Tag: robotic process automation

Robotic Process Automation (RPA) is not just a “nice-to-have” option anymore. If you want to remain competitive it is an absolute necessity.
As a most promising technology enabler, RPA helps improve speed, quality, and productivity. RPA strengthens the organization, ensuring that it is ready to deal with disruption and change. This blog will discuss how it is making a mark in Finance, Healthcare & IT operations.

What Is RPA?

Robotic Process Automation (RPA) is an end-to-end approach that can automate workflows without the intervention of a human being. This approach allows users to configure software that enforces business processes.  RPA software can collect, interpret and orchestrate applications to perform various repetitive tasks.
RPA is a technological breakthrough for industries like finance, healthcare, IT, telecommunications, banking, insurance, retail, property management, and many more. Industries that implement RPA can automate their workflows, infrastructure, and other labor-intensive and time-consuming processes.
RPA is both cost-effective and user-friendly. It is no surprise, industries are racing to unlock value from RPA, including digital labor.
Watch now: How Robotic Process Automation Is Building Better Workplaces

How Is RPA Revolutionizing Industries?

• Increased Accuracy: Bots are less prone to make mistakes or typos than human workers.
• No interruption of workflow: Virtual robots can operate 24/7 without staff initiation.
• Meet strict compliance standards: Configured bots can provide an audit trail for each step and retrace the steps, in case of a process review.
• Work with existing systems: Robots do not need extensive IT resources; they work with the layers of existing applications.
• Improve employee morale and experience: Bots offload manual tasks from employees and enable them to focus on strategic, revenue-producing activities.

These advantages sound good. But, how does this ‘digital worker’ (RPA) streamline business processes? Let’s see.

How Can RPA Streamline Processes?

1. Employee Onboarding

Employee onboarding is a costly and time-consuming process.  Zippia’s research showed that the average cost per hire is $4,425, or 40% of an employee’s base salary. Not just that, it takes about 36 to 42 days to complete the onboarding process.
Fortunately, RPA can reduce both the cost and the time taken to onboard an employee. How can it do that? It can do it by automating all repetitive and rule-based tasks.
For example, a bot can accurately source an applicant 24/7, and without any bias. After which, it can assist in screening resumes and candidates. Further, a bot can handle much of the paperwork that the company needs to fill out.

2. Auditing

Although audit practice has improved over the last 30 years, a massive amount of manual, repetitive, and rule-based tasks still take up much of the auditor’s time.
Examples of these tasks include file organization, the performance of basic audit tests in excel, manual annotations, and many more. These tasks are not only labor-intensive, but they are also prone to error.
RPA offers the ability to connect otherwise unintegrated audit activities. In addition to the obvious time-saving benefits of RPA, there are financial advantages. For instance, PwC estimates that 45% of repetitive work can be automated, and this would save $2 trillion in global workforce costs.
Beyond simple cost savings, automation can enhance an auditor’s ability to do his job. By freeing up an auditor from mundane, repetitive tasks, RPA allows them to focus on the more complex aspects of their job.
By sifting data more accurately than human auditors, RPA can help human auditors to scrutinize whether an accounting treatment or client behavior is reasonable. With such improved efficiency, auditors can make a final determination about optimizing costs.

3. Invoicing

Invoice processing is a crucial business operation. Yet, these tasks are labor-intensive, error-prone, and do not directly generate revenue. RPA is designed to manage such tasks effortlessly and efficiently.
For instance, when invoices come through various channels, they have to be matched to purchase orders, and then most often, they need to be approved by different people for payment.
RPA allows you to automate the purchase order matching process to flag any errors for further scrutiny before submitting the payment. You and also create rules to send invoices to the right people for approval automatically. RPA can automate all the data entry and manual processing involved in accounting and finance.
These are just a few examples that show how RPA can drive faster response and improve business processes.
Now that we understand how RPA streamlines processes, which of the top industries benefit from adopting RPA?
Read Whitepaper: Learn how RPA can bring a difference to your business and give you a competitive edge!

Top Industries That Can Benefit 

Some industries that think automation is a costly effort have witnessed early adopters of RPA outperform the rest of the businesses with an increased ROI. According to Gartner, the RPA market is expected to grow at double-digit rates through 2024.

1. Robotic Process Automation in Finance Sector

Finance sector applications include managing customer accounts, migrating data between accounts, updating loan and mortgage data, and more. Just by defining the rules, Robotic Process Automation can help financial services to meet compliance standards.
RPA technology is accurate. Hence, it significantly reduces risk in the finance sector.  Faster RPA cycles are highly scalable and rapidly deployable.

2. Robotic Process Automation in Healthcare 

The pandemic has increased the volume of patients substantially, and healthcare industries are prioritizing efficiency and cost reduction. These two are major benefits of RPA implementation in the healthcare sector.

• Improved quality: RPA implementation automated and simplified entry process, claim process, maintenance of medical records. This enabled healthcare personnel to tackle the large volume of patients, especially those who need individual care and attention.
• More human workforce to care for more patients: RPA implementation replaced the workforce that performs mundane repetitive tasks. Healthcare professionals now have more time to spend on core activities rather than perform mundane tasks.

3. Robotic Process Automation in IT

Today, business operations depend on how well the IT system is managed. Leveraging RPA in IT operations is worthwhile. Consider why:

• Helps manage high volumes of data: Managing high volumes of data from different locations and different departments can be challenging. In contrast, RPA can process large datasets with greater agility, and complete the process faster and with no errors. Moreover, Robotic Process Automation systems can also update changes in the data in real-time.
• Enhances customer experience:  Employees are required to respond to any inquiry adequately and on time. Anything less could push your customers to your competitors. Automating repetitive tasks frees up agents to focus on more customer-related tasks such as pitching in a sale or providing end-to-end product engineering solutions.
• Better patch management: Manually patching IT systems is always a bad idea because it leaves more room for errors and is time-intensive. Implementing RPA can help synchronize the vulnerability database, scan machines for missing patches, and deploy the missing patches. This way automation ensures that the system is always protected.

Read more: Drive business growth with RPA!

How Fingent Can Help Deploy RPA Seamlessly

Successful implementation of Robotic Process Automation depends on a clear understanding of the task at hand. At Fingent we can make the implementation a lot easier. We can help you automate parts of your process or the entire thing.
With automation under one wing and cognitive technologies under the other, Fingent ensures you are in complete control. We can help you discover new, effective automation ideas. As a professional partner, we help you identify your strengths and areas of improvement and then work with you to build an action plan with tactical and strategic solutions.
Fingent also provides both onsite and offsite training and maintenance to ensure you get maximum ROI. Give us a call and let us help you get this rolling.

As digitalization is gaining a lot of significance, many enterprises are turning to emerging technologies such as Robotic Process Automation(RPA) to streamline their operations and reduce costs. RPA automates mundane processes allowing organizations to devote more time to serving customers or other important work.

According to Gartner, Inc. , Global RPA software is projected to reach $1.89 billion in 2021, an increase of 19.5% from 2020. Despite the COVID-19 pandemic, the RPA market is estimated to grow two times by 2024.

Read more: How to accelerate your business growth with Robotic Process Automation

What is RPA?

In simple terms, RPA is an application in which a software bot leverages a combination of automation, computer vision, and machine learning technologies to automate repetitive and high-volume tasks.

RPA solutions are best suited for processes that are labor-intensive, repetitive, and have predictable interactions with IT applications. Typically, these processes may be too small in value to be automated via IT transformation. RPA tools help improve the efficiency and effectiveness of such processes without changing the existing infrastructure.

RPA software bots can perform various business processes by mimicking how humans interact with applications through a user interface and simple rules to make decisions. As a result, robots can complete the entire end-to-end process with very little human interaction.

Benefits of RPA include;

• Improved accuracy
• Flexibility and scalability
• Speeds up the processing time
• Better employee morale
• Reduces manual and repetitive tasks
• Enables better customer care
• As per Forrester, projects see a 15-month payback, 229% ROI on average

Key business challenges RPA helps address are;

• Login automatically into a system as a user
• Helps navigate around the software, using menus and shortcut keys just like a human moving the mouse or typing on the keyboard
• Interpret labels to read values from the screen. If the screen content or web page is dynamic, RPA can help find the right value on the screen.
• Read values and data from PDF reports automatically and add them to data tables.
• Inputs values into a capture screen automatically by mimicking the user’s actions. However, it can process it several times over with different values for each pass.
• Read emails and messages to understand the information they contain. For example, is the sender placing an order, making a booking, looking for information, or sending an invoice? Based on the intent, RPA will trigger the process with the message.
• Help trigger a process in a system by logging in as a user and clicking buttons.
• Collate different pieces of information and identify the next best action in the process.

Read more: How Can Businesses Overcome The Barriers To RPA Adoption?

Who is using RPA?

RPA can be leveraged by any business, especially if it involves repetitive tasks such as banking, healthcare, finance, insurance, and telecommunications. For example, RPA can be used in finance to automate governance, reconcile accounts, or process invoices. Additionally, RPA can help automate processes such as data entry, predictive maintenance, and after-sales service support in the supply chain.

Telecommunication companies utilize RPA solutions to organize new services and all the related billing systems for new accounts. RPA also helps these companies pull data from multiple systems when old equipment outages or predicts problems.

Regardless of the industry, RPA benefits the larger organizations and small and mid-size companies with its ability to streamline business processes and improve efficiency.

Should you invest in RPA?

The pandemic has caused a sudden surge in RPA as businesses are turning to cost-effective solutions to fill the workforce gap due to a shortage of employees. But again, if there is a lack of data or the process is obsolete, opting for RPA may not be a wise decision.

With the RPA market evolving, it is becoming affordable for even small and mid-size businesses who want to stay ahead of their competitors. According to the Grand View Research report, in 2019, the large enterprise segment accounted for over 67% of the global RPA while the BFSI led the market in terms of application with over 29% share of the global revenue. However, from 2020-2027, it is estimated that SMEs will witness the highest CAGR, with the pharma and healthcare sectors leading the way application-wise.

While RPA can fill the gaps in the current system and benefit the organization as a whole, companies that have large volumes of data and time-consuming business processes with well-defined rule-based steps are ideal candidates for RPA implementation.

Once the decision-makers finalize the processes that need automation, assessing ROI for individual processes is essential to quantify the benefits. A successful deployment takes one-two month, and the ROI is approximately three-twelve months.

Read more: An Extensive Whitepaper on How RPA Can Bring a Difference to Your Business

Things to consider before implementing RPA

1. Third-party integration

You will have to redesign the existing Robotic Process Automation processes and ensure they are compliant with third-party tools. It improves the scope of what RPA can achieve for a business process. For example, ERP and CRM integration is something that you must consider.

2. Cost-effective

For RPA to become a cost-effective solution, an organization needs to know which tasks are suitable for automation. Ideally, mundane and repetitive labor-intensive tasks need to be automated to impact a direct bearing on the costs of the RPA deployed. As bots work more efficiently than humans, it results in better productivity, fewer errors, and cost less. All this impacts productivity in a significant way making RPA a worthy investment.

3. Training time

For a smooth roll-out of implementing the RPA system, organizations will have to set aside time to train their employees. Therefore, you will have to be certain about the time required, especially if you plan to implement RPA across functions.

4. Deployment speed

Typically, the speed at which an organization deploys an RPA software depends on how soon it wants to reap its benefits. While some businesses cannot wait to take advantage of the RPA system, others are skeptical about their roll-out plans. In most cases, businesses that wish to implement an RPA system adapt to save costs as quickly as possible.

How can Fingent help?

If you’re looking to improve profitability, productivity, and compliance with Robotic Process Automation, contact our experts today. Our experts will not just help you strategize an automation process but also get the most out of your investment by identifying the best time to introduce RPA into your business.

Transforming Businesses with RPA- Leading Use Cases in HR and Banking

Various organizations use RPA tools to automate simple to complex tasks and perform them with minimal or no human intervention. 

From an IT perspective, you tend to bucket all RPA uses cases into data integration or testing. However, from a business perspective, you need to find out how to get a better time to value and how to overcome obstacles that hinder the business value. Then you can determine use cases that fit into this characterization. 

For example, you want to roll out a change in your business process, and need integration into another system. You can do that in two ways:

• either through APIs and get into the IT changed management routine, 
• or by using RPA to drive interfaces without an API and get the change rolled out in weeks instead of months. 

So, time to value is the calculation that businesses need to do, and check whether the change is worth it. 

Read more: What Makes a Business Process Apt for Automation

Suppose you have to perform tasks that are very repetitive in nature – like filling in excel forms, web forms, things like visual basic or word with data which you already have access to, or which you need to aggregate from various systems. Here you can have an RPA bot to pull that data or even push out that data to multiple systems. You won’t have to rekey that information manually. You can always use an RPA bot to do that in an automated fashion. In both these cases, you can write integrations or you can have a system do it for you. 

RPA gives you a way to configure that behavior rather than write a code for it. In other words, RPA use cases need to be data-intensive, rule-driven, and repetitive. The drivers almost always tend to be time to value, time to market, and so on.

Now that you’ve understood where to use RPA in your business, let’s have a look at some of the use cases. 

RPA Use Cases in HR 

According to UiPath, 40% of your HR professionals’ time can be reclaimed using RPA. Robotic Process Automation can be combined with your existing HR systems like SAP or Workday that allows you to create digital process automation with ease. Here are the two key HR areas where automation leads to transformation.

1. Payroll: 

Payroll operations consist of a large number of repetitive, rule-based tasks with activities like data collection, calculations, and scheduling tasks. Payroll workers have to collect data from various departments or units in different formats. The next step is data validation and entering that information into other applications. All these tasks are prone to error. 

These activities can be automated using RPA technology since all the data that payroll staff deals with is structured. RPA can make payroll more organized without using expensive software. 

The benefits of RPA in payroll are improved accuracy, lower costs due to reduced manual labor and data security. Since the number of menial, time-consuming tasks performed by employees is reduced, they can focus on tasks with higher strategic value.

2. Onboarding and offboarding:  

Every time you get a new employee, the candidate’s details have to be uploaded to all systems that you use. They may need a Windows account, access to your time reporting tool, email addresses, IT equipment, and so on. If someone from the HR team manually enters all this data they would be stuck in mundane tasks. Instead, you can have a script doing these repetitive tasks. With RPA, you can automate the entire onboarding procedure since the process is the same for every new employee. 

Employee exits too, have to be managed consistently. Manual processing makes these tasks error-prone and may raise auditory concerns. If RPA is implemented in this case, the bot analyzes the incident to find out which tasks need to be executed. It notifies the IT team to terminate access and recover the equipment, terminates the employee from the HCM, revokes system access, generates exit documents, and processes final payments. 

Read more: Jaw-dropping Facts about Robotic Process Automation

RPA Use Cases in Banking

A slow economy and rising customer expectations have caused banks to look for cost optimization methods. The back-end processing activities in the banking sector consist of tasks that are rule-driven, repetitive, labor-intensive, and high in volume. RPA technology can help to automate these processes, thus eliminating the need for human intervention. Here are the two major banking functions that can be automated for improved results.

1. Loan application processing: 

The processing of loan applications is a tedious process. For document verification, employees need to manually verify different documents and associated information and then organize all data into a single file. Very often, employees get stuck in this task and spend too much time on it. RPA employed in this procedure can automate the whole process by opening different web portals and validating the information. The bot then initiates an email to the employee for a final decision. Thus, the bot helps to save valuable time and improves the time to client response.

2. Account opening: 

The account opening process is cumbersome, time-consuming, and prone to errors. RPA can help speed up this process and make it more accurate. Bots draw out information from forms and enter it into separate host applications. Thus RPA eliminates errors and improves the quality of data in the system.

Read more: How Robotic Process Automation Simplifies Business Operations

RPA tools have the potential to help various industries improve efficiency, drive faster operations, and reduce costs than most automation techniques. RPA is gaining popularity as enterprises try to counter competition, increase productivity, and meet customer expectations. Early adopters of RPA have reaped its benefits and its high time that you did too. Get in touch with our experts to learn more about how RPA can simplify your business operations. 

Can Robotic Process Automation Rescue Businesses From An Economic Recession

COVID-19 is panning out to be a historic tragedy both for the human race as well as our economy. While most businesses are stalled due to the economic recession induced by COVID-19, there is a ray of hope. Robotic Process Automation (RPA) is rising up as the savior for many businesses by offering recession-proof operations. RPA might be that one alleviating factor that can keep your business and the economy afloat. 

When implemented successfully, RPA can help many sectors experience an undeniable upsurge. How RPA can help businesses get through these unprecedented times? This post takes a look. We will also examine a few automation cases.

Related Reading: Jaw-dropping Facts about Robotic Process Automation

Businesses Can Stay Afloat in These Unprecedented Times

RPA goes beyond allowing businesses to stay afloat. It also helps them respond instantly to drastic changes in demand during such critical situations as COVID-19. It has proven to be an invaluable technology for businesses by ensuring that employees remain productive even if they have to work remotely and from home. 

Here are some benefits of RPA.

Increased flexibility

RPA allows your business to run smoothly despite ever-changing demands while automating manual processes and increasing efficiency. Furthermore, it is helping organizations combat the spread of COVID-19 and is providing customers with timely support as businesses move on to new operating models. For instance, deploying chatbots or automated answering machines in contact centers or help desks can help handle bulk volumes of customer service calls and emails, especially when organizations are forced to function remotely or operate with a limited number of employees. 

Less dependency on the individual employee

Though we can’t deny the need for human intervention in most processes, certain tasks need to be accomplished with precision and speed. Here is where RPA becomes useful as a fast and flexible way to replicate employee-driven processes. RPA enables businesses to automate certain critical processes with greater precision and efficiency. And soon, RPA will free businesses from being dependent on the limitations caused by employees’ absence.

Related Reading: How to accelerate your business growth with Robotic Process Automation

Keep up with production

RPA enables organizations to keep up productivity by providing assistance to an overwhelmed customer using attended automation or front office bots. This frees up employees to attend to other critical aspects of the business. RPA can cater to an increase or decrease in the supply chain demand while allowing you to rely on automated back-office activities.

Industries leveraging RPA

Here are a few examples of industries who have successfully leveraged automation: (examples cited by UiPath)

Healthcare

Health of the workforce:  Updating all relevant data of sick employees in real-time while keeping track of healthy employees could be painstaking. With RPA, bots can be set up to keep track of hospital employees. This minimizes manual errors and ensures employee safety. 

Increasing demand in virus testing: With the increasing demand for virus testing, the wait time for registration also increases. Cleveland Clinic in the United States reduced their patient verification and registration time considerably by deploying an attended robot that collects and prints patient data, thereby reducing hospital backlogs.

Accelerating clinical testing: Filling test reports itself would take about 3 hours per day in the life of a staff nurse. But since Mater Hospital in Dublin automated its process through robots, medical personnel are able to use their precious time taking care of their patients rather than chasing admin tasks. 

Banking and financial services

Surge in trading volume: Global markets have seen a trading surge by about 300% daily. This is tremendously increasing the operational burden. Leveraging automation has ensured business continuity while maintaining high levels of customer satisfaction despite the huge spike of activity in areas such as trade allocations and reconciliations.  

Acknowledging customer complaints:  Acknowledging customer complaints in line with UK regulations has been especially challenging for financial services because of their reduced staff. Automation has allowed the banking and financial services to acknowledge complaints in time in compliance with UK regulatory government requirements.

Retail

Helps HR specialists to remain focused on analysis: COVID-19 has overwhelmed the HR department with a large volume of sick leave requests. Automation of two phases of this process has reduced backlogs in processing leave requests while allowing HR specialists to stay focused on their people.

Supply chains

Optimization of the supply chain: COVID-19 has forced factories to shut down leaving their production line idle. RPA allows companies to optimize their supply chains. This has resulted in accurate delivery estimates, optimized vehicle routes, efficient shipment consolidation as well as accountable sourcing. 

Manufacturing

Reduced manufacturing expenses: Prolonged closures of manufacturing plants have forced manufacturers to cut down their operational costs. RPA automates repetitive and manual tasks thus reducing operational costs.

Related Reading: How Robotic Process Automation Is Revolutionizing Industries?

Weather These Turbulent Times with Robotic Process Automation

Robotic Process Automation will enable businesses to efficiently allocate funds to areas that need greater focus. It can automate qualification ad validation processes, update public health data in real-time, and much more. Educational institutes can also leverage automation to schedule and activate their classes using LMS and eLearning platforms.  

Obviously, COVID-19 has brought about changes in the working style of both the consumers and clients. RPA will cater to their needs and help ensure that businesses can stay afloat during these difficult economic times. 

Download our White Paper: Learn how RPA can bring a difference to your business and how to embrace the disruptive technology to maintain a competitive edge.

How Can You Get Started? 

Start small! Start by automating small tasks that will give you the needed confidence and experience in automation solutions. Research and evaluate how far automation is applicable to your IT environment. Talk to experts at Fingent and find out how you can build on the benefits of RPA. 

How is RPA turning into a highly sought-after technology

Robotic Process Automation or RPA is one of the fastest-growing segments in the global enterprise software category. Research analyst Gartner says that the market growth rate of RPA was a whopping 63% in 2019. With more enterprises using this innovative technology, RPA’s market value is set to reach 3 billion USD by 2022, shows a prediction by Statista. Early adopters of the RPA software are already raking in benefits as RPA streamlines workflows, automates tasks and allows human workers to focus on high-value work. RPA software appeals to organizations across the world due to its quick deployment cycle time.

How RPA helps businesses: A quick recap

Robotic Process Automation or RPA refers to software programs or ‘bots’ that are programmed to mimic human actions. An average back-office employee has to carry out lots of repetitive, time-consuming and dreary tasks such as producing reports, filling out forms, updating records and other high-volume transactions that do not require judgment or reasoning.  RPA simply offers an easy way to perform these tasks more accurately and quickly. 

Since RPA does not require any specialized coding knowledge, businesses have welcomed RPA into their processes with open arms. Let’s now have a look at some jaw-dropping statistics and facts about RPA.

Related Reading: How Robotic Process Automation Is Revolutionizing Industries?

Jaw-dropping statistics and facts about RPA

Statistics

The statistics behind the widespread use of this technology can provide us valuable insights into how RPA is impacting the world. 

1. According to the National Association of Software and Services Companies (NASSCOM), organizations that implement RPA can reduce costs from 35-65% for onshore process operations and 10-30% in offshore delivery.
2. McKinsey and Co. suggest that around 45% of the tasks in a business can be automated.
3. In their Annual Global RPA survey, Deloitte found that 53% of the survey respondents had already started their RPA journey. Deloitte predicts that we would witness the worldwide adoption of RPA within the next two years.
4. Among those surveyed, the ROI was reported at less than 12 months with an average of 20% full-time equivalent capacity provided by robots. 
5. The Deloitte RPA survey respondents also reported an improvement in compliance (92%), quality/accuracy(90%), productivity(86%) and a reduction in costs(59%).
6. The Institute for Robotic Process Automation claims that RPA software robots cost about one-third of the price of an off-shore employee and one-fifth of the price of an onshore worker.

These compelling figures help us to see how RPA is adding value to organizations looking to operate with maximum efficiency.

RPA Facts

• RPA cannot replace humans: One of the biggest misconceptions about RPA is that it will eat up human jobs. RPA works alongside humans to make their lives easier. RPA software carries out jobs that are repetitive and mundane. This can enable us to focus on fruitful endeavors thus improving efficiency.
• RPA will change the nature of outsourcing: RPA has disrupted the outsourcing industry. The increased efficiency and usability that comes with RPA implementation, has threatened traditional BPO relationships. Since RPA can handle more transactions without making mistakes or taking breaks, traditional outsourcing relationships have declined over the last few years. However, if BPOs embrace the benefits of RPA or any other transformative technology they’ll continue to work.
• RPA software implementation is complex: It’s true that RPA has delivered huge benefits to its users. However, many users have also found that the implementation of RPA was quite challenging. Selecting the wrong RPA is one reason that can cause the RPA project to become more complicated than it actually should. If your company doesn’t have an interconnected system that updates cloud or on-premise infrastructure, then RPA implementation can be a big challenge.
• RPA cannot improve a flawed business process: RPA automates processes but does not improve any defects in the existing processes. Due to the hype surrounding RPA, organizations view it as a solution to all their woes. While RPA does help to streamline and modernize processes that are well established, it does nothing to improve a flawed process. So before automating, it’s better to have a clearly defined business process.
• RPA cannot be used to automate all kinds of processes: RPA can be used where high volumes of repetitive transactions based on business rules are carried out. For eg: banking and financial services, insurance, healthcare, pharmaceuticals, manufacturing, travel, logistics, etc. However, if the processes involve reasoning, making decisions, taking different actions according to scenarios, then those processes will not be able to enjoy the full benefits of business automation.
• Future of RPA: RPA has advanced considerably and is the future of IT automation. RPA will be increasingly adopted in various industries such as manufacturing, oil, and gas, retail, etc. Humans will no longer perform data entry and data rekeying jobs. All such jobs would be automated. RPA would evolve to SPA (Smart Process Automation) making business processes smarter. By integrating emerging technologies such as machine learning, AI, big data, with RPA enterprises can promote new levels of productivity and efficiency.   

https://www.fingent.com/insights/portfolio/robotic-process-automation-simplifying-business-operations/

Organizations need not scrap their legacy systems while implementing RPA. The ability of RPA software to integrate legacy systems has helped organizations to accelerate their digital transformation initiatives. They have also unlocked the value associated with past technological investments. As businesses look for new solutions to increase gains, RPA will continue to develop and gain relevance.

Related Reading: How Can Businesses Overcome The Barriers To RPA Adoption?

Have you implemented RPA in your organization? Do you have any insights to share? Do let us know!

Smoothening RPA Adoption For Your Business

Robotic Process Automation (RPA), is the new superhero in town!!! 

With bots that can replicate exact human tasks, Robotic Process Automation is promising an increasingly effective, organized and productive workflow for businesses. How exactly RPA is providing businesses with these incredible benefits and how companies can avail them, are some points highlighted in this post.

What is Robotic Process Automation? 

According to Wikipedia, Robotic Process Automation (RPA) is an emerging form of business process automation technology based on the notion of metaphorical software robots (bots) or artificial intelligence (AI) workers.

In other words, RPA is a generic tool that uses specialized computer programs or software bots, to automate high volume clerical tasks that otherwise require excessive inputs. 

RPA is currently the most popular AI application or otherwise speaking, the new superhero in town, as it is easily enabling businesses to shift from legacy systems to complete automation.

How is RPA Promising A Better Business Future?

Industries like Banking, Insurance, Telecommunication, and Utilities are turning to be the biggest adopters of RPA. Such industries with high volume tasks and complex workflows often encounter innumerable human errors that cause lower production, depreciated revenue, and even risk to life.

Automating such recurring, time-consuming, and complex tasks, RPA is leading companies to a streamlined, time-effective, and efficient business eco-system.

Tackling The Barriers To RPA Adoption

Although RPA promises a brighter future for businesses, yet many companies are reluctant to adopt the technology. Considering RPA as a sophisticated, costly, and complex digital transformation, many companies are hesitant and mostly ignorant of this technology.

To enable easy understanding and adoption of RPA, we have briefed everything you need to know about RPA, in our latest whitepaper. 

• Learn the growing opportunities of RPA
• Easily implement RPA to existing business workflow
• Transform your workspace with RPA

Read through our whitepaper to know more about how Robotic Process Automation can simplify your business operations!

To avail the right guidance on RPA adoption and learn how RPA can fit into your unique business processes, get in touch with our technology experts today!

How to Determine If Your Business Process Qualifies for Automation 

A large number of businesses are adopting Robotic Process Automation (RPA) today to drive their critical enterprise operations quickly and affordably. While RPA offers a wide array of automation capabilities, you need to first identify which of your business processes are ideal to be automated so that your business enhances operational efficiencies to deliver positive outcomes. For instance, some companies achieve better outcomes when implementing rule-based automation when compared to non-standardized, variable types. Forrester recently reported that RPA Market will reach USD 2.9 billion by 2021, which makes it one of the most sought-after enterprise technologies. The picture is clear: it is crucial for companies to know the different ways to determine which of their business processes need automation.

This post attempts to walk you through the major questions and answers which can help you decide the candidature of a process for Robotic Process Automation:

Criteria to determine if a process is fit for RPA automation

Deciding whether a business process requires RPA implementation or not depends on two criteria:

• Process Fitness
• Automation Complexity

Process Fitness

To determine if a process is reasonable enough to offer tangible results by implementing RPA, it is first critical to understand the process type being considered. RPA can automate only clear and well-defined processes. For this, it is first required to know which category the workforce’s tasks belong to:

Repetitive/ Automatable processes

Automatable processes relieve the human workforce from performing repetitive tasks such as clerical and data entry works or data manipulation tasks. Automating such redundant tasks allows human workers to focus on core, value-adding functions. 

We can differentiate four types of processes:

1. Manual and Non-Repetitive Processes: The steps are performed by humans and are performed every time the process is executed.
2. Manual and Repetitive Processes: The steps are performed by the user. A few of these steps are the same every time they are executed.
3. Semi-Automated and Repetitive Processes: A few of the steps in these processes are already automated, using Macros, Outlook rules, and so on.
4. Automated Processes: These processes are those that have already been automated by technologies other than Robotic Process Automation.

While the above four are somewhat repetitive/ automatable, there is another category: Manual Or Non-Repetitive processes that are not great candidates for RPA. This is because these processes need to stay manual or are non-repetitive due to the high exception rate or factors that cannot be integrated into business logic.  

Rule-Based Processes

For a process to be automated, it should be rules-based. Human-made rules are applied based on which the system executes the process. Rules can be related to storing, sorting, and manipulating data. The rules-based system is a logical program that uses a predefined logic to interpret data or make decisions. These processes are always easy to use and understand. The rules-based processes have an exception rate which is either low or can be included in the business logic as well.   

Standard Input Processes

Standard input processes are those that need to be either electronic/ easily readable or are readable using a particular technology that can be associated with RPA. An example of a standard input process is the OCR. The Optical Character Recognition or OCR algorithms have processes whereby printed or handwritten documents are scanned and analyzed automatically and the text data is converted into editable formats for efficient processing. Using OCR is a much more reliable way to automate tasks such as invoice processing.

Stable Processes 

Stable processes are processes that have remained the same over some time and no changes are expected in the coming months. These processes are good candidates for automation, provided they meet with other critical criteria as well. The output of these processes is fairly predictable. 

Related Reading: Robotic Process Automation: Choosing The Right Solution For Your Business

Automation Complexity

It’s also crucial to analyze the complexity of a process to see if it’s fit for automation. The complexity of deciding to automate a process depends on several factors such as the number of applications or systems, the number of times human intervention is required, or even the number of steps required to execute the given task. 

Following are some of the factors you need to look at:

1. Number Of Screens: RPA in this scenario works by programming the robot to perform functions at the screen level. That is, when the screen changes, the logic is taught. The number of screens is directly proportional to the elements to be captured and configured. For instance, the higher the number of screens, the larger is the number of elements to be captured and configured before process automation.
2. Types Of Applications: There are different types of applications. Some can be easily automated such as the Microsoft Office Suite or Java. Some other processes require complex automation effort, such as Mainframe applications. 
3. Business Logic Scenarios: The complexity in automating a process increases with the increase in the number of decision points within the business logic. 
4. Types And Number Of Inputs: Standard Inputs are desirable. For instance, an invoice that is a standard input and needs to be configured for each supplier will be impacted by automation. On the other hand, non-standard inputs will have varying complexity grades. Among these, free text is the most complex one. 

Using the above-mentioned four factors, the processes can be split into four major categories:

• No RPA Processes

These are processes in which change happens frequently. The system environment is volatile and multiple non-digital or manual actions are needed.

• Semi-Automation Processes

Semi-automated processes are fragmented down into multiple steps that are automated. These steps include the ones that need to be manual such as the validations of physical security tokens. 

• High-Cost RPA Processes

These processes are digital and can be automated. High-cost RPA processes either make use of some complex technologies such as Optical Character Recognition or OCR or require advanced skills in programming. 

• Zero-Touch Automation Processes

These processes are digital and involve a highly static system and process environment. This makes it easy to be broken into instructions and define simple triggers. 

The Stages In RPA Implementation

RPA offers a multitude of ways in which the degree of automation can be increased. There are commonly 6 stages involved in RPA implementation:

1. RPA Preparation: Here, the processes are defined, assessed, prioritized, and then the plan is implemented.
2. Designing The Solution: Here, each process to be automated is documented ( as “as is” and ”to be”). The architecture is now created and reviewed. This is followed by the preparation of test scenarios and environments. With this, the solution design is now created and documented for each process. 
3. Building the RPA: In RPA building, the processes are automated, the workflows are tested, and validated. This is followed by the preparation of the UAT.
4. Testing the RPA: The UAT is now performed, followed by the debugging of the workflows. The process is now ready to be signed off.
5. Stabilizing the RPA: In this phase, initially, the Go-Live is prepared. The process is then moved to production, monitored, and measured. The lessons learned are now documented.
6. Constant Improvement Phase: This phase involves the assessment of process automation performance. This is followed by tracking the benefits and managing the changes. 

Download our latest white paper: How RPA Simplifies Business Operations

Utilizing RPA Effectively

Every company planning to use/ already using RPA applies automation to fulfill different operational goals. While businesses at the beginning of their RPA journey want to uncomplicate and rapidly execute their workflows, the veterans in RPA might wish to expand the scope of their existing automation solution and improve their regulatory compliance. Each one wants to leverage technology differently.  

Whatever your goal is, Fingent helps businesses in leveraging RPA to deliver high business value, drive significant cost benefits, and enable technology to have a positive impact on your operational activities. Get in touch with us to know how we can realize your automation goals.

What Is Robotic Process Automation?

Robotic Process Automation is the process of applying automation to perform tedious business tasks of the workforce, such as data manipulation, response triggering, transaction processing, and other redundant tasks. According to a recent study by Snaplogic, 90% of the workforce are burdened with redundant tasks. This not only reduces their productivity but also consumes significant amounts of time with which they could perform higher-value tasks.

The Role Of RPA: Features That Enhance Business Process

Once your enterprise has decided to implement RPA, it is time for you to choose the right robotic process automation solution. 

Traditional RPA software bots are known to handle only a specific task at a given time. When it comes to addressing high volumes, there is a necessity to clone these bots and run them simultaneously. RPA providers usually charge users for each concurrent process. This can become a costly affair for enterprises, especially during volume spikes. Thus, undue extra costs are a key factor to consider while choosing an RPA solution for your business. 

RPA works as a virtual assistant and can handle complex processes starting from performing complicated calculations, data capturing to maintaining records. 

In addition to prioritized work queues, user-friendly features, data analytics, and non-disruptive nature, the following are crucial features that enhance business processes:

• Non-disruptive nature:  An enterprise can easily implement RPA into their workflows without having to disrupt or change the existing structure or risks.
• Data analytics: Gathering critical data from multiple sources, analyzing and storing the data, and creating reports have brought digital transformation to businesses with RPA. This enables accurate forecasts of sales data along with other Key Performance Indicators (KPIs). 
• Prioritization of Internal Work Queues: Every RPA software consists of internal work queues. These work queues are used to extract data derived from various transactions for analysis. The extracted data is then stored on a cloud server and made available for access by the bots.
• User-friendliness: Employees can operate on the robots without any extra RPA knowledge. They only need to learn how the systems work. 
• Scalability: With RPA, it is possible to upscale and downscale various robotic operations. 

Related Reading: Learn more about how Robotic Process Automation is revolutionizing industries.

Types Of Robotic Process Automation Tools

RPA enhances robotic performance in different ways. The three major categories include Working Robots that are commonly used for Data Collection and Project Planning. Monitoring Robots detect faults and breakdowns, whereas Screen Scraping Robots provide data migration tasks for enterprises.

Robotic Process Automation tools come in varying sizes and shapes. Analyzing your business objectives is the most critical factor before deciding to choose a specific RPA tool for your business. A few of the major RPA tools are as follows:

• Attended Or Robotic Desktop Automation Tools

This type of automation always starts with the user via the user’s desktop. The user first launches the RPA code to perform required operations rather than waiting for the workforce to perform. 

• Unattended Automation Tools

This type of automation completes business processes in the background and is used mainly to perform back-end tasks.

• Hybrid Automation Tools

This type of automation combines both attended and unattended automation tools to perform start to end operations.

Related Reading: You might like to read more about ways to empower RPA for enhanced business growth.

How To Choose The Right RPA For Your Business

A clear set of objectives form the primary goal before opting a specific RPA tool for your business. The following are the key factors you need to consider before selecting an RPA tool for your business:

1. Easy-to-use Interface

Simple user experience is a major criterion for choosing the right RPA tool for your business processes. A simple user interface will ensure all employees work efficiently. 

2. Proper Deployment

An RPA tool that can be quickly deployed with the existing technology stack is what is required. 

3. Cost

Replacing tedious tasks performed by the human workforce is largely replaced by the bots. This process of automation saves costs. Employees can focus on their core tasks and spend time and effort on their skills rather than performing redundant and tedious tasks with the help of RPA tools. Purchasing an RPA software tool involves associated costs, such as cost of individual licenses, cost of the software, and other overheads.

4. Scalability

Implementing an effective RPA tool enhances the business processes and leads to the growth of the enterprise. This growth is accompanied by hiring more resources. Thus an RPA tool can enhance the scalability of a business in the long run.

5. Security

Data analytics, compliance, and financial transactions require a highly secure environment. A great RPA software tool ensures a secure solution for all business processes and updates as well.

6. Architecture

The architecture of the RPA depends on where you plan on employing your RPA tool. The deployment and maintenance of an RPA tool depend on factors such as layered design, component reusability, robust delivery, popular language support system, easy accessibility, and so on.

7. Features

Choosing an RPA suite that consists of solid inbuilt features is critical. Flexibility, scope, availability of wizards and GUIs, other extendable commands and supports are some of the features to consider. 

8. Exception Handling Support

A robust RPA solution can detect errors during automation and automatically resolve without human assistance. In other cases where human intervention is required, an effective RPA tool must be able to send error messages.

9. Extended Support

Different vendors offer different support. A dedicated support team is necessary to ensure strong maintenance and support. 

To make the best decision on choosing the right RPA solution for your business and access the full potential of RPA tools, get in touch with our experts today!

Robotic Process Automation Reflecting The Banking, Insurance & Logistics Industries

Robotic Process Automation is the fastest-growing segment of the global software market. Using this technology, companies can fast-track their digital transformation initiatives. Although RPA is useful in all industries, the biggest adopters of this technology are banks, insurance companies, and logistics. These companies traditionally have numerous legacy systems and choose RPA solutions to enhance or replace manual IT processes. This article discusses how Robotic Process Automation is revolutionizing the banking, insurance, and logistics industries. First, let’s consider what is Robotic Process Automation.

What is Robotic Process Automation?

Robots have fascinated humans for a very long time. From the futuristic robot Maria from the movie Metropolis in 1927 to this day of AI sci-fi, the possibility with robots is a topic of endless discussion. Interestingly, though, this word “robot” in Robotic Process Automation (RPA) does not involve a physical or mechanical robot. Instead, it is a software running on a virtual or physical machine. Aaron Bultman, director of Product at Nintex simplified the expression saying, “RPA is a form of business process automation that allows anyone to define a set of instructions for a robot or ‘bot’ to perform.” 

How to accelerate your business growth with Robotic Process Automation

According to Gartner, RPA grew by 63% in 2018 and continues to be one of the fast-growing technologies in many industries! RPA lets companies automate current tasks as if a real person was doing them across systems and applications. It interacts with each system just as a human user would interact. This does not require complex system integration. These functional RPAs are virtual workers and execute rule-based information processes, enhancing efficiency and accuracy. Additionally, it is easy to model and deploy. Let us consider the three specific industries where RPA is most beneficial.

RPA in Banking

The banking industry is completely process-oriented. Every activity is done meticulously to avoid errors in processing. The repetitive nature of the job and the high probability of human error could cause mistakes that might prove very costly. Therefore, in the recent past, leading banking institutions have started using RPA to minimize errors. According to a report by KPMG, RPA will perform almost 75% of the existing offshore jobs, which could save operational cost. 

Scalable Benefits of RPA in the Banking Industry

• Mortgage Lending. RPA can enable the banking industry to meet loan quality and cost concerns head-on. Automation of repetitive and time-consuming manual tasks will free up your team to focus on the more important details of loan applications. It speeds up the work, increases revenue. enhances customer experience, reduces operational costs, decreases risk and improves compliance. 

• Compliance and Risk Management. It enables the banking industry to automatically integrate and aggregate compliance information into business processes, streamlining the required work while reducing expenses. RPA eliminates the need for manual regulatory monitoring and data collection. It can empower risk management and compliance teams. It enables banking industries to avoid costly fines and damages to reputation. It provides accurate and complete information.

• Customer Service and Support. RPA ensures the longevity and loyalty of your customer relationship and the future of your bank. It helps you engage customers in real-time. It automates customer service activities so the customer is not waiting endlessly. It increases the productivity and efficiency of the team.  

Related Reading: Check out these 5 simple hacks on using banking mobile apps safely. 

RPA in Insurance

An insurance company receives hundreds of claim requests. Validating each request and handling them is not only a herculean task but also a painstakingly slow manual process. The entire process of the claim takes several days. Because this is a costly and time-consuming process, the company risks losing customers. To prevent further damages, insurance companies are now relying on RPA to help them improve operational excellence and reduce costs.

Scalable Benefits of RPA in the Insurance Industry

• Improves customer service because RPA effectively reduces the turnaround time in resolving customer issues.
• Processes and workflows could be tracked and recorded at each phase. This reduces staff workloads and improves process efficiency.
• Reduces the processing time by 40-80%.  This frees up the team to focus on more important activities such as acquiring new clients.
• Reduces errors made during data entry significantly.
• Speeds up and organizes the processing of claims through a systematic underwriting process.
• Based on the demand, intelligent bots can scale up or down, which delivers consistency in service and operational efficiencies.
• Improves audibility and operational risk management due to the accuracy level of RPA.
• The time for the cancellation process could be reduced by one-third.

Related Reading: Here’s how machine learning is accelerating paperless offices for legal firms. 

RPA in Logistics

The logistics industry depends on several processes to facilitate the proper distribution of products, materials, and services from B2B or B2C. The need for an intelligent logistics system increases as the industry along with competition advances every day. Here’s how the RPA can contribute to the logistics industry:

Scalable Benefits of RPA in Logistics.

• Better data management and customer service.  Negative experiences and a multitude of errors with logistics providers are causing customers to lose their trust in online shopping. With the benefits of automation and digitalization brought about by RPA, logistics providers no-longer need to rely on huge amounts of paperwork, which was the underlying cause for errors and poor customer service. Logistics companies are enabled to manage real-time monitoring of flow and resources, availability, costs, staffing, transportation, suppliers and so on more efficiently. 
• Improved work safety for employees. Through the use of automated machines in unsafe environments and the reduction of repetitive stress in manual tasks, work injury has been dropping steadily with the aid of RPA. This results in savings in terms of injury compensation and loss in reputation. It can also increase productivity, improve employee satisfaction and loyalty, and increase their efficiency.
• Improved efficiency and precision. RPA can help logistics companies easily manage the supply chain processes more efficiently. The anticipatory logistics system helps companies gauge the demand from their customers and adjust their production volume accordingly. It can help in managing and analyzing huge amounts of data within seconds, resulting in fewer human errors, faster deliveries, and fewer errors in delivery.
• Cost reduction. Fewer errors from human decision-making result in cost savings for logistics companies. Also, RPA reduces the need for human workers, which results in fewer paychecks and more profits. Where workers are still needed, it can raise their productivity, margins to a whole new level. It improves customer satisfaction and creates a safer work environment for the workers.

Related Reading: Know more about how AI is reshaping the supply chain and logistics industry.

Empower Your Business With RPA 

According to Global Market Insights Inc., the RPA market is expected to reach $5 billion by 2024. It is increasing capabilities and improving performance while reducing costs in several industries. Fingent Technologies has been one of the top software companies empowering industries globally with robotic process automation capabilities. Give us a call and let us discuss how we can transform your business with RPA.