Why companies should consider to adopt RPA to win in the data economy
Before the pandemic, few of us thought that digital transformation could become an essential need in order for businesses to run its daily operation. But now, companies that did not prioritize digital transformation are forced to adopt and implement business enablement technologies hastily, which often incur more costs and there is a higher chance of failing.
Early technology adopters always have the advantage of analyzing the adoption process in a detailed manner to ensure that employees learn how to utilize the technology to create value. Although, currently the need to implement robotic process automation is not crucial, but it takes time for an organization to adapt to any new changes. Which is why many global companies across all industries have already begun their RPA journey. According to Gartner, the global spending on RPA services, is expected to hit $2.4billion in 2022. The other reason for its rapid growth is because RPA technology is very flexible as it can be applied in almost all types of industries and business functions.
On a daily basis customer service team receives hundreds or sometimes thousands of tickets. Very often the response time of the customer service team cannot meet the expectations of the customers due to the number of tasks they need to complete within a short period of time. The implementation of RPA to automate customer services can significantly reduce most of the processing time and eliminate unnecessary delay. RPA can be integrated to equip chatbot to fulfil certain customer requests almost instantly and become more transactional. It provides the customers with self-service option by granting them access to a wide range of back-end application. A case study done by UiPath demonstrated that, with automating the back-end manual processes, Indonesia’s Bank Mega manage to complete service requests such as data maintenance, upgrading credit limit and changing of emails from the usual 6 – 24 hours, to only a maximum of 5 minutes .
RPA IN FINANCIAL OPERATIONS & PROCESSES
Within financial processes, especially for banks and financial service providers, many tasks have a set of guidelines which the employees have to adhere to. A typical processing workflow consists a number of repetitive steps, which includes sorting, compliance check, data entry, reporting and others. Many of which are still very manual and can be easily automated. RPA not only minimizes error, but also improves process predictability and enforces compliance. Below are some of the RPA examples and benefits for different financial processes.
Robotic Process Automation in HR is also becoming popular as companies strive to improve efficiency to encourage their HR employees to focus on human-centric tasks that can bring value for the company. Multinational organizations use RPA to help with their employee turnover process. With different employee details being stored in a variety of systems it can be very time consuming for HR to complete a simple task such as onboarding a new employee. RPA can be programmed to automatically complete data entry, gather and transfer new hire information across different systems and generate report without any human intervention. In a report provided by UiPath, a Swiss insurance provider’s HR department with 6 employees were manually handling 100,000 events per month, with the averaged duration of 60 hours. After the implementation of RPA, they reduced the processing time by 85% at a zero-error rate and managed to achieve their ROI in only 4 months.
The above are just some of the amazing benefits what RPA can do for a company. Many have also started to explore other advanced and complementary technologies such as hyperautomation, which combines technologies like RPA, Artificial Intelligence and Machine Learning. Hyperautomation enhances automation to whole new level with intelligent automation, predictive insights, and adaptive decision making to unlock maximum potential for an organization to become the next generation automated enterprise.
By observing the rapid changing business environment and technology adoption trend, it is evident that RPA soon will also become a necessity and not just a ‘nice-to-have’ option for any organization in order to remain competitive. Therefore, it is highly recommended that companies should start exploring the possibilities of implementing RPA.
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