'Companies are trying to get some breathing room so they can serve their business better by automating the low-value tasks,' Schatsky says.Enterprises can also supercharge their automation efforts by injecting RPA with cognitive technologies such as ML, speech recognition, and natural language processing, automating higher-order tasks that in the past required the perceptual and judgment capabilities of humans.Such RPA implementations, in which upwards of 15 to 20 steps may be automated, are part of a value chain known as intelligent automation (IA), Viadro says.
Schatsky says such characteristics are crucial as organizations pursue growth without adding significant expenditures or friction among workers.
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The bank added capacity equivalent to more than 200 full-time employees at approximately 30 percent of the cost of recruiting more staff, Schatsky says.Bots are typically low-cost and easy to implement, requiring no custom software or deep systems integration. David Schatsky, a managing director at Deloitte LP, points to a bank’s experience with implementing RPA, in which the bank redesigned its claims process by deploying 85 bots to run 13 processes, handling 1.5 million requests per year. What are the benefits of RPA?RPA provides organizations with the ability to reduce staffing costs and human error. Viadro has worked on RPA engagements for clients in financial services, healthcare, retail and human resources, showing the breadth of RPA use today. RPA scenarios range from something as simple as generating an automatic response to an email to deploying thousands of bots, each programmed to automate jobs in an ERP system.COOs working for financial services firms were at the vanguard of RPA adoption, figuring out ways to use software to facilitate business processes without increasing headcount or costs, says Regina Viadro, vice president at EPAM Systems and adviser of the company’s IA practice. Using RPA tools, a company can configure software, or a “robot,” to capture and interpret applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems. Others see RPA as a stopgap en route to intelligent automation (IA) via machine learning (ML) and artificial intelligence (AI) tools, which can be trained to make judgments about future outputs.Here CIO.com takes a look at what robotic process automation really is, and how CIOs can make the most of RPA in alignment with business goals.What is robotic process automation?RPA is an application of technology, governed by business logic and structured inputs, aimed at automating business processes. With RPA, businesses can automate mundane rules-based business processes, enabling business users to devote more time to serving customers or other higher-value work. More CIOs are turning to an emerging technology practice called robotic process automation (RPA) to streamline enterprise operations and reduce costs.
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