Robotic Process Automation (RPA), which is on every organization’s agenda today, fails to live up to the hype it has generated. It falls short in truly transforming enterprises, and to a large extent impacts only the bottom line. If we go by what RPA does, it enables macro-level task automation. In other words, RPA is all about standardizing tasks, which have finite or limited number of rules. Is RPA enough to lead a transformational business journey?
In the real world, finite rules are not applicable in most scenarios. Business and IT processes are much more complicated than applying a set of simple workflows or rules. Imagine functions such as marketing, finance, law, accounting, research, drug discovery, billing, complaint handling and such, dealing with the mountains of data to derive meaningful inferences. In such scenarios, Cognitive Orchestrated Process Autonomics (COPA) helps enterprises achieve true enterprise transformation and delivers top line growth by increasing speed to market. Before we discuss further, it’s crucial to first understand what COPA is all about.
In its simplest form, COPA is the process of leveraging computing systems to imitate how our brain processes information, performs tasks, and learns consistently. In a business world, COPA is used to anticipate problems and develop solutions based on the learning gathered from the mountains of data. It works accurately in business and IT processes. Most importantly, it co-exists with humans.
In a technologist’s language, COPA leverages humungous data and enables automation through Artificial Intelligence (AI), machine learning, Natural Language Processing (NLP), pattern recognition and semantic ontologies. COPA systems helps us humans to enhance experience, increase productivity, effective outcomes, improve quality and accelerate decision making. Throughout its journey, COPA collaborates with human experts and is being increasingly deployed in various cases across industries. For example, our life sciences customers are leveraging COPA for ‘clinical data management’, ‘pharmacovigilance’, ‘drug discovery’ and such. Similarly, we are helping our financial services customers with COPA-based ‘KYC processing’, ‘clearing & settlements’, ‘account opening & closure’, ‘AML & fraud checks’, ‘disputes & claims’, ‘due diligence’ and ‘financial reporting’ to name a few. Other industries such as utilities, telecom, banking, pharmaceuticals and manufacturing are actively utilizing COPA for business gains.
Correspondingly within an enterprise, various functions are using COPA to gain speed, improve quality, reduce cost, enable safety, work around efficiency and improving convenience. For example, in marketing COPA is used for improved ‘customer segmentation’, ‘customer churn analytics’, and ‘new product development’ to name a few. Besides, HR departments are leveraging COPA for ‘payroll’, ‘recruitment’ and ‘exit management’ among others.
In all, the evolution of COPA is based on a real business need for enterprises in bringing together their front, middle, and back-offices as ‘One Office’. Cognitive Orchestrated Process Autonomics (COPA) is designed to bring the ‘One Office’ concept to life. By bringing together the front office through a cognitive broker, middle office through cognitive automation and back office through robotic automation via one interface. COPA is a powerful concept, which has found resonance across clients, technology partners, and investors alike.
The demand for COPA can only be described as enormous. However, the challenge would be to keep pace with the demand by innovative ways of skilling our workforces. The story of COPA and us humans is going to strengthen in the near future. Keep an eye on what’s happening. Prepare yourself today.
And remember, RPA is just not enough!