“Digital Transformation” is one of the buzz words that has been thrown around quite frequently these days. It seems everyone has their own answer to the question “What is Digital Transformation?” A better way to think about it is to address the Why/How questions around Digital Transformation first. In this article, we try to address these questions and also talk about what role Robotic Process Automation (RPA) plays within an enterprise’s digital transformation journey.
At a high level its actually quite simple. A Business that is “born” Digital, is naturally a Low/No Friction or Low/No Touch Business. Most Enterprises that provide goods or services to customers still rely on traditional goods or services delivery models which inherently have high overhead and costs built in.
RPA for Consumers
For consumer goods, the traditional delivery model is the retail store or a wholesale network as compared to a digital delivery. For example, Amazon was born Digital vs. traditional “Big Box” Retailers which had large investments in retail real estate. Everyone already knows that only a few “Big Box” retailers have made a relatively successful transition to digital; many have folded and some continue to fold.
RPA for Businesses
For Service Businesses, the traditional Service Delivery model is a “middle man” based model. By the time the value exchange happens between a customer and an individual or group with the subject matter expertise, a big chunk of the value has already disappeared. This is where online services/SME based marketplaces are redefining the services delivery models. For e.g. GoCatalant for Management Consulting, UpCounsel for Lawyers, Gigster for Developers etc.
The good news is that many businesses already have, and are in the process of, making a successful transformation into the digital world.
It’s not just about enabling your product or services to be sold digitally but also about removing the “friction points” within your business processes through a streamlined omni-channel digital experience.
For e.g. if you are a Financial Institution and you allow your customer to provide/update their information through your digital channels (Web, Mobile, etc.) but your back end processes/systems are not synced up with your digital channels, then your customers will feel the “friction” eventually.
If I fill out a form for a Credit Card, Insurance or a Loan application, I am not going to wait a few days or even hours before someone comes back to me with a decision.
There are plenty of financial institutions that will take my information, guide me through the process and give me a decision on the spot (For e.g. GEICO Insurance vs. a local broker based insurance application process).
In addition, a “Digital” business is always learning more about the customer from the data they gather and are continuously making their products and services better based on that data. The digital transformation journey is about application of front facing friction-less digital customer channels, it’s about streamlining of front, middle and back office business processes and it’s about using the “Digital Trail” of customer data to continue to enhance the friction-less experience.
By implementing robotic process automation in financial services, companies can quickly address many digital gaps within front, middle and back office business processes by implementing robotic process automation software to carry out processes which are bogged down by patchy IT implementations and manual human based processes. Although the technology projects to automate these business processes will continue in many cases, the fact is that RPA in financial services can give the Business the time-to-market advantage that they need to differentiate themselves in the digital world.
Accelirate is on a mission to help their Clients in deciding how they can “Accelirate” business processes using RPA, BPM, AI and Cognitive technologies; Accelirate focuses both on RPA and “Smart” RPA technologies.
Banking and Finance
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