Robotic process automation or RPA is more than a trend, it is a different way to think how processes solutions are delivered and managed. In today’s’ digital world, helping people navigate towards financial confidence, requires a fundamental shift in how you apply key operational navigations.
Elba Technologies knows how to help clients to continually adapt to a changing digital environment, and address the challenges that this presents. Work areas are burden with repetitive and time-consuming processes.
Clients want to reduce costs, improve delivery and ensure consistent delivery. Robotic process automation or RPA is more than a trend, it is a different way to think how processes are solution delivered and managed. Robotic process automation further advises knowledge workers and judgment based role staff.
By removing Monday and allowing them to spend their time on the parks, in business processes, which are customer-centric and not rule driven. Humans and machines won’t be enough to drive business in the coming decades; the enterprises of tomorrow will be the one who knows to melt the two effectively.
Taking steps towards a virtual workforce to that end automation delivers proven results. When it comes to quality, the ability to create a full audit trail reduces compliance and business risk because the human error is eliminated.
While there is a greater than 40% increase in FTE’s opportunity to focus on customers.
In the area of delivery, RPA can lead to a 40% reduction in average handling cycle time, enhance the customer experience and make a business resilient and operational 24/7. And when it comes to cost, businesses can see processing costs reduced by 30-80 % driving ROI on quarters vs. years.
Elba Technologies has already used RPA to automate a number of processes across different industries.
One of the many processes that are automated with RPA is i.e the residential mortgage loan initiation. This process is responsible for creating a new loan in a Loan Origination System, ordering services and validating key information these people-intensive process, for example, faces numerous challenges including heavy data input and system runtime, multiple third-party orders to external systems using existing data resulting in double entry.
In RPA developers use business process documentation, to map out and build the solution.
Process flows are created the tool is thought about the target application which, needs to interact with and the end to end automated business process is successfully modeled in the system. As it easily navigates through target applications, it executes the business process just as a human would.
The RPA tool initiates the new loan set-up and creates the loan, and then it inserts data within the fields correctly every time.
It gathers data and initiates third-party orders and with a virtual robot, it can for example access external websites for validation. In this process, for example, a quality check on addresses.
In comparing manual entry to RPA, the time saved is significant an approx. 20 min for each loan set-up and ordering service. Plus with the virtual worker, there is the benefit of time accuracy and predictive time orders.
With the RPA tool automation, the virtual worker moves directly from one item to the next, until all items in his queue are exhausted.
Time saved quickly adds up during an 8 hour period by saving an approx. 20 min in processing for each file and an additional 140 min will be freed up for other work. This excludes breaks, errors and out of office time.
And if a virtual worker operates for 16 hours a day, the savings double to 280 min, that’s equal to almost 5 hours of added capacity a day per person. With this process, we can see an up to 50% reduction in FTEs required.
Robotic process automation will drive operational efficiencies and cost savings across core lines of business. Transforming customer outcomes, reducing business risk and optimizing existing processes and systems.
Elba Technologies can help you achieve new levels of operational excellence.