How Companies Are Using Bots in Data Management
Data has become the lifeblood of most organizations. It provides a wealth of information about your customers, products, finances, sales, competitors and more. But managing all that data can be a challenge without the right tools. Many organizations are turning to artificial intelligence, like bots, to aid them in data management.
How Companies Are Using Bots in Data Management
The word “bot” is short for robot. It’s a form of artificial intelligence which is designed to simulate human activity. Bots can be applied in many ways to automate tasks and organize large volumes of data.
Here’s how some industries and companies are using bots as part of their data management strategy.
Insurance companies are admin-heavy organizations, often drowning in policy applications, claim forms and compliance documentation. Manual processes mean employees could take weeks or months to process paperwork. By speeding up policy issuance and claims processing, insurance companies can reduce operational costs and improve customer service.
One insurance company decided to implement robotic process automation (RPA) to streamline document management. The Zurich Insurance Group used RPA to automate policy application and claims processes. These were the results:
- The company reduced operational costs by 51%. These cost improvements saved them over $1 billion.
- They released 25% of their operational team’s capacity, some of whom were redirected to work in their newly established Robotic Center of Excellence unit.
- Paying claims now takes one week compared to the industry average of 50 days.
- Processing policy transactions was reduced from 4-5 hours to 40-80 minutes.
The healthcare industry is adopting AI technology to more efficiently manage the vast amounts of data it collects and accesses. For example, every disease and medication is assigned a medical code. That’s thousands of codes that follow a patient’s journey from diagnosis and treatment to insurance claims and billing.
Bots are being used to automate many administrative processes and improve patient care. AI chatbots can help patients look up symptoms or medication side effects, speak to medical professionals and schedule medical appointments.
Voice-recognition virtual assistants can assist administrative and medical staff to retrieve patient information, medical codes and other data by simply speaking to it. Doctors and nurses can cut the amount of time they spend documenting patient interaction with speech-to-text transcription software.
Bots can also be used by patients to manage their health. By downloading a health app on their smartphone, a patient can track their health data such as blood pressure, diet, exercise and sleep patterns. Apps can also be used to remind patients with chronic conditions to take their medication on time.
Chatbot software has become an integral part of customer service. Customers want immediate solutions to their problems and online chatbots can provide it. As a result, consumers have embraced chatbots.
Statistics show that 67% of customers have used a chatbot in the last year and 69% prefer using chatbots because they can provide quick answers to simple queries. This means your human agents can focus on assisting customers with more complex issues.
Chatbots are a type of conversational AI and are not to be confused with Live Chat, which uses a human agent.
Chatbot software is becoming increasingly advanced, capable of handling queries from initial query through to resolution. However, chatbots are not meant to replace human agents and should offer the customer the option of speaking to a human customer support agent.
Experian’s 2019 Global Data Management Research report found that most of the businesses surveyed believe that nearly a third their data is inaccurate in some way. Ninety-five percent said their business suffered negative impacts from poor data quality that resulted in wasted resources and ineffective business initiatives.
Poor data integrity leads to poor business decisions. But why do so many companies struggle with data integrity? In part due to weak data management structures and human error. Data management bots are capable of organizing large volumes of data more accurately.
Let’s look at Pratt & Whitney, manufacturer of the Geared Turbofan (GTF) airplane engine that is revolutionizing aviation. The GTF engine improves fuel efficiency and reduces noise and emissions.
Analyzing data is important to ongoing refinements to the engine. As such, Pratt & Whitney placed 5,000 sensors on the engine that generate up to 10 gigabytes of data per second, much more than the standard airplane engine.
Over 1,100 aircrafts flown by 62 airlines are already using the GTF engine and, by January 2022, a further 10,000 orders were received. All those engines deliver data to the company — the amount of which runs into the zettabytes. By using AI bots, the company can collect and analyze this mind-boggling amount of data to get an accurate indication of the engine’s performance.
Business intelligence is largely driven by data. If your data is flawed or unused, your company is at a disadvantage. Artificial intelligence is helping companies across all industries to better manage their data so that they can make smarter business decisions.