With the uptick in Robotics Process Automation (RPA) technologies the last few years, many credit unions may be exploring RPA and its potential value to their organization.
What is Robotics Process Automation, and why might a credit union want to introduce these capabilities into their portfolio of technologies? RPA has many definitions, but I offer this one: RPA is a collection of technology capabilities that automate business processes previously performed manually. RPA automates human actions by visualizing the data, applying logic for decision making and outputting via emulation of human hands at the keyboard. Essentially, it creates robots, or “bots,” that automate business processes.
Credit unions should be considering the use of RPA technologies in their 2019 and 2020 implementations. Analysts predict that by 2020, automation combined with artificial intelligence will reduce employee requirements in business shared-service centers by up to 65 percent. RPA can greatly reduce repetitive, time-consuming work activities for your staff and potentially lower your labor investment. RPA can promote higher job satisfaction, allowing workers to focus more on member relationship and experience management activities. RPA can also optimize many of your current business processes by increasing the velocity of process execution and eliminating human errors. In addition, RPA analytics can measure – during and at the end of a process – improvements and consistency of your business processes.
RPA bots come in two distinct forms – Robotics Desktop Automation (RDA) and Robotics Process Automation (RPA). RDA, often referred to as Attended RPA, complements the worker process and requires interaction with the worker, who triggers and engages automation at appropriate times during the business process. These RDA bots typically run in the context of the worker’s desktop, accelerating common process tasks between steps where worker decision making must be involved. Robotics Process Automation, or Unattended RPA, is typically deployed in a controlled data center environment. Automation can run unattended and independent of worker input during the business process. These robots are not constrained by worker availability and often run continuously, 24 hours daily. They can scale independently of any specific worker, allowing higher volumes and concurrency.
What should a credit union consider to achieve success in an RPA implementation?
First, avoid the primary failure opportunity for RPA. Don’t buy RPA technology and start implementing without first analyzing the use cases targeted for Robotics Process Automation. This is often done by constructing an RPA Roadmap and Implementation Pipeline to identify the best use cases for automation. During roadmap development, invest time to determine returns on investment and which use cases should be automated first. Look for strong financial returns, but also consider softer ROI components, including process and data quality, process execution velocity and, ultimately, positive member impacts. Also when calculating ROI, consider that labor savings may not be fully realized if employees are moved to other tasks.
When considering RPA use cases, be careful not to overreach by implementing automation that is too complex to manage. Often, highest value use cases have complex technical requirements that could lead to implementation failures. As your organization continues to mature in RPA capabilities, ensure your first use cases employ repeatable rules-based logic and highly structured data. You can leverage machine learning and artificial intelligence for predictive decision making after successfully completing one or two implementations with a strong, rules-based track record.
RPA technologies can build automation quickly through powerful process and decision engine visualization, with drag-and-drop user interfaces and simplistic scripting. This minimizes the need for traditionally complex custom software development lifecycles and extended implementation timelines through an IT function. However, RPA is often a combination of complementary technologies working together, rather than one tool. And with the complexities of production operation, integration and security components, a strong partnership between the business process owner and IT can only be beneficial to the creation, maintenance and value of the bot automation.
The Robots Have Arrived...and supporting technologies are ready to provide strong benefits to your credit union, many of which can be passed right on to your member experiences.