Saurabh Saxena
With technological evolution, businesses and industries have heavily become dependent on cloud - they are adapting new-age technology at a fast pace. Owing to the advancement of software industries, business innovation are being driven ahead of time, in order to remain competitive.
When it comes to the Banking, Financial Services and Insurance (BFSI) industry, companies are rallying behind smart automation to provide the best possible user experience to its customers and fulfill their never-ending demands. Robotic Process Automation (RPA) is considered as the essential step towards automation. A recent report by IDC revealed that RPA market will grow up to 49.3 percent in India with the increasing demand for automated accounting and process management by 2022. It is believed that RPA would be more accurately described as part of a continuum of technology-enabled initiatives to create intelligence into automation of business processes.
The amalgamation of technology with service industry and human capabilities helps re-imagine business processes efficiently and delivers greener business outcomes for their stakeholders, effectively. Today, enterprises provide a practical, non-invasive way to build, scale, and secure automated business processes across verticals. Using software robots, which mimic UI-based human actions to perform everyday tasks, one can keep the underlying IT infrastructure intact. Robots interact with apps and systems just like people do but they are faster, more accurate, highly secure and always awake, thereby saving time, cutting costs and increase employee productivity - free human employees to focus more on strategic tasks.
For a financial service industry, software solutions are worth investing in, as the work gets completed in a cost-effective way. It can cut costs for financial services firms by up to 75 percent and increases the rate of productivity. This software is accommodated easily and embraces increasing complexity in the field of financial services, thereby making it quickly deployable, scalable and adaptable.
RPA facts that you should know
- What to automate - Look at tasks that are mundane, repetitive, error-prone, time-consuming, standard and rules-based; And use structured data & legacy apps
- Why you need to automate - You want to automate tasks with minimal changes to existing systems and apps; You don’t have a way to easily automate and integrate legacy apps; You want to automate quickly
- What are the benefits - It makes sense to let robots perform your mundane tasks because they reduce costs, work quickly and around the clock, and work accurately
- How to plan a successful project – Streamline, collaborate, measure and launch
- Easy-to-use design studio: Design studio’s in RPA help the customer choose as per individual process requirements. The intuitive interfaces help in recording and edits UI actions which allows essential steps in easily processing the same. Also assist in building sophisticated, end-to-end workflow.
- Resilient robots: This keeps the process flowing and helps in identifying more than 60 UI objects across aplenty of application. Maintenance becomes easy because bots can detect any UI changes and can automatically adapt as and when necessary
- Centralized robot orchestration: This helps combine the UI and API automation steps, coordinates the work of multiple bots and then applies suitable logic in order to execute the task efficiently and effectively
- Scalable robots: Scalable robots operate seamlessly, work round the clock with agility
- Enterprise-level security: As we hand over the control to bots to do important but mundane work, they can have a real peak in our life or business, and the Data, being the new oil can be the most sought after. It is hence imperative that businesses process with secure bots without exposing sensitive data. Nonetheless, bots need to be enterprise-ready to track all activity in detailed logs and in real-time
If appropriately implemented, RPA solutions can genuinely transform the BFSI sector through fierce competition, workflow disconnects, and error-prone reporting. The industry can run in an efficient way to manage operation challenges, and compliances to secure margins along with resource allocations to work towards investment and effective customer management
The author is Country Director - India at Micro Focus, a British multinational pureplay software company, with a revenue of over USD 4 billion.
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