RPA Innovation for a $70 B Financial Services Client
SGA Facilitates the Implementation of Workforce Automation Software for a Global Financial Services Client, Creating an Efficient and Futuristic Workforce
What is RPA and How Does It Work?
Robotic Process Automation, otherwise known as RPA, is the process of software becoming capable of performing tasks previously performed by humans. Simply put, RPA software has the ability to "learn", and repeatedly perform tasks at a higher volume than humans can. In today’s enterprise environment, RPA software will run in parallel with a “human trainer”, and collect data on the interactions or tasks performed. The software then uses this data make determinations regarding how data should be recognized or organized, or what steps are needed to accomplish a task.
Why is RPA Becoming So Popular?
RPA is becoming popular for various reasons. From a productivity standpoint, computers can be much faster than humans can when performing certain tasks. Think about how developers use scripting to accomplish complex tasks in less than a second – RPA is almost an extension of this ideology. Additionally, RPA software can handle a drastically higher volume of requests due to the speed it can process and accomplish a task. For this reason, RPA can make your workforce more productive by doing some of the repetitive and predictable work for you.
The Client’s Problem
At our $70 B Financial Services client, a team of Back Office staff handles various tasks - some of these tasks are more of an impediment to their workday including expense reimbursement for the entire company. Going through various receipts, and cross referencing travel plans and events to determine if the employee needs to be reimbursed can take up far too much time. Through this project, Our Client hoped to automate some of these processes to create a more efficient and cost effective solution. The scope included assessment of current process, identification of a solution, and implementation of the identified automation software.
The Solution - RPA
The perfect solution consisted of RPA, and two types of software were chosen for the project. SGA’s Project Manager has been in charge of the implementation of the software, coordination and review of the trainers and training activities. These two software suites run in parallel with humans doing the auditing of documents for expenses and reimbursement. The software observes the human behaviors, documents the steps taken and task completed - Using this logic, the software will eventually be able to decide, based on data-sets, if a transaction is "safe" or exceeds a set threshold, and if it should be escalated to an internal compliance person. After enough training, the software can scan receipts of unstructured data and accurately process the reimbursement to the employee, or take the next steps in escalation correctly. To date, with SGA's consultant successfully managing activities, schedules, and team members, the project has been successful.
This project quickly realized benefits for The Client's team. The project has shown it can be highly effective in saving time and money for the client. In fact, the RPA software is so efficient that it is slated to be applied to various LOB’s, so the cost savings over time project to be tremendous. Certainly, this will improve the efficiency of human workers who have highly-diverse and high-volume workflow.