The inexorable march of technology made everyone hail AI, ML, RPA. Industries are leaping to technology-driven solutions, vendors are promising companies are investing, looks like asking Alexa to play a song. Now the question is-is it that simple? How far did the promises go? Did the investment’s get ROI? Did the vendor’s deliver exactly what was committed? Did the timeline work? In short, did the expectation meet?
The financial sector especially the mortgage industry is implementing technologies like IDP and expecting a miracle. In this industry, paper trails are hard to find and easy to lose, as we know when the loan packages are sold it is received in an unstructured format that slows the entire process directly affecting efficiency and productivity. Just by integrating systems with technology won’t magically override the issues, it is not SIRI or ALEXA where typical human errands can be automated with voice commands.
However, there are times when things don’t fall in place as expected, then we question what everyone is hailing is it a myth or reality? We have seen the AI rage but seamless integration with AI, ML, RPA in a process and to see the real benefits takes a hell lot of time, typically between 6 months to 1 year, and the biggest myth we keep falling for is the word 'Instant'.
Nothing happens instantly, it needs time to process, anticipate and train to get things automated; so let’s dig up some instant myth and understand the reality:
IDP algorithms can magically identify data from the unstructured format.
The algorithm cannot function using unstructured data; AI is not uploading and enter.
When we implement IDP in the system, we just can’t upload and hit enter to automate the task. IDP utilizes AI software to structurize the data from any format. You need to feed AI bot with data and not just random data structure but quality data.
IDP implementation incurs a heavy cost, you need ML engineers, data scientist and other resources to get started.
Advanced bots and online training are offered on free trials and that need Apple-sized capital.
Few AI bots needs computational linguists, as AI is shrouded in technical language. Companies offer live training and manuals; a technical person is assigned who will connect the bot with your existing system. A small training fee may apply and sometimes free trials are offered, so try to get the best deal.
Cognitive IDP can replicate human brain to anticipate and solve new issues.
0 Comments
Leave a reply
Your email address will not be published. Required fields are marked *
The inexorable march of technology made everyone hail AI, ML, RPA. Industries are leaping to technology-driven solutions, vendors are promising companies are investing, looks like asking Alexa to play a song. Now the question is-is it that simple? How far did the promises go? Did the investment’s get ROI? Did the vendor’s deliver exactly what was committed? Did the timeline work? In short, did the expectation meet?
The financial sector especially the mortgage industry is implementing technologies like IDP and expecting a miracle. In this industry, paper trails are hard to find and easy to lose, as we know when the loan packages are sold it is received in an unstructured format that slows the entire process directly affecting efficiency and productivity. Just by integrating systems with technology won’t magically override the issues, it is not SIRI or ALEXA where typical human errands can be automated with voice commands.
However, there are times when things don’t fall in place as expected, then we question what everyone is hailing is it a myth or reality? We have seen the AI rage but seamless integration with AI, ML, RPA in a process and to see the real benefits takes a hell lot of time, typically between 6 months to 1 year, and the biggest myth we keep falling for is the word 'Instant'.
Nothing happens instantly, it needs time to process, anticipate and train to get things automated; so let’s dig up some instant myth and understand the reality:
IDP algorithms can magically identify data from the unstructured format.
The algorithm cannot function using unstructured data; AI is not uploading and enter.
When we implement IDP in the system, we just can’t upload and hit enter to automate the task. IDP utilizes AI software to structurize the data from any format. You need to feed AI bot with data and not just random data structure but quality data.
IDP implementation incurs a heavy cost, you need ML engineers, data scientist and other resources to get started.
Advanced bots and online training are offered on free trials and that need Apple-sized capital.
Few AI bots needs computational linguists, as AI is shrouded in technical language. Companies offer live training and manuals; a technical person is assigned who will connect the bot with your existing system. A small training fee may apply and sometimes free trials are offered, so try to get the best deal.
Cognitive IDP can replicate human brain to anticipate and solve new issues.