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Robotic Process Automation (RPA) - The next wave of business transformation?

Monday, October 09, 2017
By Ritesh Varma

Ritesh Varma, Head – Consulting Practice, Newgen Software Technologies Ltd

Automation is a critical business issue and has been a top agenda item for organizations for many years. Enterprises have consistently pursued tools and technologies that will help them improve productivity, become leaner, more agile and operate at higher levels of efficiency. With RPA now on the horizon, these goals look more achievable than ever before and the economics of RPA and its potential impact cannot be overlooked. There needs to be wide spread application of this technology across industries to drive more intelligent use of resources and drastically streamline back office processes.

But its application should and, if latest trends are anything to go by, will not be limited to such a narrow scope. RPA will definitely help streamline and shift most mundane manual tasks from humans to machines thereby reducing the need for human intervention but it will have a significantly impact on everything from performance and efficiency to staffing and expenses. It will ensure that knowledge workers can use their expertise and cognitive skills towards more constructive and value added activities. An RPA implementation when paired with a robust BPM platform that supports structured as well as unstructured processes will ensure process orchestration at the business unit level.

The RPA system is gaining increasing popularity, especially in the banking and finance sectors as a result of their huge transaction volumes and the direct benefits that can be accrued in a short span of time. The RPA platform with BPM will enhance your business model and give the productivity, efficiency and scalability your business needs to operate at its most optimum best.

Benefits of an RPA + BPM implementation:

  •     Cost Effectiveness – Using RPA is estimated to reduce operational costs by a significant measure. Also, bots are able to operate 24/7 and they don’t need vacations or rest like humans. Automation also helps companies recuperate their investment much quicker than via the tried and tested methods.
     
  •     Accuracy & Quality – With minimal human intervention and an efficient BPM engine, automation helps to reduce inaccuracies almost entirely. It also reduces re-work and drastically improves the quality of output thereby saving time and multiplying production capacity. In case of short term spikes, there doesn’t need to be additional hiring, which directly impacts the bottom line.
     
  •     Consistency – Bots unlike humans are consistent. They are a non-invasive technology that delivers on SLAs each and every time.
     
  •     Enhanced Analytics – With access to accurate data devoid of any errors, it will become so much easier to analyze processes, improve process execution and ensure better decision making thereby significantly helping to improve the performance of the business.
     
  •     Human Impact – RPA is designed to ensure that bots and humans can work in harmony and perform activities that they can ultimately excel in. It helps humans to perform to their strengths and be liberated from performing mundane tasks. This means they focus on value generation activities like improving customer experience and building meaningful relationships which lead to satisfied customers, and happy employees.
     
  •     Increased Customer Satisfaction – When customers get high quality, error free work, it is bound to improve customer satisfaction levels and add goodwill to the business.
     
  •     Reconciliation from Multiple Systems – RPA with the help of a BPM platform makes interacting with multiple systems a breeze and that helps in building seamless and integrated processes.
     
  •     Industry Agnostic – RPA can be applied with ease in any industry and because of its versatility, it can automate a wide variety of tasks. Any defined and rule based process can be automated. It’s that simple.

RPA with BPM is a revolutionary technology that is ushering in the age of artificial intelligence and delivering visible process and productivity benefits to companies across the world. It is redefining business models and according to some analysts has the potential of creating a parallel economy that can connect to the physical economy in concurrent systems to speed-up and optimize knowledge work. Looking to the future, the automation of repetitive rules-based tasks will only multiply and companies will begin to flirt with the next evolution in RPA being referred to as cognitive RPA. It’s time to get your business onboard. It’s time to join the revolution!
 

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