Tag: 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.   

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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!

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 top custom software development company 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.

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.

Also known as Intelligent Automation, Robotic Process Automation leads to business success with the robots being able to perform complex tasks. Recent researches have shown that robotic process automation can help in successfully carrying out 87.5 percent of the tasks on time on its own!

According to Forrester Research, 2018, “CIOs should use robotic process automation to digitize and optimize operations, to create and act upon advanced insights, and to drive business technology innovation.”

Institute for Robotic Process Automation and Artificial Intelligence, define RPA as an application of technology that aims to automate repetitive business processes. RPA tools help a company to configure software—a “robot,” so to speak—in order to capture and interpret applications for processing transactions, manipulating data, triggering responses, and communicating with other digital systems.

Everything you need to know about using Robotic Process Automation For Your Business Growth: Tips and Tricks!

Over the next three decades, statistics show that over 76 million baby boomers, rather freshers will retire and only 46 million new workers will be available to replace them! During this time, the demand for labor will rise, making robotic automation a real and viable solution! But this does not indicate that Robotic Process Automation means career extinction!!

Robotic Process Automation – Important Insights and Forecasts!

North America bagged the highest in 2017 for using RPA and the trend is expected to continue over the forecast period. The reason is the increased penetration of automation and process management solutions across the region. The fastest-growing region is expected to be the Asia Pacific. It was valued at USD 45.9 Million in 2017. Automation, which includes machine learning, robots, and AI are the strong sectors for market growth in the Asia Pacific region.

Let’s walk through the major ways in which Robotic Process Automation drives business growth:

Cost Savings By Making Work Robo-Automated!

Implementing Robotic Automation in your business enables 24/7/365 operational functionality at the cost fraction of an individual! Through work process automation, administrative costs are reduced immediately and no additional back-office resources are required. Implementing RPA requires an initial financial investment, but it increases the overall efficiency and productivity. It ensures the reduction of errors as well.

Advanced Analytics Prove Business Process Optimization

Data is King! Recent studies have shown that the use of automation ensures 100% compliance of data-driven regulatory standards (HIPPA, PCI, etc.). Integrating technology within any enterprise infrastructure function enhances the ability to predict future results and optimize business processes.

Through the use of Robotic Process Automation, operational processes can be assessed based on the performance data of your business. By creating a constant data-driven feedback loop, higher levels of efficiency can be measured. This cannot be achieved with human operation.

Improved Performance, Efficiency, Quality and Reliability

Robotic tasks and workflows are efficient and ensure 100% accuracy and availability. Automation eliminates repetitive functions.
RPA helps employees to apply their skills and experience toward core business objectives. This is made possible with automation as repetitive mundane tasks can that drive innovation and growth.

Protection from Injurious Tasks

Also termed Musculoskeletal Disorders (MSDs), Repetitive Strain Injury occurs from performing the repetitive tasks at high speeds. This results in swelling and cramping. When performed continuously at high intensity for a longer duration, it results in a chronic disorder!

According to the statistics, in 2012, the manufacturing industry had the fourth highest number of MSDs, with 37.4 incidents per 10,000 workers. In such cases, robots are the best suited for completing repetitive tasks, thus saving employees from dangerous work disorders!

Automation Workflow Independence With RPA Integration: Correct Those Brittle Workflows

What can be more charming than the freedom to integrate with any available technology? A prime advantage of RPA integration is it does not require Information Technology (IT) resources.

When funding for large IT projects is a bottleneck for corporations because of its need for programmatic integration with enterprise-wide systems and applications, it forms a major IT development barrier.
For instance, consider the success of Software as a Service (SAAS) solutions such as Salesforce, Zendesk, GoToMeeting, Slack, Workday and so on. These have witnessed tremendous success by their ability to be deployed with very limited technology backbone. Similarly, Robotic Process Automation bypasses the IT sector through its “View Layer” integration approach. The centralized engine it has is trained to communicate and operate with existing applications at the desktop level and not the back office. Thus robotic process automation rules and workflows can be defined by anyone!!

Surface Automation and Document Processing With RPA: Need to Handle Brittle Workflows

RPA is useful when you need to automate the process of adding data to or manipulating data within one of those systems. This is called Surface Automation. RPA provides an effective solution for accessing and working with data housed in those systems.

Additionally, RPA tools are used by businesses for Document Processing. These RPA tools can open a file, parse its contents, and move files.

The concern is since RPA engages with systems on a surface level, the workflows built with RPA are brittle. For instance, If a document’s format changes, the RPA process must change accordingly. So now there is a need to streamline these brittle workflows.

The Future Is Now With Robotic Process Automation!!

The Robotic Process Automation (RPA) market size was valued at USD 357.5 Million in 2017 globally. This value is expected to reach a CAGR of 31.1% over the forecast period.

The ever-mounting demand for Business Process Automation (BPA) through the use of Artificial Intelligence (AI) and software robots are featured to be the key growth-driving factor for the market.

Integrating RPA in the core business enables a business to streamline IT and business operations.

Also, its ability to mimic the numerous skills of humans, without human intervention while consistently carrying out prescribed functions and scaling up or down to meet the demand is expected to augment the market demand!!

Robotic Process Automation will play a significant role in the automation of Customer Experience and be a key factor in your business in the near future! Consult our experts at Fingent to know how Robotic Process Automation can bring incredible changes to your business.

Related Reading: CTOs Guide – How Robotics and AI Can Improve Customer Experience