RPA and Cognitive Automation - Approach Toward more Efficient Business Process
As per research, the worldwide RPA market will reach $3.11 billion by 2025. Meanwhile, the AI market, a key component of cognitive automation, is forecast to reach USD 191 billion by 2024, growing at a 37% CAGR. So much growth potential means cognitive automation and RPA are poised to fundamentally change how businesses work.
Businesses are becoming smarter and more efficient as a result of these technologies. RPA readily programs to do basic tasks across applications, helping eliminate mundane, repetitive human activities. On the other hand, cognitive automation mimics human thought and activity to manage and analyze massive quantities faster, more accurately, and more consistently than humans. It leverages algorithms and technology to provide intelligence to information-intensive processes.
How does RPA and cognitive automation work?
Various application scopes
RPA uses structured data to automate repetitive human processes. RPA may automate any rule-based process that does not involve analytical or cognitive skills, such as answering queries, calculating, and maintaining records and transactions. RPA can typically automate 60% of the organization's activity.
You can use RPA in banking and finance for various tasks such as retail branch operations, consumer and commercial loan underwriting and processing, anti-money laundering, and KYC. It helps banks compete by lowering costs, improving productivity, and accelerating back-office processes.
The remaining 40% of activities need human cognitive abilities like continuous learning, context-based decision making, understanding complex relationships, and conversations with others. Cognitive automation uses artificial intelligence (AI) to perform non-routine tasks and analyze unstructured data to improve human performance and decision-making
Divergent underpinning technologies, methodologies, and processing capabilities
RPA uses simple technologies like macro scripts and workflow automation to automate repetitive tasks. It is rule-based, requires no coding, and processes in an 'if-then' way.
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However, cognitive automation is knowledge-based
It simplifies complex data using modern technologies like data mining, natural language processing, text analytics, semantic technology, and machine learning. Each situation uses contextual analysis to develop more intuitive views and judgments on how people talk and define rules.
Comparing benefits
RPA enables businesses to experiment with new ideas without paying high costs. Unlike conventional automation systems and implemented quickly and free up time for employees to do more complex tasks. It boosts staff productivity, lowers expenses, and reduces attrition by taking over tedious tasks.
For example, the contact center industry deals with repetitive and monotonous tasks that don't need decision-making. RPA collects data, combines data and workflows to identify customers, and provides agents with all necessary information on a single screen. So associates don't have to use various platforms to gather context. As a consequence, consumers and contact center associates have a better experience.
Cognitive automation uses fewer data and is pre-trained to automate certain business operations. It enhances the analytical abilities of humans working on certain tasks. A business user may use it without help from data scientists or IT and implement it in weeks. The system automatically creates connections when uploading new data, enabling it to adjust and learn.
Cognitive automation may help doctors better understand, predict, and impact their patients' health. Cognitive automation can gather and analyze diagnostic data, dispense drugs, and offer doctors data-based treatment options, improving patient and business outcomes.
Which should you choose?
With cognitive automation, businesses can frequently start with RPA to manage volume and complexity. Along with the financial implications of each form of automation, additional criteria such as must consider the type of data used in determining the optimal balance of RPA and cognitive automation for your business.
Appzlogic can help you speed up the automation process. We can help you leverage RPA and cognitive automation to better empower the workforce while improving customer and business outcomes.