How to Derive Maximum Value From RPA?
In the process of investing in advanced technologies, companies sometimes skip the essential step of determining the technologies’ relevance. It is vital for companies to check for use cases before adopting any new technology. This reasoning holds good when one considers the adoption of RPA as well. The popularity of RPA is resulting in many companies embracing the technology. Robotic Process Automation (RPA) is undoubtedly one of the most investment-worthy technologies in the market right now. However, its effectiveness also depends on how and where it is used. Identifying the right opportunities for RPA is the first and most important step for companies looking to get good ROIs. Some areas where RPA can give maximum value on investments are listed below.
• Repetitive and High-Volume Tasks
Every task that needs to be reiterated multiple times within a fixed period can be optimized with RPA. When conducted manually, repetitive tasks become a burden and result in a drop in productivity. RPA also has many potentials if, in addition to being repetitive, the task is of high volume. Several consumer-facing industries like banking and insurance have to deal with a lot of repetitive and high volume tasks that can be automated with RPA. In these cases, RPA can add a lot of value and give immediate rewards in the form of better efficiency.
• Clearly-Defined Processes
A clearly-defined process can easily take complete advantage of RPA. Sometimes, companies are eager to deploy RPA but lack clarity regarding the processes. This makes RPA ineffective and converts it into a liability. On the other hand, the processes that are well-understood and rule-based provide a better opportunity for RPA implementation.
• Critical Responsibilities Prone to Human Errors
Sometimes, a task may not be high-volume or repetitive. However, it might be critical in nature and prone to errors when carried out by employees. Using RPA for such critical processes is advisable. In most cases, the intelligence of machines can ensure that critical tasks are performed to perfection with no errors.
By cross-checking with the above criteria, companies can guarantee good returns from RPA investments to a significant extent.
Is RPA a Boon to Financial Planners ?
One of the fundamental purposes of financial planning is to obtain elucidated insights into a firm’s future financial performance. Efficient financial planning includes building a strong collaborative partnership with firms that are involved in the business. This can be achieved by spending time learning from and engaging with the businesses. However, it’s not uncommon to see financial planning getting overwhelmed with manual, repetitive tasks such as moving files, data entry, copying and pasting within and between applications, logging into and collecting data from multiple systems. Alternatively, automation of such redundant tasks would enable the financial planning teams to spend their time far more productively. Fortunately, Robotic Process Automation (RPA) can serve the automation need of financial planners.
With an affordable initial investment and without the need for any special hardware, RPA is gaining traction in the financial world. Here are the major advantages of having an RPA system in financial planning.
Extremely Scalable
RPA doesn’t need any additional resources to handle growing data volumes. This feature enhances RPA’s efficiency and offsets expenses for the firms, as they don’t need to add resources despite the exponential growth in data. The automation of labor-intensive tasks limits the need for human requirements.
Increased Accuracy
While manual tasks are prone to errors, RPA accounts for low error rates. For instance, the errors associated with data re-entry and re-keying are completely eliminated. Thus, financial planners can achieve better operational efficiencies with the aid of RPA.
Faster Returns
Unlike major software incorporations, RPA installation is affordable and results in almost immediate returns. For instance, the immediate transfer of redundant tasks to automated software solution results in freeing up human resources for more valuable tasks.
Financial planners are eyeing RPA to eliminate redundancy in operations so that they can dedicate their time to value-intensive projects.
