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With AI Robots, Small Wins Add Up

Boil Ocean

Agile Mortgages has a full lineup of cognitive robots supporting each stage of the loan manufacturing process to create an efficient, repeatable process and collection of data that is highly accurate.

Arvind Jagannath,
Director of Product Management

The adoption of AI in the business world continues to grow. In a recent global survey conducted by McKinsey, 30% of organizations are conducting AI pilot projects. And 47% of the respondents have embedded at least one AI capability in their business processes, up from 20% in 2017.

However, to some companies, the idea of starting to deploy AI and software robots in your back-office processes seems like a tremendous task. While the many benefits of software robots and automation are attractive – improved productivity, higher efficiency, less errors, reduced costs etc., the thought of embracing a new technology can be a little intimidating.

What if you don’t have staff with AI skills and experience? What if the project takes longer than expected to implement? What if it does not work the way that you had hoped? It may seem like a big leap to take on a technology shift like this, but there is an easier way to do it.

Starting Small – One Process (and One Robot) at a Time

Rather than trying to overhaul an entire business process by implementing AI on an end-to-end basis, a better approach may be to pick one specific function to automate, and then apply AI and automation to that function only. Then, after your organization gets comfortable with how to implement it and realizes the benefits and ROI, you can move on to another specific function.

For example, our Agile Mortgages Solution Document Indexing & Filing Robot can jump start the loan process by days by continuously monitoring and automatically filing loan documents as the come in. This robot identifies, classifies and places the document into the right “bucket” within the LOS system, providing a significant productivity lift to a critical activity in the loan origination process.

Agile Mortgages has a full lineup of cognitive robots supporting each stage of the loan manufacturing process to create an efficient, repeatable process and collection of data that is highly accurate.

Each robot is a modular solution designed to automate a lender’s specific business processes. And these robots are driven by automated classification and extraction, as well as a series of specific rules or conditions that allow for advanced decision making.

The bottom line is, when it comes to AI and software robots, you don’t need to “boil the ocean” and overhaul your entire back office all at once. A phased approach with small steps might work best, giving your staff time to learn how to implement and support AI in your systems. This will give your team a better learning curve and some new (and much needed) experience too.

And the time is now to help your staff get up to speed on AI. According to a 2019 study by Workplace Trends, 50% of employees are currently using some form of AI at work, compared to only 32% in 2018. This type of experience is in-demand and important for your company to have in-house, both now and in the coming years.

So, if you’re considering introducing AI into your back-office processes for the first time, considered a phased approach, and take it one step at a time. You will find both short-term and long-term benefits through using this strategy, including improved productivity and efficiency, reduced costs and higher ROI. And if you have questions on how to do this, reach out with any questions and let us put our AI knowledge and expertise to you work for you.

Learn more about the Agile Mortgages cognitive robots.