Bots for Data Management

Obvious, with stats, but worth considering as a first step for using  ...

How Companies Are Using Bots in Data Management  in Datanami

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

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.

Healthcare

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.

Customer Service

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.  .... '