Automation is on the rise as businesses vie to remain competitive. There are several factors driving this trend across different industries and market sectors as businesses work to stay ahead of the curve, especially those in the finance and business space.
The adoption of automation technologies, including Robotic Process Automation (RPA), Artificial Intelligence (AI), and Machine Learning (ML), has been increasing steadily and Aspira is now introducing RPA to provide a range of competitive offerings to their clients.
Leading tech consultancy group Gartner defines RPA as: the software to automate tasks within business and IT processes via software scripts that emulate human interaction with the application user interface. Championed in financial services, this kind of automation is now becoming the norm across a wide range of industries such as IT and Telecoms, and the travel and hospitality industries, to streamline processes and help teams operate more efficiently.
In terms of industry focus, the BFSI (Banking, Financial Services & Insurance) sector is dealing with the demand to increase efficiency in processes whilst struggling with a shortage of skilled professionals. According to Grand View Research, machines are anticipated to capture over 15% of tasks in BFSI sectors over the next few years with the demand for RPA in the banking and financial services field and it’s expected to see a sharp growth exceeding 40.1% over the forecast period between 2020 and 2028.
In addition, research is showing that the Impact of COVID-19 has triggered organisations to adopt cognitive customer-facing implementations and automate their business processes to provide efficient customer services at all levels. This trend is expected to surge as companies that had implemented RPA have been successful in remaining agile in the competitive environment.
When it comes to the SMEs, there is also a focus on cost and efficiency. RPA can assist organisations in repetitive tasks found in finance and accounting such as invoice processing, accounts payable and receivable, financial reporting, purchase order management, and payroll administration.
Businesses can look for initial process automation candidates to fill roles with defined workflows, multiple applications, or structured data to speed up processes, but remove human interaction on timed processes and enhance ROI.
Other key benefits of RPA include:
- Increased efficiency and productivity
- Greater operational agility
- Reduced operational risk
- Higher quality and consistency
- Process automation results in standardisation of best practice
- Complete eradication of processing errors
- Superior control, governance, and IT security
- Enhanced business insight
Implementing RPA into any business requires a holistic approach. Rather than using it purely for cost reduction, ways in which RPA can be used to improve employee efficiency and satisfaction should also be considered. It is vital that RPA strategies and implementations are driven by the business and supported by IT.
Businesses need to understand RPA in depth before taking the leap and be aware that whilst there are many benefits to RPA, there may be other solutions that are a better long-term fit. It is important for any solution to add value and deliver change. Organisations should develop a cohesive strategy and roadmap when it comes to getting the ball rolling with an RPA strategy. The implementation should align with the wider strategy of the business.
Aspira, part of emagine provides consulting and project delivery services to develop automation strategies and identify opportunities for RPA implementation. We work with clients to develop a vision and strategy for RPA that can be applied holistically within the organisation to drive business operation efficiencies. We help clients realise increased efficiencies across the business that drives agility and the ability to scale to meet business and client demands. Get in touch with the team to find out more or download our Intelligent Process Automation Brochure.