Robotic Process Automation is a transformational tool, which addresses multiple corporate business challenges in an efficient and cost-effective manner. It helps to save resources and finances, so has become very popular. There are no robots but a program that copies processes handled manually nevertheless in a digital landscape. Manual work and obtaining data from different system needs humans in order to keep the process moving.
New systems cannot converse with one another. Therefore, companies are exploring ways to systematize processes without instigating intricate and costly IT projects for system connection. Robotic process automation allows to get information from one system to other.
Insurers, banks, and other financial institutions function in extremely regulated sector. They always experience high demand for data quality, operational flexibility, security, and auditability. RPA allows these financial industries to fulfill the demands and obtain considerable operational efficiency.
Robotic process automation phases
Before implementing robotic automation, process get to know the different phase’s key tasks.
Phase 1 – Determine key areas
- Every process is not suitable, so detect key areas that can gain from automation
- Recognize project details
- Define project objectives
- Research software vendors
- Review potential process candidates
- Document potential automation benefits
Phase 2 – Choose a software vendor
- Establish process needs, technology requirements and vendor evolution criteria
- Issue proposal request to chosen vendors
- Assess their responses and select eligible vendors. Invite them to an onsite technical demo presentation
- Choose highest evaluated vendor for customizing a perfect automatic program
Phase 3 – Prepare, implement and test the automation software
- Train your IT human resources to execute the trial of chosen robotic automation solution.
- Determine if extra features are needed to support the test
- Assessment for readiness
- Execute test with the chosen vendor
- As needed, reduce the follow-on issues
- Finalize the program
Phase 4 – Manage robotic process automation lifecycle
- Finalize the final strategic automation software
- Define the operational model, control, and process prioritizing system
- Manage the ongoing changes through communication
Robotic process automation has the potential to enhance your business but make sure to take appropriate steps to implement this smart strategy.
Consider key aspects of successful implementation of robotic process automation
- Choose correct internal and external project team
- Create detailed work plan to enhance the transition by decreasing process cycle time increasing risks prior the conclusion of implementation.
- Strong and sustained leadership support enhances transition efficiency and project performance.
- Early associating with the IT, controls and tracking helps to overcome inherent obstacles