Introducing Automation at low cost and with near zer0 risk.
Robotic Process Automation (RPA) – The concept is simple: a software “robot” replicates routine human-computer interactions, automating what would otherwise be tedious, repetitive tasks.
What can software robots do?
Here are some of the tasks that can easily be handed over to the Robots
Log in to any application
Read and write to databases
Connect to system APIs
Open emails and attachments
Move files and folders
Scrape data from web
Extract content from documents, PDFs, emails and forms
RPA can help with:
Manual labor intensive tasks
Repeteitive manual (usually low value and high volume) work often arises from legacy systems that are inflexible and not integrated into other areas of bank systems. This leads to low job satisfaction, morale and productivity, as well as lack of freedom to do more important work like solving problems or adding value to customer interactions.
In many cases [ERP systems] force companies to re-engineer their business processes to accommodate the logic of software modules for streamlining data flow throughout the organization.
Paper based documents
Many accounting documents such as invoices, purchase orders, expense statements, and even checks, are still processed on physical paper.
Unstructured formats and natural language
Once the data has been extracted, it often takes the form of unstructured information or consists of natural language that is understood by humans but is not easily used by most software.
The fitness criteria for choosing which processes to automate are:
Highly manual, repetitive and high-volume process
Low exception rate (low variation between processes)
The inputs must be electronic or machine readable
The processes and their underlying Applications must be stable
RPA are enabling us to do more with less
Because digital labor in the form of RPA can supplement and augment the human workforce, it allows people to achieve more with fewer resources in less time.
RPA brings reduced cycle time and enhanced productivity to the table, thanks to it’s ability to work 24/7.
With RPA making, gathering and organizing data easier, you can predict future outcomes and optimize processes.
Greater performance and quality
Robots work consistently and tirelessly, and ensure greater accuracy, resulting in high quality output.
To replace a full-time employee with a software (RPA) can bring about 25-50% cost savings.
There is no need to rewrite legacy software. A robot is like any other worker, carrying out tasks by using the same applications as you do.
Global benefits from an automation-first mindset success requires
SOURCE: MCKINSEY – A future that works: Automation, Employment, and Productivity.
Common processes across industries that companies should automate
Finance & Accounting
Opportunities to automate manual, repetitive tasks exist across all functions, end-to-end processes, business units of an organization