CFO Studio magazine with Todd McElhatton

cfostudio.com 25 So why is this a more robust solution? While Bots mimic human actions, AI and cognitive simulates human intelligence. The key advantage of using this approach is the ability to scale and achieve straight through processing, the ultimate goal of digital process transformation. 2 The future is all about data… data is the new currency RPA combine with AI and cognitive automation enables the Bots to work with unstructured data, which was its major limitation to date. A recent Deloitte report stated that only three percent of large enterprises have more than 50 bots in production today. When large amounts of data are involved, it becomes challenging for the human workforce to make quick and/ or correct decisions. With the cost of data storage and computing power reducing and, at the same time, the speed of computing increasing, integration of cognitive into automating complex processes becomes easier and is a natural extension of RPA. In addition, as the BOT’s IQ increases, the potential use cases expand dramatically. Cognitive provides the ability to work with unstructured data and reduce the need for human intervention. For example, it can fully digitize any type of document eliminating the need for humans to read it, resulting in near straight through processing. However, there is still a need for human decision-making to digest the vast amount of data and take on more complex tasks focused on driving business outcomes. 3 It’s not about a single tool… it is about an Intelligent Automation platform The emerging digital ecosystemwill provide the next evolution of automation. A successful digital journey must include an Intelligent Automation platform that takes advantage of current as well as future innovation. It’s not just about a single tool. RPA is not synonymous with process automation and Bots are no longer are at the center of process transformation. It is a commodity tool in a large automation tool box, which includes Business Process Management (BPM), Artificial Intelligence (AI), Machine Learning, Analytics and Mobility. RPA will continue to be a component in the digital ecosystem, but its importance will diminish over time. The important concept to remember is an Intelligent Automation platform is integrated, agile, modular and most importantly “future proofed.”This is a much more powerful solution because it provides full potential for digital process automation with greater ability to scale. 4 The new norm… Humans + Digital Worker = Digital workforce Today, humans plus digital workers are executing activities interchangeably creating a digital workforce that is the front line of intelligent automation. A digital worker combines RPA, AI and cognitive automation to augment and enhance human activities. Increasingly these intelligent machines are working side by side with humans to automate business functions. RPA is only one part of the digital workforce equation. Like humans, digital workers are a blend multiple skill sets. Bots are essential for execution, but digital workers need AI and cognitive to mimic human behavior. Think of it as Bots are task-centric, while digital workers augment humans, with some capable of executing a process end to end. As machine intelligence improves, the type and number of “robotic” tasks that can be turned over to them increases, freeing up humans to focus on more complex work. The power of this type of automation leads to limitless opportunities and possibilities for people. However, people need to be comfortableworking alongside andmanaging digital workers. This requires new talent and organization strategies that take this into account. It will require reskilling, resourcing, and changemanagement. RPA has evolved from a “really practical assistant” to a true digital worker. To remain competitive, companies need to be thinking about managing their digital workforce today, not tomorrow. So, RPA is not dead. It has been enhanced with AI and cognitive capabilities that are integrated to create an Intelligent Automation platform Digital natives are disrupting every industry. To remain relevant, companies need to quickly adapt to this new norm. The key to a successful, digital enterprise is to create an Intelligent Automation platform capable of transforming every business process while enabling your digital workforce.