Why Should Enterprises Adopt Cognitive Automation
In this highly competitive market, businesses are continuously looking for innovative technology solutions to stay ahead of the competition. One technology solution which got traction in the market is cognitive automation. It is a combination of AI and automation capabilities to make it a revolutionary solution. Enterprises with the help of cognitive automation solve complex business problems. Let’s explore the benefits of cognitive automation and how it helps enterprises in various business processes and decision-making.
“Businesses that successfully apply artificial intelligence (AI) could increase profitability by an average of 38 percent by 2035” – Accenture.
Table of Contents
Improved Productivity and Efficiency
Cognitive automation helps enterprises automate repetitive tasks, giving employees more time to put their energy into higher-value tasks requiring creativity and critical thinking. It handles huge volumes of data and process the algorithms giving real-time insights to the decision-makers. It learns over time, making it more accurate and faster. Accuracy is one of the important aspects in processing large volume data. Cognitive automation ensures higher accuracy enabling the decision-makers to make more informed decision based on collected insights. Most of the mundane tasks that eat up all time will be automated with cognitive automation.
“Research by McKinsey & Company reveals that 45% of work activities can be automated with currently demonstrated technology, saving businesses valuable time and resources.”
Better Decision Making
Informed decision backed with accurate data is the key to success in this highly evolving market. Technology is enabling humans to gather, process, and analyse insights in real time. No delays in getting the business insights. Cognitive automation mimics human intelligence, which makes it more significant for enterprises. It processes large volumes of data. It helps identify patterns, detect anomalies, and produce business insights.
“A study by Deloitte found that 82% of organizations that have adopted cognitive automation reported improved decision-making processes.”
Give Your Customers a Better Experience
The market is totally customer centric. You can win the competition if you have decoded the formula to keep your customers happy and offer a better experience every time. Delivering outstanding experiences to your customers is extremely critical in today’s market. Customers want immediate redressal of their queries, personalized product suggestions, and more. Cognitive automation helps enterprises to provide timely interactions and specialized services to customers. NLP (Natural Language Processing) and sentiment analysis helps an organization to understand the preferences of their customers, thereby delivering tailored services to their customers. It helps them to build a strong customer rapport and provide them with a better customer experience.
“Salesforce reports that 73% of customers expect companies to understand their needs and expectations, highlighting the importance of personalization”.
Organizations can offer personalized products and services. It improves the interaction level between customers and companies. Personalization is one of the core factors to lure customers toward the brand.
AI-powered chatbots have streamlined the customer support process across industries. These virtual assistants receive customers’ queries and respond to them instantly. Nowadays, customers prefer instant responses to their questions.
“Gartner predicts that by 2023, 25% of customer service operations will utilize virtual customer assistants or chatbot technology”.
The future interactions with the customers will be voice-based. Cognitive automation enables enterprises to embed voice-based interactions with NLP technology. It facilitates faster and more interactive interaction.
Boost Your Operations
Businesses across industries streamline the various processes, reducing operational costs and achieving business consistency. For example, cognitive automation in the healthcare sector streamlines claims processing, record management, and patient records. There are various areas in the business that can be automated; most of the mundane tasks that need human intervention can be easily automated. In the manufacturing industry, cognitive automation helps businesses optimize inventory control, predictive maintenance, and supply chain management. Ultimately, it boosts the operational efficiency of the manufacturing process.
Compliance and Risk Mitigation
Compliance for some industries is a very important aspect. Finance and healthcare industries need to comply with strict regulations. With cognitive automation, they can ensure adherence to the latest regulations of their respective industries and mitigate the risks. Organizations with cognitive automation can accurately analyse huge volumes of data and identify compliance violations and take measures to address them instantly. It mitigates the risks of non-compliance and avoids any kind of penalties to the organizations.
Boost Your Workforce Performance
Contrary to the belief, cognitive automation is not here to replace humans but rather to empower them. Employees at the workplace can automate mundane tasks with cognitive automation freeing up more time to spend on creative and more meaningful activities. It improves job satisfaction and nurtures the skills and learning among the team. Cognitive automation helps team members to achieve more, solve complex issues and boost their capabilities to innovate more within the organizations. Many people are debating over cognitive automation capabilities and how it impacts the workforce. However, most of enterprises found that cognitive automation is helping them to improve their team members’ productivity instead of replacing them. Cognitive automation is working as a catalyst for employee motivation and satisfaction in the workplace.
Get More Accurate Predictive Analytics for Your Business
Enterprises can unlock the potential of predictive and prescriptive analytics with cognitive automation. Enterprises with cognitive automation are enabled to anticipate future events to make better decisions. By analysing the historical data insights, determining the data patterns, and applying machine learning technology, enterprises can predict outcomes, detect anomalies, and recommend the best action. Enterprises can tap into the emerging opportunities in the market and avail the competitive advantage.
Conclusion:
Cognitive automation is transforming the business landscape across industries, providing plenty of advantages. Enterprises with cognitive automation are experiencing higher productivity, improved decision-making, enhanced customer experience, and better teamwork. Moreover, it eliminates the chances of human errors in the process, resulting in more accurate outcomes. Cognitive automation, with its abilities, empowers enterprises to automate more complex processes, make informed decisions and enhance the customer experience. It helps in scalability for businesses to beat the market competition. Cognitive automation is the secret to staying agile and keeps delivering an enhanced customer experience to the customers. If you want to scale up your business with cognitive automation, talk to our AI experts to get started with your success journey.
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