Robotic Process Automation (RPA) software enables organisations to utilise technology to undertake repetitive tasks, such as data entry, by using scripts into applications. For many organisations RPA offers the opportunity to use technology to reassign resources and improve data quality and process efficiency.
RPA in finance
Routine data entry takes up a significant proportion of effort. Data capture, at whatever stage of the business process, is time consuming and results in errors which take time to resolve.
For many organisations the RPA is a team member, they will even give their robots names to personalise the activities that people own.
'In the short term, there are possible reassignments. But in the long term, as the whole process becomes embedded, headcount reduction is a given.'
Kelvin Musana, Standard Chartered Bank
Understanding the opportunity can offer a cost arbitrage by bringing down processing costs; challenging the off-shoring models that have developed. Costs and benefits should also be weighed against the reduced costs of rectification of data entry issues.