According to Gartner, in the next 12 to 18 months, 81% of IT organizations will automate more tasks and workflows. When asked why their company is investing in Robotic Process Automation (RPA), business and IT leaders responded that they want to free up employees who can do higher-value work.
So, what is Robotic Process Automation and how does it work?
Robotic Process Automation (RPA) refers to creating and deploying software ‘bots’ that mimic human actions and behavior on a computer. RPA bots are programs that can perform tasks such as reading and interpreting documents and images.
The scope of RPA solutions can be extended to:
Artificial Intelligence and Machine Learning (AI/ML) algorithms leverage pattern recognition to classify and process data.
Machine Learning Models can be trained to recognize speech, identify speakers, separate text from images and videos, and process documents intelligently.
Extracting data from structured files can be handled by RPA bots without AI assistance. But ML models can train the bots to process semi-structured (ex: invoices, emails) and unstructured data (ex: scanned images and social media posts).
AI and Machine Learning Models help RPA bots to do the following:
Cognitive computing uses context extraction and sentiment analysis to understand human thought processes and emotions.
Cognitive RPA bots have integrated computer vision and machine learning capabilities. These bots can establish polarity – the sentiment from extracted information can either be positive or negative.
Applications of Cognitive RPA Bots:
The Big Ideas 2022 Survey by ARK Investment Management identifies “Productivity Gains” as a top value driver for implementing AI-powered intelligent automation which is the next frontier for Robotic Process Automation. According to this survey, RPA and AI has the potential to increase output of global knowledge workers at an annual rate of 9% by 2030.
A leading automotive retailer in the US, Cochran Automotive, had multiple digital assets and customer touchpoints. They had deployed chatbots, but the abandonment rate was more than 59%. Softura built a multi-channel chatbot embedded within Microsoft Teams to handle processes related to:
The automation solution leveraged Azure Components such as Power Automate, Power BI (dashboards), Azure Bot Services and Cognitive Services to make automation accessible to all employees through Microsoft Teams.
Softura Bot Connector provided the training data, intents, deployment plan, conversational user interface and microservices that integrates with line-of-business applications such as ERP, CRM, and Dealer Management Systems.
The benefits of this cognitive RPA solution were:
In conclusion, here are the key value drivers for implementing AI-powered Automation:
This article is brought to you by Softura.