Why RPA should be CIOs first priority

The ultimate advancements of intelligent automation technology are ever-evolving and completely changing business patterns. Robotic Process Automation (RPA) is one of the initial steps taken to achieve that kind of advanced development. RPA will turn the tables of your organization in ways you haven’t even thought of. 

There are just a couple of pioneers in any organization that completely value the capability of RPA and they know exactly how RPA can dominate the future.

The magnificence of RPA is that it has the ability to robotize tasks depending on rules and assuage your group of a load of performing manual procedures. The procedures that are manual, redundant, and have high amounts of error rates are exactly where RPA excels.

So now let me figure this out. You are probably reading this blog because you are effectively planning to improve your business tasks and enhance its productivity in the best possible way.

So, let’s get started…

RPA for Portfolio, Project and Program Management

Have you ever heard of a combination of Robotic Process Automation and project management? Surely RPA won’t substitute the human requirement for managers appointed on the projects.

Managing the project budget plans, observing risks, and adjusting resource limits all are functions that are very important when it comes to the job of program and project managers.

Whereas, RPA can spruce up the standard of what’s regarded as “acceptable” with regards to IT portfolio management. There are various ways by which robotization limits the risk and can streamline portfolio management tasks.

Here are some of the super hitters:

  • Create multi-string, computerized and digital approvals for articulations of work
  • Generate contracts by utilizing the organization’s “highest quality standard”
  • Automate the creation and appropriation of portfolio reports
  • Generate document records
  • Drive communication of project fluctuations
  • Balance resources; e.g., covering the use and reallocating resources
  • Reduce the reliance on spreadsheets to oversee and manage data
  • Answer all the questions; Are we on the right track?
  • Filter, screen, and track candidates for the recruitment process
  • Collect and spread task-explicit data
  • Create finances related situation displaying dependent on edges
  • Automate data ingestion for dashboards; e.g., PowerBI or Clarity PPM
  • Provide sensors to persistently distinguish progress and catch the value delivered.
  • Forecast dependency on verifiable data
  • Assure PMO strategy adherence; e.g., process documentation
  • Automate program and project SDLC process-step progression

RPA for Financial Management (Procure-to-Pay)

The financial processes are packed with a lot of copying, transferring, sorting, sweeping, pasting, searching, and filtering.

The financial process automation will make sure to enhance the connections with your internal partners and suppliers just as improved efficiencies exist within the finance department. RPA can be utilized to approve contract terms against solicitations and approve that standard information, for example, address and billing that wasn’t updated in the latest invoices.

While the most evident advantages are wrapped up around financial risk and controls, eliminating all the manual procedures frequently presents significantly more positive hierarchical effects. Freeing up the overworked leaders of finance can boost their morale.

By moving all the resources from the unremarkable, tactical tasks to high-esteem strategic activities like performing predictive and analytical modeling; RPA can turn into a power multiplier for budgetary management-based teams.

Operational accounting and financial processes are some of the most incredible examples of where RPA can create wonders. These procedures regularly are quite repetitive and prone to human errors. Interdepartmental reconciliation, financial planning and analysis, and financial review open doors to automation.

Let’s take a tour of a few of the many use cases for RPA for financial-based management:

  • Supporting the quarter closing
  • Moving data from Excel to readable reports
  • Calculating and anticipating accruals based on real, invoiced (and what’s not invoiced) data
  • Communicating to vendors missing or late invoices
  • Reconciling forecast to actuals for departmental category spend
  • Generating standard journal entries
  • Uploading transaction data from various financial systems
  • Autoloading quarterly forecasts into the financial system of record
  • Calculating and processing annual vendor rebates
  • Identifying typical and exception spending
  • Tracking vendor adherence to billing policies and best practices
  • Monitoring CapEx and OpEx forecast to actual variance

RPA for Cyber Security

Shielding an enterprise from cyber attacks is something that has to be taken care of 24×7 which is a day in and day out the task. However, after a point, people find it a monotonous task. RPA can refine the tasks of CISO and more essentially, the tasks of the cybersecurity managers.

The intelligent automation technology serves the capacity of CISO to “get to human” by inspiring new leadership projects and at the same time enhancing your organizational relationships. This is surely impossible when resources are devoured by digital cyber threat mitigation and prevention at all hours of night.

When the question is about your organization’s cyber defense, Artificial Intelligence driven cybersecurity can play a major role and drive all the necessities. Organizations need to wisely make the use of automation technology as their security analyst and stay at bay from all the cyber threats.

RPA can fortify and rearrange your security activities in numerous manners, such as:

  • Deploy security orchestration, robotization, and the response in order to enhance the security management
  • Close down unapproved access for security
  • Password and Robotic security configurations are encoded and cannot be accessed by any of the organization faculty
  • Forestall and Identify zero-day attacks
  • Cyber-threat identification,  threat cleansing and bot creation
  • Refine all the false-positive based threats
  • Enterprise-wide Issue consistent credentials
  • Automate the password rotation
  • Review 100% of access infringement in near real-time
  • Improve auditing of data and security
  • Implement insightful robotization by making the use of artificial intelligence; e.g., creating the tickets in ServiceNow depending on the analysis of threat and promptly closing down that risk
  • Identify atypical machine actions and users based on behavioural analysis
  • Reduction in the cost of response and detection to breaches
  • Rapidly analyze, detect, and defend against the cyber attacks
  • Identify practices that are probably not representing human actions

RPA for Waste Removal of Business Process

The integration of data is one of the primary initiatives that never gets wrapped up. Somewhere along that last mile for completely robotizing the mix of those systems, there’s either no intrigue or no financial plan that is easily accessible. RPA can pick up and associate that last mile, expelling waste simultaneously during the process.

RPA is disturbing operational excellence and digital transformation. RPA’s quick and economical way to deal with robotization spares work broadens the capacity, speeds up, and improves precision.

RPA will be driving the upcoming wave of expanded profitability and it can help tackle the eight significant kinds of transaction-processing waste:

  • Defects; e.g., featuring missed overspend or the deadlines
  • Overproduction; e.g., broadening the reporting depending on the severity
  • Waiting; e.g., waiting for acceptance or consent or approval
  • Unused talent; e.g., tagging and issuing the training for the representatives whenever necessary, depending on occasions
  • Transportation; e.g., encouraging handoff between capacities—like when an approval based framework isn’t conversing with the invoicing framework and PO
  • Inventory; e.g., data processing for the purpose of its entry into a bigger framework
  • Motion; e.g., evacuating tedious keystrokes when planning to switch between the applications
  • Extra preparing; e.g., organizing reports, including details.

RPA for IT Assets Management

Do you really know when exactly your licenses are due for their renewals? Do not worry, technology will do it for you.

RPA and AI will entirely change the IT asset management (ITAM) system. The idea of IT asset management is redundant and standard. This takes advantage of the sweet spot for RPA. Various kinds of applications exist for RPA within its IT asset management.

Here’s the list of some of the most significant applications for asset management:  

  • Automate software audits
  • Oversee resource and vendor off-boarding & on-boarding; e.g., erase client domain or change delivery records
  • Manage source-code control
  • Compare licenses bought to licenses contracted
  • Provide analysis and reporting
  • Automate fulfilment processes; e.g., IT resource demands
  • Manage the resolution of incidents; e.g., password resets, server restarts, and more.
  • Self-mend; e.g., automating backups, system health checks, and monitoring of events.

RPA for Advanced Analytics

Planning to build a lake based on data? RPA is here to the rescue. Beginning a data enablement activity? RPA is the answer. RPA automates and streamlines tedious, high-volume, and dreary tasks.

RPA offers astonishing advantages to empower progressed analytics like:

  • Removing the need to rekey data sets manually
  • Data validation
  • Migration of data
  • Foundation for an action framework: “good to know” (within tolerances), “interesting” (better than expected) or “need to act” (action required)
  • Process mining technology to visualize the actual process
  • Data rules for accuracy, consistency, validity, timeliness, and accessibility
  • Data duplication
  • Advanced-processing algorithms
  • Performing vendor master file updates
  • Producing accurate reports from your data
  • Ingestion from acquired sources
  • Data extraction
  • Formatting

RPA can deal with highly perplexing situations. In case you’re ready to record and play the tasks, this is the point where RPA can be welcomed for the purpose of operational improvement.

Conclusion – Intelligent Automation for Smart Work

Becoming highly strategic begins when you spend a very little amount of time performing tactical tasks at work and it gets quite difficult when these strategic tasks are required to keep our organizations running every day.

RPA would not fix your messed up work-related tasks, yet it can help robotize them to guarantee that human mistakes are evacuated and process-cycle duration is minimized.

Your business plan of action is evolving. Be a part of evolution. Ideate together. Embrace rapidly. Gain the complete estimation of proprietorship and apply RPA to boost up your business esteem. Walk beyond the basics and execute RPA solutions to your organization and work effortlessly and intelligently.

If you have made it all the way here, that means I’m assuming you have enjoyed the article. Let me know your thoughts in the comment. And do share with your friends.

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