As business accelerates, the need for streamlined processes and smarter decision-making has made cognitive automation indispensable. Cognitive automation is emerging as a powerful tool to streamline complex processes, enhance decision-making, and improve operational efficiency. This case study explores how Veritis implemented cognitive automation to revolutionize the operations of a leading financial organization, driving significant improvements in productivity, accuracy, and customer satisfaction.
Client Background
The client, a prominent financial organization, was struggling with inefficiencies in its processes due to the manual handling of complex tasks. These challenges affected the company’s ability to scale, respond to market demands, and maintain high customer service standards. Recognizing the need for a transformative solution, the client engaged Veritis, an industry leader in cognitive automation and IT consulting, to automate and optimize its business processes.
Challenges
The client faced several challenges hindering its operational efficiency and growth:
1) Manual Processing Bottlenecks
The client’s financial transactions and compliance processes relied heavily on manual intervention, leading to slow processing times, increased errors, and limited scalability. This reliance on human effort for repetitive tasks was inefficient and costly.
2) Inconsistent Data Management
Inconsistent data management across departments, particularly in managing customer and transaction data, led to data silos. This hindered gaining a unified operational view and made effective decision-making difficult.
3) Limited Process Visibility
The lack of real-time visibility into critical processes, such as risk management and customer service, made it challenging to monitor performance, identify bottlenecks, and implement timely improvements, affecting regulatory compliance.
4) High Operational Costs
Inefficiencies in manual processing and data management contributed to higher operational costs. The client needed a solution to reduce these costs while maintaining or improving service quality, especially in high-volume areas like loan processing.
5) Scalability Issues
As the client’s business grew, existing processes struggled to scale, particularly during peak periods like tax season. This lack of scalability hindered the client’s ability to innovate and remain competitive in the financial services market.
Solutions
Veritis implemented a cognitive automation solution tailored to the client’s needs, addressing critical challenges and driving operational improvements. The key components and their approaches are as follows:
1) Intelligent Process Automation
To streamline operations, Veritis focused on automating routine, rule-based tasks that were slowing down the client’s processes.
Approach
Veritis automated repetitive tasks like loan processing and compliance checks using Intelligent Process Automation (IPA). Cognitive technologies, including Natural Language Processing (NLP) and Machine Learning (ML), allowed the system to handle unstructured data efficiently, reducing errors and freeing employees to focus on strategic activities.
2) Enhanced Data Management and Integration
The client needed a unified and consistent approach to data management to improve accuracy and decision-making across departments.
Approach
Advanced data management tools were deployed to standardize and integrate data across departments. A centralized system with AI-driven analytics provided a unified operational view, improved data accuracy, and fostered better decision-making and collaboration.
3) Real-time Process Monitoring and Analytics
Veritis introduced tools for real-time monitoring to improve process visibility and operational efficiency.
Approach
We implemented real-time monitoring and analytics with dashboards that provided insights into process performance. This enabled the client to quickly address bottlenecks, improve operational efficiency, and ensure compliance with financial regulations.
4) Cost Optimization Through Automation
The client prioritized reducing operational costs, particularly in high-cost areas such as compliance and transaction processing.
Approach
Automation of manual processes and optimized data management significantly reduced operational costs. Savings were reinvested into strategic initiatives like enhancing customer services and developing new financial products, driving further growth.
5) Scalable Automation Framework
We developed a flexible automation framework to support long-term scalability as the client’s business grew.
Approach
We developed a scalable automation framework that allowed the client to quickly adapt processes as business needs evolved, ensuring continued competitiveness in the finance market.
Selected Tool Chain
Veritis carefully selected a suite of platforms, technologies, and tools to implement the cognitive automation solution:
1) Platforms
- Microsoft Azure: Provided cloud infrastructure, offering robust processing power, scalability, and security.
- Amazon Web Services (AWS): Offered multiple AI and cognitive computing services, facilitating the development and deployment of intelligent automation solutions.
2) Technologies
- Natural Language Processing (NLP): Enabled automation of tasks involving language understanding, such as document processing and customer inquiries.
- Machine Learning (ML): Powered predictive analytics and decision-making processes, improving over time, especially in fraud detection and risk assessment.
- Robotic Process Automation (RPA): Automated routine tasks, such as data entry and transaction processing, enhancing efficiency and reducing manual workload.
3) Tools
- UiPath: Used to automate workflows and integrate cognitive capabilities into existing financial processes.
- Amazon SageMaker: Utilized for building, training, and deploying machine learning models, enabling advanced predictive analytics and enhancing decision-making processes.
- Tableau: Used for real-time data visualization and analytics, supporting process performance monitoring and data-driven decisions.
Compliance Requirements
The cognitive automation solution implemented by Veritis adhered to strict compliance requirements, including GDPR and the Sarbanes-Oxley Act (SOX). Veritis ensured all automated processes were secure, with features like data encryption, access control, and audit trails to maintain data integrity and privacy and reduce non-compliance risk.
Strategies and Implementation
Strategy
Veritis’ strategy focused on integrating cognitive automation into the client’s IT infrastructure seamlessly. It automates processes without disrupting ongoing operations to minimize risk and ensure a smooth transition, particularly in sensitive areas like compliance.
Implementation
The implementation was conducted in phases, beginning with identifying key processes for automation and setting up a pilot project for validation. After successful validation, the complete solution, including tool configuration, system integration, and comprehensive training for staff to manage and optimize automated processes, was deployed.
Outcomes and Benefits
The cognitive automation deployment by Veritis provided significant benefits:
1) Drastic Reduction in Processing Time
- Outcome: The processing time for routine financial tasks was reduced by over 60%.
- Benefit: Enabled higher volumes of work, such as loan applications, without increasing headcount, improving productivity.
2) Improved Data Accuracy and Decision-making
- Outcome: Standardized data management and real-time analytics led to a 50% reduction in data errors.
- Benefit: Enhanced decision-making capabilities, particularly in risk management and financial planning.
3) Significant Cost Savings
- Outcome: Operational costs were reduced by 40% due to automated processes.
- Benefit: Savings were reinvested into initiatives like enhancing digital banking services and driving growth.
4) Enhanced Compliance and Auditability
- Outcome: Real-time monitoring and detailed audit trails ensured compliance.
- Benefit: Reduced risk of fines and improved market reputation, increasing customer trust.
5) Scalable and Future-proof Operations
- Outcome: The scalable framework allowed adaptation to changing needs, especially during peak times.
- Benefit: Ensured continued growth and innovation, maintaining a competitive edge.
Conclusion
By partnering with Veritis, the client successfully leveraged the power of cognitive automation to overhaul its operations. The results were profound: streamlined processes, improved data accuracy, and a scalable framework that supports future growth. These enhancements not only lowered operational costs and strengthened compliance but also positioned the client to thrive in the competitive financial sector.
This case study underscores how Veritis’ expertise in cognitive automation can drive significant, long-term benefits for organizations seeking to elevate their operational capabilities.