Market specialists embedding Robotic Process Automation into offerings and applying expertise in industry functions to the next generation of smart processes
Cognizant’s Intelligent Process Automation services recently earned our company the top designation of “Market Specialist” in robotic process automation (RPA) in a new report published by Mindfields, a Sydney-based management advisory firm. Cognizant was recognized for our focus on value-driven, outcome-based solutions, artificial intelligence and automation, rapid deployment and execution capabilities, and implementation strategy.
For its research, Mindfields evaluated 12 leading IT and business process-outsourcing providers on a wide range of parameters, including automation maturity, experience, expertise, and scale of robotic automation initiatives. Out of the twelve providers in the study, Cognizant was the only firm to receive top scores on four key evaluation parameters.
Survey highlights benefits of robotic process automation
In surveying the market of end clients and service providers, Mindfields noted several positive and emerging trends as robotic-process-automation adoption rates increase globally. Companies and providers are now achieving benefits from this automation category, including the following:
- Significant cost and operational benefits for client organizations
- Enabling a new business model for service providers
- Establishing a new, nonlinear version of outcome-based pricing
- Redefining of hiring strategies
Cognizant’s Intelligent Process Automation overcomes three RPA hurdles
Along with the positive results from RPA, Mindfields identified current limitations in today’s technology that it claims are suppressing faster adoption. These RPA shortcomings are as follows:
- Capturing inputs from diverse formats
- Processing unstructured content
- Frequent changes in business rules and operating procedures
Mindfields suggests that most of these issues will be addressed over time as RPA software vendors continue to innovate, improvise, and incorporate new functionalities. However, Cognizant’s Intelligent Process Automation solves these challenges today with our own internal automation technologies:
- Automatika, one of the Cognizant products mentioned in Mindfields’s report, applies natural language processing and machine learning to automate manual tasks of knowledge workers—for example, analyzing, searching, extracting, and organizing information from different unstructured sources and diverse formats.
- Another Cognizant internal technology highlighted by Mindfields is HPA, a versatile and proprietary Intelligent Process Automation platform that incorporates and allows both artificial intelligence and machine learning to be embedded into business processes.
Where robotic process automation is heading
Mindfields’s findings indicate enterprise buyers are increasingly becoming aware of RPA as a disruptive technology, capable of driving exponential improvements in productivity, operational efficiency, and cost improvement. The company projects the market for RPA itself could grow by as much as 60% per year for the next five years, reaching nearly $5 billion in 2020, as increasing awareness and adoption levels spread beyond today’s core markets.
For Cognizant’s part, RPA, autonomic, and cognitive technologies are central elements of Cognizant’s overall service-delivery strategy and the specific focus for the service we call Intelligent Process Automation (IPA). We are delivering Intelligent Process Automation-enabled services and solutions today for clients across key verticals such as banking and financial services, health care, life-sciences insurance, retail, and high-technology industries. In addition to the benefits Mindfields cites, Cognizant’s Intelligent Process Automation helps companies realize the next wave of operational efficiency, experience true insight from data-rich analytics, and accelerate their digital evolutions.
An executive summary of Mindfields “Robotic Process Automation: Driving the Next Wave of Cost Rationalization” (September 2015) report is available here. I’d love to hear your thoughts and compare notes. Please drop me a line, and let’s start a conversation.