RPA is the technology that allows enterprises to configure computer software, or a “software robot” that automates human activities, partially or fully. With technological advancement over the years, RPA is gaining traction to become more mainstream, indicated by the increasing number of enterprises implementing RPA solutions. RPA is positioned to gain further traction with the introduction of AI and other related cognitive technologies such as ML, NLP, etc. These technologies will only act as a booster to attain greater business impact, slowly evolving from being a cost reduction measure to a revenue enhancement tool.
AI Technologies that will enhance RPA’s reach
- Natural language processing
- Machine learning
- Image analysis
- Deep learning
- Recommendation engines
- Speech recognition
- Computer vision
- Predictive analytics
Why combine RPA with Cognitive Technologies?
In this era of digital transformation, manual IT processes do consume extensive time and deters the overall performance. Thus, a perfect combination of robots and cognitive technologies would enable robots to perform efficiently even in complex situations, which otherwise would have required human judgment or decision-making capabilities. It is a way to reinvent the existing business processes. Furthermore, cognitive-enabled RPA would help automate processes that involve unstructured data such as emails, images, etc., as an input, paving the path for companies across all industries to leverage these capabilities and take due advantage. Lastly, this combination would also allow robots to extract and comprehend data from a wide variety of mediums, to identify patterns and make decisions or predictions for the future.
What will the combination lead to?
Cognitive technologies are expected to bring smart capabilities to existing RPA offerings to include activities that require intelligence. These areas include Market prediction, Sentiment analysis, Data classification and validation, Customer segmentation, Document verification, Policy renewal, and Insurance premium calculation, to name a few.
In one of its instance, a combination of RPA and cognitive technologies will help combat and detect fraud in this digital age. Specifically, in case of identity theft, these technologies will play a key role to detect fraudulent transactions, at the same time ensuring absolution customer satisfaction.
Practical Use Cases Denoting Collaboration
HDFC Bank and United Kingdom’s Department for International Trade collaborated (October 2018) to launch an Accelerator Engagement Program in its aim to partner with global start-up accelerators, only to gain early access to potential fintech ideas and innovative solutions in the areas of RPA, AI, ML, analytics, etc.