AI Today Podcast #130: Future of Cognitive Automation: Interview with Manish Rai, VP, Automation Anywhere

For instance, imagine a healthcare organization that needs to process a large number of medical records. By integrating AI with RPA, the organization can automate the extraction of key information from these records, such as patient demographics, medical history, and diagnosis. This not only saves time but also reduces the risk of human error, ensuring accurate and efficient data processing. Now more than ever, it’s critical for leaders to understand and embrace the technologies that enable them to spend more time focusing on the health of their employees and the business.

• More sophisticated cognitive automation that automates decision processes requires more planning, customization and ongoing iteration to see the best results.
• RPA has the potential to revolutionize industries by driving process improvement, enhancing customer experience, and reducing operational costs.
• Enterprise Automation is today leveraging the power of artificial intelligence as a game-changer by combining it with human ingenuity.
• Intelligent Automation as comprising technology in the field of RPA (Robotic Process Automation) and AI (Artificial Intelligence) is aimed at enabling business processes automation and digital transformation performance.

The amazing computing power of cognitive technology can give people powerful data and statistics. These in-depth analytics give business owners and other people a lot of perspectives. Cognitive technology can help people adjust their marketing and efforts in order to be the most effective. People can make the most out of their time and energy using the cognitive technology that big data provides. This is a branch of AI that addresses the interactions between humans and computers with natural language.

How To Choose Between RPA and Cognitive Automation for Your Business

Supporting this belief, experts factor in that by combining RPA with AI and ML, cognitive automation can automate processes that rely on unstructured data and automate more complex tasks. “This makes it possible for analysts, business users, and subject matter experts to engage with automated workflows, not just traditional RPA developers,” Seetharamiah added. In 2020, Gartner reportedOpens a new window that 80% of executives expect to increase spending on digital business initiatives in 2022.

The combination of cognitive Automation and RPA offers an end to end automation solution by processing both unstructured and structured data effectively. For instance, it is easy to learn and extract the audio, images, speed, and text with natural language processing and speech recognition, and pass the data to enable RPA to take the next step. On a regional level, Asia-Pacific is expected to register major demand  for RPA/CRPA software bots from the finance and banking industry, followed by the insurance, and telecom & IT services, among others. Australia and Japan are the prominent countries where activities related to process automation is on the rise. Some of the outsourcing companies have already implemented the RPA software to automate their business operations.

Cognitive Automation

By leveraging advanced technologies such as artificial intelligence (AI), machine learning, natural language processing, and data analytics, cognitive automation offers a level of interaction and personalization previously unattainable. This technology streamlines operations and deeply understands and responds to customer needs in real-time, significantly upgrading the shopping experience. Intelligent/cognitive automation tools allow RPA tools to handle unstructured information and make decisions based on complex, unstructured input.

By automating these tasks, manufacturers can improve accuracy, reduce lead times, and ensure timely delivery of products. This not only improves customer satisfaction but also helps manufacturers stay competitive in the market. Businesses can gain real time insights of their automated processes allowing immediate optimizations ensuring efficiency and improved customer experience. Overall, these trends will improve the speed, accuracy, and security of contract management, which will have a significant positive impact on businesses small and large. By investing in contract automation and staying ahead of emerging trends, companies can gain a competitive advantage in their respective industries.

What Cognitive Automation Can Do

The main objective of any business owner to be aware of RPA implementation challenges such as precise strategic planning, ROI calculating, creating a pool of talent able to support business in transitional periods. Cognitive automation is a sub-discipline of AI that combines the capabilities of human and machine. It uses various techniques to simulate human thought process, such as machine learning, natural language processing, text analytics, data mining, and pattern matching.

• According to experts, cognitive automation falls under the second category of tasks where systems can learn and make decisions independently or with support from humans.
• I think what Fred said a little bit earlier is absolutely right that the nature of how organizations themselves are structured is fundamentally going to change; that we organized in the past with hierarchies.
• Cognitive automation simulates human thought and subsequent actions to analyze and operate with accuracy and consistency.
• This proactive approach safeguards the retailer’s assets and protects customers from potential fraud, promoting trust and security in the retail environment.
• The impact of that cognitive automation, enabling companies to make better, faster decisions closer to the point of impact.

Read more about Cognitive Future for Companies here.