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Businesses across the world are rapidly embracing RPA or Robotic Process Automation to modernize their operations and digitalize the process to make them less human-dependent and more machine-driven. Implementing Robotic Process Automation is on the agenda of any enterprise that wants to make their operations scalable, reduce human headcount, save costs, effectively manage risk, and maintain compliance. The implementation, however, is not necessarily straightforward. Met with several challenges, the hurdles in RPA implementation can not only delay the implementation processes but also defy the purpose of RPA adoption in the first place.
According to the 2020 PwC report, a staggering 81% of banking executives are overwhelmed by the speed of technological change that calls for constant refinement and restructuring of business processes. That fear is fuelling the doubts to start integrating automation, which has become a mainstay of the digital age.
Along with the undoubtful benefits of introducing innovation on a wide scale, adopting RPA in the IT industry entails some legal requirements and constraints for process automation. Even though RPA was developed in the 2000s, it actively started entering the market only after 2015. That is why the technology is relatively young in terms of legal regulations it requires to be implemented – the ones issued by the central banks, the government, and other parties. Those legal regulations are still lacking in many countries.
Even though adopting RPA may seem daunting at first, it brings invaluable benefits and competitive advantages for the banks operating in the digital economy. On closer inspection, we have seen that causes underlying major obstacles to embrace the power of RPA are grounded in our natural resistance to change and poor communication. Still, the potential to accelerate and streamline business processes and scale up your organization definitely outweighs a few pain points associated with RPA implementation.
Often, organizations don’t think about support and monitoring until something goes wrong. However, when something does go wrong companies want the strongest people they have to be on top of the problem so that it causes as little disturbance as possible in your process. This is probably the most important lesson that can be people and the major takeaway is to not think about support and monitoring last. Make automation support and monitoring your first and strongest consideration.
We present to you, “Top 10 Robotic Process Automation Service Companies 2021.”
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