Growing your business using artificial intelligence; the future foundations of every company?
- by 7wData
Every business, be it a start-up or a well-established organisation, has experienced growing pains. Managing the growth of the business - facing the pressures of resources, people and processes - has long been a challenge in a business’ evolution. In the fast-paced world of connected industry, resources and time are scarce but there’s no escaping the fact that businesses need innovative ways to keep up with the pace of the industry and competition.Â
Once the stuff of sci-fi, businesses can now harness technologies such as machine learning to build a foundation for their productivity and soon, their exponential growth. As data intelligence embraces not just robotic automation but also cognitive processes, artificial intelligence systems can now interact with natural language cues and continuously learn from human actions. This powerful combination of cognitive computing and process automation is what the industry is calling Cognitive Process Automation. Thanks to the recent developments around natural language processing (NLP), machine learning and the ability to process multi-structured information, cognitive process automation is well on its way to becoming a staple of modern business. Â Â Â
As per industry estimates, cognitive process automation holds the promise of making businesses up to three times more productive, and technology processes up to three times faster and more efficient, all without having to hire new employees or build a new IT infrastructure. Cognitive process automation, then, will be key to achieving the kinds of growth that businesses dream of. Â Â
However, the technologies behind cognitive process automation can only provide an almost magical transition between raw information and actionable output when supported by significant representative sample of data, from invoices to databases to digitised letters. Â Â
The good news is that businesses already hold a substantial amount of data and intelligence which are essential to leverage these technologies, and drive innovation not just at the organisation-level, but at an industry scale. The question is: how do companies transition from knowing they have the information to actually achieving non-linear growth, driven by artificial intelligence?Â
Building growth through cognitive process automation is a transition from technology that just assists, to a solution that becomes accelerative and then autonomous. Businesses looking to grow with the support of artificial intelligence need to start by investing in a platform that can learn their business and this journey involves the following three phases:Â
This is the stage where a cognitive system can learn by sorting through data in order to correlate incidents, and is capable of transferring the right information and services to the right person at the right time, along with intelligent recommendations for next steps. A business may be able to utilise this stage of cognitive process automation in their customer service department, for example: the AI can automatically classify problems by type, and ensure that customer service tickets are assigned to the right person to resolve the issue. Â
Next, cognitive systems begin to assist in decision making, leading to significant positive impact on business process speed and accuracy.
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