Did you know that all businesses, from retail giants to financial offsprings, claim that process integrations/ digital transformation work best with automation? According to a recent survey in the financial sector, the study revealed that:
- Firstly, 87% of businesses have untimely bot failures,
- Secondly, approximately 50% claim that it is difficult to deploy custom bots &
- Only about 39% see on-time deployments of bots.
At Mindset, our experts work on solving similar business pain points through design thinking, aligning digital transformation with the organization’s goals. Businesses are increasingly open to technology alternatives that include process automation.
Mindset offers multiple tools based on the type of business and its requirements. In my experience, it is critical to choose the right automation tool and framework for any project to succeed. Let me tell you why.
Invest & Incentivize
Herbart Spencer, famous for his doctrine in Social Darwinism, introduced the expression ‘Survival of the fittest ’. What it means is, only those who adapt, survive this rapidly changing world.
For companies looking for operational excellence at a minimal cost, RPA is one of the ideal solutions. During the pandemic the banking sector specifically reported an increase in customer queries by 1000x, which they resolved with the help of ‘Robotics Process Automation’ (RPA). Therefore, banks that relied on automation for operations & frontend functionalities (customer interactions/ requirements, etc) had much less to worry about during the pandemic, than their counterparts.
Let me put forth a few case studies to validate this.
Case study: 1
Sparebank1 SamSpar is a Norwegian financial services company. It supports 10 banks within the ‘Sparebank1’ system. When the global pandemic hit SamSpar recorded a whopping 5800% increase in inbound enquiries pertaining to loans and moratorium etc.
With the help of Intelligent automation the SamSpar responded to a flood of customer enquiries. They reported saving over 5000+ hours of work within 4 months of adopting bots.
Case study:2
Siam Commercial Bank is one of the oldest banks in Thailand. They had a vision to increase productivity by conducting a complete re-organization of processes.
They faced a huge challenge in managing ATM errors, which would take upto 7 days to rectify. However, with the introduction of fully automated bots, the resolution time dropped to 10 minutes, and the bot ended up resolving errors in 24000 ATMs within a year.
The pandemic presented us with innumerable challenges. In contrast, across industries RPA played a role in solving business challenges caused by the change in working methods which not only helped companies survive, but thrive.
Automation & its importance:
Businesses today, sprint in the face of digitalization. But, to survive & outlive the race, building resilience is important. However, besides the tough competition, automation is advancing with time, evolving constantly.
Throughout my career, I have worked on many automation projects. These projects cater to the development of purposeful organizations with tools such as Blue Prism, UiPath etc.
At Mindset, we don’t believe that RPA is just about development, implementation, User Adopted Testing (UAT) and going live. With the help of design thinking we empathize with users and their specific pain points to increase user adoption of the final solution.
In keeping with this approach, our new vendor invoice management system using RPA can sift through and manage an inordinate amount of vendor invoices. It can do this simultaneously from multiple PDF files. Managing and processing vendor invoices have traditionally been handled manually, making it a tedious and extremely time consuming process. Further, with the new Vendor invoice management system, the bot automatically processes invoices at a predestined time in a matter of a few seconds. However, in the event that there is an error in the invoices, the bot triggers an email to the project owner with reasons for the processing error.
Extracting data from PDFs manually, updating invoice status and generating reports is time consuming, and prone to human errors. However, with the bot, all these tasks are managed automatically in a matter of a few seconds, thus increasing productivity and efficiency.
Mindset’s Vendor Invoice Management System
- In the video above, you can see how the bot picks PDF files from the email and stores them in the predefined destination folder.
- The bot logs-in to the SAP system and picks data from PDF files according to the transaction and generates reports in excel.
- The report will be generated & sent through an email.
The Vendor Invoice Management is further enhanced with Artificial Intelligence and Machine learning which means it can work on different formats of data like PDF, Word, jpeg etc. irrespective of font size. AI teaches the bot in recognizing the relevant files, focusing on algorithms that imitate human behavior, gradually improving accuracy. Further, the bot can schedule operation in real-time and multiple times on a need basis.
RPA handles large and repetitive tasks with perfection and works round the clock. Additionally, it is cost-effective. In conclusion, RPA today is undeniably a powerful tool of digital transformation for businesses today.
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