In an interconnected digital world, the digital transformation of companies is still one of the major topics on the minds of CEOs and CTOs everywhere, regardless of whether they run small family businesses or large companies with a global presence. Defined as the use of technology to radically improve the performance or reach of enterprises, the process of digital transformation can still mean many things for many stakeholders. With the advent of Robotic Process Automation (RPA) software, and its ability to integrate AI and ML functions, this technology has proven it has the capacity to support the digital transformation of companies – one of the major drivers of growth in the modern economy.
Why bring RPA to your enterprise?
RPA is a powerful tool that has a proven ability to empower employees by automating and freeing them from the burden of manual, rule-based processes and achieving better performance and increased compliance while cutting costs and boosting competitiveness and business value for enterprises.
According to PwC, 45% or work activities could be automated, and this would save enterprises everywhere $2 trillion in global workforce costs. Not surprisingly, 70% of CEOs report RPA and artificial intelligence (AI) are two of their highest priorities when thinking about meeting strategic objectives, according to a recently published survey from The Economist. The study, commissioned by UiPath and developed in collaboration with The Economist Intelligence Unit, found that 90 percent of organizations already use technology to automate business processes. Moreover, in 93% of the companies surveyed, automation kicked off an organization-wide digital transformation. Why should RPA adoption sit at the core of companies’ digital transformation strategies?
RPA makes the best out of your staff
RPA software robots mimic humans in their activities, and can perform tasks from the most simple, such as copy/paste, open browser windows and scrap data from the web, to the more complex. Better yet, they do this at high speeds, with 100% accuracy and in a fraction of the time a human worker would. By relegating those rule-based tasks to software robots, your staff can dedicate their time to performing more customer-facing tasks, conducting high value, creative work or focus on handling exceptions. Take for instance a highly qualified surgeon who must spend a consistent chunk of his time manually inputting data into different systems, on a regular basis. RPA can seamlessly take over back end process and give back to medical practitioners the time to engage in patient-facing tasks, increasing the quality of healthcare services everywhere, and ultimately allowing them to focus on their mission: saving lives. Moreover, RPA can be an answer to understaffed departments or to teams tackling projects so big, that require the introduction of new technologies that enhance human capabilities and require managers to find solutions that go beyond simply adding more headcount. Indeed, according to The Economist study, most businesses (88 percent) believe that automation will accelerate human achievement and that automation is most effective when it complements humans, not replaces them (79 percent).
RPA unlocks the endless potential of AI
Although the advance of RPA has been tremendous, for many of UiPath’s customers it has become apparent that the automation solutions suited for solving their business problems must come embedded with AI capabilities. Simply put, RPA needs an ally when tackling complex processes, such as calculating and predicting outcomes. In the banking sector, the sector that gave the earliest adopters of RPA technology, this could translate into software robots working according to an AI-led algorithm embedded in the process that will decide, based on strict criteria previously provided, whether to give someone a loan or not. To answer this type of business problems, why we have developed a unified RPA and AI experience, called AI Fabric, which delivers an end-to-end AI/ML skill deployment and management within the UiPath RPA platform. UiPath’s AI Fabric is scheduled to go in private preview in Q3 of 2019.
Ease of implementation
RPA has been easily adopted by players in the banking sector, one that is dominated by the existence of a multitude of legacy systems, governed by strict compliance requirements and managed by a varied mix of shareholders. One of the key reasons for doing so is RPA’s ability to enable systems to communicate with each other, without the intervention of a human worker. Next, automation solutions can be easily deployed and perform optimally alongside legacy systems, without there being a need to replace those, setting in motion large, disruptive and costly endeavors. Not least, RPA is a low-code technology that does not require staff who work with software robots to have advanced IT skills.
RPA cuts costs
As the cost of talent rises, and enterprises must compete for highly skilled staff, companies everywhere are getting smarter about becoming more efficient with the help of RPA. By using software robots, enterprises can add a digital workforce that works tirelessly, 24/7 and saves human hours at a rate previously unseen. Moreover, by leveraging the power of software robots to conduct error free work, businesses in industries with high regulation can use RPA to ensure compliance and eliminate mistakes that usually trigger severe financial and legal consequences. Software robots can help organizations process large volumes of requests, handle tasks such as beneficial owner extraction and other types of enhanced client due diligence (CDD) and save them money.
RPA gives your internal processes a makeover
Although they usually start small, RPA implementations oftentimes grow in size and scope, moving from a one-department initiative to company-wide projects. In the process, in order to leverage RPA and AI, businesses are faced with the task of defining clear governance procedures and reevaluating processes that are put up for automation. By turning their attention to these processes and automating them, enterprises can leverage the chance to rebuild the backbone of their core operations. By automating key internal procedures, such as reporting, onboarding and other internal activities, RPA can that ensure the seamless operation of an enterprise and become a genuine gateway to an organization’s digital transformation.
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