In time, IPA could be capable of replacing human reasoning in certain complex, non-linear decision paths. IPA is not nearly as evolved as RPA, but adopters that may be interested in it should get on board first with RPA.
Conclusion
RPA is still relatively new. While RPA introduces a higher level of complexity, it creates significant opportunities to accelerate execution speed, improve agility and enhance process efficiency. And the challenges in achieving RPA in financial services often have little to do with technology, and more to do with executive buy–in, cultural issues, immature processes, and change management capabilities.
If implemented effectively, RPA can be a sound investment. Among the reasons:
– Quick time to market: Automations can be implemented quickly – sometimes faster than “on-boarding” a person.
– Fast payback: Software itself is inexpensive and accretive savings can be significant. Payback can be as quick as six to nine months for certain activities and processes.
– Can scale quickly: Technology can be deployed to address seasonal activities (e.g., data remediation) or periods of high market activity.
