Posts

How Robotic Process Automation Can Solve Your Legacy Problems

How Robotic Process Automation Can Solve Your Legacy ProblemsThere are few things an IT executive dreads more than having to replace an outdated legacy system. You know…those ancient programs that hold some of (if not all of) the organization’s critical, “can’t survive without” data. The reality for many companies is that these legacy systems remain the foundation from which all business processes function. Unfortunately, as these systems become increasingly challenging to manage and are no longer capable of meeting the changing demands of customers, they become a much bigger concern. Thankfully, with robotic process automation, replacing them entirely is no longer the only option.

Depending on the overall scale of an organization’s legacy systems, replacing outdated technology with newer, better systems can take months or sometimes even years. Add to this the increasing pressure to ensure a seamless and error-free data migration. Finally, and perhaps most importantly, customers and employees alike must be able to access the systems they need just as they normally would even while the replacement is occurring. One IT executive in the banking industry likened the replacement of legacy systems to “changing the engine on a Boeing 747 while still in flight.” In other words, it’s incredibly difficult and a monumental task to say the least.

In the past, replacing entire legacy systems could be avoided (along with the astronomical costs associated with such a feat) by offshoring or outsourcing. Unfortunately, this is not always feasible, especially for companies that have a significant number of users. Robotic process automation provides the ideal solution to legacy problems, regardless of business size or industry. Here’s why.

It’s fast.

Let’s say a competitor of yours has come out with a new and improved feature to serve customers that your legacy systems unfortunately do not have the capacity to support. Rather than scramble to find a solution and waste valuable time in the interim, robotic process automation can help bridge the gap, either temporarily or as a long-term solution. Considering the fact that the legacy replacement process typically takes years to complete, RPA provides a much faster solution, allowing your company to remain competitive at all times.

It’s more secure.

One of the biggest downsides to outsourcing is the loss of control and subsequent increased data security risk associated with giving up that control. Because robotic process automation is an in-house solution, all of your sensitive data remains in the full possession of your IT department. This makes it an inherently more secure option. Additionally, unlike offshoring, with RPA you can easily scale up or down at a moment’s notice based on need.

It’s affordable.

The reality is, many organizations have been built upon old systems that date back to the 70s and 80s. For many, these ancient relics are simply too expensive to replace. Robotic process automation provides an affordable alternative, allowing businesses with any budget to break the chains that once bound them to their outdated systems. This opens up the doors to virtually limitless possibilities.

Obviously there are certain limits to how much RPA can revitalize legacy systems. For instance, this type of technology cannot actually alter outdated systems. It can, however, serve as an interim solution unless and until a full replacement becomes necessary. For many organizations – particularly those that do not have the means or resources to completely dismantle and replace their existing infrastructure, RPA may be well worth considering.

Want to try robotic process automation for yourself? Click here to start your free 30 day trial now.





eBook: 10 time consuming tasks you should automate




The Challenges of Implementing Robotic Process Automation

The Challenges of Implementing Robotic Process AutomationRobotic process automation has revolutionized the way businesses operate. In its most basic form, RPA facilitates the automation of routine, repetitive manual processes, alleviating human workers of their most mundane tasks and streamlining workflows to make them more effective and efficient. Sounds ideal, right? It can be, but it’s also important to understand that there can and likely will be certain challenges when implementing an RPA initiative. Anticipating these challenges can make it easier to overcome them for a smoother transition.

Choosing What to Automate

When first starting out, we typically recommend starting with one or two workflows and then building from there. But choosing which tasks to automate first can be difficult, especially if there are multiple departments and employees who want to take advantage of RPA for their own benefit. Your best bet is to conduct a thorough audit of everything that’s done on a daily basis, identify and prioritize which areas are creating the most inefficiency and then work through the list that way.

Employee Resistance

Just because management is on board with RPA doesn’t necessarily mean everyone else will be. Many frontline workers view robotic process automation as a threat that will eliminate their jobs. While this may certainly occur, in most cases, RPA will create new and better opportunities for those employees. Education and open, honest communication is key. By showing them how automation can and will make their lives easier, you will break down this resistance and gain much needed buy-in.

Setting Realistic Goals and Expectations

Leading any change initiative, including the adoption of automation, requires defining and setting realistic goals and objectives. It also involves setting expectations about what changes are occurring, what the future will look like and how everything will likely play out over a specified timeframe. Without these things, the process can drag on, get off track and lose momentum. It can also quickly lose the buy-in and support of employees. Be mindful of this throughout the entire planning and implementation process.

Risk of Creating Silos

The goal of any robotic process automation project should be to make the business operate more fluidly and efficiently. If the team leading the initiative isn’t careful, the result could be the exact opposite. Make sure you’ve chosen an RPA tool that is fully integratable to connect and support existing systems for a more harmonious infrastructure. If your RPA is standalone, it will only add another headache to an already frustrating environment of disparate systems.

Getting Started

Sometimes the biggest challenge to RPA implementation is simply getting the ball rolling. If you feel your team is ready to take the plunge, you can start today by downloading a free trial of eyeShare. This will allow you to feel your way around and experience firsthand how robotic process automation can benefit your business.

The best time to make your move is now. Click here to get started.



eBook: 10 time consuming tasks you should automate




The Role of Robotic Process Automation in Big Data Analytics

Without a doubt, we are living in an age when information is always available at our fingertips. Sometimes it seems as though we are practically drowning in the data that’s available to us. In fact, according to IBM, there are some 2.5 quintillion bytes of data created every single day, and an estimated 90% of all the data in the world today was created in the last two years alone. And while much of this “Big Data” may seem irrelevant to you, organizations around the world are taking it very seriously. So much so that many are now employing the use of robotic process automation to help harness, analyze and leverage it.

The Role of Robotic Process Automation in Big Data AnalyticsWhat’s the connection? Well, for starters, using robots to automate business processes can simultaneously result in the retrieval of all kinds of information about how those particular processes are carried out. In this sense, robotic process automation is much more informative than even the best human analyst could ever be. In addition to extracting data, robots can also record everything and pull it together to become much more useful to key decision makers, helping to discover bottlenecks and other problems and identify opportunities where processes could be better optimized.

Data analytics can transform an astronomical amount of information into patterns that are logical and easy to understand. In fact, it’s pretty commonplace for advanced analytics to be built right into many of the software products that are on the market today (Google Analytics, anyone?). Robotic process automation solutions are similar in that they are capable of gathering data and reporting analytics for any given time duration.

You can use RPA to gain insight into any of the following (just as a few examples):

  • Total number of completed transactions
  • Average time each transaction (or workflow) takes
  • Number of business and/or application exceptions generated
  • Estimated time until task/process/workflow completion

Ultimately for Big Data to be useful, it must be properly vetted, thoroughly analyzed and appropriately organized into something that makes sense to someone who doesn’t necessarily have a background in advanced analytics. Delivering this valuable end result is another key benefit that robotic process automation has to offer. So now, not only can robotic process automation help create a more efficient, productive work environment, but it can also help identify problems and opportunities for improvement.

Could your business benefit from using robotic process automation, for Big Data or any of the countless other advantages it affords? Why not find out today for free? Download your own copy of Ayehu automation platform and start experiencing for yourself how powerful the right RPA solution can truly be.





eBook: 10 time consuming tasks you should automate




Reducing Complaints with Robotic Process Automation

Reducing Complaints with Robotic Process AutomationCould robots help you reduce the amount of complaints for your operation? The answer is yes. Well, robotic process automation, that is. By implementing RPA within your organization, you can dramatically reduce the number of human errors that occur from manual processes while also improving the speed with which you are able to deliver service. Fewer errors and faster results mean end users and customers alike will be more satisfied. Let’s take a look at exactly how this all works.

Firstly, robotic technology delivers productivity levels that are multiple times greater than that of human workers. When’s the last time your IT team was able to work round the clock without ever taking a single break? In fact, the only time RPA is inoperable is during system down-time, which is typically planned for and scheduled in advance. Using robots to complete most back-office processing tasks alone can result in an improvement of efficiency levels of upwards of 90%.

In addition to creating a more efficient, productive work environment, robotic process automation also provides a much greater degree of flexibility and scalability. Most businesses experience certain peak times during which the workload and subsequent demand on human workers fluctuates up. Previously when this occurred, organizations were faced with the limited options of asking existing employees to work more or hiring additional workers to compensate for the increased need. Robots have revolutionized how these peaks and valleys are handled, allowing businesses to scale up or down at the veritable click of a button.

Because robotic process automation technology facilitates greater productivity and efficiency and delivers the ability to seamlessly adapt to changing workload demands, it naturally helps to reduce many of the costs associated with the traditional non-automated workplace. Furthermore, by shifting many of the highly repetitive, mundane tasks from humans to robots, morale and employee satisfaction subsequently improves as well. Talented personnel is freed up to focus their skills and attention on other, more worthwhile and fulfilling activities, which benefits employees as well as the company as a whole.

Regardless of which industry or sector your organization happens to operate, without question robotic process automation could deliver a whole host of benefits, not limited to the ones listed above. The better your company operates within, the greater degree of satisfaction you will achieve, both internally as well as with your customers. Happier employees and clients mean fewer incoming complaints, which is music to the ears of almost any executive.

If you haven’t yet begun reaping the benefits of RPA for your company, the time to do so is now. Download a free 30 day trial of eyeShare today to get started and experience for yourself how powerful having an army of robots at your disposal truly can be.





eBook: 10 time consuming tasks you should automate




Could Your Best Employee Be a Robot?

Could Your Best Employee Be a RobotImagine for a moment that you’re attending an important business meeting and the CEO makes an announcement about which employee has been the most productive over the past month. Now, imagine if that statement is concluded – not with the name of you or any of your colleagues – but instead with the word…robot. More specifically, robotic process automation.

Could a machine actually take the place of employee of the month? The overall answer is yes. Here’s why.

It’s no secret that IT professionals are continually being asked to do more with less. That is, to be as efficient and productive as possible while simultaneously reducing the number of resources being used. As a result, IT leaders have to find a way to maximize output while also minimizing the time and costs associated with producing that maximum output. With human workers, this simply isn’t possible without either increasing the number of hours worked or hiring additional staff, neither of which are cost-effective.

Another area where IT departments experience a great deal of pressure is that of service levels. The expectations of delivering services and resolving issues quickly are increasing at a tremendous rate, and if those demands can’t effectively be met, the department and the organization as a whole could potentially lose its competitive edge. Yet again, in order for human employees to achieve these goals, they would either need to work more or hire additional staff.

Enter robotic process automation, or the software that can basically take on all the time consuming day to day tasks that the help desk currently handles. Whether it’s password resets, system monitoring, incident management or some other simple or complex workflow, robotic process automation can be leveraged for all of it. As a result, work is completed at a much faster rate, with fewer mistakes, driving productivity and efficiency up while also bringing costs down.

Many IT professionals are under the mistaken impression that RPA is somehow a threat to their livelihood. After all, if a robot can be used to do all these tasks, what’s the point of employing human workers? Why not automate the entire operation?

Well, for starters, many automated processes still require some human oversight of input. Secondly, while robotic process automation may take some of the work away from humans, it will inevitably free up skilled workers, enabling them to apply their skills to more complex and mission-critical business matters. So, in reality, RPA isn’t a replacement for humans, but rather a shift in responsibility. To that end, it should be embraced rather than feared and resisted.

So, at the next company meeting, when the big boss stands up and hails RPA as the company’s best employee, that doesn’t necessarily mean bad news for the people who work there. As long as robotic process automation is leveraged properly and viewed as the powerful and innovative tool it truly is, its role as employee of the month (or decade) is something that will make the jobs of human workers much easier and ultimately drive the ongoing success of the company as a whole.

To learn more about how you can make robotic process automation your best employee, check out this brief video or click here to start your free trial today.





eBook: 10 time consuming tasks you should automate




The Role of Robotic Process Automation in Zero-Based Budgeting

The Role of Robotic Process Automation in Zero-Based BudgetingAnnual budgeting got you down? If so, you’re most certainly not alone. In fact, this business priority is one of the biggest causes of stress and anxiety among executives, particularly those who are working under the concept of zero-based budgeting. If you’re not familiar, the Wall Street Journal defines this type of budgeting as, “requiring managers to plan each year’s budget as if no money existed the previous year, rather than using the typical method of adjusting prior-year spending. That forces them to justify the costs and benefits of each dollar every 12 months.” Let’s examine this a bit more closely and also take a look at how robotic process automation might also play a role.

The zero-based budgeting methodology was recently thrust into the spotlight thanks to a handful of major acquisitions that occurred. As a result, many experts believe that it’s a sign of things to come for businesses of all sizes. So, even if you’re not planning any mega-billion dollar merger or takeover, becoming more familiar with this new type of accounting is probably wise. Equally important, understanding what tools are available to you that can make a transition to zero-based budgeting more feasible and much less stressful is also key.

Anyone with P&L budget responsibilities is already well aware of the increasing pressures and heavier workloads placed on them at certain times of the year. Zero-based budgeting takes this to the next level, requiring an annual reevaluation of every single operational component of the business. This includes, but is not limited to, justifying payroll and operating expenses, both your own and those under your authority. Are you comfortable that the numbers on paper will accurately demonstrate how hard you and your team are working day in and day out?

Obviously proving value within any budget isn’t anything new. What is different with zero-based budgeting, however, is the degree to which the “powers that be” will assess and weigh that value. This is where robotic process automation can be a game changer. And RPA is nothing new either. In fact, the use of software robots in the business world has been around for quite some time, though it was primarily automation of IT processes and incident management that took center stage. Today, robotic process automation is making an impact on the business world as a whole, and its value can especially be felt in the budgeting process.

Think about it. By shifting most or all of the menial, repetitive tasks that are bogging you and your team down on a daily basis over to machine, you’ll accomplish two main things. First, you’ll dramatically improve efficiency. The work will get done faster and without the risk of costly human error. Second, your human personnel will be freed up to focus their skills and resources on more critical business matters. Both of these things can have a positive impact on how the so-called bean-counters view the output of you, your team, you department or your division. Couple this with the fact that RPA will also lower operational costs and you’ve got a winning formula for success.

Why does RPA fit so well with those adopting zero-based budgeting? Simple. Because the ultimate goal of this methodology is to identify and eliminate unjustifiable expenses. And it’s not about robots replacing humans. To the contrary, this type of accounting often helps to pinpoint specific operational tasks and workflows that are negatively impacting productivity and therefore costing the company too much money.

Take, for example, a person who is responsible for onboarding new team members. This is only a small portion of his or her daily job, and it’s something that’s completely justifiable because it’s necessary. What isn’t justifiable, however, is the fact that said employee is spending an additional 15% of his or her time fixing errors. By honing in on that area of inefficiency and introducing RPA into the process, the workflow is thereby streamlined, errors are reduced, time and resources are better allocated and the budget is back on track.

Whether or not your organization is currently utilizing zero-based budgeting or may consider doing so in the future, robotic process automation is something that can benefit any accounting methodology. After all, what company wouldn’t benefit from greater efficiency, higher output, fewer errors and overall cost savings all around?

You can get ahead of the curve and start realizing these benefits now by launching your free trial of eyeShare. Click here to download your copy today.





eBook: 10 time consuming tasks you should automate




Robotic Process Automation 101

Robotic Process Automation 101The term “robot” often conjures up visions of popular mechanical figures, like R2D2 and C3PO, however, for the business world the concept of robotics is vastly different. Robotic process automation, often called RPA for short, has been around for many years, and is now evolving into a much more robust and useful tool for businesses of every size, shape and industry. So, what exactly is this type of automation and, more importantly, how can you use it to benefit your organization?

Wikipedia defines robotic automation as “the automation of industrial and clerical processes using robots”. RPA software in business typically refers to the latter. In the most basic of terms, RPA is an application software that works much the same way a human would. Human personnel can “train” (i.e. program) process robots to perform certain tasks or workflows just as they would train a new hire, only in much less time and at a much lower cost.

Robotic process automation provides a number of benefits to an organization, such as the following:

It saves time. Routine, repetitive tasks take a tremendous amount of valuable time away from your skilled personnel. By shifting these monotonous tasks over to a process robot, your employees can focus their time and efforts on more important business projects.

It’s cost effective. RPA software can work much faster than human workers, producing greater output in less time, which means lower operational costs for a better bottom line.

It helps optimize resources. Since one robot can handle the workload of several human employees, managing staffing needs is much easier and straightforward. As the workload and demand fluctuates, the RPA tool is flexible and agile enough to accommodate and scale, so there’s no need to worry about increasing or decreasing physical staff.

It eliminates the need to outsource. Over the past few decades, many organizations have turned to outsourcing as a way to save money and improve productivity. Robotic process automation can eliminate the need for this, allowing all work to stay securely in-house.

It creates competitive advantage. Automation can boost productivity, efficiency and service levels by such a wide margin – and without the need for a significant cost increase – that it can provide a distinct advantage of your competition.

Robotic process automation can be leveraged just about every industry, however, those businesses that have a particularly noteworthy volume of routine, repetitive and manual back office tasks and processes will benefit the most. This includes such companies in the telecommunications, banking, insurance and utilities industries. By harnessing the power of technology to do the heavy lifting for your business, you’ll most certainly open the doors to bigger and better opportunities.

Not sure what processes you should start with? Check out the 10 Time Consuming Tasks You Should Automate below or download your free trial of eyeShare today and get started on the path to a better future.





eBook: 10 time consuming tasks you should automate




Insurance Professionals: How to Save Money, Maximize Time and Retain Customers

Insurance Professionals: How to Save Money, Maximize Time and Retain CustomersThe ultimate goal of any insurance company is to maintain a smooth, efficient and orderly claims process and, of course, save money at the same time. If done properly, that savings can then be passed on to the customer, which promotes long-term, loyal customer retention. Given the volume of transactions and subsequent mountains of data, however, this is no easy feat. That is, unless you have the right tools in place. Namely: robotic process automation. Here’s how RPA can help insurance professionals maximize efficiency, deliver exceptional service, remain compliant and, above all, increase profitability.

Fast and Quantifiable ROI

Because robotic process automation takes some or most of the many manual processes being performed in the modern insurance office and shifts them from human to machine, the output instantly becomes faster. The quicker work is performed, the more efficient the operation runs across the board. Everything from basic tasks to complex workflows can be automated and deployment can occur in mere minutes, which equates to almost immediate return on investment.

Eliminate Human Error

With people running the show there will always be errors. It’s just the simple truth. Unfortunately, given the nature of the insurance industry, one tiny mistake could easily lead to serious consequences – both financially and reputation-wise. Incorporating RPA into business operations, either on a basic level or to an advanced degree, can facilitate much more accurate output. When you eliminate the margin of human error, process efficiency goes up and operational costs go down, which means a much more attractive bottom line for your business.

Greater Customer Satisfaction

Without question, we live in an on-demand society in which consumers don’t just want fast, quality service – they expect it. When internal operations can be run like a well-oiled machine, it translates to the delivery of exceptional client service, which is rewarded with higher retention rates and more word-of-mouth marketing. And with things like self-service automation, the customer feels empowered and the entire process – from applications to account maintenance to claims – is more streamlined with fewer delays for a better overall experience.

Better Compliance

The insurance industry is wrought with complex regulations and mandates enforced by the government and other regulatory bodies. Remaining compliant at all times is absolutely critical to the success of any firm, but with humans at the helm, and the subsequent errors they’re prone to, there’s always a greater risk. Failing to comply can result in everything from fines to sanctions and could even put an otherwise solid company out of business. With robotic process automation, all rules-based activities can be handled electronically, without the risk of human error. This ensures that all processes are executed in strict accordance with policy, helping to maintain compliance at all times.

Competitive Advantage

Few industries are as competitive as the insurance field. Customers have the ability to shop around and select from any number of candidates for their insurance needs. Finding a way to stand out amongst the crowd is what will ultimately separate those companies that are most successful from the ones that fall by the wayside. Delivering faster service, offering better customer satisfaction and being forward thinking with technology, like robotic process automation, can help position your insurance company ahead of the rest.

Is your insurance agency running as efficiently and cost-effectively as possible? Could you use help eliminating costly human error, delivering better service and remaining compliant?

Getting started with RPA has never been easier. Simply click here to start your free trial today and put your company on the right path toward greater success.

5 Ways RPA Can Make Life Easier for Your CFO

5 Ways RPA Can Make Life Easier for Your CFOWithout question, the Chief Financial Officer role is one of many critical responsibilities. On any given day, the CFO is tasked with everything from holding budget meetings to evaluating investment risk to financial planning and, of course, managing staff. What’s more, everything they do will center around a host of strategic business goals, including growth and cost management. Above all else, CFOs must be agile and capable of reacting quickly to the changing world around them. Technology – namely robotic process automation – is now paving the way for making the lives of these professionals a little bit easier.

Quick and Efficient Budget Approval

Budget issues are a necessary evil for any CFO, complete with endless proposals, forecasts and scenarios. Gaining executive buy-in and approval can sometimes feel like a never-ending uphill battle. One significant way that robotic process automation can benefit a busy CFO is by providing quick, straightforward and quantifiable ROI. Faster approval means more timely implementation and widespread business process improvement across the entire enterprise.

Dealing with Mergers and Acquisitions

Taking on the additional workload that comes along with facilitating mergers and acquisitions – on top of the present enterprise operations, and while remaining on budget – is often listed as one of the most difficult tasks finance executives must deal with. Adopting new policies, incorporating existing systems and modifying procedures across the board is equally challenging. Robotic process automation is the ideal tool for these situations because it offers end-to-end automation with seamless integration for a more uniform infrastructure and with little to no disruption in current operations.

Error-Free Revenue Growth

Many accounting functions still depend heavily on manual labor, which means that they’re also prone to a good deal of human error. Add to this the increased reliance on outsourced labor and the language and cultural differences that come along with it, and you’ve got a recipe for potential disaster. Keeping up with operations and putting out fires is a huge time waste – time that could be better spent focusing on growth and increased revenue streams. RPA provides an army of software robots available 24/7 to produce fast, efficient and error-free work.

Compliance Adherence

Government regulations as they apply to corporate finance are changing and evolving at an almost mind boggling rate. This becomes even more of a challenge for firms that operate in multiple states or countries, as many of these laws and regulations vary based on location. Part of the CFOs role is to ensure ongoing compliance with any and all governance, which requires a great deal of knowledge and constant updating of information. Using RPA, those in charge can be confident that processes are carried out in accordance with policy, thereby relieving some of the burden.

Talent Management

Despite what you may have heard, robots are not going to replace human workers – at least not for the foreseeable future. This means that the CFOs of today and tomorrow will still be tasked with overseeing employees to ensure optimum efficiency and productivity at the lowest operational costs possible for the organization. Once the repetitive, rules-based manual tasks are shifted to RPA, the human workers can focus on more important mission-critical projects. And because RPA produces fast, error-free work, costs will be optimized as well, leading to an even more favorable bottom line.

When it comes to the Finance and Accounting (F&A) realm, technology has always been an essential driver of success. For this reason, it’s not surprising that many CFOs are now turning to robotic process automation as a tool to make their organizations run more efficiently (and subsequently make their lives a little bit easier).

Want to experience these benefits for your own accounting department? Get started today by clicking here.





eBook: 10 time consuming tasks you should automate




4 Obstacles to Robotic Process Automation in Financial Services

4 Obstacles to Robotic Process Automation in Financial ServicesWhile almost any business can benefit from robotic process automation, there are certain industries that are particularly ripe with opportunity. One such field is that of financial services. With such a high volume of daily transactions and mountains of require documentation, being able to leverage the power of automation to streamline operations and maximize efficiency while also cutting costs is the key to maintaining competitive advantage. Yet, there are still a great number of institutions that have yet to jump on the RPA bandwagon, and one or more of the following obstacles are what’s typically standing in the way.

It’s not a business priority.

In the IT realm, automation has long been regarded as a godsend and is widely used across most industries. Extending those technological capabilities and benefits beyond the IT department and into a broader business process tool hasn’t been quite so openly embraced. This is due in large part to a lack of knowledge and a failure to grasp the full spectrum of benefits that robotic process automation can present.

In reality, RPA has the potential to transform the financial services industry, dramatically enhancing how businesses are run and improving services levels both internally as well as at a customer level. It is flexible enough to fit with just about any business model and can scale up or down to meet the changing needs and demands at any given moment. Furthermore, the vast majority of routine daily tasks can be handled by machine, which makes for a much faster output that is free from the risk of human error.

Traditionally, financial institutions lack agility.

It’s somewhat paradoxical if you think about it, considering how frequently we hear of mergers and acquisitions in the financial sector, but in truth, banks and other institutions have traditionally lagged behind in terms of the ability to quickly adapt and respond to changing market forces. Furthermore, the increasing and evolving demands from a new generation of customers are forcing financial companies further out of their comfort zones. The thought of adding one more change – adoption of a new technology – can seem nothing short of overwhelming.

The beauty of today’s robotic process automation tools is that they are specifically designed to be robust yet lightweight and flexible. They don’t require a significant amount of training and they can be managed by just about anyone, regardless of technical know-how. As a result, institutions can have a significant portion of their tasks and workflows automated in just days, a far cry from the cumbersome software changes of the past.

Existing applications and systems aren’t compatible.

Another reason many financial service firms have not yet begun using RPA is because of the misconception that their legacy systems won’t be able to handle the transition. While this may have been true of certain products that were introduced to the market in years past, today’s robotic process automation software tools have been specifically developed to be compatible and fully integratable with just about every system and application currently used in the industry today.

What’s more, the right RPA tool can actually make your entire operations more cohesive by bridging gaps, eliminating silos and creating a much more unified infrastructure.

Concern over compliance and governance issues.

Without question, the financial industry is one of the most heavily regulated fields in the world. Institutions know that strict compliance with government and other regulatory bodies is absolutely essential and that failure to do so – no matter how miniscule the incident – could bring about monumental consequences. This fear has caused many leaders in this sector to avoid adoption of extraneous technology, which is how RPA is often viewed.

The robotic process automation solutions of today are actually ideal for highly regulated fields such as finance and insurance because they offer the enhanced ability to view, track and report any changes to business processes. Automated tasks are managed and controlled using a centralized dashboard. Furthermore, all tasks, workflows and processes can be documented and tracked for auditing purposes. Lastly, the right RPA product will be built with the utmost security in mind.

With the growing volume of data looming and rising costs associated with managing a successful financial services firm, banks and other institutions have no other choice but to take advantage of the technology that’s available to them. Recognizing the main concerns that may be holding you back and understanding the reality behind these misconceptions can make adopting and implementing RPA a much smoother and positive transition for everyone.

Ready to get started? Click here to download your free trial of eyeShare today.





eBook: 10 time consuming tasks you should automate