Faster and more accurate ways of doing business have always been a priority. Robotic Process Automation (RPA) can help reduce your costs while improving the quality of many repetitive, high-volume tasks.
RPA is a specialized software solution that can be configured on an end-user desktop to automate repetitive procedures based on pre-defined business logic. The term “robots” or “robotics” is often confusing, leading many to believe it’s a more advanced solution than Business Process Management (BPM).
In reality, RPA complements BPM and is just one of many ways that tasks can be automated. RPA solutions operate at the user level, so they can be thought of as virtual workers (robots). They can increase accuracy and productivity, and naturally elevate the work performed by humans.
Impacting the Bottom Line
There’s often real value to be gained with RPA, but knowing where, how and which processes are best suited for it can be a challenge. The financials should help drive those decisions. RPA needs to pay off in ROI.
With that in mind, here are a few ways you can apply RPA in your firm:
- Replace “Swivel Chair” Integration. In any environment, RPA helps reduce manual data manipulation and re-keying information, which translates to fewer processing errors and reduced costs.
- Establish Connections. When one or more legacy systems can’t be integrated with others via web services, robots can help bridge systems without the need for a full integration methodology.
- Migrate Data. When a project – such as buying a book of business from another company – has a set timeframe and short-term information requirements, robots can eliminate the need for a permanent data migration solution. After all, why create a long-term fix for a short-term problem?
A Valuable Tandem
While there are similarities between RPA and BPM, the value in BPM is in defining entire process models and orchestrating processes for maximum effectiveness. It’s best for more complex, long-term and comprehensive integrations like connecting to a legacy systems’ web service. Unfortunately, it isn’t always an option. That’s where robots can add true value.
Before starting your automation journey, learn more about RPA and BPM in our whitepaper, “Finding an Automation Solution: Is RPA the Answer?” to see how SS&C can help you transform the way you get work done.
Asset Management, Insurance, Wealth Management