What is Robotic Process Automation (RPA)?2018-11-24T05:01:02+00:00

Robotic Process Automation – Are You Ready for Future

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What is Robotic Process Automation?

Robotic Process Automation is well suited for processes that are clearly defined, repeatable and rules-based. Based on these criteria, it can help organisations across numerous industries automate the completion of a wide variety of tasks.

Robotic Process Automation is a solution for most of these challenges. Using RPA will help you automate the repetitive and mechanical software systems. This “RPA Bot” is equivalent of a virtual employee who can perform everything that a human would have done.

What makes RPA to stand out different from other Automation tools?

In contrast to other, traditional IT Solutions, right implementation of Intelligent RPA software would help you provide the return on investment by up to 700% and would simultaneously reduce cost by up to 60%. These PRA bots will prove a turnaround time 500% faster than human employees and will give you a guaranteed 100% accuracy. These robots need no holidays or leisure time so they are available 24×7.

Automation using traditional software development and integration approach is intrusive (needs system changes), time-consuming and needs a lot of investments. Whereas with RPA, one can automate any business process without having to make any changes to the underlying software. You can leverage UI automation, API, files, databases, command line, OCR etc for automating the process. RPA is the fastest and the most cost-effective way to automate your business processes.

RPA adoption by buyer’s industry and functions.

Healthcare:

  • Patient Registration

  • Credential Verification

  • Member eligibility and billing

  • Sales Commission computation

Misc:

  • Change of address

  • Account closing

  • Onboarding

  • Compliance reporting

  • Shipping notices

  • Straight through processing of orders

Insurance:

  • Client Profile Updates

  • Renewal Premiums

  • Claims Processing

  • Underwriting

  • Policy Admin and Servicing

BFS:

  • Credit Card Applications

  • Statement Reconciliation

  • Dispute Resolution

  • Overdraft Protection

  • KYC

What processes are relevant to RPA?

Sales

Marketing & Customer Service

Finance & Financial Services

Operations & Procurement

Information Technology

Human Resource

Why Mavenick?

Video Transcript

Let’s take one of the scenarios of selecting Mavenick for implementing RPA software for your business.

This is Thomas. He is the Operations Leader for his company. They handle thousands of transactions each day. Thomas is frustrated by the high cost of his operation, the high error rate, high turnaround time, and constant employee turnover. Thomas proposes to the company C-Suite that they consider Robotic Process Automation (RPA). He believes it would be more efficient and solve many workflow problems. They request due diligence on the concept. Thomas performs an extensive research. He talks to several companies which have implemented RPA.

While some RPA implementation strategies were successful, Thomas also receives extensive feedback about the challenges of a transition to RPA.

  • Top management did not commit to making automation a high priority.

  • Employees viewed automation as a threat, and often resisted a changeover.

  • Expectations for the impact of using bots were too high.

  • Design flaws led to high maintenance for the bot process.

  • Processes selected for automation were not optimal, which led to poor results.

  • When automation didn’t provide quick wins, top management lost interest.

  • The technology platform selection was short sighted, and only based on current needs.

  • There was little rigor to measure progress.

A global perspective:

Several companies hired consultants, but found out later that the results of the RPA program did not meet expectations.
Thomas made a tick list of critical items for selecting the right consulting partner:

  • Expertise to draft the right strategy

  • Focus on excellent & fast results, through relentless execution

  • Deep, well rounded expertise in RPA

He found out about Mavenick Consulting.

Mavenick team has decades of experience with automation programs, both as the end users and as providers of RPA products and services.
They have delivered up to 500% ROI, 100% accuracy & 75% cost saving. Mavenick’s deep experience means that they know the pitfalls, have experienced the challenges, and have learned how to make automation a success. They can develop a Custom Robotic Process Automation plan for a company.

The plan will address:

  • Assessment of automation readiness

  • Identification of automation priorities

  • An operating model and execution plan

  • The right technology platform

  • Change management and talent strategy

Thomas happily reported the results of his due diligence to his C-Suite. The C-Suite immediately asked Thomas to set up a meeting with Mavenick. 91% of organizations are planning to invest in RPA in 2018.

Explore the new horizon of Intelligent Automation Solutions – Artificial Intelligence & Robotic Process Automation with #1 RPA Software Company.

We at Mavenick specialize in the transformation of enterprise operations through AI & RPA

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