Category: Expertise strategy
Benefits of Robotic Process Automation include increased efficiency and productivity and more. What factors drive this trend across various industries, including finance and business, and what are the gains for companies?
Automation is on the rise as businesses vie to remain competitive. Several factors are driving this trend across different industries and market sectors as companies work to stay ahead of the curve, especially those in the finance and business space.
The adoption of automation technologies, including Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML), has been increasing steadily, and emagine is now introducing RPA to provide a range of competitive offerings to their clients.
RPA: The software to automate tasks within business and IT processes via scripts that emulate human interaction with the application of user interface.Gartner
Leading tech consultancy group, Gartner defines Robotic Process Automation as
The software to automate tasks within business and IT processes via software scripts that emulate human interaction with the application user interface.
Championed in financial services, this kind of automation is now becoming the norm across a wide range of industries. IT, Telecoms, and the travel and hospitality industries have implemented automation to streamline processes and help teams operate more efficiently.
In terms of industry focus, the Banking, Financial Services & Insurance (BFSI) sector is dealing with the demand to increase efficiency in processes whilst struggling with a shortage of skilled professionals.
According to Grand View Research, machines will capture over 15% of tasks in BFSI sectors over the next few years. With the demand for RPA in the banking and financial services field, it is expected to see a sharp growth exceeding 40.1% over the forecast period between 2020 and 2028.
In addition, research is showing that the Impact of COVID-19 has triggered organisations to adopt cognitive customer-facing implementations and automate their business processes to provide efficient customer services at all levels.
This trend is expected to surge as companies that had implemented RPA have successfully remained agile in the competitive environment.
Read more: Grand View Research
Benefits: RPA can assist organisations in repetitive tasks, and businesses can look for initial process automation candidates to fill roles with defined workflows, and more.
When it comes to small and medium-sized enterprises (SMEs), there is also a focus on cost and efficiency.
RPA can assist organisations in repetitive tasks found in finance and accounting, such as invoice processing, accounts payable and receivable, financial reporting, purchase order management, and payroll administration.
Businesses can look for initial process automation candidates to fill roles with defined workflows, multiple applications, or structured data to speed up processes but remove human interaction on timed processes and enhance ROI.
RPA strategies and implementations must be driven by the business and supported by IT.
Implementing RPA into any business requires a holistic approach. Rather than using it purely for cost reduction, RPA should also be considered to improve employee efficiency and satisfaction.
RPA strategies and implementations must be driven by the business and supported by IT.
Businesses need to understand Robotic Process Automation in depth before taking the leap. They should be aware that whilst there are many benefits to RPA, there may be other solutions that are a better long-term fit. Any solution needs to add value and deliver change.
Organisations should develop a cohesive strategy and roadmap for getting the ball rolling with an automation strategy. The implementation should align with the broader strategy of the business.
emagine provides consulting and project delivery services to develop automation strategies and identify opportunities for RPA implementation.
We work with clients to create a vision and strategy for RPA that can be applied holistically within the organisation to drive business operation efficiencies. We help clients realise increased efficiencies across the business that drives agility and the ability to scale to meet business and client demands.
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