The Power and Promise of Robotic Process Automation
In a recent AIIM survey on digitalizing core business processes, organizations were asked what benefits they hoped to achieve from process automation. The answers are interesting: Respondents gave nearly equal weight to cost reduction (42%) and a more transformative goal of value creation through information visibility (46%) and analytics (36%).
We know robotic process automation (RPA) is driving an automation renaissance all over the globe—Forrester predicts that more than 4 million robots will be in production by 2021, and we’re seeing the rise of a next-generation RPA platform that includes technologies like business process management, artificial intelligence, process mining and cognitive document automation (including OCR technology) for a complete end-to-end digital automation platform.
There’s solid evidence that RPA is taking the world by storm—and yet some organizations still don’t know this technology exists (less than half of the organizations in the AIIM survey were aware of and understood RPA) or the powerful benefits they can gain from it.
Let’s take a look at RPA at a high level—both its promise in reinventing the way we work, and its practicality in saving time and money.
The Promise of RPA
In an upcoming global survey of 300 companies, Forbes Insights is exploring three questions around the promise of RPA:
- Where RPA technologies offer the most promise for reinventing business processes
- What factors drive the mix of technologies and ROI
- How organizations can achieve fastest time to value
From its expertise in the field, PwC has developed the five keys to automation success, as well as what constitutes an ideal automation toolbox for achieving those joint goals of cost reduction and value creation at a fraction of traditional automation platforms.
Hear from Forbes Insights on the survey results and from PwC on how to achieve automation success at the Intelligent Automation World Series.
RPA in the Real World
Understanding if and how other organizations are succeeding with RPA is an important part of engineering your own process automation success. Insights from Forbes Insights and PwC are enhanced with a real-world case study from Colorado Housing and Finance Authority, which invests in affordable housing and community development.
CHFA was looking to automate simple business tasks throughout the organization. A few examples:
- Loan Servicing: The accounting department spent excessive time reviewing rows of data to import into the general ledger. An RPA robot can pull 35,000 rows of data into the GL in 20 minutes. (Yes, you read that right.)
- Originations/Loan Fulfillment: Filling out loan origination forms by copying-and-pasting information from external websites, portals and systems is time-consuming and error-prone. CHFA put a robot on it and populates claim forms.
- DIY Robot Building: RPA is unique in that it doesn’t require excessive help from IT once up and running. At CHFA, a business user was able to create and implement a robot herself.
Hear the whole story from Brian Mueller, Integrated Records Manager at CHFA, at the Intelligent Automation World Series—registration details are below.
Block off your calendar for our two sessions featuring the latest in thought leadership and a fascinating case study:
The Promise of RPA: Forbes Insights and PwC Share Findings
Tuesday, Sept. 11 | 11 a.m. – 12 p.m. US Eastern Time
From 3 Weeks to a Day: How CHFA Transformed Accounting Processes with RPA
Wednesday, Sept. 12 | 11 a.m. – 12 p.m. US Eastern Time