Today, robots are increasingly being integrated into various industries. Have you ever wondered how these robots are getting smarter and helping us with a variety of tasks that require real brainpower? The answer lies in cognitive robotic process automation. This technology not only allows robots to perform tasks autonomously but also empowers them to interact with consumers in natural language, akin to having a human conversation. Isn't it cool?
Now, let's dive into this blog and learn about the unparalleled potential of CRPA.
What is Cognitive Robotic Process Automation?
Cognitive robotic process automation (CRPA) refers to the use of robotic process automation (RPA) tools and solutions that utilize artificial intelligence (AI) technologies. They are primarily equipped with advanced technologies, such as text analytics, optical character recognition (OCR), and machine learning (ML), to improve the experience of the workforce and customers. CRPA entails the automation of internal & external customer journeys through software bots and enables these bots to make intelligent decisions that assist human workers.
According to Extrapolate's latest report, the global cognitive robotic process automation (RPA) market is projected to register a valuation of $9.93 billion by 2030.
Role of Cognitive Robotic Process Automation in Insurance
CRPA, which involves the use of software bots to handle routine tasks, is gaining massive prominence in the insurance industry. More than half of all insurers have deployed CRPA, which is significant compared to other industries. Insurance companies are turning to digital solutions to reduce highly repetitive and operational tasks, reshaping the future of the industry. The cognitive capabilities of this technology in insurance are helping companies become more efficient, reduce costs, and better manage their operations. This ultimately provides a more valuable customer experience and satisfaction. CRPA is changing the way insurers do business, from underwriting and onboarding to policyholder services and claims processing, leading to efficiency, faster processes, and improved customer experiences.
Advantages of Cognitive Robotic Process Automation
CRPA offers several advantages, including:
- Improved Decision-Making: CRPA enables software bots to make intelligent decisions based on cognitive capabilities such as natural language processing, machine learning, and deep learning.
- Enhanced Customer Experience: By leveraging AI technologies, CRPA can improve customer interactions, handle large volumes of customer complaints, and manage ticket cancellations. It also handles refund processes more effectively and smoothly.
- Efficient Operations: Cognitive robotic process automation can automate internal and external customer journeys, leading to more efficient and streamlined business processes.
- Adaptability to Complex Environments: CRPA techniques, such as counter-interference methods, are designed to adapt dynamically in response to jamming or spoofing signals. These capabilities make them effective in complex and challenging environments.
- Cost-Effective Option: CRPA can lead to cost savings by automating repetitive tasks and reducing the need for human intervention in certain processes.
- Business Intelligence and Predictive Capabilities: By gathering knowledge from various resources, it performs pattern recognition and makes predictions. The CRPA approach offers improved business intelligence and predictive analytics.
Robotic Process and Cognitive Automation: The Next Phase
CRPA, a combination of RPA (robotic process automation) and cognitive automation, is transforming the automation landscape. While RPA focuses on using bots to speed up repetitive processes, cognitive automation takes a more advanced approach by applying specific AI techniques to more conceptual, judgment-based tasks, a concept known as knowledge work.
CRPA is known as the next phase of these technologies, which shows the integration of AI and machine learning to enhance automation capabilities. It has the potential to automate judgmental and perception-based tasks using numerous cognitive technologies, such as natural language processing (NPL), ML, and speech recognition. Companies like UiPath promote cognitive automation under intelligent process automation, offering solutions that include bots to manage other bots, known as unattended automation.
Trends in Cognitive Robotic Process Automation in 2024
The emerging trends in CRPA open up opportunities for further advancements in automation aspects. Below are some of the latest trends to look out for in 2024.
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Use of IVA
CRPA is being applied to create intelligent virtual agents (IVA) capable of answering complex customer queries, providing personalized assistance, and enhancing customer service and support functions. For example, e-commerce giants like Amazon and Walmart use IVAs to answer product questions, track orders, and provide personalized recommendations. Another example is the Miami Dolphins, which developed a chatbot that has conducted 40,000 conversations with fans, resolving 97% of queries while increasing consumer satisfaction.
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New AP Automation
CRPA is utilized in accounts payable (AP) processes, leveraging OCR technology and machine learning to automate invoice processing, reducing manual effort and processing time while improving accuracy. Its adoption is rising, and in 2024, it is expected to be used in various processes across various industries.
One of the best examples is Volopay, an accounts payable automation software that can transform how businesses conduct financial operations. It helps manage and pay all vendors, suppliers, and creditors, creating payment automation to save time and make business operations more efficient.
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Implementing Customer Service Automation
In 2024, CRPA will be used to automate customer service processes, including handling customer inquiries, providing support, and processing customer requests, leading to improved response times and service quality.
To cite an example, Salesforce provides intelligent automation and integrated tools for customer service, aiming to boost growth and profit. The company offers solutions designed to manage online marketing, capture leads from online sources, organize sales pipelines, connect with customers, and automate everyday tasks. Salesforce's Sales Cloud is designed to help every representative be more efficient, close more deals, and collect cash faster.
To Summarize
Cognitive Robotic Process Automation (CRPA) represents a significant advancement in the field of automation. With its potential, CRPA enables organizations to automate complex, cognitive tasks that were previously beyond the capabilities of traditional RPA solutions.
By integrating cognitive technologies such as ML, NLP, and data analytics, CRPA empowers businesses to streamline operations, enhance accuracy, and improve decision-making. The use cases and applications of CRPA across industries show its potential to unlock new opportunities for innovation. As CRPA continues to evolve, it is set to play a key role in reshaping the future of work and driving sustainable competitive advantage for organizations willing to adopt its transformative potential.