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Gain a Competitive Edge Using Cognitive Business Automation

Gain Tile

As automation spreads through the financial sector, companies are looking for something extra to give them a competitive edge.

There’s a seismic shift taking place in the way companies understand and manage their data, thanks to cognitive business automation that enhances problem-solving and decision making.

More and more banks and financial institutions are embracing next-generation cognitive technology in addition to the Robotic Process Automation (RPA) they have already invested in to add analytics to the speed and efficiency and deliver actionable insights on the data. By automating most of their rule-based, repetitive processes, banks have been able to greatly enhance their customer service offerings and compliance strategies.

Competitive advantage is coming from running business processes from a cognitive business automation platform that uses rules, the public API, robots, and more to underpin the software solutions on offer.  

It’s important to distinguish cognitive automation from machine learning. “Cognitive automation is based on software bringing intelligence to information-intensive processes. It is commonly associated with Robotic Process Automation (RPA) as the conjunction between Artificial Intelligence (AI) and Cognitive Computing,” according to software provider Expert System.

Expert System surveyed a number of their clients and reported that “companies can expect up to 53% savings on activities such as FTEs and warranty management, and cost reductions of 30 to 60% for email management and quote processing, etc.”

Where does the competitive edge come from?

Integrating RPA processes and extending the reach of automation to incorporate both structured and unstructured data is a proven route to success and a sustainable way of managing your cloud processes. 

5 Ways That Cognitive Business Automation Will Unlock Your Potential:

  1. Increasing efficiency;
  2. Enhancing decision making;
  3. Staying competitive;
  4. Ensuring customer loyalty;
  5. Safeguarding compliance.

The quality of work and the speed at which you are able to deliver improve dramatically thanks to the AI’s ability to substantially reduce human error and increase the flexibility of your processes. Combining a human-like ability to interpret information with an always-on, round-the-clock availability is a very powerful asset for any organization. And while at first glance, it may appear as a threat to the human employees, the technology should lead to a more fulfilling work experience in which workers’ are evaluated on their good judgment and problem-solving abilities rather than their ability to efficiently process data.

IBM spelled out the advantages neatly in a whitepaper called Gain the advantages of automation and cognitive services delivery where it explained that “the automation in a solution provides the muscle to consistently and flawlessly execute IT infrastructure operations faster than humans could – enabling much of the IT workload to be shifted from manual to robotic. At the same time, cognitive abilities provide the brain power needed for faster delivery and agility.”

That approach provides a multiplier effect as the technologies learn to work better together and generate more complex, nuanced insights that should drive better decision-making and efficiencies. IBM reported that many of its clients experienced their manual workloads dropping between 20 and 70 percent in just six months.

The Contradictory Nature of Trying to Disrupt Your Industry

Companies trying to get ahead of the competition need to manage two very different realities at the same time, even though they may feel completely contradictory. They want to be able to offer radical access and accessibility to a generation of consumers who have grown up with it, yet they also have to incredibly wary of their security and how they manage a user’s data.

For example, you’ll hear companies expressing that they want to;

  • ‘Be as agile as a startup, yet maintain our strict compliance’
  • ‘Have a resilient infrastructure that is secure and fast, but that offers complete, anytime access to our users’
  • ‘Disrupt the industry without disrupting our own strict processes’

These are all important goals, and they’re not impossible to achieve, but having a platform that understands the flexibility you’re looking for is vital. “The driving factor is to deliver both internal and ecosystem services to enable the enterprise to be responsive to competitive demands for services from outside the enterprise,” according to IBM.

Gaining an Edge

Photo by Markus Spiske from Pexels

There are many ways to gain a competitive edge, and no two businesses are alike. No matter how you do it, whether you are leveraging technology to increase efficiency, ensure compliance and attract new consumers, it’s vital that you are taking advantage of tools that are readily available and that your competitors are already using to good effect. 

The first step towards super-charging the capabilities of your data is by moving it into the cloud and developing solid ways of capturing, extracting, and managing your data. Once that is in place, then you can leverage a cognitive business automation platform that enables the latest machine-learning, AI, and machine vision to deliver a whole new way of thinking about your business.

AI Foundry's Next-generation Cognitive Business Automation Platform incorporates the latest in AI, machine learning, and machine vision to provide a higher level of problem-solving and decision making.

At AI Foundry, we are driven by a start-to-finish approach to data that can modernize the way enterprises identify, understand, manage, and govern their data in new and groundbreaking ways.

To find out more about what AI Foundry’s Cognitive Business Automation Platform can do for you, get in touch today and request a free demonstration.