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Application of Cognitive Automation to Structuring Data, Driving Existing Business Models, and Creating Value between Legacy Industries

Author

Listed:
  • Christopher Helm

    (Helm und Nagel GmbH, Rosenweg 5, Aßlar 35614, Germany)

  • Tim Alexander Herberger

    (Andrássy University Budapest, Pollack Mihály tér 3, Budapest 1088, Hungary)

  • Nicolay Gerold

    (Helm und Nagel GmbH, Rosenweg 5, Aßlar 35614, Germany)

Abstract

To build high quality datasets and unlock the value of unstructured data, a systematic approach for data capture is necessary. Cognitive automation (CA), that is, automation of processes with artificial intelligence (AI), enables the information extraction from unstructured data to provide relevant insights and further processing with AI. This study provides an overview of this new technology and shows how it can be used to transform existing business models. Our case studies in the insurance auditing, healthcare, and banking industries show the potential managerial impact of CA, which prepares these legacy industries for their digital future’s challenges and opportunities. We present the novel data extraction pipeline for textual and visual data and demonstrate its efficiency in extracting information from the company’s unstructured data. We show its performance in quality, cost, and time compared with current industry standards and provide management insights for business applications using CA.

Suggested Citation

  • Christopher Helm & Tim Alexander Herberger & Nicolay Gerold, 2022. "Application of Cognitive Automation to Structuring Data, Driving Existing Business Models, and Creating Value between Legacy Industries," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 1-23, April.
    • Handle: RePEc:wsi:ijitmx:v:19:y:2022:i:02:n:s0219877022500031
    DOI: 10.1142/S0219877022500031
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    Cited by:

    1. Felix Hübner & Tim Alexander Herberger & Michel Charifzadeh, 2024. "Determinants of customer recovery in retail banking—lessons from a German banking case study," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 655-682, September.
    2. Qi, Yudong & Han, Minmin & Zhang, Chao, 2024. "The Synergistic Effects of Digital Technology Application and ESG Performance on Corporate Performance," Finance Research Letters, Elsevier, vol. 61(C).

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