As much as the devastating effects of the pandemic have pushed the world into uncharted territories, there is a brighter side too- The COVID-19 pandemic is accelerating disruption and speeding up the transition to a technologically advanced and digital-first world. Companies today are pushing themselves to innovate like never before, trying to keep pace with the current future business disruption. One such innovation is Robotic Process Automation (RPA). RPA enables your organization to optimize and automate routine business processes, enabling you to focus on more crucial business activities. In fact, RPA has become a savior for many organizations in these difficult times to ensure business continuity when human resources have been reduced.
Integrating RPA with your business processes will help you advance your organizational capabilities allowing you to reduce costs, time, and errors in manual processes. Here is a guide to Robotic Process Automation in the post-COVID world.
The five stages of analysis
More and more, industry leaders are turning to Robotic Process Automation (RPA) in 2021 to eliminate tedious manual tasks and enabling employees to refocus their time on higher-value work. Aimed at automating business processes, RPA is an emerging technology that allows organizations to streamline enterprise operations and reduce costs by emulating and integrating human interaction within digital systems to execute a business process.
RPA is a subdiscipline of Artificial Intelligence (AI), where software wizards or “bots” are configured and coordinated to execute repetitive manual business processes and human tasks. These bots can interpret, trigger responses, and communicate with other systems in order to perform a variety of tasks, all while reducing staffing costs and human error.
According to a report by Grand View Research (Robotic Process Automation Market Size Report, 2021-2028 (grandviewresearch.com)), the global robotic process automation market size was valued at USD 1.57 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 32.8% from 2021 to 2028. Moreover, the increasing need for automating redundant tasks is expected to favor RPA adoption worldwide.
So how do you start the journey to RPA?
Speridian Technologies makes RPA possible through a 4-pillar best-practice approach, called RapidROITM.
“By 2022, 90% of large organizations globally will have adopted RPA in some form.”
Leveraging our RapidROITM approach to Analysis, you can produce incremental value at every stage in successive bursts.
The Analysis can ideally be done in these five stages:
|Weeks 1-2||Project Initiation & Agreement of Metrics / KPIs / ROI|
|Weeks 3-6||Initial value analysis, identification of Quick Wins, creation of Analysis Plan, Governance Plan|
|Weeks 6-12||In-depth analysis of High Value / Quick Win processes at sub-process level, Implementation Plan|
|Months 4-6||Ongoing analysis service – Further in-depth analysis of initial processes as per Analysis & Implementation Plans / Value Analysis & Roadmapping for other divisions|
|Months 7-12||Ongoing analysis service – As required, in line with Analysis / Implementation Plans of other divisions in scope|
In the first stage, define the agreement of metrics, KPIs, and the overall ROI of the initiative. During this Project Initiation phase, facilitate the delivery of a catalog of candidate processes that are then analyzed and elaborated to a Product Backlog using an Agile-like approach of sprints. Once the Product Backlog is ‘groomed,’ define the Value Points (Cost Savings) and Size Points (Effort) to build each of the Sprint Backlogs based on agreed priorities by the Governance Team.
In the second stage, conduct initial value analysis, identify quick wins, and produce the Analysis Plan and a Governance Plan with governance mechanisms required to implement Enterprise RPA at scale. By using a repetitive and consistent set of core processes that are used throughout the engagement lifecycle, ensure that all goals and objectives will be met across the associated business domains, lines of business, and partners.
For the third stage, produce an in-depth analysis of the quick win processes at a sub-process level and create a recommended Implementation Plan. In this plan, define governance and analysis standards, roles, processes, activities, techniques, tools, and deliverables, as well as associated best practices that should be implemented for each type of solution and/or business domain.
The last two stages of this engagement include two types of ongoing analysis to provide further in-depth analysis of the initial processes, as well as the strategic road mapping of additional processes to various divisions of the company, as desired.
Are you ready for RPA?
Currently, the level of automation in organizations across industries is still limited compared to the level of automation that can be achieved with existing technologies. However, RPA is increasingly becoming an enterprise-level opportunity to reduce costs, risks and perform tedious business tasks in a much better and improved way across all the departments in an organization. This is where Speridian can help you. Speridian is a one-stop Implementation Partner for Robotic Process Automation. We support the entire RPA lifecycle from end-to-end RPA implementation and integration to Managed Services around bot governance and maintenance to ensure that you have an effective RPA solution.