When is the Right Time to Implement Robotic Process Automation?
The natural evolution of innovative technologies and changing customer prospects has irrevocably transformed the business horizon. Artificial intelligence (AI), Machine learning (ML), and data-analytics have radically changed commercial businesses and with it how agencies interact with their customers. In the age of digital transformation, technology has grown to be the relief for all operational challenges. Unfortunately, for many organizations, the push to accommodate and implement business process automation has come at the fee of a focal point on readiness, and this has ended in an overload of unfortunate automation initiatives and led to ineffectiveness.
Success in RPA is a Function of Readiness, ROI, and Scalability
The steps to analyze the implementation of AI technologies are primarily based on factors like scope, scale, budget, stakeholder inputs, workforce buy-in, rules and procedure standards, and volumes. However, most associations implement automation technology without a clear roadmap to maximize ROI. A recent poll of 1,500 finance professionals discovered that the onus for automating commercial enterprise procedures both lay with IT or become scattered throughout departments projecting the digitization initiative. This method limits the ability for achievement as ownership, crucial data, and lessons learned to stay fragmented across the enterprise.
At HCL, the three-step “Recipe for Success in Automation” comprises of the following:
1. Risk evaluation of application space
2. Implications and opportunities for automation technology
3. Application of technique upgrades like Lean and Six Sigma
Why is the Right Time essential for Process Automation?
Poorly applied automation solutions can prove risky and highly-priced for any organization. Take, for instance, the June 2018 case of a significant Leading international bank which turned into the most massive monetary penalty any agency has ever had to pay in Australia. The bank needed to shell out thousands and thousands of greenbacks to settle anti-money laundering and terrorism financing fees that were delivered against it by the country’s apex financial intelligence body.
At the middle of this scandal changed into the bank’s intelligent deposit machines which allowed non-bank customers to deposit lots of coins forex at a time anonymously. It becomes later found that the bank failed to document transactions over a stipulated quantity by the required deadline. While the financial institution blamed this on a coding error, it becomes evident that it was the assisting technology underlying the deposit machines that didn’t meet the organization’s automation requirements.
Not only has the economic penalty been heavy, but so has been the fee to society. The digital loophole becomes allegedly exploited with the aid of drug dealers to anonymously launder cash and possibly, even to fund terror activities. This is a cautionary tale for economic businesses leaping the automation gun in a rush to digitize operations.
Figuring out how to put in force and scale-up automation solutions may be a major business enterprise challenge. To optimize the blessings of automation, determining while to put into effect tasks with operations is of ultimate importance. In other words, gauging the extent of readiness determines whether a selected initiative might be successful or not. Assessing the perfect window of opportunity for AI technology implementation consists of a benchmarking process, mapping, and focused studies into the requirement of sensible automation solutions in the organization.
This is now not, however, an indictment against Robotic Process Automation software. This technology has irrevocably modified the cutting-edge business landscape and will preserve to do so inside the future. In fact, by 2025, automated technologies will perform more than half of the tasks which might be carried out manually on each day basis. Research has also discovered that close to 45% of duties that workers are paid to carry out – representing about $2 trillion in wages – may be successfully digitized.
These records are, of course, most straightforward theoretical until establishments are able to enact green and proven commercial enterprise method automation answers. We follow a Process-First, Technology-Led digital operations methodology which takes a holistic method toward sensible automation initiatives. Before automating processes, we carry out a radical analysis over 4-6 weeks to become aware of demanding situations around the desired areas of improvement. It is only after this careful vetting that we’re able to propose our customers on their specific automation era needs. This method is focused on making sure that clients do not prematurely invest in solutions that aren’t applicable to their problems, and in many cases, can be solved using system changes. We observe a Process-First, Technology-Led virtual operations approach which takes a holistic method in the direction of intelligent automation initiatives.