Robotic Process Automation is a software technology used to develop software robots (BOTs) which automate high volume, repetitive, rule based tasks in a auditable and reliable way. These BOTs are trained to interact with business applications and systems the same way that a company's employee do except that they can do it at anytime of the day, round the clock, much faster, in a standard way and with 100% accuracy.
An RPA is very much like a Digital Workforce that can interact with other systems/application to undertake digital tasks as part of a business process. These tasks may include but not limited to the following: logging into applications and undertaking data entry, scrapping data from website, copy pasting, making calculations, reading email and making replies based on the content of the received email and many more.At ICILtek, we are dedicated to providing high-quality IT services to businesses in a variety of industries.
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RPA enhances efficiency and alleviates manual repetitive tasks across various industries. From finance and healthcare to manufacturing and retail, enterprises utilize RPA in finance, compliance, legal, customer service, operations, and IT, paving the way for broader applications and innovations.
What makes RPA so popular is that it can be used to automate just about any task. Just about any high volume, rule based task that is repetitive is a great fit for RPA. Infact now even some cognitive tasks that can be automated using some AI skills. RPA and AI together are re-shaping organizations across the globe giving competitive advantages such as reduce cost, faster to production and increased quality.
Robotic process automation helps reduce head counts in a organisation. An employee is associated with a number of other costs besides salary such as seating and other benefits, all these can be reduce by implementing BOTs which run on a server machine thus reducing operating cost.
BOTs are machines and as such provide 100% accuracy and can work the same way every single time. They can be relied upon to deliver the same results each time unlike Humans who can get careless and tired leading to inaccuracies and variations.
RPA ensures compliance with regulations and internal policies by executing tasks consistently while maintaining audit logs of all activities undertaken by BOTs. Doing so improves auditability and reduces the risk of non compliance.
RPA BOTs can work 24 hours a day 7 days a week leading to greater productivity as compared to human staff who are required to work mostly 8 hours a day. Replacing humans by BOT frees up employees to focus on high value tasks that require creativity.
By Automating tasks related to customer service such increasing efficiency and productivity leads to improving customer response time and order delivery which in turn leads to enhanced customer experience and satisfaction.
RPA can easily be scaled up or down to meet fluctuating market demand without much infrastructure investments or changes in the standard operating procedures. This allows the company to adapt quickly to changing business needs.
As a first step all the business process are carefully analysed to determine the which process will provide greater return on being automated. This includes the undertaking feasibility, complexity and ROI analysis.
In this step we reach out to all the key stakeholders across the board to raise awareness of the need, viability and value of implementing RPA. Ensuring that all the people involved are on board ensures successful and timely deployment
In this step the roles and responsibilities of the people involved are defined, documented along with the tasks to be performed and best practices to be followed. It will also include defining the infrastructure requirements, risks involved, technical assessment...
This includes development of the BOT based on the design document. The BOT is developed by the developer. Once developed it is deployed in a testing environment to undergo User Acceptance Testing.
Once tested the BOTs are deployed in a live environment after it has passed design principle, development best practices and compliance requirements, Even after deployment there is a need to monitor the BOTs in the production environment for atleast 2 weeks.
BOTs are developed over a defined Business Process, Systems and Business Applications. Any change in these will require the BOT to be modified and incorporate the changes. Change Management Process is key to success in the RPA Journey.
RPA in Banking
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