Terry Woods, CEOEnterprises today are rapidly adopting Robotic Process Automation (RPA) software to release their human workforce for more value added tasks. RPA solutions bring about a rapid improvement in productivity and a substantial reduction in time to introduce new products and services. “RPA products often come across as previous screen scraping and process automation scripting tools,” points out Terry Woods, CEO of Robotic Process Automation Implementation (RPAi). “We help CIOs understand and differentiate the underlying RPA product architectures and how they enable different Robot workforce scenarios and associated strategic benefits.” RPAi has over a decade of extensive experience in assisting banks and insurance companies with operations excellence. “We observed that a large percentage of processing staff were effectively working as robots and not enjoying it,” states Woods. “We arrived at the conclusion that a unique operations experience and expertise would be required to most effectively implement RPA and as a result launched RPAi in early 2015”.
According to Woods, 20 to 40 percent of existing banking back office processing staff perform tasks like account processing, fraud, credit, check processing, and new business onboarding work that can be done by software robots at 5 percent of the cost, at over twice the speed, and with no human errors. RPAi specializes in implementing a robust RPA platform, positioned to leverage adjacent exponential technologies that consequently allow robots to move up the knowledge worker value chain.
Additionally, RPAi augments their clients’ internal team with additional deployment capacity and also provides ongoing best practice mentoring. In one instance, RPAi enabled a large North American Bank to save time and manpower with robotics. The bank had 70 people processing mortgage requests at the cost of $45-55K per head, every year. RPAi helped to bring down the bank’s expenditure to the equivalent of less than $7K per head in addition to eliminating human errors and improving service levels. “These are situations where you have people performing tasks in a robotic sense and that’s the work which can be performed by robots working 24X7 at a fraction of the cost— $1/hour,” delineates Woods.
We help CIOs understand and differentiate the underlying RPA product architectures and how they enable different Robot workforce scenarios and associated strategic benefits
In addition to its existing RPA product partnerships, RPAi partners with technology providers in adjacent fields like handwriting to text, natural language processing, machine learning, and artificial intelligence to enable robots to consume these services and move up the knowledge worker value chain. “Machine learning and AI are adjacent technologies that can be applied to RPA to enable the robots to utilize unstructured data, perform higher level analysis and make more complex decisions,” explains Woods.
With a diverse clientele across banking, insurance, financial services, healthcare, legal, finance and accounting, and shared service sectors, RPAi is helping to deploy more than 1000 Robots. “For instance, we assist healthcare providers by having software robots perform processing work like staff onboarding, revenue cycle activities, account reconciliation and credentialing,” cites Woods. “This helps them in realizing better patient outcomes by reducing the cost, improving the speed and increasing the accuracy of their administrative information processing operations.”
Treading ahead, RPAi strives to ensure successful adoption of their RPA solutions in North America, including assisting clients in repatriating work that was previously outsourced to lower employee cost geographies. “RPA is an exponential technology that requires unique implementation paradigm, vision, skills, and methods to effectively utilize,” asserts Woods. “We are one of the very few companies with this sole focus and depth of experience.”