By now many executives have heard the term Robotic Process Automation (RPA). Although sometimes misinterpreted due to the absence of robots, RPA software is a powerful tool to perform manual, time-consuming, rules-based office tasks more efficiently by reducing cycle time and at lower costs than other automation solutions.
RPA Tools estimates that 45% of work activities can be automated, and that this automation would save $2 trillion in global workforce costs.
The impact of Robotic Process Automation on a company’s operations and competitive positioning is significant on a number of fronts: economic value, workforce advantages, quality and control improvements, and flexible execution.
RPA can help companies organize themselves for the future. It is a foundation for machine learning, artificial intelligence and a more autonomic enterprise.
5 Steps to Digital Transformation in the Financial Industry | RPA Tools
Education and lifelong learning will be crucial to allow workers to retrain in areas where jobs will likely be creates in the years to come, and where tasks are at low risk of automation.
Goal: Kraft wanted to increase the automated test coverage of its core business processes from 50% to 80% to improve its defect detection rate and reduce test cycle time and effort.
Outcome: Decreased the number of defects in production, achieved the goal of 80% automation, and significantly reduced the time and effort spent on manual script development, testing, and maintenance.
Automation can transform your business | RPA Tools
Low cost Robotics could enable Small Businesses to Automate. Automation is expensive. But what if a low cost solution, that is quick to construct and implement into the production line could be utilized? This would enable many small businesses to take the next Industry 4.0 step.
Many financial institutions are investing to deploy robotic and intelligent process automation (RPA/IPA), and we think they’re right to do so. But few are devoting the same kind of energy to address the people issues that arise when bringing this new technology on board. Getting this wrong can add risk, increase costs, and hurt your firm’s reputation. We’ve identified six steps that firms can take to manage the change and reap the full benefits of RPA.
Research shows that leading CFOs play a dual role in the digital transformations taking place in their companies. The first is to transform the finance function itself and the second is to drive the agenda across the company to ensure everything is tied to enhancing shareholder value.