7 24 Using Intelligent Automation For Compliance Security An

Intelligent automation (IA), sometimes also called cognitive automation, is the use of automation technologies – artificial intelligence (AI), business process management (BPM), and robotic process automation (RPA) – to streamline and scale decision-making across organizations. Intelligent automation simplifies processes, frees up resources and improves operational efficiencies, and it has a variety of applications. For example, an automotive manufacturer may use IA to speed up production or reduce the risk of human error, or a pharmaceutical or life sciences company may use intelligent automation to reduce costs and gain resource efficiencies where repetitive processes exist. An insurance provider can use intelligent automation to calculate payments, make predictions used to calculate rates, and address compliance needs.

The 3 components of intelligent automation

Intelligent automation is comprised of three cognitive technologies. The integration of these components to create a solution that powers business and technology transformation.

  1. The most critical component of intelligent automation is artificial intelligence, or AI. By using machine learning and complex algorithms to analyze structured and unstructured data, businesses can develop a knowledge base and formulate predictions based on that data. This is the decision engine of IA.
  2. The second component of intelligent automation is business process management (BPM), also known as business workflow automation. Business process management automates workflows to provide greater agility and consistency to business processes. Business process management is used across most industries to streamline processes and improve interactions and engagement.
  3. The third component of IA is robotic process automation (RPA). Robotic process automation uses software robots, or bots, to complete back-office tasks, such as extracting data or filling out forms. These bots complement artificial intelligence well as RPA can leverage AI insights to handle more complex tasks and use cases.

The integration of these three components creates a transformative solution that streamlines processes and simplifies workflows to ultimately improve the customer experience.

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