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Robotic Process Automation – RPA – RPA Bots, we have been hearing these terms quite often now let’s deep dive into RPA and understand what exactly is robotic process automation with this example. Imagine a robot looking at a computer screen working on the same applications and implementing the same tasks as an employee would- while the employee holds the control that tells the robot when and how to work. Unlike humans, these robotic process automation bots briefly called as RPA bots’ mimic tasks and activities quickly and accurately. This combination of human-like, software-based interactions makes Robotic Process Automation (RPA) ideal for driving digital transformation across processes and systems.
What is Robotic Process Automation (RPA) ?
Robotic Process Automation as defined by Gartner - As a “productivity tool that allows a user to configure bots to automate business processes. These bots can interact with any application and can be used to operate much faster with high reliability and precision.”
A report by KPMG, by 2022 almost 85% of corporate offices will implement RPA expecting 60% to prior implement it.
Some sectors where Robotic Process Automation (RPA) can be implemented:
1. Banking and Financial Services
3. Customer Service
5. Human Resources
6. Logistics and Supply Chain Management
How is RPA driving Digital Transformation?
The digital transformation journey in many organization starts with putting in Robotic Process Automation software and RPA bots into the ecosystem as they are cost-effective means of modernizing processes and helping to secure or reclaim a competitive advantage.
At the center of the digital transformation universe, robotic automation offers businesses an ability to automate their tedious processes quickly and easily, also eliminating human intervention and simultaneously providing a wealth of business intelligence that was never available before.
Whether facing sudden, unforeseen crises, or managing everyday system and process changes, robotic automation software ensures seamless business continuity and opens a path to accelerating any digital transformation. The first step is putting the tools to automate in the hands of your frontline.
How can Organizations Benefit from RPA?
RPA conveys direct benefit across organizations and industries. Robotic automation is one of the technologies that is best able to help all business functions within organizations to evolve with digital transformation Empowering RPA to handle tasks and processes will not only transform and streamline your organization’s workflows but will also provide:
1. Higher Accuracy: RPA robots are designed to follow rules. They never get worn out and never commit errors; consequently, office tasks can be done rapidly and adequately which makes RPA compliant and consistent.
2. Improved Consistency and Reduction of Errors: Once instructed, RPA robots execute reliably, reducing risk and increasing compliance. Everything they do is monitored and logged for end-to-end traceability.
3. Increase in Cost-Savings and ROI: Robotic automation can reduce handling time by up to 40% and processing costs by up to 80%.
4. More Scalability and Adaptability: Robotic automation can be easily integrated across platforms. Seamless integration with different software tools irrespective of function and department makes it application agnostic.
5. Increased Productivity and Efficiency: Robotic automation enhances employee productivity by accelerating work done and refocusing their efforts to do more productive tasks. With significant reduction in turnaround time, RPA can lead to better customer experiences.
RPA Bots can:
Given RPA’s capabilities, organizations are able to tackle extensive operational challenges, such as executing these large amounts of back-office activities. With organizations chasing cost reductions, improved customer experience, operations optimization, quick implementation, and ROI, there has been a huge increase in RPA investments.
Gartner projects spending on RPA software to hit $1.3 billion this year, and Forrester forecasts a $2.9 billion RPA software market in 2021.
RPA in Banking and Financial Industry:
RPA is significantly adopted in the banking and financial industries worldwide, and has automated and streamlined several time-consuming business processes. Banks have witnessed dramatic operational improvement by automating several customer-facing and back-office processes like:
|KYC||Mortgage Processing||Fraud Detection||General Ledger|
|Report Automation||Deposits||Account Origination & Receivable||Credit Card Processing|
|Collection||Accounts Payable||Compliance||Customer Service|
|Account Closure||Underwriter Support||Account Reconciliation||Anti- Money Laundering|
How is RPA helping BFSI?
The result of automating such tedious, manual tasks would be improved efficiency, a sharp decrease in the error rate, and a noteworthy improvement in turnaround time. Furthermore, with the artificial intelligence and big data analytical capabilities provided by RPA, organizations can then make use of the data to implement digital strategies, which help adjust their processes to be more efficient.
What Does The RPA Journey Look Like?
The journey to RPA starts with knowledge, wherein the organization sits and formulate their RPA implementation and adoption strategy.
1. Setting up Digital Transformation Goals
2. Determining RPA Readiness
3. Select Organization Processes
4. Detail Process Steps
5. Apply RPA Assessment Matrix (formulated by NSEIT)
6. Decide on RPA process
7. Publish Assessment Report
8. Conduct RPA POC for RPA Amenable Process
9. Publish RPA Roadmap
10. Design, Develop & Implement Bots
11. Productionise Bots
12. Continue the RPA Journey
Effective digital transformation requires adapting to continuous innovation. RPA helps in achieving this transformation while improving accuracy across business functions and organizations. Enabling RPA to automate tasks and processes will help in streamlining and transforming organization’s workflow and achieve innovation and development.
Want to know more about this, you may read through our related blog based on this topic. NSEIT is amongst the early adopters of Robotic Process Automation (RPA) as we understand the BFSI industry closely and have been empowering them to be future ready. Visit Business Transformation and understand how you can emancipate from conventional business process approach and step ahead in your your Digital Transformation journey
What are the Top Emerging Technology Trends Shaping Banking & Insurance Industry in 2021 ?Read More
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