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Top 9 Benefits of RPA in Banking and Financial Institutions

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RPA in a Pandemic: Driving Automation in the Post Pandemic Era!

The silver lining of every crisis is the opportunity it brings for change. RPA in the COVID-19 pandemic helped businesses bridge gaps while ensuring a resilient and productive post-pandemic era for companies worldwide.

The pandemic has irrevocably changed business operations. In a recent report by UIpath, “The COVID-19 Crisis Will Accelerate Enterprise Automation Plans.”

Forrester Research states that one of the “lasting legacies [of the pandemic] will be a renewed focus on automation.”

The need for automation increased manifold after the pandemic, and businesses started moving with RPA.

According to research by Enterprise technology conducted at the peak of the COVID-19 lockdown, RPA adoption accounted for 22% of IT buyers.

Among the fast-growing technologies, robotic process automation can be one leading us towards a better post-pandemic world.

How? Read this blog to know more!

The Need for RPA Amid Pandemic

The ability to adapt quickly is a matter of survival for small & mid-sized businesses. During tough economic times such as the COVID-19 pandemic, the recipe for resilience is financial discipline, but it comes at a cost.

Performance and organizational agility are the two most affected areas, calling out for adaptability- this is where Robotic Process Automation steps in.

Data Source: https://flobotics.io/blog/rpa-statistics/

RPA uses software that helps businesses automate their manual and repetitive tasks. The RPA bots allow the organizations to automate simple & mundane tasks allowing the human workforce to focus on more productive tasks.

Where there are paper, manual tasks, and complex workflows, there lies an opportunity to inject RPA to automate tasks & improve business performance.

According to HfS, “If there’s ever been a time we needed a digital workforce to augment humans, it’s now.”

The Advantages of RPA Amid COVID-19

We understand that RPA, in a pandemic situation, can’t be a nirvana solution for all our business problems. Still, it can help businesses tackle operations where processing speed has been adversely affected. ̉

Robotic process automation can help in business continuity, resiliency, and improved customer experience.

Here are a few ways in which RPA helps tackle business challenges amid the COVID-19 pandemic:1) Cost Savings

RPA projects generate a great deal of cost savings. Businesses can enjoy immediate ROI offsetting the upfront investment of implementing just ten bots. With RPA implementation in a pandemic, enterprises can increase the quality and quantity of work products while allowing the human workforce to shift towards higher-value tasks.

2) Speed

The most significant advantage of RPA in pandemic and otherwise is the speed & time slash it can render by automating the mundane tasks. This was imperative during a pandemic when lost time can result in loss of life.

3) Productivity

A drop in revenue has forced many organizations to lay off their employees during the pandemic, which rendered a big blow to productivity. By automating the daily activities of the workforce, enterprises can easily focus on activities that require human problem-solving.

4) Remote work

When the entire world was forced into a lockdown, businesses had no choice but to shift toward a work-from-home model. Robotic process automation helped companies facilitate remote work by expediting the setup process of work from home offices.

5) Business Continuity

Amid the pandemic, RPA implementation protected the staff’s health by limiting exposure. For instance, bots were employed to evaluate employees’ current health, ad based on the survey; it helped determine if a person is at low risk or high risk.

6) Accuracy

RPA in pandemic can help businesses eliminate human error, set between 5% and 10%. Improved accuracy and quality of work are essential in high-stake tasks.

RPA in the Post-pandemic World

Diagnostic labs, drive-through test centers, and hospitals are burdened with diagnosing hundreds of patients each day during & after the pandemic.

As a result, there is a desperate need to speed up analyzing, looking up medical records, updating them, and sharing the documents with CDC. It has been noted that attended bots can save up to 8–9 minutes per patient by avoiding manual data management.

From Amazon to delivery services and hospitals, almost all the industries need to increase their workforce to meet the growing business demands. The solutions powered by the bot can help organizations to free up human resources to focus on more critical tasks.

Gartner predicts that by 2024, nearly half of new RPA customers will come from business buyers outside of IT organizations.

Planning with Automation

Automation is a valuable asset for ensuring agility, resiliency, and cost-effectiveness in a business environment. RPA implementation in the pandemic & post-pandemic world can help business leaders gain a foothold in a new market. After years of planning, workforce cutting & restructuring, now is the right time to invest in RPA solutions to help employees adapt to the post-pandemic world. RPA can help mitigate unexpected risks associated with manual tasks in this unpredictable market dynamic.

Resource: IndiaAi

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Guide To RPA (Robotic Process Automation)

RPA is essential for the post-pandemic world where the employee burnout rate is skyrocketing. A recent Insider survey revealed that 61% of Americans felt “very” or “somewhat” burned out with their job. Another survey by Microsoft unveiled that 41% of the global workforce are considering quitting their current positions. Robotic process automation is automating business processes like never before and transforming the way businesses operate.

So if you’re still stuck in the old ways of doing things, it’s time to catch up with the times and adapt to RPA. 

Looking at the industry side, the BFSI holds the largest market share while healthcare is expected to see the highest CAGR in the coming years. The industries such as IT, telecom, manufacturing, and logistics are anticipated to grow considering the demand for digital transformation and the rise in data complexity.

RPA implementation can help organizations:

Free their employees up for higher-value work.

Provide their employees with a virtual assistant.

Increase employee inclusiveness into digital transformation.

Retain valued employees.

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A CFO’s Guide to Financial Automation – Benefits, Use-Cases & Impacts

This blog is published in Signity Solutions

Timely and precise closing of books is certainly at the top of every CFOs list, and in most cases, it takes weeks for the finance and account department to accomplish that arduous task. Besides, it’s imperative for CFOs to match pace with transforming regulatory regimes and accounting practices around the world.

All these, consume a lot of time and effort leaving not much bandwidth for what CFO’s actually be doing, like:

Collaborating with the business lines

Analysis

Offering crucial cross-functional insights

All in all, being a Chief Financial Officer means knowing much more than just advanced knowledge of Finance and Accounting concepts. Indeed, it means understanding how an entire company and the industry works and how you can make that company more profitable and competitive.

Thus, it’s right to say, “ CFO’s wear multiple hats.”

Furthermore, overseeing the financial activities of an entire company, the CFO acts as a catalyst instilling a financial mindset throughout the company.

In a nutshell, financial automation not just makes the closing book easier, also it accelerates the process far more frequently, which in return offers a real-time view of the company scenario.  To add, RPA allows CFO’s and financial advisors to evolve according to the market flux, becoming the forerunners that constantly assist along a growth-oriented path.  

Let’s have a look at the handful of benefits RPA offers CFO and related departments and evaluate where it would fit into your own enterprise.

Unlocking The Benefits of Financial Automation for CFOs

Undoubtedly, the rush to automation is warranted. Financial automation especially allows teams to reach efficiencies that are a little difficult to comprehend today.

And, being a CFO or a financial advisor, you should encourage and maximize these changes – not only for investors or the company’s long-term success but also for better utilizing resources.

After all, Bill Cline (KPMG Advisory Principal) once said –

So, let’s unlock the benefits!

Enhanced Productivity and Minimized Operational Costs  

RPA’s core objective is to automate voluminous, repetitive, and manual low-value work.

So, integrating RPA streamlines business operations and returns hours to the business and enables employees to focus on more prioritized projects. Freeing up resources also lets them focus on high-priority tasks that are often tabled because employees are only occupied with keeping up with the volume of manual work.

Moreover, one of the main arguments that favor financial automation is reduced operational costs that directly relate to an organization’s pricing. This means more available cash flow for innovation and high-value activities.

According to a Deloitte survey, RPA leads to:

92% improvement in compliance

90% improved quality

86% maximized productivity

59% cost reduction

when integrated correctly, RPA can result in 25-80% of savings on current operating costs. For example, KPMG stated that RPA could save up to 75% for financial service companies.

Nearly Zero Operational Risks

“Push Your Team To excel, Not Excel!”

Do you still certify an Excel workbook as a system of record?

Does your F&A team specialize in complicated formulas and macros?

Or are you at the brink of a key-man dependency because someone on the team built a complex formula-powered, cross-referencing data of an Excel spreadsheet?

RPA is a one-stop solution to eliminate End User Tools and the red flags of corrupted Excel files. Also, RPA ensures that the same steps are completed the same way, which eliminates the risk of not refreshing or retrieving up-to-date results.

Simply put, RPA processed data will be consistent, standard, auditable, and documented.

Addressing Workflow Inefficiencies & Bottlenecks

Many aspects of accounting and finance are repetitive but crucial for accessing and analyzing an organization’s financial health. For example, auditing, transaction matching and reconciliation are some processes that require employees to prepare and approve, making the complete financial process susceptible to inefficiencies and bottlenecks.  

And as a CFO, the core focus is on the timely delivery of precise financials to stakeholders. Still, bottlenecks can result in missed deadlines, further extending the completion of the financial closure period.

Efficiently identifying bottlenecks and delegating tasks through Robotic Process Automation allows CFOs to accelerate the financial process and meet delivery deadlines.

Maximized Control Over Risk and Economic Volatility

Undoubtedly, it has never been more crucial for CFOs and financial advisors to have the predictive technology and tools in the right place to deliver a strategic and informed approach to risk management.

In Particular, order-to-cash automation solutions can help achieve this. By allowing clarity over customers’ behaviors and historical data and by providing predictive algorithms that identify opportunity and risk, they secure it against an array of scenarios, for instance, downturn and upturn in market conditions, changes in customers’ business, etc.

As a result, CFOs can predict how to optimize potential revenue amidst minimizing bad debt risk.

Generate More Actionable Insights

Minimizing errors and creating actionable insights from collected data are other unskippable benefit of finance automation.  

According to Accounting Today, 41% of errors in finance and accounting originate from humans. In addition, 28% of companies can’t identify the mistake but report the wrong numbers, whereas big organizations spend, on average, ten days per month finding and fixing errors.

But, in the era of finance automation, these are bygones.

RPA, especially amalgamated with Artificial Intelligence, has surpassed human precision, reaching up to 99% accuracy. That path leads to fewer errors, equaling to less time spent resolving errors and avoiding duplicate payments.

Optimizing KPI’s Indicator

Often, companies do not have any metric to support where employees spend their time, volume, and effort. But, with RPA, organizations can delve into the details of how teams are using their time.

Usually, there are a lot of inefficiencies in manual business processes, so using the extracted information to reengineer the process for automation ensures the processes run more efficiently and effectively.

Furthermore, RPA allows tracking processes for volume counts, exceptions, processing costs, and average processing time.

Remember, isolating and analyzing exceptions further improve process inefficiencies, but it requires added-on metrics to understand how well the process is being executed.

In a nutshell, the value of robotic process automation in finance is exclusive.

Though it may seem obvious for CFOs to unlock the value of financial automation, it’s high time to shed light on the use cases that make it an ideal choice. After all, a good RPA solution automates the most time-consuming, repetitive, and manual procedures and improves financial processes to uncover new sources of business value.

So, if you are still debating whether to employ RPA, here’s the answer!  

Popular Use Cases of Financial Automation CFO’s Shouldn’t Miss

Let’s have a look!

Accounts Receivable and Payable

Account receivable is keeping track of outstanding invoices and entering data to get paid, including time-consuming tasks. Besides, to be precise, account payable is money owned by the business to suppliers and is another equally crucial finance function that includes numerous steps.

So, it makes managing “accounts receivable” and “account payable” among the most crucial finance functions because it eliminates undesirable cash gaps. In addition, it’s beneficial to understand Days Sales Outstanding (DSO), which is the time taken to get paid.

With RPA, it becomes a lot easy to prepare invoices, manage status, and hasten the speed of payment because you eliminate the risk of skipping anything. And furthermore, invoices are directed to the relevant person for approval, minimizing CFO’s work.

Financial Planning and Analysis

Financial Planning and Analysis, popularly known as FP&A, comes under the umbrella of the CFO’s priority domain. After all, projecting short- and long-term financial strategy needs a lot of prep work and research.

This is a crucial aspect where a CFO demonstrates their worth.  

And, not to forget, much time is consumed by sourcing, aggregating, and formatting data rather than strategically analyzing and planning. As a result, RPA once again eliminates several data entries to free up time for better forecasting and decision-making.

Forecasting becomes more precise and reliable, helping FP&A teams make more informed business decisions for the company.

Client On-Boarding

Client onboarding in the financial service sector is a time and effort-consuming process; the standards require a thorough check, known as “Know Your Customer”.

This usually takes up the complete team’s time as they comb through internal and external data sources to identify any information that could be a potential risk to your business. On the contrary, integrating Robotic Process Automation pulls information from several sources, validates it with the present data on file, and presents a report to compliance managers to check whether the client is at risk or safe.

Account Reconciliations

One of the most prominent use cases of RPA for finance is “Account Reconciliation” and “Intercompany Reconciliation.”

This process occurs at regular intervals, whether daily, weekly, monthly, quarterly, or yearly. Regardless of what type of reconciliation is conducted, it needs precise attention to detailing and data collection.  

With RPA, data is easily and precisely processed to determine whether there are any discrepancies between internal ledgers and external documentation, minimizing CFOs and finance team efforts.

In a nutshell, software bots notify the finance team if reconciliation must be performed.

Financial Reporting

Financial reporting is a part of finance and accounting that finance ERP systems usually take care of.

Finance automation does not replace this tool; instead, it complements it by eliminating the remaining manual processes like journal entries and external reporting. Even the precise financial automation solution helps streamline the financial process from initiation to completion, allowing teams to pace up workflow and remove the need for manual data entry.

To put it all, financial automation is not merely another IT project. Instead, it should be a standard feature in any company’s business transformation plan or digital strategy.

Undoubtedly, CFOs’ role is evolving, and it is becoming increasingly apparent they will need to board the innovation train.

Furthermore, market estimation supports the fact that finance executives and CFOs are more curious to automate their processes. Especially in the case of Finance and Accounting outsourcing, 47% of the CFOs belonging to the buying organizations consider automation competencies a crucial capability.

Here’s A CFO’S View on the Future of Financial Automation  

Today’s Chief Financial Officers (CFOs) is experiencing more and more how the automation world and process mining are becoming intertwined. Simultaneously, they are equally interested in how the amalgam of these two technologies will work to accelerate the improvement of several finance processes and accomplish higher ROI for their RPA investments.

Considering this, Gartner recently presented the results of their December 2021 CFO survey, shedding light on some very interesting insights:

A whopping 80% of finance leaders agree that finance must accelerate its integration of digital technology, like Robotic Process Automation and Artificial Intelligence to efficiently support the business by 2025.

Among several process automation and optimization technologies in financial automation, only three are expected to witness an increase in investments in the next two years – RPA, Reporting Automation, and Process Mining.

RPA curates as the technology most often cited by CFOs in supporting their hyperautomation core values. So, when deploying RPA, CFOs foresee investment in process mining as a key to unlocking returns.  

Finally, How To Automate Financial Process?

Once you establish an automation solution, it should run smoothly, right?

But, before adding a new solution to your toolstack, you need to do some homework. The main steps to transform your manual financial processes to automatic starts from:

Defining Your Processes

“Outlining your processes” is the first and foremost step. Having a visual representation of your processes clarifies where inefficiencies and bottlenecks happen. And also review what aspects of the process can be automated.

Building the Workflow Digitally

Next comes building the workflow. Here, resources are assigned for each task. Besides, in some scenarios, it’s possible to eliminate any steps that don’t directly contribute to the intended outcome.

Test The Process & Deploy The Automation Solution

If everything goes as planned, you can establish the financial automation solution across your processes and organization.

But, communicate with your workforce what they will be responsible for and how the automation solution will help them achieve their goals faster and easier.

In A Nutshell…

Automation, especially RPA, is cementing its footsteps to be a significant asset for CFOs.

Aside from cost reduction, RPA in finance should be considered as the next big leap for business process efficiency, improving relationships with service providers, motivating a digital audit,  and building the opportunity for a finance team that is engaged in strategic functions and decisions of the organization.

Besides donning multiple hats, the CFO continues to keep an eye on cost control, as well as address evolving market requirements with the help of a trusted RPA consultancy firm like Signity. And to retain a competitive edge, the CFO should adapt to changes in the market, and RPA is undoubtedly one of the strong levers to uphold efficiencies in the workplace today.

At Signity, our dedicated team continuously build the capabilities to address these needs and opportunities. As a result, while we remain the forerunner RPA provider, we have expanded our platform’s value and reach to eclipse the CFO’s holistic automation journey towards a future complete automated enterprise.

FAQ’s

What is the impact of RPA?

Benefits of RPA on the workforce

Increased productivity as repetitive processes is swapped with digital workers—more time for employees to perform value-adding tasks rather than voluminous ones that improve quality and service. Heightened employee engagement as teams is released from mundane activity.

What benefits can RPA in finance operations?

Minimized Cost, More Revenue

Robotic process automation enables a business to speed up transactions with fewer errors. In addition, automating repetitive tasks eliminates unnecessary expenses for your business. RPA also allows you to shift focus from time-consuming and remedial labour to more productive and valuable jobs.

What does RPA mean in finance?

Often, RPA means Robotics Process Automation, but in finance and accounting it carries a different meaning. I.e

R – Requisitioning

P – Purchasing

A – Accounts Payable.

How does RPA help finance?

RPA automates finance processes. Precisely, finance robotics is evolving from simple individual task automation to complete process automation that could improve the accuracy of financial analysis and forecasts. Thus, automating finance processes requires combining finance robotics with other intelligent automation technologies.

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RPA History, Growth and Future

Do you know while reading this blog some processes are getting automated using Robotics Process Automation services?

Are you curious to know where it all started?

How has RPA evolved?

Is it a fad or a wham?

Here, this article will address all these questions. Also, provide you with in-depth insights to use RPA accordingly for your organization.

Early RPA – From Where it All Started

The most frequently asked question is, “Did RPA exist long ago under the umbrella of traditional automation?”

Let’s uncover the answer!

Though the term Robotic Process Automation emerged in the initial years of 2000, it had its primary developments after the 1990s. The early chapter of RPA tells that it had three to four key predecessors which were Screen Scraping software, Desktop Macros, Workflow Automation and Management tools, and lastly, Artificial Intelligence.

RPA still relies on these technologies, but have uplifted the precision in the process and have exceptionally improved their capability to increase the quality of deliverables to the users.

The Evolution of RPA – Unskippable Benchmarks

Source

Undeniably, RPA’s growth has witnessed an unprecedented rise in the last few years. And its impacts are higher than you could have thought.

So, when businesses and organizations look for ways to maximize efficiency, RPA slides in as the answer. To leverage big profits and thrive in today’s competitive market, organizations look for

experienced RPA developers

to implement RPA in their workflow across different verticals.

Since RPA implies automation to the workflow using drag and drop features without relying on the code, the proliferation of RPA was exceptionally easy. And the best part is people can easily adopt and use RPA even if they are rookie to robotic process automation.

To simply put, RPA has reached a potential where the software robots have the capability to work round the clock without needing any human intervention.

“Unsurprisingly, IT automation has the fastest adoption to RPA and penetrated globally into the market.”

Considering Finance and Accounting, the notion of “craftsmen” work has reached unparalleled levels of productivity and precision compared to the traditional ways. The only difference that occurs with human work is eliminated and made consistently efficient through RPA.

To put it all,

RPA in finance

has started swapping the data entry and the data rekeying jobs with its automated software robots and techniques. Also, it’s anticipated that in future no data entry, rekeying and other repetitive monotonous tasks will be done manually. Approximately, all of the protocol and rule-driven tasks can be automated easily through RPA.

What the Expert Predicts for its Future

Having an in-depth understanding of the evolution of RPA shed light on the innovation of the wider industries from which it initiated. And, its exceptional rise clearly shows that the thirst for advancement will continue as technology grows.

As a result, experts predicted numerous effects that this may have on the present technology and its uses.

Greater Adoption of RPA Nowadays,

businesses are aware of the benefits of RPA

and what competitive edge are offered by integrating it in their businesses.

In the last few years, the impact of RPA has already become exceptionally significant as it inclined from being used in primarily multinational companies with larger budgets to the realm of national, mid-cap and also smaller businesses. And, as this trend continues,

Robotics Process Automation services

seem to be adopted by more and more companies to integrate through a wider array of processes.

Stepping Into More Domains With RPA becoming more mainstream, more RPA use cases are getting popular. And, as the technology expands into a wider variety of industries including the ones with significant power like banking, financial services and retail, law, oil and gas, insurance sector and manufacturing industries.

Advancements in RPAs External Process PotentialWith advancements in technology, more organizations are constantly trying RPA and witnessing results from it. As a result, most businesses are being motivated to try their hands with software’s capabilities – in simpler terms, this is making the segment primed for innovations and new applications soon emerging.

Though, with RPA presently focusing on business internal processes, it’s better to consider it that as innovation happens, developments take place in what RPA can do for external processes.

Internal Processes Capabilities Will Again RiseRPA will certainly maintain its core focus on internal processes.

For example, incoming email classification is an area which is already massively improving with the help of RPA. In the coming years, most computer-related processes that are managed with a set of protocols will be handled with the help of RPA as well as analytics and data analysis.

Compatibility with Other ToolsSoon, it will be common to see RPA used in compliance with other workplace tools. As companies increasingly adopt RPA into their processes it becomes clear that it works best when integrated with other tools that they use.

Eventually, this results in RPA being used more in conjunction with other work management platforms.

SPA is Going To Be The New ConstantSPA – Smart Process Automation is coined as the next evolution of RPA.

The RPA deployed in most of companies and organizations today face challenges to automate unstructured data, but SPA will blend Machine Learning, Artificial Intelligence, Big Data and Cloud technology to extract data from unstructured sources and process it contextually with more intelligent rules.

Bigger AI Capabilities Artificial Intelligence and Robotic Process Automation are intrinsically related through their shared history.

So, it’s no more a surprise that the next phase of RPA is expected to consist of greater incorporation with AI as Robotic Process Automation steps far away from being simply a rule-based technology.

Finally, Is RPA Future Bright?

In the coming years, with advancements of RPA getting fully evolved all those operations that a human does will be automated by RPA.

These platforms will be to address the unforeseen errors and exceptions in the business process, will learn and adapt based on their previous experiences and actions. Despite conventional automation, they can also apply judgment and creativity to their work, allowing companies to automate enhanced visibility, collaboration, transparency across the value chain.

Thus, it’s right to say that there will be a widespread adoption of RPA across different fields. And, if you are planning to ride the bandwagon, partnering with a trusted RPA consulting services is the first step to a promising future.

After all, RPA can spark a wider cultural change that has increased flexibility, success and satisfaction.This post is published on atoallinks

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Robotic Process Automation Services

RPA can help you streamline your business workflow, replicating repetitive tasks such as filling service forms, processing invoices or moving data from one system to another without compromising speed. 

If you want to reduce cost, increase productivity and improve the quality of your work, you can choose highly trusted robotic process automation services from Signity Solutions.

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Sometimes it feels like a billion-dollar cloud industry appeared out of thin air, but in the case of Amazon Web Services (AWS), it took over 15 years to emerge as one of the world’s leading cloud platforms. The origin of AWS dates back to 2002 when an initial beta called Amazon.com Web services was released, and after that, everything’s history. Here’s a quick history of Amazon Web Services for you all.

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What is AWS Used For?

We have already discussed in the above section that AWS comprises more than 2022 services, which means there are several applications of AWS. Therefore, here is a quick list of popular use-cases for AWS:

Store Files: You can easily store your screenshots, videos, and other files for quick access.

Host Websites: Host your dynamic website, and run web and app servers.

Build applications: Design and build applications that will surely stand out.

Manage your database: You can quickly deploy MySQL, PostgreSQL, Oracle, etc., to store essential data.

Content delivery: Want to share your content globally? Do it with AWS.

Apart from the services mentioned above, Amazon web services also include services that are about machine learning, artificial intelligence, e-commerce, Blockchain, Internet of things, and analytics.

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5 Benefits of Successful RPA Implementation

The benefits of adopting the RPA systems range from boosting productivity, improving employee engagement, accelerating time to market, and generating more revenue. Successful RPA implementation can generate operational and strategic advantages.

The global robotic process automation market size was valued at USD 1.89 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2030. 

When various tasks have to be differently processed, which adds costs as well as complexity, especially for large enterprises. But the benefits offered by RPA make this technology worth every penny:

1. RPA Gives Accuracy

Human error results in the loss of billions of dollars annually. Do you remember the simple typo that caused the stock market to plunge 1000 points and wipe out $1.1 trillion in 2010?  

To achieve the highest level of efficiency, it is important to eliminate errors. The average benchmark for data entry errors ranges from 2 to 5%. This risk is significantly elevated with tedious and repetitive tasks that induce boredom.

2. Productivity Enhancement

RPA never takes leaves or never goes on a vacation. They keep working tirelessly, round the clock, with consistency and efficiency.

The productive gains of RPA are real as well as measurable. According to a new study from the Information Services Group (ISG), a leading global technology research and advisory firm, RPA enables companies to execute processes 5-10 times faster with approx 37% fewer resources.

3. Time and Labor Saving

As per The National Association of Software and Services Companies, RPA reduces up to 35-65% in labor costs and delivers a return on investment (ROI) in as few as six months.

4. Scalability

The robotic workforce can be as large or as small as per your requirement. The new bots can be deployed quickly, and that too at a minimum cost.

Whenever there is peak business activity like a new product launch, RPA can handle the improved transaction volume. This means there is no need to hire new staff and train them.

5. Improvement of Service Level

The businesses that deploy RPA to handle routine tasks can refocus their employees on creative, strategic work and deliver better customer service.

An intelligent way to integrate it into business operations is to allow the bots to work efficiently on tasks.

For example, you can improve service levels by automating tasks during customer interaction, reducing time to resolution, and decreasing customer frustration.

Read the complete article at: RPA Implementation Guide

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Transform with Automation! RPA is an amazing automation technology that makes it easy to build, deploy & manage software robots for interacting with digital systems and software. 

Do you wish to know more about Robotic Process Automation? Check out our blog: https://bit.ly/3vOCzzN

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A Brief Guide to the Successful RPA Implementation in the Digital Transformation of your Business

This post is originally published in "The Next Tech" publication.

Learn how to create a smart RPA implementation that delivers company-wide savings and process improvements today!

To thrive in this continuously evolving technological and economic change, organizations need to focus on two main objectives: automation & digital transformation.

Businesses these days are operating on a common denominator: an emphasis on digital transformation, which is majorly a process of exploiting digital technologies to create new & robust business models (Supporting Digital Transformation with RPA, n.d.)

To make things simple for you, here’s a brief on what RPA is and how it is changing your businesses. So, without any further delay, let’s dive in!

What is RPA?

Robotic Process Automation is a software technology that makes the process of automating digital tasks easier for everyone. With RPA, software users create “bots” that have the ability to learn, mimic, and even execute business processes similar to how humans do.

Also, this technology works well with Enterprise Resource Planning (ERP), third-party web services, and outdated systems, without a need to redesign the corporate program.

Here’s a graph depicting the rise of RPA technology across the years:

Image Source: grandviewresearch.com/industry-analysis/robotic-process-automation-rpa-market

Still, confused about the hype surrounding this automation software? Here’s a list of a few benefits of RPA implementation in your business:

RPA helps cut costs & time, allowing the team to focus on more valuable tasks such as customer service, marketing strategies, and much more.

With RPA implementation businesses get an insight into the operations and performance of the organization.

The analytical data provided by the RPA can be used to personalize the digital strategy of the organization and the robots can help speed up the same.

How does RPA help in the Digital transformation of the business?

To better understand the impact of digital transformation, we have to understand the role of RPA in the process.

From finance to legal and everything in between, RPA is being implemented to reduce the cumbersome manual tasks and also save time and money altogether. By helping in tasks such as data transfers, and order processes RPA is reshaping the business operations.

According to PWC (PricewaterhouseCoopers), businesses can automate 45 percent of the tasks and save around $2 trillion. The chart (How Much Time Do We Spend on Recurring Tasks?, 2021) very well depicts the amount of time organizations waste due to recurring tasks, and this is where RPA & automation stand useful.

Source: https://clockify.me/time-spent-on-recurring-tasks

Yet where does digital transformation stand in all of this?

RPA is one such technology that helps businesses to operate and help evolve digital transformation for almost all their business operations. Its automation capabilities help businesses to tackle the challenges encountered due to large back-office activities. Companies can leverage this information to adapt the digital transformation strategies to help adapt to their processes.

So, RPA not only supports the digital transformation but also makes it easy and quick to achieve.

5 planning factors for RPA in digital transformation for the businesses:

The ease with which RPA can be implemented to bring in automation for your business attracts many prospects. Many industry leaders need a broad plan for the RPA implementation to address issues such as:

1. Governance

With an increase in RPA interests within the enterprises, IT leaders must look for suitable automation initiatives and plan to scale these automation initiatives in the context of the digital transformation journey. It has been noted that although organizations have hyped RPA and automation to scale, it also requires proper governance and strategy to support the large software fleets.

2. Strategic Alignment

To smoothly implement the RPA program, it is important to align the objectives with the overall automation procedures. By doing so, enterprises can enjoy appropriate executive focus and resources to scale. It is also important to prioritize RPA opportunities to improve the customer experience.

3. Change Management

In case of a lack of proper change management planning, there are high chances of failure in RPA deployments. RPA & intelligent RPA enable new approaches for the employees that are working similarly for some time. While implementing new technologies, significant anxiety and confusion among employees can lead to resistance and a weakened momentum.

4. System & process stability

RPA implementation becomes further simple with a stable system environment. When system changes are abrupt & discontinuous the process becomes redundant. While implementing RPA techniques in the business processes, enterprises should keep a check on the overall automation roadmap.

5. Dedicated focus

Successful implementation of RPA requires a dedicated focus, learning & training of the digital transformation modules. Your RPA developers need to keep an eye on recent changes in RPA modules as well as enterprise needs.

Moving ahead with RPA in digital transformation

The digital transformation framework enabled by RPA is gaining much traction from organizations. Backed by the employees and management, this automation technology is going to do wonders in terms of digital transformation.

RPA is designed to duplicate human behavior and attend to daily tasks without any participation of humans. Automating repetitive tasks reduces the burden on manual systems.

The five-point strategy described above would help fuel the RPA revolution to increase productivity, and enhance consumer retention rates.

I hope this blog provides you with some fruitful insights on RPA implementation and a successful digital transformation journey for your business.

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Benefits of RPA in Finance and Accounting

When it comes to Finance automation, RPA delivers umpteen benefits that allow CFOs and other financial professionals to evolve and act following the variables that dictate the financial sphere.

Here are a Few Key Benefits of RPA Implementation in Finance and Accounting:

1. Scalability

RPA bots are scalable and can be called forward to manage high data volumes and answer a massive influx of queries in record times.

Gone are the days when businesses had to bear high labor costs when demand/workload spikes. In today’s time, with insightful guidance and a reliable RPA service provider, you can automate F&A processes in a matter of a few weeks.

2. Efficiency

Finance and Accounting involve long strings of numbers and repetitive, rule-based transactional processes.

Upon successful implementation of RPA, financial institutions can accelerate these transactions whilst enjoying increased efficiency and reliability of data with minimal errors.

3. Competitive Advantage

Since the corporate culture is dynamic and ever-so-changing, one can’t stress the importance of having a competitive edge enough.

A slight variation in costs or innovation dictates whether the company would benefit from lasting success or struggle to keep its operation running.

4. Innovation in Data

The financial and accounting industry can benefit from RPA implementation as it offers deeper insights into business operations via a smart amalgamation of the legacy and new data.

The peculiar combination of data in one system purveys better reporting and insights for business growth.

5. Address Compliance Issues

Humans can be dead-serious in regard to work, but part of being a human is making mistakes. Numbers are essential to Finance, and even if a single digit goes wrong- an entire system could go haywire.

That’s not the case with RPA bots. They run according to a set of established rules, deliver higher quality, and substantiate financial success.

Well, those were some common benefits of RPA in finance and accounting.

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Robotic process automation (RPA) is an application of modern technologies like AI, ML, and NLP that are powered by business logic and structured inputs to automate mundane and repetitive business processes. For a long time, business processes have been pretty much the same – tedious, repetitive, and with very little room for creativity. However, that is all changing now with the advent of RPA technology. So if you’re still stuck in the old ways of doing things, it’s time to catch up with the times and adapt to RPA! Discover how to implement or refine your RPA and intelligent automation without the pitfalls, and build a successful, collaborative human + digital workforce. In this guide, we’ll explore what RPA is and how industries can take advantage of it. 

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How to Choose the Best Robotic Process Automation (RPA) Software: 10 Key Factors To Consider

RPA is one of the exceptional technologies capable of digitally transforming organizations. Though #RPA is rapidly gaining popularity across the industries, it is still new to many organizations. Thus, before #RPAimplementation in the processes, businesses should know which robotic process automation suits their automation needs. Here's an insightful post to know critical factors while choosing the best #RPA software: https://bit.ly/37Ld4pZ

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Quora has the potential to be the most valuable marketing tool for your company. Check out what our experts have to say about Quora and their suggestions on using it effectively in 2022.  

For marketers who want to grow their brand and reach a wider spectrum of audiences, there are umpteen platforms they can look for. However, the challenge is deciding the best one for your brand. But, irrespective of which industry your business is in and the kind of services you offer, the most popular platform for reaching a larger audience and expanding your reach is Quora. With contributions from Jeff Mains Milosz Krasinski Lukasz Zelezny MCIM, F IDM - SEO Expert 🚀 Marcin Stryjecki 🎯 Berenika Teter Marcin Jablonski @Sylvie Coleman Rio Rocket Sergey Nikonenko Angus Chang Rob Powell David Leonhardt Stephen Curry Harriet Chan Rahul Gulati CJ Xia Robert Johnson Sarah Walker Heather Welch The report published on Signity Software Solutions Pvt. Ltd. [https://bit.ly/3DbaXqz] #marketing #digitalamarketing #contentmarketingstrategy #business

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Importance of AI Applications in Facial Identification

This blog is originally published at Dzone on October 25, 2021

Artificial Intelligence (AI) is the latest buzzword in the modern world. It renders smart machines all over the world the ability to perform cognitive functions expected from humans. These functions could be the ability to think logically or engage in a casual conversation or even recognize facial patterns for mood detection and identification. Backed by tools like Natural Language Processing, Machine Learning, Deep Learning, etc., Artificial Intelligence is paving the way for machines to think, talk and act like humans.

Facial Identification Technology is one of the front-runner technologies being facilitated through AI applications. It is capable of identifying and verifying the identification of a person using a digital image or a video frame. In general, facial recognition systems work by comparing the selected facial features from an image with the faces available within a database. Such technology has found use in security systems where it enables cameras to grab facial images which can be compared and identified thereafter. It has also recently found uses in commercial and marketing tools.

There are several AI-based techniques used for facial identification. Some face recognition algorithms extract facial landmarks or features from a given subject’s face and compare them for matching features with other images. Others normalize a range of facial images and then compress the facial data. The meaningful data is then saved, and a probe image is compared with the facial data.

xamples of AI Applications in Facial Identification

Today, various organizations are developing face recognition capabilities based on Artificial Intelligence. Facebook has developed a Deep Learning facial recognition system called “DeepFace.” Deep Learning is an AI-based Machine Learning technique concerned with algorithms inspired by the human brain’s neural networks. Deep Learning makes it possible to use brain simulations and make learning algorithms better and easier to use. Facebook makes use of a nine-layered neural network which has 120 million connection weight and is trained on 4 million connection images uploaded by the Facebook users. The system is said to be 97% accurate.

Similarly, Google’s FaceNet is claimed to be a very accurate method for face identification achieving nearly 86% accuracy. It has an image data set with nearly 260 million images from all over the world, and it can give a name to a face and present images that match the face search.

Some models use predictive modeling techniques to incorporate facial data to understand how humans age. The method has been tested by a process named “de-aging,” which involved taking a picture of an old person and running the Deep Learning algorithms backward to create a younger version of the same person. This younger image was then matched with the original image of the person in his younger days and the results were quite accurate. While there were older studies done on age progression work, this one was far more accurate.

Due to the massive amounts of data sets available for research and the Deep Learning algorithms ability to process this data and put it into work, today’s facial identification technology is going places.

Use-Cases for Facial Identification

Facial identification can have extremely relevant use-cases in several industries.

Passport and Visas — It can control fraud detection for passports and visas. Already, the Australian Passport office is using the automatic face-recognition software, reporting 20% more efficiency in detecting fraud.

Banking — It is also useful in financial institutions like banks and their ATMs. China started using this technology in their ATMs. This has ensured a higher level of security for the card user.

Law Enforcement — Law enforcement agencies can deploy facial recognition systems for the identification of criminals. Many countries including the USA are developing their facial recognition database which will aid the criminal investigations making them swifter and more accurate.

Marketing — In 2013, retail giant Tesco rolled out targeted ads based on demographics like the gender and age of the customers at its petrol stations. It used facial recognition to identify these demographics using an AI-based software. Today, many more companies are aiming relevant advertising to its customer’s basis facial identification as they enter the store by changing the display board ads to suit their personal preferences.

AI-powered facial identification can prevent fraud voting, track attendance and many such tasks in an error-free manner which would also be free from human bias. No matter the application and uses, Artificial Intelligence drives the facial recognition systems used across companies. Subsets of Artificial Intelligence such as Machine Learning and Deep Learning are enabling the collation and processing of troves of images which are compared for facial recognition. Without Artificial Intelligence algorithms, facial recognition systems would be far behind in their existence — both in terms of accuracy as well as speed. Artificial Intelligence is at the heart of facial identification.

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8 Business Automation Ideas to Save Time and Money

Making smarter decisions about your business processes is critical to ensure lower time-to-market and high ROI. Future fit technology executives know the importance of optimizing business operations efficiency and workflow processes to remain ahead in the competitive landscape.

Whether your organization is small or large, now is a good time to create automation opportunities by integrating the Robotic Process Automation model into your existing processes. And start streamlining business operations ranging from automated emails to optimizing customer services that enhance the business value & ROI.

This blog post has outlined the best business automation ideas that any organization or department can get started with.

Accounting Tasks

Most accounting processes are time-consuming and need manual intervention. By automating all possible steps involved in the task, organizations can save time, reduce errors, and enable teams to spend more time on strategic work instead of a host of repetitive tasks.

Take accounts payable (AP), for instance. Several organizations are still manually handling their accounts payable (AP) processes. Integrating RPA for the processing and payment of invoices saves time and money. It also eliminates data errors and helps mitigate fraud risks through a system of “touchless” controls that happen behind the scenes.

Data Backup

Today almost every business across the industries is data-driven. Therefore, it becomes critical for companies to ensure data privacy, accuracy, and safety. Moreover, an unsecured website is vulnerable to cybercriminal activity. And this is possible with RPA bots.

Automation benefits many data management software that expand data backup possibilities. So an automatic backup process not only protects your valuable data but also enhances your customers’ trust.

Not every business knows how to integrate automation solutions for data backup. This is when top RPA automation companies can help. They offer comprehensive and customized RPA automation services solutions to businesses across the industries.

Email Automation

Email automation makes the email process seamless for marketers and eliminates repetitive manual efforts.

Most employees spend hours of their day reverting to emails, many of which are irrelevant to their regular responsibilities.

Businesses organize their piles of daily emails and respond to relevant messages quickly and efficiently by automating the email process.

Onboard New Workers

Onboarding new professionals is a continuous task in any business. And no doubt, it is pretty lengthy that goes for several weeks and a daunting process that requires a lot of paperwork.

Onboarding is essential for ensuring continuous involvement for recruiting teams, hiring managers know-how to carry out tasks to predefined business standards, and being clear on what processes are required to implement.

With robotic process automation solutions, you can easily send documentation, approve permissions, and provide workers with the relevant training.

Automation also minimizes the risk of errors and data leaks — if you do find any errors, you can correct them with ease and quickly for the next person you onboard.

Generating and Distributing Report

If spreadsheets and reports are a critical part of your everyday business operations, automating report generation and distribution will streamline your process in less time and effort hassle-free.

Businesses can use robotic process automation tools to generate automated reports and distribute this information, and recipients can analyze historical data, forecast future performance, and make optimal decisions.

Meetings Automation Platform

Managing and organizing the events and activities, creating a calendar, and setting up meetings have traditionally been handled manually. But several different automation platforms have made it easier to deliver seamless internal and customer engagements.

Automating meetings using automation platforms (MAPs) can optimize the communication process before, during, and after the session and meet the company’s business objectives.

Immediate Response to Contact Forms

After submitting a contact form through a business website, users expect a fast response. However, if they don’t receive any response, it makes them feel like the message has been lost in a void. And they move to another business website offering the same services.

Even if you do revert finally, the possibility of converting the lead has already dropped.

An easy way is to send a thank-you message that assures your prospect customer that someone from your team will be contacting them soon.

Credit Card and Loan Approval

Leveraging automation benefits in carrying out the credit card application approval process is a win-win deal for banks. Usually, credit card processing and loan approvals take an extended period to validate the customer details before approval.

Banks can quickly streamline the process and approve/disapprove the application faster by implementing robotic process automation tools and saving time from investing in manual and repetitive tasks.

What’s Next?

With this business automation process, organizations can optimize workflows and operations efficiency. Moreover, it enables you to reduce the human labor required and eliminate repetitive tasks. Business automation factors optimize a company’s workflows and make the processes efficient, faster, and seamless.

So, make sure to integrate automation opportunities in your existing processes and stay ahead in the competitive landscape. This post was originally published on chatbotslife.com