Digital transformation for cost reduction – Early adopters find value in robotic process automation

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“Robotics,” which conjures up images of Star Wars’ R2D2, may be a misnomer, but it’s the term of art used by people in the industry. RPA is achieved with logic-driven software bots that execute pre-programmed rules on mostly structured and some unstructured data to replace humans who currently bridge the gaps in non-STP systems. Technology available now allows financial institutions to automate many computer-based operational tasks like searching, matching, comparing, filing, and more. This can free staff to do higher value work.

RPA can aggregate data from multiple sources to develop an integrated single view to complete business processes. Labor-intensive repetitive activities that need significant amounts of data processing across multiple applications will benefit from RPA without the need to change existing systems.

At the high end of digital labor is the more cognitively advanced intelligent process automation (IPA). IPA is logic-driven software combined with machine learning that “learns” trends in data and uses statistics to execute tasks based on those trends. Use of artificial intelligence is increasing in areas where a vast array of data processing is required to make decisions while considering the overall context.