How Organizations can improve Business Processes using AI?

Enterprise Cognitive Computing is the use of AI in enhancing and scaling business operations for any company and any industry. This involves incorporating AI into business process flows that accomplish certain tasks – typically these are the tasks that are well defined, repetitive and mundane in nature.

For example, a cognitive automation process can help a mortgage loan officer to determine the loan eligibility of a borrower, which is a critical step in the home buying process and shortens the turnaround times.

Typically, the borrower needs to submit pay stubs, employment letters, tax and bank statements and several other supporting documents by uploading into a loan portal or by submitting these via email.

An ML / NLP based tool that can extract information from these unstructured documents would greatly reduce human hours and populate the key data such as gross salary, employer and employee details, length of employment, taxes paid and other relevant information combined with credit scores that can be further fed into an algorithmic decision-making engine.

The following graphic illustrates this process at a high level:

In the Healthcare industry, Revenue Cycle Management is a key business area that manages the insurance adjudication process and patient part of the pay. A lot of revenue leakage can be prevented by bringing in AI to determine problems with claims before they were submitted to the Payer and ability to personalize the patient part of the payment plan for an individual. The AI can bring scale to these processes by using predictive models based on various parameters with minimal human intervention.

To successfully implement the cognitive automation, the organization should have several capabilities: data science competence, business domain expertise, understanding of existing applications, and bringing data together to a data lake (or hub) and applying data engineering and data quality principles.

Standav Corp enables companies in their digital journey and developed several AI applications/platforms for business processes such as contract discovery and analytics, risk management, chatbots, field service tracking applications, and intelligent email routing applications. With a pool of talented data scientists, architects and domain experts, Standav is well positioned to be part of your organizations’ digital journey.

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