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Business Of Automation > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

The definition of BPA

A

It is the use of technology to AUTOMATE REPETITIVE manual tasks and streamline business processes

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2
Q

What are the goals of BPA?

A
  1. Improve efficiency
  2. Reduce human error
  3. Cut costs
  4. Give more time to employees to focus more on strategic and creative tasks
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3
Q

Give 6 examples of BPA applications

A
  1. Workflow Automation
  2. Document Management
  3. Customer Service Automation
  4. Data entry n processing
  5. Financial processors
  6. Supply Chain Management
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4
Q

Give 3 key trends to BPA in Human Resource

A

Recruitment and onboarding
Off-boarding processes
Training and Development

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5
Q

Give 3 trends of BPA in Financial Sector

A

Loan Processing
Customer Service and support
Risk management and compliance

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6
Q

What other BPA applications are there other than HR and Finance?

A
  1. Legal and Compliance
  2. Marketing
  3. Healthcare services
  4. Manufacturing
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7
Q

What is cognitive automation

A

It is the subset of AI that combines elements of robotic process automation with cognitive technologies such as NLP (Natural Language Processing), Machine Learning, and Computer Vision

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8
Q

How is cognitive automation different from traditional automation?

A

Cognitive automation mimics human cognitive functions to perform tasks including understanding unstructured data, making judgments and learning from experience.

Whereas traditional automation focuses on ruled-based and automating repetitive tasks

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9
Q

What are the 3 key characteristics of cognitive automation?

A
  1. Natural Learning Processing (NLP)
  2. Machine Learning
  3. Computer vision
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10
Q

What are the cognitive automation applications for Finance?

A

Automatic fraud detection, risk assessment and investment analysis

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11
Q

What are the cognitive automation applications for HR?

A

Automate resume screening, candidate matching, employee performance analysis

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12
Q

How is AI different from Machine Learning?

A

AI is the ability of a machine to imitate intelligent human behaviour, whereas machine learning is a category of AI that uses data to continue learning without being specially programmed

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13
Q

What are the key characteristics shared by AI n ML?

A
  1. Automated Data Analysis
  2. Predictive Modeling
  3. NLP (Natural Learning Processing)
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14
Q

What are 2 applications of AI in HR and Finance sector?

A
  1. Fraud Detection and Protection
  2. Compliance and regulatory reporting
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15
Q

List 4 benefits of AI

A
  1. Automate repetitive tasks
  2. Improved efficiency and productivity
  3. Increase in accuracy & speed in decision making
  4. Cost savings
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16
Q

Define RPA

A

It involves using software programming in robotic applications to undertake operational, repetitive, and manual tasks

17
Q

What are the benefits of RPA?

A
  1. Cost savings and efficiency gains
  2. Accuracy and Consistency
  3. Flexibility and Scalability
18
Q

What are the disadvantages of RPA?

A
  1. Not capable of addressing root cause of process inefficiency
  2. A need to reprogram to perform new tasks
  3. The value of RPA decreases as AI is more dominant nowadays
19
Q

List the differences between AI and RPA

A

AI : Have hardware and software bots
RPA: Have software computer programs only

AI: Is able to learn on their own
RPA: Unable to learn on its own, needing human intervention to reprogram new tasks

20
Q

What are the 4 aspects of business operations

A
  1. Administrative
  2. Analytics
  3. Customer Service
  4. Data Capturing
21
Q

What is involved in the digital transformation element of people?

A
  1. Developing digital skills
  2. Encouraging a culture of innovation
  3. Building strong leadership
22
Q

What is involved in the digital transformation element of process?

A
  1. Streamlining processes
  2. Improving data management
  3. Enhancing collaboration
23
Q

What is involved in the digital transformation element of platform?

A
  1. Selecting the right technologies
  2. Implementing and managing technologies
  3. Utilising technology to enhance capabilities
24
Q

What are the 6 steps of before starting BPA?

A
  1. Identify the problem statement
  2. Map the AI-IS
    3: Reimagining TO-BE
  3. Design and build
  4. Document and Communicate
  5. Monitor and improve
25
Q

What are the risks involved in RPA?

A
  1. Engagement of inappropriate automation vendors & AI tools
  2. Business failure
  3. Poor process and automation
26
Q

What are the solutions to the risks of RPA

A
  1. Automation should never be a substitute for business knowledge
  2. Automation initiatives should be carefully planned and involved all stakeholders
  3. Automation should not be hidden (automation should be learned)

Business Of Automation (3 decks)

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