You too can harness RPA and AI to increase your business’ acumen. Our Robotic Process Automation, Machine Learning, Cognitive computing will steer your business into the future.
FREQUENTLY ASKED QUESTIONS
What is Robotic Process Automation (RPA)?
“RPA tools can help businesses improve the efficiency of processes and the effectiveness of services. Classic process candidates that can benefit from RPA typically have repeatable and predictable interactions with IT applications including those that may require toggling between multiple applications. Rather than requiring fundamental process redesign associated with IT-driven transformation, RPA software “robots” are able to perform such routine business processes by mimicking the way that people interact with applications through a user interface and also by following simple rules to make decisions. An example of a routine business process would be the retrieval of information from one system and entering the same information into another system or activating another system function.
RPA tools evolved quietly over the last decade, but have now reached a level of maturity where process automatic is possible at a significant scale. Entire end-to-end processes can be performed by software robots with very little human interaction, typically to manage exceptions. RPA software robots are not necessarily relevant to only a particular business function or industry: any methodical, standardised, repetitive process that follows consistent rules and is wholly executed through a human-machine interaction is likely to be a good candidate.
With a license for a software robot likely to cost less than an onshore staff member or an offshore staff member, the commercial attractiveness of this approach is self-evident. There are nonfinancial benefits too, as robot-based process performance is designed to be more predictable, consistent, and less prone to errors as compared to a human process. Moreover, a robot workforce can typically be deployed in a matter of weeks. Once in place, new processes can often be assigned to them in days if not hours. Thus, RPA solutions generally have lower implementation cost, require shorter implementation time, and carry lower risk than large IT transformations. However, it is important to find the right processes and apply RPA judiciously.
In most organisations, there are many routine processes performed manually that lack the scale or value to warrant automation via lT transformation, but for which macros and other such desktop automation tools are too limited to effectively address. RPA can help address this gap, reducing the ‘minimum viable scale’ of process automation compared to other traditional options. “ – Deloitte
What is Artificial Intelligence (AI)?
Artificial intelligence (AI) encompasses all of these and solves a wide variety of problems—everything from writing articles to driving cars, detecting fraud, and diagnosing diseases. A lot of decisions that have typically been made by human beings can now be made using AI. AI is the ‘intelligence’ exhibited by machines or software. A useful definition of Artificial Intelligence is “the theory and development of computer systems able to perform tasks that normally require human intelligence”. LarcAI is dedicated to using AI to increase the intelligence about your business.
What is Intelligent Automation?
“Applied alone, RPA has great potential for automating routine tasks – those that are methodical, repetitive, and rules-based.
By contrast, non-routine tasks— those involving intuition, judgment, creativity, persuasion, or problem solving – would appear to be very difficult to automate. But the decreasing costs of data storage and processing power are enabling rapid developments in the field of Artificial Intelligence, and creating a new breed of cognitive technologies with human-like capabilities, such as recognising handwriting, identifying images, and natural language processing. When combined with robotic automation and powerful analytics, these cognitive technologies can form “IA” solutions that can either directly assist people in the performance of non-routine tasks or even automate those tasks entirely.” – Deloitte
What is Natural Language Processing (NLP)?
Natural Language Processing (NLP) is the interaction between computer language and natural human language. NLP enables the simulation of language skills considered innate in people. It helps computers understand human language, and then generate responses in meaningful human language.
What is Big Data?
Big Data is the massive volumes of structured and unstructured data that exists and grows as computer storage has decreased in cost and increased in size. It’s the news, social media, keystrokes, internet clicks, medical data, call data records, traffic, weather… the list goes on! This data can be used to better understand and predict human behaviour.
What are Predictive Analytics?
Predictive Analytics extracts information from existing data sets. It determines patterns and predicts trends. Predictive analytics forecasts what might happen with an acceptable level of reliability. It uses data mining, statistical modelling, and machine learning to do this. Predictive analytics enables Big Data.
What is Data Mining?
Data mining is how we discover patterns in Big Data. It uses artificial intelligence, machine learning, statistics, and database systems to extract pertinent information. It then transforms this data into understandable structures.
What is Machine Learning?
Machine learning is how computers learn without programming. This technique detects patterns and surfaces information. Its algorithms discover search patterns and surface information relevant to the user. For example, Amazon uses machine-learning algorithms to offer suggestions about additional products they want to sell that are related to those a user has viewed.
What is Cognitive Computing?
Cognitive computing is an exciting emerging field. It makes computers more user-friendly by intelligently guessing what a user intends doing. It mimics the variety and individuality of human interaction, simulating the way people think. It uses data mining, pattern recognition and NLP to imitate human thinking. Its ultimate goal is to create automated information technology systems that can solve new problems as they arise.
What is Business Analytics?
Business Analytics studies data through statistical and operations analysis. It forms predictive models, applies optimised techniques and communicates these results to your customers and business partners. It’s where business and data science intersects to benefit you.