Written by Neha Madiya
Digital Marketing Content Lead at Royal Cyber
RPA has become a super-star technology that helps organizations achieve increased efficiency through automation of everyday tasks that have repeated sequences of actions. This property enables businesses to focus their digital workforce on more creative and critical jobs, which reel more profit in the future.
With this gold mine, most business sectors can find the effective use of RPA technologies within their system. The only problem with that is the unavailability of skilled personnel who can devise, implement and maintain a practical RPA solution. This is where the role of RPA consultants comes in.
RPA consultants can either be a single engineer or an entire organization to help you set up a successful system according to your organization. Designing a Robotic Process Automation is a two-step process that is both labor and knowledge-intensive. It requires a coding pedigree and management and documentation knowledge for an efficient implementation that doesn't hit any roadblocks. The following points explain why an organization needs RPA consultants in the first place.
RPA designing is an end-to-end process with various steps to be completed to yield a robust and efficient system. These steps are: -
While your in-house development team can perform all these tasks, they may not have the same efficiency or the technological know-how to design an RPA system. Furthermore, your team may already be over bundled or lack the experience to build successful automation solutions.
RPA consultancy is a personalized endeavor. Therefore, the team working for you should have a versatile approach and realize that the "one shoe fits all" technique doesn't work as each organization has different needs. Your chosen RPA consultant should be able to:-
Provide fast results in a fixed time frame.
Choose the correct RPA tool with thoughtful consideration.
Create a system that boosts the overall process speed while the headcount remains constant.
Identify the most optimizable process, which may not often be obvious.
Considering the above points, an organization must opt for an experienced consultancy that would give the desired results within a stipulated time frame.
Scout for RPA experience - The consultant you are looking for must have sufficient expertise in designing RPA's. As this field is taking off, many new people are jumping in with the promise to create the right system for companies. An organization will benefit from choosing someone that has more experience in this area of expertise.
Experience according to the industry - While more RPA consultants and designers will perform the job well, it certainly does not hurt when your chosen consultancy has prior experience in your specific industry. It circumvents the need for you to explain how each of your organization's business processes works as they may have already experienced it or made an automation system for it.
Area of implementation - You can further trim your list by determining whether your candidates have completed previous projects in the specific domains you are looking to automate. For example, these domains can be call center, mail processing, inventory management, and more.
The following two points may not be necessary but may very well be a tiebreaker between your final choices.
Location - Despite the availability of video conferencing and e-collaboration solutions, nothing beats face-to-face discussion to satisfy your automation requirements.
Past working history - Many organizations would prefer to work with a firm they have already worked with in the past.
RPA consultancy has its benefits in every sector, and investment banking is no exception to it. Since RPA consultants are providers of services and create the right solution for your organization, investment banking firms can bank on these benefits and optimize their systems in the maximum capacity. RPA can be implemented in the following fields in the investment banking sector.
You can utilize RPA consultants' experience by making them design a system through which financial reconciliation and verification steps can be performed easily. You can also optimize your current paper-based processing system to a digital one through automated OCR systems.
Investment banking deals with much-changing information, which is at times hard to keep track of. RPA bots can be used in this situation to catch these changes while they are happening and test the validity of your trades against them. You can also use RPAs to perform regulatory audits.
RPA technology can also be implemented to perform automated customer verification and help in trade execution while monitoring large storage.
In these ways, investment bankers can help RPA consultants optimize their business processes with intelligent automation and bring about more efficiency and customer satisfaction.
RPA consulting provides intrinsic and detailed access to Robotic Process Automation which provides various financial improvements to companies. There are many fields across which RPA can be used to accelerate business processes and automate them. Following is a concise guide of various streams and how RPA can benefit them:
Manufacturing chains and processes can be positively influenced by Robotic Process Automation by streamlining daily systems like billing and accounting. These processes often contain a significant margin of human error which is also eliminated through digital evaluation.
Healthcare industry can benefit from RPAs by automating manual tasks such as report digitization and automated billing, personalized user experience, appointment turnout optimization, and more. This process will free up the time for more critical processes.
The banking and finance sector can benefit from RPA in various processes such as compliance evaluation and Know-Your-Customer streamlining. It provides transparency which is necessary when dealing with the management of people’s assets.
The insurance sector contains a lot of fraudulent or misinformed sections which are practically applied by human understanding. We can optimize such processes through RPA by analyzing data related to claims and helping agents in making better decisions.
Education processes are not just about teaching students but also contain a backdrop of administrative work. Processes such as eligibility checks, enrollment processes, and meeting schedules can be automated through the implementation of RPA.
RPA consultants can be highly beneficial to your organizational needs if chosen correctly. They will design the required system within a set time limit and figure out the intricacies that your in-house tech staff and programmers might miss out on. Royal Cyber’s certified RPA consultants will save time and money that can scale your business growth. You can accelerate the business processes with the time you have gained from optimizing the system with automation.