RPA vs Automation: Which is Best for Finance?

Financial Automation
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When it comes to automating business processes, leaders across industries recognise the importance and value in doing so. With technological progression, robotic process automation software has made it easier than ever to automate business processes with little to no technical expertise. To understand RPA vs automation, we’ve pulled together these high-level points so that you can choose the best robotic process automation tools for your organisation.

Coming Up

1. What is RPA?

2. What are the Benefits of RPA?

3. How to Drive Enterprise Transformation with RPA?

4. How is RPA different from Traditional Automation?

5. How to Implement RPA Effectively?

6. What are the Challenges of RPA?

7. What Companies Are Using RPA?

8. Wrap Up

What is RPA?

RPA, or robotic process automation, is a form of technology that allows repetitive business processes to be automatically executed by robots. These bots streamline workflows and integrate with existing software to get monotonous tasks done quickly.

RPA can be deployed without having to code the process. Instead, you can use screen recordings or drag-and-drop functionalities to design the process (as is the case with an automation tool like SolveXia).

Robotic process automation relies on structured data and is best deployed to handle tasks that are relatively low-level, repetitive, and finite. As such, they mimic a human beings’ manual work so that employees can better allocate their time to higher level responsibilities.

What are the Benefits of RPA?

Take a second to consider the limitless amounts of manual work that your team performs. From data entry to report generation and more, there’s a lot of time spent on work that can be completed with software solutions. Now, consider how much more efficient your organisation would run if all those processes were automatically handled (it’s time to consider RPA vs automation).

Achieving operational efficiency is just one of the major benefits that robotic process automation can help to provide. Along with a more productive workforce, RPA delivers:

  1. Increased compliance: Business processes can be designed, standardised, and executed according to regulations
  1. Cost savings: Automated repetitive tasks can be performed at a fraction of the cost when compared to being done manually
  1. Employee satisfaction: Your team can focus on strategic and creative tasks rather than being bogged down by mundane operations which will increase their sense of value and satisfaction
  1. Better service: Data is more accurately collected, transformed, and reported which can result in better and faster customer service
  1. Deeper insights: It become easier to utilise data for business insights and more informed decision-making

How to Drive Enterprise Transformation with RPA?

If your team has ever looked for a better and simpler way to get things done, then robotic process automation could be the solution you’ve been looking for.

Robotic process automation is a main driver of enterprise transformation. It provides a first step in being able to outline, analyse, and reconfigure business processes to be as efficient as they can be.

Since most of the work is performed manually before implementing robotic process automation, the dramatic increase in productivity delivers virtually immediate ROI.

Furthermore, RPA software integrates with existing legacy systems. By doing so, it serves as a looking glass into an organisation’s way of conducting business. It supports a new model of digitisation whereby waste (and, in turn, inefficiency) is removed.

It also ushers in the use of technological software as a proven and desirable way of conducting business, which aligns business goals with individual’s workflows.

By getting started with the addition of RPA software, you can properly conduct change management and ensure that your team is on board with technological advancement.

Enterprise transformation starts with digitisation, and RPA serves as the perfect catalyst to do so as it’s easy-to-use, simple to deploy, and delivers positive results quickly. Now, let’s take a look at RPA vs automation.

How is RPA different from Traditional Automation?

RPA is not the first form of automation available to businesses, but it is a hassle-free way to implement automation within your organisation.

When comparing RPA vs automation, there are many key differences, namely:

  • Coding Requirements: RPA does not require any programming. Instead, users can take advantage of drag-and-drop functionalities and flowcharts to visually understand workflows. Traditional automation relies on programming skills and knowledge of various programming languages, depending on use cases.
  • Way of Working: RPA mimics human actions to complete rule-based tasks. Traditional automation can only carry out the tasks that it’s been pre-programmed to execute.
  • Implementation: RPA can be deployed out-of-the-box and can integrate with existing systems. Traditional automation must be configured into the existing IT infrastructure, which will rely on customisations and programming understanding.
  • Scalability: When data increases or tasks expand, RPA can be scaled without having to add any new software or machines. On the other hand, traditional automation will require physical machines to continue operating with the same processing speed as new executions are added to the workflows.
  • Timing: RPA’s deployment and updates can be made immediately within the software. Traditional automation takes time to re-program, update, or change. Users may have to change scripts.
  • Security: RPA software like SolveXia is automatically updated to always stay on top of changing regulations and adhere to compliance measures. Traditional automation needs to be manually updated.

How to Implement RPA Effectively?

Implementing robotic process automation effectively comes down to planning, management and communication. Let’s take a look at some best practices.

Process and Strategy

The first step of deploying RPA successfully relies on strategic alignment and a review of business processes. It’s advisable to define your business goals and see how your existing processes work in order to achieve said goals.

If you recognise that there are processes that are of no use, scrap them. If you see processes with a high volume of manual tasks that are repetitive, then consider utilising RPA for such processes. Remember that RPA works with structured data and on rule-based tasks.

If you’d like to implement software that combines machine learning technology and pattern-based cognitive abilities, then consider intelligent automation.

Management and Communication

A key step when introducing any type of software, especially automation, to your team is communication and change management. It’s expected that some or all of your workforce will have some reservations and fear when having to learn a new way of doing work.

To ensure that everyone stays on board with the new system, communicate the benefits of RPA to your team. Show them how the software is not intended to replace their roles.

Instead, the software augments their position and shifts their focus to high-level tasks that create more value to the organisation on the whole. The value proposition to your team is the removal of redundant and monotonous work, as well as time savings!

Infrastructure and Planning

RPA can be deployed on a small scale to begin with. But, it’s useful to have the foresight that its uses will continue to scale and grow across departments. That’s why it’s a good idea to first develop an infrastructure that places RPA in the center.

Although you don’t need IT experts to deploy RPA, it is a good idea to create a center of excellence, or group, that can spearhead automation efforts and address employees’ questions.

Testing and Expansion

Once you transform a manual process to be automated, begin on a small scale and test run the process. This way, you can make any amendments before deploying the software on a larger scale should there be any need for adjustments.

What are the Challenges of RPA?

The main challenges with RPA are not from failures of the technology. Instead, they tend to be associated with the adoption, deployment, and management of RPA. For example, workforces often feel threatened by the addition of bots within their workflows. Additionally, teams need to feel comfortable working within the software tool.

To overcome this challenge, business leaders can choose software solutions that augment human capabilities, rather than replace them. For example, an advanced automation tool like SolveXia is a human analytical automation software that automates business processes and removes the need for manual labor for repetitive tasks.

Instead, teams can use the solution to work alongside them and provide deep insights so they can be strategic with their time. A tool like SolveXia also has access control and customisable dashboards, so transparency is a key feature allowing business leaders and stakeholders to check-in on business processes from wherever they may be.

What Companies Are Using RPA?

Companies across industries have adopted robotic process automation. According to Software Testing and Big Data Hadoop, 10%-20% of work is spent by employees on repetitive computer tasks. RPA can replace the need for manual work and give back your employees’ time.

That’s why companies like Ernst & Young, Walgreens, At&T, Deutsche Bank, and more big players have adopted RPA technology. No matter what industry your organisation operates in, your business processes can be optimised through the use of robotic process automation tools.

Wrap Up

It’s clear that automation is of great use to any organisation. After understanding the value of RPA vs automation, you’re likely itching to find the best robotic process automation software. These tools can save you time and money, while reducing any chance for manual errors. You can also book a demo to see how an integrated solution can transform your business.

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