Intelligent automation using computer vision will bring enhanced automation to workflows
Until recently, automation technology has found its way into diverse industries. It eliminates humans from tedious, menial, and repetitive tasks by automating them. With the development of artificial intelligence and robotic process automation, intelligent automation has become a new norm in business process automation. Fundamentally, an intelligent automation system spots and generates voluminous data and can automate entire workflows. As this technology coalesces a broad territory of technologies such as machine learning, deep learning, NLP, and neural networks, computer vision plays an essential role in intelligent RPA solutions.
Computer vision is an AI technology that focuses on building a digital business ecosystem through modalities such as scanners, robots, and other edge solutions. It is already being used by companies in various use cases, including invoice processing, insurance claims, and regulatory compliances like know-your-customer (KYC).
Monitoring crops’ health and weather forecasting are some of the challenging jobs in the agricultural ecosystem. These tasks are not possible manually. Hence, the adoption of computer vision can take some workload off the farmers, equipping them with meaningful data to yield their production. By using industrial automation, companies like Slantrange have built drones that help inspect acres of agricultural land. They detect the water levels of crops as well as monitor any damages. The sensors can distinguish between the quality of crops and can separate good yield from bad ones.
Using such intelligent automation allows farmers to don’t have to worry about their crops getting damaged due to negligence.
Invoice processing has been central to commerce for decades. It has enabled the fundamental transfer of value and currency. Since businesses process billions of invoices every year, it is expected that the number of invoices could quadruple by 2035. Processing such an amount of invoices manually is difficult and time-intensive. Thus, intelligent automation using computer vision has the potential to identify all the crucial content, excerpt it, and then process it for payment by using AI-enabled rules for end-to-end automation.
This automated invoice processing extracts invoice data, populate the information in an accounts payable system, and process invoice data for accounts payable. It also promises tax compliance and legal security and cuts related costs by 37 percent to 39 percent.
Insurance Claims Processing
Insurance claims processing is the most critical function in the insurance industry. But it is also prone to disruptive clerical errors and frauds. According to the Coalition Against Insurance Fraud, the industry is estimated to lose US$80 billion annually in the U.S. alone due to fraud. Since companies still processing insurance claims manually, it results in poor service while affecting the customer experience. The advent of intelligent automation and computer vision creates a path to efficient claims processing automation, enabling error-free insurance claims.
More broadly, intelligent automation using computer vision could enable enterprises to bring the cost savings of the back-office process to benefit the front-office process and customer satisfaction. They can also contribute to larger employee satisfaction by taking the tedious, repetitive administration work and employee burden.