Can the ability of Robotic Process Automation replace human labor in digital banking? Well, the debate on this is still going on. So, we must find out does RPA really hold water? Theoretically speaking, business processes are now performed by human workers who conjure up a software bot that does the same task, interminably.
Despite clear evidence in favour of smart systems with several tech giants replacing human workers, the verdict is still not out yet.
What is it about Robotic Process Automation that garners so much media attention? Some of the prominent benefits include cost savings, improved efficiency gains, audit trails, improved compliance and so on.
Similar to other industries, the financial sector is heavily dependent upon documents complete with the many legacy systems that have been included to help manage the process most effectively. Banking requires a lot of documentation right from the initial application to the account management documents add to that the deposits, withdrawals, loan documents and just a whole lot of day to day transactions.
The opportunity that RPA offers is quite enormous. According to estimates made by the Transparency Market Research global robotic automation market is expected to reach $4.98 billion by 2020, and can grow upto 60.5% CAGR through 2020.
Despite the recent spotlight on the RPA and the radical advancements in cognitive computing, the industry is still in a nascent stage.
RPA will provide substantial benefits, but you have to get it right. A good project needs great planning which influences the outcome.
Here are the three key elements which can ensure a successful RPA implementation:
- A holistic approach a key to success.-If you want to fully capitalize on the opportunities afforded by RPA the first thing to do is transform both the business operations and outcomes across the enterprise.
RPA can be regarded as a tool but at the end of the day, it is just a tool and not a solution to fix your operational challenges and/or most intractable cost center.
Working on your strategy helps as examining a whole-of-company approach for the implementation of RPA as part of a larger picture which provides an end-to-end solution, which includes process automation and improving business process management.
Strike a flexible balance, which can change as the technology advances, improving the processes which can be improved with RPA and also some of the processes which cannot be. Here are some of the ways you can improve your RPA.
- Identify the existing processes and then improve upon them
- A solid blueprint can provide the right foundation for automation
- Boost the operational efficiency and also reduce risk all the while ensuring successful user adoption
- The Change Movement
The change movement is what works and the only way to do it is by introducing advanced automation technologies in an enterprise and that too with the help of an human-based endeavor.
The only way to do this is by managing the cultural component of the dramatic changes it brings about. That is why the change management is so crucial and right down necessary across the enterprises. This includes things like helping your company and its leadership zero in on strategic solutions about technology adoption, to increasing the opportunity for front-line workers and managers. This is a way to ensure that RPA enables higher-value activities and do not prove to be an existential threat to their livelihoods.
Robotic Process Automation: Transforming the World
RPA extends a wonderful opportunity to yield efficiency and effectiveness rolled into one for an enterprise.
Additionally, RPA can help in the preservation of jobs that might go off-shore.
The ability of robotic process automation is manifold. Here is how you can implement it to reap the maximum benefits.
Let’s get this straight, making RPA an integral part of your enterprise planning should be your goal and if you don’t embrace it, you let your competitors speed past you. So one up on your competitors! Here is a simple way to implement RPA, make an organizational investment in it and continue to monitor the progress at the highest level of your enterprise.
One way of eliminating the risk of RPA chaos is of course by employing a strategic mind-set. Leverage the Lean Six Sigma to improve the processes you select to automate and put a stop to the cascading process failure. Also, as discussed try to include a change management for user success and warm up to increasingly cutting edge technology.
Since today’s banking firms are required to maintain an hassel-free operation on one hand and on the other hand also delivering exemplary client experience that too at the minimal costs.
Robotic process automation process is what is making it all possible for financial institutions to reach for and accomplishing the goals and remain relevant and competitive in the ever-changing environment.
RPA is the back up your office desperately needs to empower your workforce and deliver more profitable work. Smart investment is the key, and RPA will definitely prove to be the most radically transforming investment you ever made for your company.