Author : Varun Singh
The Covid crisis has accelerated the scale of digital transformation initiatives across the world, and more and more enterprises are looking at next generation cognitive solutions to drive the next wave of efficiencies.
As the world struggles to cope with the impact of the Covid 19 pandemic, the need for next-generation solutions has never been greater. Across the world, organizations have rightly recognized the immense power and potential of automation, and have stepped up on the accelerator to scale up their digital transformation initiatives. In a recent report, titled, 'Covid-19 – Tipping Point for Automation', Nasscom, has said that the Covid-19 pandemic has acted as a catalyst for the development of automation technologies by global and Indian companies. Similarly, another report by KPMG research, says that before COVID-19, over 40 percent of companies were actively investigating automation, self-service, machine learning, and AI. Since February, KPMG estimates that this number has increased to over 55 percent.
As the world gets ready for a world that desires to use contactless technologies, there will be a rise in the use of self-service channels, all powered by intelligent technologies. In the future, the usage of the cognitive approach will considerably change the way enterprises deliver services. As no single technology can by itself make a big impact without harnessing the power of other technologies, next-generation cognitive solutions will involve a combination of technologies such as RPA, AI, IoT, and ML to automate processes.
Globally and in India too, there are several examples of organizations that have leveraged the power of hyperautomation technologies to improve their competitiveness.
Take the case of HDFC Bank, India’s most profitable bank that has tried to embed AI in every business process. Eva, its AI-powered chatbot, that was previously used by the bank to just answer basic customer queries can now answer complex conversations. The bot holds more than 20,000 conversations every day with customers, with more than 85% accuracy. The bank also uses an intelligent AI-enabled bot which is used for improving the efficiency of the credit decision process.
Similarly, ICICI Bank has been leveraging RPA to digitalize its manual processes and achieve operational flexibility, business agility, and improved customer experience. For instance, it has implemented more than 1,000 RPAs across its business lines to handle 20% of transactions, collect and interpret information, and identify patterns. Every year, HDFC Life records more than 40 lakh customer queries and service requests and processes them digitally. It has tried to leverage the power of AI and RPA to answer the queries of customers quickly and accurately.
For example, Elsa, the Alexa bot, powered by natural language processing (NLP) software, offers intelligent services like handling of dynamic requests and offering insights into policies. In its first rollout, Elsa can successfully answer more than 200 queries. Today, the company has more than 150 bots running across 26 functions, out of which 40 percent of the bots are complex in nature. Vodafone Idea uses RPA to set algorithms that identify exceptional situations. For instance, in case of a power failure, the firm has created an algorithm which identifies the nearest technician using geo-locations and dispatches the work automatically. This ensures that the site gets restored in the minimum time possible.
At ICICI Lombard, when a motor policy comes for renewal past its due date, a surveyor comes and checks the vehicle for any damages. This process has been made AI-enabled. The vehicle owner can take a few photographs and upload them for the AI algorithm to check for any damage. In case the vehicle has dents, spots, any kind of damage – then the AI engine decides, based on the photographs whether the policy is eligible for renewal or not. Currently, close to 60 percent of motor policy renewals, that are past their due date and require an inspection, are processed through AI.
In the post-Covid world, usage of these technologies will be the norm, rather than the exception, as more and more organizations discover the power and potential of automation and cognitive technologies to take their competitiveness to a new level.