With the ever-changing demands in the marketplace, businesses must take aggressive steps to meet the needs of their customers in real time, and keep up with their fast-paced competitors.
Adopting cognitive technology that can unlock the power of a business’s data not only allows them to be agile, but can prevent the “brain drain” that often accompanies a volatile employment market.
Cognitive automation, (or intelligent automation) which blends machine learning and artificial intelligence with automation processes and relies on machines doing the intensive labor guided by people, can support everything from enhancing the customer experience to managing the rapid changes in the supply chain.
Here, 10 ways cognitive automation can transform your business.
1. Automate decision-making
By bringing together multiple data sets—both internal and external—and automating the analysis, a cognitive automation tool can speed up the decision-making process, especially where many factors need to be considered. Finally, quickly finding answers is a reality.
2. Avoid devastating supply chain issues
As supply chain management has grown increasingly complex, it can be impossible for businesses to process the data on the minute-by-minute basis that’s required to keep up the 24-7 pace. Cognitive automation allows businesses to avoid challenges like decision fatigue and labor shortages so that they can continue to serve their customers without interruption or costly errors.
3. Take the guesswork out of inventory management
The changing markets and global challenges outpace the ability to balance inventory. Unfortunately, current business approaches don’t fix the problem, and instead, days of inventory continue to rise across the industry, even with advances in technology. Cognitive automation digitizes and automates processes, and then delivers them through skills, which can be effectively applied to many systems.
4. Optimize the future of payments
As the pace of business continues to increase, so does the need for seamless payment networks, and the ability to pivot and adapt in real time. With the implementation of cognitive automation, businesses can optimize their payment system processes to make them intuitive, streamlined, and focused.
5. Perform revenue cycles more efficiently and accurately
Improving the performance of revenue cycles is imperative for the business’s overall cost reduction. What cognitive automation does is help businesses improve the quality of their customers’ experience, all while increasing data accuracy, and improving net revenue.
6. Provide 24-7 social media marketing support
Social and digital marketing offers significant opportunities to businesses by lowering costs, improving brand awareness, and increasing sales. A cognitive automation platform can gather data about brand mentions, engagement, and trending topics to give a recommendation about when to schedule new content. Based on the results, it will learn and adjust its suggestion for next time. Having the cognitive automation system crunch the numbers streamlines that business process.
7. Enhance the customer experience
Whether it’s more accurate troubleshooting of customer problems, or better overall customer service, cognitive automation helps businesses better meet the needs of their customers in real time through a more personalized experience.
8. Build the future of the employee experience
From identifying opportunities for employees to work smarter, not harder, to automating time-consuming data gathering and other research tasks so employees can focus on activities with higher added value, cognitive automation helps solve critical issues in employee engagement.
9. Avoid loss of revenue
With businesses of all sizes suffering financial challenges, cognitive solutions work to eliminate these three top causes of revenue loss—fraud, errors, and work-related accidents and illnesses—and could save over $10 trillion dollars worldwide.
10. Save millions of lives
Along with revolutionizing businesses, saving money, and streamlining processes, cognitive automation solutions have the potential to save lives. Whether it’s being used in transport to augment the abilities of human drivers, which can prevent deaths and injuries in traffic accidents, to specific medical uses in diagnostics and research, cognitive automation technology could save millions of lives and increase healthy life expectancy.
With cognitive automation, a digital worker can use its AI capabilities for the task of dealing with unstructured data. Using a digital workforce to deal with routine tasks decreases the opportunity for human error and can streamline workflow. With cognitive automation comes infinite possibilities to improve your work and your world.