. These capabilities ensure a smoother, more efficient supply chain, which translates into quicker, more reliable delivery services for customers, enhancing their overall shopping experience. By leveraging AI and machine learning algorithms, it analyzes trends in market data, customer purchase histories, and seasonal demand patterns. This enables retailers to anticipate future product demands accurately, ensuring optimal stock levels.

As the technology advances, it’s bringing together RPA, OCR, and other features to create a new kind of automation. Cognitive automation maintains regulatory compliance by analyzing and interpreting complex regulations and policies, then implementing those into the digital workforce’s tasks. It also helps organizations identify potential risks, monitor compliance adherence and flag potential fraud, errors or missing information.

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As management decisions at the highest and lowest levels begin to be supported by dynamic, flexible cognitive automation, employees from top to bottom will benefit from the change. By analyzing real-time data, machine learning systems will soon alert managers to issues with ongoing projects — before they occur. The initial tools for automation include RPA bots, scripts, and macros focus on automating simple and repetitive processes. The majority of core corporate processes are highly repetitive, but not so much that they can take the human out of the process with simple programming.

By using cognitive automation to improve customer service, businesses can increase customer satisfaction and loyalty. Cognitive automation typically refers to capabilities offered as part of a commercial software package or service customized for a particular use case. For example, an enterprise might buy an invoice-reading service for a specific industry, which would enhance the ability to consume invoices and then feed this data into common business processes in that industry.

RPA and Cognitive Automation: only for big business?

Hyper Automation aims to automate entire end to end business processes, rather than isolated workflows. Bots will be proficient in understanding and generating human language, improving interactions with employees and customers. Cognitive automation is capable of processing and extracting meaningful data from unstructured data sources, such as text, images and even voice. With the rise of omnichannel retailing, ensuring seamless integration of various applications and platforms is crucial. TestingXperts specializes in integration testing, ensuring that all components of your omnichannel strategy work harmoniously, providing a cohesive experience across all channels.

But combined with cognitive automation, RPA has the potential to automate entire end-to-end processes and aid in decision-making from both structured and unstructured data. The future of business contract automation is exciting, with emerging trends such as blockchain, artificial intelligence, and cognitive automation promising to enhance contract management. TestingXperts brings focused expertise in automation testing specifically designed for retail. This includes testing point-of-sale (POS) systems, e-commerce platforms, supply chain management software, and customer relationship management (CRM) tools. Our deep understanding of retail operations enables us to create and implement effective automation testing strategies that align with industry-specific requirements.

With AI algorithms, RPA bots can now understand natural language, extract relevant information from documents, and even engage in intelligent conversations with users. When introducing automation into your business processes, consider what your goals are, from improving customer satisfaction to reducing manual labor for your staff. Consider how you want to use this intelligent technology and how it will help you achieve your desired business outcomes. Intelligent virtual assistants and chatbots provide personalized and responsive support for a more streamlined customer journey. These systems have natural language understanding, meaning they can answer queries, offer recommendations and assist with tasks, enhancing customer service via faster, more accurate response times.

Like our brains’ neural networks creating pathways as we take in new information, cognitive automation makes connections in patterns and uses that information to make decisions. You can only improve results if you understand the complete context within which the decisions and operations play out. Building a positive narrative around cognitive automation within the organization starts with the executive team. The C-suite is responsible for articulating what the future looks like and how the organization gets there. There are three ways to frame a positive narrative around cognitive automation inside your enterprise.

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Furthermore, information technology as an industry is observing a drastic change in work processes and hence, is emerging as a big opportunity. Cognitive Automation solutions emulate human cognitive processes such as reasoning, judgment, and problem-solving with the power of AI and machine learning. We elevate your operations by infusing intelligence into information-intensive processes through our advanced technology integration.

• By automating these tasks, manufacturers can improve accuracy, reduce lead times, and ensure timely delivery of products.
• With AI as their ally, every person in the financial department can not only survive but also thrive in the face of an unpredictable future.
• AI-powered tools that use natural language processing make it possible to quickly and easily rebook a flight, regardless of where in the world your employee is or what time of day the request is made.

Cognitive automation technology combines natural language processing, text analytics, semantics, and machine learning to enable a range of visual, audio, and word processing capabilities. For example, the visual analysis components of cognitive automation software enable automated transcribing of PDFs and handwritten text or identifying specific components in complex images. The audio and semantics capabilities, meanwhile, open the doors to processing speech into digital text. The organisation works in a variety of industries, including healthcare, telecommunications, and retail, to mention a few. 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.

Thus, intelligent process mining ensures highly efficient processes consuming less time and lower costs. RPA is a process-oriented technology and uses rule-based principles to work on time consuming tasks. Cognitive automation is knowledge-based and defines its own rules by understanding human conversations and behaviors.

Cognitive technology may be the newest and the smartest kid on the block, but that doesn’t make it the best option for every business issue. In much the same way, while NASA developed a special pen that could write upside down in zero gravity, the Soviets equipped their cosmonauts with pencils; the most advanced solution isn’t always the best every time. While large global companies such as Walgreens are exploring and speaking about RPA opportunities on a large scale, small- and mid-sized organizations are most likely to start small for efficiencies they can squeeze into their HR budget. For most companies, a balanced playbook for RPA includes a mix of thinking big, starting small and scaling fast.

The Cognitive Automation is also capable of learning from the process as it moves forward, and suggest ways to automate itself. Explore our enterprise software products, open source solutions and accelerators on EPAM SolutionsHub. Companies who have implemented RPA within their organisation find that the advantages are well worth the effort. According to consulting firm McKinsey & Company, RPA has a return on investment of 30 to 200 percent in the first year alone. Tech market research company, Forrester, believes that the global RPA market will soar to $2.9 billion by 2021, which is a tenfold increase from $250 million in 2016. Specifically, these robotic agents are able to mimic the actions of real human users when interacting with a software interface.

Cognitive automation solutions are pre-trained to automate specific business processes and require less data before they can make an impact. They don’t need help from it or data scientist to build elaborate models and are intended to be used by business users and be up and running in just a few weeks. Cognitive Automation is a form of artificial intelligence that enables robots to learn and adapt through experience, much like humans. It combines natural language processing, machine learning, and contextual analysis to enable RPA bots to understand, reason, and make decisions. When AI is integrated with RPA, it brings a whole new dimension to the capabilities of robotic process automation. RPA bots, which were previously limited to executing repetitive tasks based on predefined rules, can now leverage AI algorithms to understand and interpret unstructured data, extract meaningful insights, and make intelligent decisions.

• Whether it be RPA or cognitive automation, several experts reassure that every industry stands to gain from automation.
• In this era of rapid technological development that necessitates agile strategies and real-time planning adjustments, everyone is talking about the future of business.
• Standard machine learning algorithms have a very difficult time dealing with unstructured data — data that comes in the form of printed or unannotated digital images, handwritten words, unstructured PDF documents, and spoken language.
• Cognitive automation helps you minimize errors, maintain consistent results, and uphold regulatory compliance, ensuring precision and quality across your operations.
• Companies can easily maintain a high level of  efficiency, andkeep  profits growing in any market environment.

You can not only process vastly more data this way, but you’ll also gain a fuller understanding of current market conditions and historical trends as well as the trajectory of key indicators. Deloitte found that increased reliance on cognitive automation in the insurance industry improved firms’ recruitment and development processes, removing much of the heavy-lifting that human managers once performed. You can use cognitive automation to fulfill KYC (know your customer) requirements. It’s possible to leverage public records, scans documents, and handwritten customer input to perform your required KYC checks. Processing international trade transactions require paperwork processing and regulatory checks including sanction checks and proper buyer and seller apportioning.

For example, banks and financial companies can use cognitive automation to analyse the performance of different markets, stocks, and portfolios. The software can then generate personalised reports for each customer in an easy-to-understand language.Meanwhile, retail companies can use cognitive automation to partially automate their customer service workflows. By parsing customers’ replies during an online chat or phone call, cognitive automation agents can direct customers to the right person to help solve their problem. Additionally, one of the developments is from Japan, where “FPT Software” started to implement robotic process automation since August 2017, for one of the leading telecommunications companies in Japan. The company is helping other enterprises to upgrade their information technology infrastructure. The customers of financial services companies are looking for convenient ways of transferring money and making investments.

As AI integration and Cognitive Automation continue to evolve, the future of RPA looks promising. Here are some predictions for how these advancements will shape the future of RPA and its impact on various industries. SS&C Blue Prism enables business leaders of the future to navigate around the roadblocks of ongoing digital transformation in order to truly reshape and evolve how work gets done – for the better. There are five powerful ways Cognitive Automation can future-proof an enterprise that embraces this digital overlay–a virtual brain, as it were–as the hub of their supply chain, planning, and overall workflow.

Read more about Cognitive Future for Companies here.