Technological innovations are always a treat to watch. They have always helped businesses streamline internal and external processes and push to higher levels of success in an automation driven future.
Organizations are moving ahead by enabling cognitive automation, in turn, extending their decision-making models and refining them. Cognitive automation comes from the idea to merge both known and unknown conditions. The integration of cognitive capabilities into workflow based automation has led to the development of Cognitive Automation. This technology in specific can automate perceptual and judgment-based tasks through the integration of multiple cognitive capabilities including, computer vision, natural language processing, machine learning, and speech recognition.
Below listed are a few effective 'Innovative Cognitive Automation' trends or deployments that have created a significant difference for businesses.
Streamlining of Business Processes
Enterprises these days are automating components of various business functions like finance, accounting, IT, and customer support to avoid repetitive human tasks with more precision and accuracy by using cognitive automation, in short, ai-powered chatbots. An end-to-end automation solution provides exceptional improvements in the accuracy and cycle time in transaction processing in turn growing the efficiency of the workforce, reducing the cost of technical and business services, eventually leading to immediate ROI.
For instance, chat or voice-based bots offer a seamless experience to users. These bots are designed to automate mundane tasks i.e., perform multiple tasks simultaneously and free of errors, which humans usually find difficult to do in turn saving time for employees, and allowing them to focus on core business activities.
Bots are not just built to perform transactional tasks. They also carry the intelligence to engage and interact with the employees or customers to understand their pain points, in turn, serving as a personal assistant. These bots have the capability to have a 'human-like' conversation, which comes by leveraging Machine Learning as technology.
From a leadership point of view, it is important to have 'feedback' to finetune processes or to improve the organization's health and culture. Traditional ways of feedback collection, such as filling forms, are extremely time-consuming and are frustrating for employees which often prevents companies from conducting surveys regularly leading to attrition.
A report by Deloitte quotes, “nearly 80 percent of executives rated employee experience very important (42 percent) or important (38 percent), but only 22 percent reported that their companies were excellent at building a differentiated employee experience”.
In such cases, it is important to bring in innovation along with personalization. For instance, Yellow Messenger's 'HR Engagement Bot' module helps a leading eCommerce firm in India in conducting employee feedback surveys in real-time by asking specific questions that target areas of improvement, all this through 'engaging conversations'. HR or Business Heads can schedule surveys and ask structured questions. The response can be monitored using a customizable analytics tool within the Yellow Messenger Platform.
Voice Automation - The Next Big Thing
Voice AI is the current trend in new-age technological advancements. Though it is well known that a large set of audience is inclined towards text-based communication, past data shows that we, humans, will be quick to adapt to the new trend. Conversational AI as a technology has the ability to assist over both text and voice channels. The advancement of automating customer and employee engagement with the voice as a channel will continue to be on the rise in 2021, which will help multiple industries such as banking, insurance, retail, and most importantly, e-commerce.
Voice AI-led Commerce in specific brings a voice with a human touch to enable an ultimate shopping experience adding an entirely different interface for online purchases, where users can interact with the technology in a personalized manner. Starting from signing up the customer, payment information, and browsing through a seemingly infinite catalog can all be automated through Voice AI-enabled commerce. The AI-powered bot capability in terms of carrying the past data of the user makes it even more successful when it comes to customer retention.
Innovation, Automation, and AI might look challenging to a few business verticals but exploring and incorporating them could definitely turn the business ROI high up. There would be many use cases in addition to the above and it would be the individual organization's decision on where to begin their transformation journey.
Haren is a graduate of the “Indian Institute of Technology Patna” with extensive experience in Business Strategy, Growth, Client Engagement, and Business Development in New-Age Technology solutions such as Robotic Process Automation, Conversational AI & other AI-based customized offerings. At Yellow Messenger, Haren leads the Indonesia & Singapore business operations.