Steering innovation and cost savings with robotics process automation
Steering Innovation and Cost-Savings with Robotics Process Automation
Abstract As organizations continue to cater to global clients and geographies, they face multiple challenges such as rising costs, reduced quality standards, complex and ever-changing compliance requirements, and talent management. Organizations are looking at new-age technologies to handle these challenges and achieve best-in-class outcomes. That is where we make a difference with our Robotics Process Automation (RPA) delivery framework. The framework enables organizations to create a fast, accurate, cost-effective, and round-the-clock virtual workforce for various operations—achieving operational excellence.
RPA: Touchless and Intelligent Automation
RPA is the application of technology (software robot) to interpret existing applications for processing transactions, triggering responses, and interacting with other digital systems.
RPA takes automation to the next level by offering unassisted automation that handles rule-based and repetitive tasks without human intervention, making them less prone to errors and freeing up resources for more complex tasks. What distinguishes this technology from traditional automation is its non-intrusive nature and the speed at which the robots can be configured.
RPA can be effectively used by teams and individuals who:
Access more than one system to complete the process
Use workflow to enable interaction with people
Search, collate, and update information
The Power of Automation
RPA virtually integrates multiple systems while executing repetitive work more accurately and reliably than humans can. This allows skilled resources to concentrate on more strategic tasks rather than on repetitive mundane work.
RPA offers a number of compelling benefits to the workplace, including:
Cost-Savings: RPA can reduce operational costs by 40-65%.
Accuracy and Compliance: Robots have unlimited attention span and do not make mistakes in calculations. Every step, every expensive and error-prone manual process performed is digitized using RPA—reducing errors and improving quality and compliance.
Productivity: The digital workforce or robots are capable of working 24X7—delivering work in a shorter span of time.
Scalability: RPA can scale in response to business growth, making it easier to cope with volume fluctuations coupled with speed, agility, and resilience.
Customer Satisfaction: RPA improves efficiency and process accuracy through reduced queries and complaints. RPA can also reduce service delivery time, leading to higher customer satisfaction.
Transformation: RPA software is a powerful tool that can be easily managed, controlled, and monitored. It identifies bottlenecks and streamlines processes—transforming the way we do business.
Based on Coforge’ RPA implementation experience, we believe the RPA industry is rapidly moving away from an ‘isolated robot deployment’ mode to a ‘shared services CoE’ mode, wherein client expectations are focused on the overall large scale value rather than number of individual robots being deployed. Coforge, as a technology integrator, is well placed to go beyond simply building robots as a vendor to becoming a full-fledged RPA partner. Coforge has come up with an end-to-end RPA engagement framework named TESSSM which addresses all the aspects of Transformation, Enablement, Standardization, and Scale for enterprises embarking on their holistic RPA journey.
Transform:Our consultative led approach to transforming processes helps clients achieve leaner and more efficient workflows while also gauging candidates for RPA implementation.
Enable:Our RPA implementation outlook encompasses the entire RPA lifecycle right from the design and configuration of robots to the efficient management of digital workforce once deployment is complete.
Standardize:Our partnership model extends beyond simple RPA deployments, helping clients baseline their RPA benefits and standardize their digital workforce through the creation of a RPA Centre of Excellence
Scale:TESSSM also helps the client scale up the TESS transformation across the organization through cross functional adoptions, trainings, and mainstream integration.
Essentially, TESSSM is Coforge’ Robotics-as-a-Service (RaaS) offering.
Media: Ad Order Entry
The process involves creation, change, and cancellation of Ad-order tickets from various locations. It is a repetitive task with turnaround time (TAT) of a single day. With inflow of tickets throughout the day, the team needed to provide extended services from 8.00 am EST to 7.00 pm EST to meet deadlines.
High volume of ticket inflow throughout the day
Increased TAT with manual processing of orders
Delayed processing of tickets
Skilled resource dependencies
Skilled resource dependencies with long learning curves
40% reduction in full-time equivalent (FTE)
Reduced average handling time
Increased efficiency with faster data processing and improved accuracy score
Improved processes through Lean and Six Sigma methodologies
F&A: Invoice Processing
The process involves manually accessing multiple systems and tools that support different formats, making invoice handling in-efficient, cumbersome, and error-prone.
Seasonal peaks in volume led to inefficiency
Errors increased while processing invoices
Service levels were impacted due to delayed processing processing
Reduced Average Handle Time (AHT) by 40%
Reduced error rate
Improved compliance and audit trails
BFSI: Electronic Fund Transfer
The process involves changing bank information or scheduled payment date/amount for life insurance premium payments. These requests were received either on form or over the phone. The client had four admin systems where these updates were made.
Short turnaround time for processes
High volume of transactions
Modification of details on multiple systems/applications
Reduced AHT by 65%
Consistently delivered 100% performance levels on SLAs and TAT
The Coforge Advantage
Domain Knowledge:Our dedicated domain experts having industry-specific experience and executives trained in RPA technology help us analyze business challenges and client requirements
Engagement Models:We provide options to choose from different engagement models and the flexibility to own operations. A single interface for all RPA requirements is maintained by our team
Methodology:Our proprietary ProcessGymSM methodology helps us identify valid candidates for RPA. We also configure robots using our proven implementation methodology.
Experience:We leverage our pool of live case studies in the areas of Travel, Insurance, Media, and Capital Markets to enhance overall experience.