Organizations are always looking for opportunities to execute faster, cheaper and more accurately, and continue to look to technology for help. Even so, many complex highly regulated businesses in banking, financial services, insurance and healthcare are often inhibited by legacy systems that lack flexibility or an ability to easily integrate, resulting in sustained, costly operations prone to high error rates.
Robotic Process Automation (RPA) from providers like Blue Prism, however, can serve as a catalyst for these companies and their business transformations. There’s a reason the RPA market is expected to grow to more than $13 billion by 2030.1
RPA is often the first step in a transformation. Because robots rely on structured input sources with consistent, readable data—think spreadsheets, websites, green screens, databases and forms or routine workflow tasks—there can be tremendous value gained quickly in using RPA technology.
Implementing RPA can help reduce costs while improving the quality of many repetitive, high-volume tasks. It can be configured to drive applications on an end-user desktop, and because it operates at the user interface layer, these "digital workers" enable people to concentrate on jobs requiring thought and creativity, elevating their value to their companies.
There are lots of benefits to implementing RPA, including:
- Reduced Costs: Typically, less than 1/3 the cost of a full-time employee.
- Increased Consistency: The same process is executed every time with 100% accuracy.2
- Optimized Human Resources: The tasks and processes involved are typically those least enjoyed by employees. Relieved of these activities, employees can often focus on higher-value activities.
- Optimized Technology: Quickly and cheaply automate processes without having to engage IT, enabling IT to focus precious resources on the most strategic initiatives.
- Increased Productivity and Speed: No breaks are necessary, and robots operate 24/7.
- Enhanced Scalability: Spin up or spin down a robot, or even re-assign, based on changing needs.
- Elevated Accountability: Leave a clear record of the completed transaction, making compliance-related activities easier to track and monitor.
- Optimized Processes: Monitor, identify bottlenecks, view productivity, and provide critical input for process optimization and re-engineering using dashboards.
- Improved Data Security and Compliance Management: Analyze and set data access rules to prevent data or compliance breaches.
Benefits like these often create momentum within an organization looking for large-scale ROI and serve as a catalyst for larger-scale transformations using complementary intelligent automation solutions like business process management.
What organization doesn’t want to simplify work, identify the best candidate for automation, enhance employee value, drive continuous improvement and save money?
To learn more, check out our Chorus “Finding an Automation Solution: Is RPA the Answer?” whitepaper.
Asset Management, Healthcare, Insurance, Wealth Management