RPA Round Table Recap
This month, Synechron brought together experts to discuss ways for businesses to gain increased efficiency, cut costs and gain more business intelligence at our Robotic Process Automation Round Table Event. It was an educational evening as experts taught practical business strategies and inspiring ideas on how to apply AI Automation to your business.
Throughout the event, many topics were discussed such as why Grand View Research anticipates firms will spend $8.7 billion on Robotic Process Automation by 2024. Some of the intrinsic factors for the growth of RPA driven investments are the Healthcare industry, Demographic Factor and Global Markets by Services; however, Financial Services and Insurance still remain one of the top industries looking to embrace automation. While examining the RPA Market, we were able to identify the four main areas in the market which include services, organization, application and regional. One of the application segments, IT & Telecom is helping to boost the USD 8.7 billion, presumably by tackling regulatory compliance and support a product through its entire life cycle.
Experts also went on to teach three processes to reaching RPA maturity which should be applied in Banking, Financial Services, and Insurance Firms looking to run more efficient business operations or to cut costs around run the bank initiatives. These processes consist of a firm’s ability to select use cases, to select the correct RPA vendor and to set proper expectations. When setting proper expectations, it is important to recognize that RPA is not the only mode of automation and full process automation is desirable, but it may not be economical.
When evaluating Automation tools, considering whether buy vs. build or to build with an accelerator scenario, there are many factors to be considered. For build vs. buy one should reflect on the RPA need in your organization, the number of processes to be automated and customizations needed. It is also important to consider licensing cost, development cost, developer availability in market and your ROI based on RPA for your organization. The Hybrid Approach also has many areas to be measured. The main benefit to this approach is having huge savings with licensing costs and easy customizations. The drawback is the need to maintain two sets of RPA, one with market available tool and another with in-house developed tool.
Some other main ideas that were discussed throughout the evening were strategizing for RPA, Automation as a drive for digital business and some of the Automation challenges and success stories. This Round Table event was a successful evening of sharing ideas and practices for applying AI Automation to your businesses.
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