Understanding the correlation between Enterprises and Cognitive Machine Reading (CMR)

A full-scale enterprise-wide digital transformation is no longer considered a choice. Companies rebranding themselves on the basis of complete digitization see it as a necessity. Even prior to the global pandemic, companies were under pressure to cut overhead costs through Automation. RPA was a good fix for the typical, high volume, repetitive, transactional work, but it was only for a short while and limited business use cases. Moreover, it is not scalable; hence, companies searched for an intelligent option – Cognitive Machine Reading (CMR).

What is Cognitive Machine Reading, and what are its examples?

Robotic Process Automation helps companies effortlessly handle a high volume of recurring tasks that usually take 100 people to complete manually. Speed and precision were achieved at scale, but RPA scope is limited to rule-based tasks only. Nevertheless, RPA was a true harbinger of new technological advancements providing companies with more options to explore. i

Cognitive Machine Reading, for instance, offers an opportunity to shift that work to intelligent technology. It is an AI-enabled technology solution that can extract the content, respond, read an attachment, extract the data, and automate process execution.

More often than not, businesses mistake scanned images for digitized documents. However, little do they know that the main distinction lies in how consumable the data is. For example, a PDF is a digital file but is less consumable in decision-making. The only solution is to digitize data accurately by implementing CMR at the point of entry to digitize data and then integrating automated decision-making and execution.

How does CMR drive end-to-end enterprise process automation?

Cognitive Machine Reading has the ability to successfully ingest a broad range of data, from tables, checkboxes, handwriting, cursive, images, and signatures. This capability of CMR opens the door to continuous and uninterrupted end-to-end process automation.

CMR is integrated into leading IA platforms and existing enterprise omnichannel solutions, enabling the processing of large amounts of data and workflows in a fraction of the time typically required.

Usually, critical business decisions are made using unstructured data, which comprises nearly 80% of essential enterprise information. Optical Character Recognition relies heavily on templates and zones to scan for data in documents. It needs document consistency. Unlike OCR, Cognitive Machine Reading can easily capture granular insights from various file types and unstructured data.

CMR benefits companies in the following ways: