“Every once in a while, a new technology, an old problem, and a big idea turn into an innovation.”
— Inventor Dean Kamen
The year 2020 will be remembered as one which broadly changed the landscape of business and the economy. Even businesses that did not succumb to the hazards of a global shutdown faced dramatic changes in their normal operations and permanently shifted the direction most enterprises needed to stay relevant in the swiftly evolving situation. For many of these business entities, deploying RPA integration has been an effective method for weathering difficult markets.
It could be called the trend of the future if not for the fact that this trend is happening right now: RPA integration, as robotic process automation integration is informally called, has already taken place in one form or another in many businesses. In fact, according to the 2018 Global RPA Survey (as performed by Deloitte), over half of the respondents (53% of 400 interviewed executives/owners) indicated their firm has already begun the path of RPA integration; it is anticipated that this will fully expand to 100% within five years.
Recognizing the increasing value of a shrinking workforce, businesses are now getting extra serious about RPA integration. Rather than pay valuable workers to perform repetitive tasks (which have a tendency to experience higher error rates among human operators as compared to machine counterparts), faster and more reliable results are a snap by transforming such work through RPA integration.
Companies already in the RPA integration process have observed noticeable and positive improvement in the following areas:
– Compliance – an incredible 92% average improvement rate was noted in the always important area of compliance
– Cost Reductions – a difficult area to manage, with RPA integration an average of 59% savings was realized across the board
– Productivity – resulting in growing bottom lines, increased productivity clocked in at an average of 86%
– Quality and Accuracy – another category demanding constant attention and improvement, RPA integration boosted this by 90%
Such results are clearly convincing: a full 78% of companies who have already rolled out RPA integration are committed to further investing in this methodology into the future.
Most processes that involve repetitive actions easily qualify for RPA integration. For instance, this abbreviated list of processes to consider automating through RPA integration can serve as an excellent foundation from which to begin:
– Automatic Testing – when it comes to testing software, nothing can mimic human behavior better than a robot, which can perform as many iterations as needed to ensure software is correctly functioning
– Bank Reconciliations – even the sharpest number crunchers can get stuck on reconciling bank accounts, while a machine will consistently manage it with accuracy and speed
– Compliance – as an increasingly larger aspect of many businesses, compliance can be managed more efficiently and with fewer errors by machines, which results in labor cost savings and fewer resubmissions of incorrect compliance reports
– Customer Onboarding – through the use of Optical Character Recognition (OCR) and cognitive automation, training new customers on complex software packages is easier; in one instance, a bank reduced its customer onboarding time from two weeks to five minutes through RPA integration
– Customer Relations – often, customers want information fast and accurately. With a machine, pulling up a purchase history, updating user preferences, and resolving simple customer concerns are easily handled, leaving a satisfied and assured customer at the other end
– Data Migration – businesses still using legacy systems often need to pull data from the old system and migrate it to others, something machines will perform quickly and without error
– Email Communications – when performing mass email communications, you want a robust method for dealing with frequent yet necessary communications that reach recipients in a timely fashion
– Expense Oversight – by coordinating with OCR software, machines can accurately read receipts and complete necessary fields in a flash, without mistakes and saving valuable employee time (no more expense forms to complete, as the machine completes it for the worker)
– Extracting Data – sometimes called “screen scraping,” being able to extract and convert important information from PDF files, scanned documents, and other items containing data eliminates the demand for keying in data manually (and possibly incorrectly)
– Invoicing – having an efficient and timely methodology for billing clients is an obvious need that can be elegantly resolved through RPA integration, by capturing all billable work and making certain it is properly remitted to the client
– Lead Nurturance – having a system that can perform lead generation gives the sales force a jump on the competition, allowing them to bring laser-sharp focus to qualified prospects instead of spinning their wheels trying to dig up new prospects
– Profit and Loss Reports – when it comes to evaluating the flow of revenues and measuring profits and losses, a machine can deliver daily reporting for close up evaluations of long term efforts; with such detailed data collection, trends can be more readily identified and taken advantage of
– Report Preparation and Distribution – one of the first and still foremost duties of machines are their ability to prepare and distribute reports perfectly tailored to meet various department and team member needs
– Software Installations – what was once a time-consuming task requiring the attention of highly-paid technicians can now be professionally and reliably managed by properly trained machines
– Updating Records – another area where accuracy is paramount when tracking such important aspects of business as clients, sales, and productivity, businesses have learned that relying upon machines for record management is the only way to operate
As already mentioned, this is merely a scratch on the surface when it comes to considering how best to use RPA integration within your own operations, but clearly demonstrates the growing relevance which RPA integration will continue to have in the world of commerce.
Now that you know the growing value and relevancy of RPA integration, there should be nothing to stop you from establishing and growing your own RPA integration methodologies. If you’re like most business owners or executives, performing technical wizardry may not be up your alley, but don’t let that hold you back or slow you down. You can determine your own scale of technical needs as they pertain to RPA integration within your operations and look to OZ to get you to your destination faster than you can imagine.
By collaborating with your team, OZ Digital Consulting will help empower your business concern with an intelligent and results-oriented RPA integration strategy to support daily operations, as well as during more difficult periods of transition, such as was experienced in 2020.
Murray consults with clients to create digital solutions that align with their vision, markets, customers and products. Prior to OZ, Murray co-founded Biztegra, a digital marketing, engagement and technology agency.
He also held senior positions at some of the world’s largest digital agencies, including Razorfish and Sapient, and began his career at what is now Accenture. An IASSC Certified Lean Six Sigma Yellow Belt™, Murray earned his B.S./B.A. in computer science and finance from the University of Florida.
OZ is a consulting and technology solutions leader focused on increasing customer engagement & operational excellence by leveraging Intelligent Automation.