We now hear and read about "robots" replacing humans in jobs practically every other day, even in the Financial industry, where AI induced Robo-advisors have produced much fear and anxiety among wealth managers and investment firms which are already bowed down by the shrinking margins and ever changing regulations.
Regardless of all the fearmongering around the issue, the rise of Bots (Robotics Process Automation -RPA) in the working environment is really freeing individuals from inefficient work and is opening doors for people to concentrate on something which includes their logical thinking and decision making power, rather than taking jobs away from them
But why is COBOTICS is of importance?
Any automation undertaking will require proper engagement and attention from the person responsible for the automation to guarantee that the procedures and work process are caught precisely and automated proficiently. This is a great hurdle as the person currently responsible for that process will be hesitant to help.
While machine learning empowers divisions and businesses to be proactive and relieve dangers, it doesn't imply that a human component isn't required. Basically, we need robots and humans to work together to perfectly deploy RPA with AI which is popularly termed as COBOTICS – the knowledge gained from experience is still essential which clearly shows how important it is for bots and humans to work together.
Digital labor: A puzzle beyond financials
Understanding the investments and the time frame in which a business can expect digital labor investments to break even is difficult to gauge by the fact that all automation opportunities are different — that is, number of processes to automate that particular function might vary. In addition, digital labor can be divided into three divisions
- Basic Robotics Process Automation (RPA) involves capabilities to automate existing manual and repetitive processes where human intervention is not needed.
- Enhanced Process Automation involves automation of those processes which are less structured and more specialized
- Finally, Cognitive Automation combines advanced technologies such as AI artificial intelligence, NLP (natural language processing), machine learning, and data
The Digital Labor journey
How can organizations best prepare for their digital labor journey- Starting small is the key and then use these processes as a proof of concept with a well-defined business case. As you see the results of these automations, prepare for making further inroads for RPA.
This helps in breaking down organizational silos by bringing the Office of Regulatory Compliance, Process Improvement team & Office of Automation together to develop a single & unified view of the to-be process and implement a more strategic process optimization than would be achieved by carrying out automation in isolation.
So in the near future, below are going to be ways Cobotics will help the industry as a whole-
- Cost Effective
- Increased Efficiency
- Easy to Use
- Centralized Knowledge
- Operational Efficiency, Security and Compliance, Capacity Management and Operational Ownership are some of the other benefits of Automation, RPA and AI.