Banking Agenda: Issue 1, 2017
Robotics process automation feature
Digital and robotic technology is changing our working world faster than ever before.
Software Robotics, or Robotic Process Automation (RPA) promises to transform the cost, efficiency and quality of executing many of the back office and customer-facing processes that businesses rely on people to perform.
Given the promise of RPA, where do companies go wrong? Any technology that can reduce the costs of existing manual operations by 25% to 40% or more without changing existing systems, yet improve service and generate return on investment (ROI) in less than a year, can truly be described as transformational and disruptive.
Getting RPA projects right is difficult. So what are the top 10 issues that companies always need to address to deliver on the promise of RPA?
- Not considering RPA as business led, as opposed to IT led.
- Not having an RPA business case and postponing planning until after proof-of-concepts (POCs) or pilots.
- Underestimating what happens after processes have been automated.
- Treating Robotics as a series of automations vs. an end to end change program
- Targeting RPA at the wrong processes.
- Applying traditional delivery methodologies
- Automating too much of a process or not optimising for RPA
- Forgetting about IT infrastructure.
- Assuming RPA is all that’s needed to achieve a great ROI.
- Assuming skills needed to create a PoC are good enough for production automations
By adopting these ever-evolving technologies, organisations are seizing the opportunity to transform business models, products, services and the experiences of the consumer and employees.
How ready is your organisation? There is no ‘one size fits all’ approach. Scale, culture, existing technological maturity, and consumer and employee profiles all determine which technologies to invest in and which are likely to repay that investment.
Having supported organisations to start, continue or rapidly accelerate their digitisation, before undertaking a digital and robotic technology transformation we encourage business leaders to challenge themselves to consider:
- Do you really understand the opportunity?
- Have you readied your organisation?
- Is your workforce equipped?
For more information, contact a member of the EY Oceania Financial Services team:
- Andy Gillard - APAC Financial Services Digital Operations Leader