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Corbus’ Cognitive Robotic Process Automation Solution

RPA Solution

 

Corbus’ Cognitive Robotic Process Automation Solution

Author: Ambrish Das

 

Domain + Data + Digital

Corbus has launched our Cognitive Robotic Process Automation (RPA) Solution for Supply Chain efforts. This solution will enable our clients to make a paradigm shift into Cognitive & Artificial Intelligence (AI). Intelligent automation is all about the three main cornerstones of Domain + Data + Digital. Domain refers to having in-depth understanding of the processes. Data refers to understanding the structured and unstructured data while building the right insights. Digital refers to leveraging the insights from the data to automate the processes and drive significant Return On Investment (ROI) to our clients.

 

Cognitive RPA- The Key Differentiator & Disruptor

Within the past year, we’ve seen tremendous growth in the RPA industry. RPA has delivered up to 3x the value and made its way into the primary processes of the supply chain industry. The ability to automate defined and rule based activities with minimal coding and quick implementation has provided our clients with significant ROI.

However, the industry is still limited by what RPA can currently handle. As research shows, 80% of a client’s data is unstructured in the form of unstructured text, images, videos, and even audio files. RPA could only process structured information.

The advent of cognitive computing combined with AI gave rise to Cognitive RPA, the new disruptor in the automation space. In simple terms, cognitive can be defined as a system which has the ability to understand natural language and then make decisions mimicking the human brain. AI combined with machine learning provides end-to-end process automation.

 

Key Capabilities of Cognitive AI

Natural Language Processing (NLP): Is known as the ability to understand natural language text and interpret the text for automation purposes. The natural language text may include contracts, forms, customer service mails, and vendor level one inquiries, etc.

Optical/Intelligent Character Recognition (OCR/ICR): Despite widespread digitization, there is still an enormous amount of paper documents to inspect within the accounts payable, healthcare, and banking industries in order to ensure compliance from an audit perspective. The use of Intelligent OCR technology, combined with tokenization of words and fuzzy logic, enables Cognitive RPA to decipher information that comes in a multitude of formats.

Machine Learning: Certain processes still require human-like decision-making abilities and the power of predicting the likelihood of specific events or outcomes. The use of machine learning in Cognitive RPA enables the bot to understand predictable patterns and self-train or learn based on the information and feedback it receives from its actions.

 

Cognitive RPA Applied

 Identifying Mismatches Between Original Contracts and Vendor Invoices: The use of natural language to read and analyze vendor contracts or to extract info on payment terms, discount terms, contract start, contract end date, and governing laws, etc. After an initial analysis of the original contract has been conducted, then the information discovered can be cross-compared with the vendor invoice to reduce billing compliance issues.

Unsupervised HelpDesk: Cognitive RPA enables developers to create chatbots that can integrate with billing systems and Enterprise Resource Planning (ERP) systems while still possessing the intellectual ability to resolve a customer query.

Touchless Invoice Processing: The use of ICR to read invoices is a much more efficient and intelligent way to feed into an ERP system. Cognitive RPA uses a three-way match for a Purchase Order (PO) invoice and a two-way match for a non-PO to process payments. The bot also brings increased capabilities to manage and handle exceptions by routing them to the proper queue.

While RPA has proved to be a great value add for clients across multiple industries, the more advanced abilities of Cognitive RPA such as understanding unstructured content (and making decisions like a human brain) will create a positive impact in terms of cost, profitability, operational efficiency, and compliance.

 

References: https://www.hfsresearch.com/