Posts

New advancements in Intelligent Capture and RPA

With RPA set to supercharge productivity and efficiency across a range of businesses, interest in this field is developing almost as fast as the technology itself. Indeed, one study reported by Forrester predicted that RPA will represent a $2.9 billion industry by 2021.

Within such a dynamic environment it can be hard to keep on top of the latest developments. To make that simpler, we’ve summarized some of the most interesting trends in Intelligent Capture and RPA in recent months.

#1: Developing next-generation RPA

Early RPA was fairly limited in terms of its capabilities. Tasks like basic data entry, copying and pasting, and other processes that resembled simple macros were the mainstay of what was available.

Although perhaps not revolutionary, RPA of this type was nonetheless stunningly effective, allowing companies to achieve an output up to 15 times greater than what was possible with human workers alone, according to Deloitte.

RPA, however, is rapidly becoming an even more complex and useful technology. Although challenges remain in applying available machine learning and natural language processing to business needs, many companies are already adapting their processes and making ready for the “next step” towards a complete digital transformation. This may involve advanced robots capable of handling contracts, invoices and other complex documents, as well as end-to-end automation.

As cognitive processing develops, the role of RPA in business is only likely to grow.

#2: Intelligent Capture becoming prominent

Many businesses have their sights set on intelligent capture as the next technology that will streamline their business practice. It is undoubtedly a crucial part of task automation and one that will allow businesses to complete tasks in-house that previously would have required expensive outsourcing.

CapturePoint is just one example of a simple technology that automates a process that might otherwise require a significant amount of human time and attention.

Business process management is set to change dramatically in coming years. While previously this field was focused on the allocation of tasks among human resources, in the future it will likely look significantly different, with the deployment of intelligent machine resources taking prominence.

#3: Agility vs. cost-cutting

Intelligent data capture and RPA will, of course, reduce costs for many companies. Indeed, the National Association of Software and Services Companies (NASSCOM) predicted a reduction in costs of 35-65 percent for onshore operations in companies that successfully implement RPA.

And that’s not to mention the other benefits inherent in automated data capture.

It’s interesting to note that the focus of many businesses looking to employ these technologies is efficiency rather than simple cost-cutting. The higher process efficiency afforded by the use of RPA and intelligent capture will make businesses in a range of spheres more agile, with shorter development cycles and more agility once on the market.

Conclusion

With these developments in RPA and intelligent capture, it’s no wonder more businesses than ever before are looking to implement these new technologies.

Doing so, of course, is not without potential pitfalls, but with an experienced team of experts on board, almost any business stands to reap the rewards of well-implemented RPA processes, from increased efficiency to a lower error rate to the freeing up valuable human resources.

4 reasons RPA implementations fail and how to avoid them.

A surprising 30 to 50% of RPA projects initially fail. Business owners are often left wondering what went wrong. To help you avoid common pitfalls, we created a list of 4 reasons RPA efforts fail and how to avoid them.

“57 percent of organizations surveyed look to increase process quality through innovation.” ―Deloitte

#1: Not selecting the right processes to automate.

If you’re a first-time RPA implementer, you’re likely excited to improve your workflow. And that’s great. You just need to make sure that you’re automating processes that will have the greatest impact on productivity.

Focus on automating simple tasks that employees do on a daily basis or that take a long time to complete. Things like data entry, social media posts, and payroll are great places to start. Automating these tedious tasks frees up your team’s time. That way they can focus on tackling more critical projects.

“Implementation challenges can be serious, but proactive planning up front can reduce or eliminate them.” ―Deloitte

#2: Attempting deployment too fast.

It’s easy to get hyper-focused on using RPA to increase ROI. Sure, you want to increase your profitability. But you also have think about your current resources and capabilities. Can your IT department take on a project right now? Is your network equipped to handle an implementation? How will you measure an RPA project’s success?

Rushing into deployment is a risky move. One that will likely lead to frustration and wasted resources. Creating an implementation plan will help you achieve success. Get your business strategy team and IT department involved in its creation. And be sure to maintain an open line of communication throughout the entire project.

#3: Neglecting your RPA software after deployment.

Even after an RPA implementation, there’s still work to do. RPA software requires ongoing maintenance so that it continues to run smoothly.

Robots never deviate from their configured algorithms. But software interfaces, data formats, and company processes change. To make sure your RPA software continues to work in your environment, you need to make sure your business strategy team maintains it.

#4: Relying only on RPA.

While RPA is a helpful tool, it’s not the only tool. There are lots of productivity-enhancing solutions on the market. You should use RPA software as a part of your overall process optimization strategy. Not the entirety of it.

Take the time to analyze your business processes and determine where automation will make the most impact. You can also enlist the help of a provider skilled in RPA implementations. They’ll be able to provide guidance how to maximize your ROI using RPA software.

“It’s important to recognize and mitigate these [common issues] in order to facilitate the success of the organization’s RPA program.” —Ernst & Young

Deploying RPA in your business.

You need to consider every aspect of an RPA implementation before you undertake one. Evaluate the risks, rewards, and what resources you’ll need to maintain your RPA software. And remember, if at first you don’t succeed in your implementations, try again. There’s always a lesson to learn and apply to your future digital transformation efforts.

Related Blog: 3 areas of business that robotic process automation is optimizing.

 

3 areas of business that robotic process automation is optimizing.

By 2035, artificial intelligence is expected to boost average business profitability by 38% and lead to an economic increase of $14 trillion dollars.

One component of artificial intelligence taking the business world by storm is robotic process automation (RPA).

Robotic process automation is a type of software meant to mimic human actions in performing smaller tasks within larger processes. RPA systems learn actions by watching an end user execute a task within a software application’s graphical user interface.

The goal of RPA is to perform repetitive tasks quickly and accurately using a robot. This lets employees focus on more important aspects of the business like customer interaction and strategy.

“RPA takes the robot out of the human.” — McKinsey

In the business world, there are 3 areas where robotic process automation is making a dramatic impact.

#1: Business process management.

Business process management (BPM) is a systematic approach to streamlining processes, identifying areas that need improvement, and implementing best practices across all areas of an organization. It’s achieved through consultation with business strategists specializing in BPM.

One aspect of BPM is automation. That’s where RPA is changing the game.

RPA is the natural evolution of traditional automation. It’s easier to install onto existing software systems and extremely scalable. RPA software automates processes without changing, replacing, compromising, or adding maintenance expenses to existing applications. Thus, business consultants are increasingly using RPA in their optimization strategies.

Organizations can choose to incorporate RPA as a part of a complete business process management overhaul. Or they can simply automate individual tasks within their existing processes, achieving significant results with less time and investment.

“RPA projects save money, recoup the investment in just six to nine months, and don’t require major IT architecture changes or deep integration with underlying systems.” — Everest Group

#2: Data capture and transfer.

Instead of manually entering data into multiple databases, RPA is able to pull data from one application and push it into another according to the business needs. This is beneficial for form-driven and data-heavy processes like onboarding new accounts, fulfilling purchase orders or processing invoices.

Combined with machine learning capabilities, RPA learns from its mistakes and enters data more accurately over time, eventually eliminating the need for human supervision and error checking.

Related Blog: Harnessing Machine Learning’s Role in Data Capture

#3: Customer service.

Call centers use a variety of different systems and vendors to satisfy customer needs. When a customer calls in, a call center employee needs to pull up the appropriate account information, determine the reason for their call, switch between different systems and applications to retrieve the right details, and relay the best response back to the customer.

The longer this process takes, the more a customer’s frustration grows.

Using RPA, information can be captured, analyzed, cross-referenced, and shared across platforms. Thus, when a customer calls in, a tab with all of the right account details can automatically be opened on a representative’s desktop.

Robotic process automation also allows customer service representatives to avoid spending time entering the same data into different systems. Once a representative inputs data into one vendor system, the other systems automatically populate with that same information.

Each automation allows call center employees to successfully help more customers in less time with better results.

Harnessing the power of robotic process automation.

There are plenty of additional ways that RPA can have a dramatic impact on your business. A great place to start is looking at all of the processes within your company and identifying steps within them that can be automated. If you need help, be sure to reach out to an IT provider skilled in implementing artificial intelligence-based solutions.

Related Blog: Digital Transformation Trends to Watch in 2018

Digital Transformation Trends to Watch in 2018

As technology continues to advance, so does the rate of digital transformation among growing businesses.

Companies that leverage technology to automate their workflows gain a significant edge over their competitors. They are able to increase their productivity and drive down operational costs, maximizing their ROI.

In short, digital transformation makes rapid growth more attainable.

Many business owners are looking to the future, wondering what digital transformation trends will emerge. We’ve created a list of the ones that will likely continue to gain momentum in 2018.

Artificial Intelligence (AI)

AI is the technology behind advanced automation. It encompasses things like machine learning, cognitive computing, and more. It essentially allows computer systems to learn from data batches and past mistakes to adapt and fine-tune their operations automatically. With it, optimization opportunities are endless and innovation is inevitable.

“The aim of artificial intelligence is to have machines learn and deduct mass amounts of individual and collective data –and process through it quicker than a human brain would– to give the user a truly personalized response.” – Forbes

Arguably the most common example of AI in action is IBM’s Watson. This tool uses AI to help users to build customer service chatbots analyze content, translate natural language, and predict personality characteristics via text.

The Internet of Things (IoT)

Since its inception, the IoT has revolutionized the business world. It enables companies to automate, monitor, and improve their processes. And it simplifies the transfer and analysis of data.

For example, IoT automation enables manufacturing companies to reduce the number of employees they need to maintain asset production.

“The industrial IoT market is estimated to reach $123.89 billion by 2021.” – IndustryARC

Another major advantage of IoT is that it allows businesses to more easily provide customer support. For instance, Tesla recently began implementing “over the air” auto upgrades, allowing the luxury electric car owners to easily keep their firmware up-to-date.

Expect IoT to expand as different industries find innovative ways to take advantage of its capabilities.

Robotic Process Automation (RPA)

Data collection and analysis is the key to process optimization, and the latest approach is leveraging robotic process automation (RPA). In data analytics, RPA is a software configuration that quickly captures and interpret information.

Using this technology, business owners can easily identify bottlenecks and make fact-based decisions on how to improve processes and develop innovative solutions.

“47% of businesses are currently using big data tools to predict customer behavior.” – IDG

Uber currently uses RPA to more accurately calculate surge pricing and identify unsatisfactory drivers. Manufacturing firms are also leveraging it to receive supply chain analytics in real time and easily identify changes in product demand.

Adopting digital transformation trends.

Digital transformation is going to continue innovating the way business is done. As technology continues to advance, the number of ways to leverage AI, IoT, and RPA will increase. And the number of organizations harnessing the technology to increase productivity and decrease their human workforce will grow.

If you’re interested in learning more about how you can digitally transform your business, reach out. With so many applications available to improve results, our goal is to help you find the ones that work best for your organization.