January 7, 2020
The traditional Shared Service Strategy concentrates mainly on repetitive, high volume, transactional processes and it's highly customer-centric. Although this model helped in cost optimization, there was a way for better ways for uniformity. Depending on the stages of SSC operations, the organization's priorities change from cost reduction in the early stages to value addition during the growth stage.
There are ample options available for organizations to utilize Robotic Process Automation (RPA) and Intelligent Automation, Artificial Intelligence (AI), Conversational AI, Machine Learning (ML) and Blockchain – even though it is in an emerging stage, the technology provides a tremendous potential to fully transform the way Shared services are running currently.
Various organizations are adopting RPA because of the various benefits that come with its deployment, such as improved efficiency, precision, compliance, higher ROI, reduced operational costs, extensibility, adaptability and above all non-invasiveness. RPA automates routine, high-volume, rule-based and repetitive tasks earlier performed by humans, which makes it especially more suited to Shared Service Centres.
Optimizing costs for shared services is one of the major challenges for most medium to large scale organizations. The key to cost optimization of shared services lies in simplifying the organizational processes.
Let's go through some of the top-notch benefits of RPA in Shared Services.
1. Non-Invasive Technology
The most prominent benefit of utilizing RPA for simplifying shared services is the fact that technology can be stacked on existing systems. This enables the production of a platform compatible with continuous improvements in complex algorithms and machine-learning tools.
2. Improved Adaptability
RPA facilitates immediate ramp up and down to engage market peaks and troughs, expanding the scalability opportunities for Shared Services. Both had substantially reduced the hassle for organizations to engage, nurture and maintain new employees.
3. Improved Dependability & Efficiency
RPA bots are extended to follow rules and they perform at precise levels without getting exhausted. The bots enable human interference to be at a minimal level, making the whole process error-free, practical, precise and dependable.
4. Enhanced Flexibility
Bots are more flexible to changes in techniques, rules and technology shifts, as it can be designed or redesigned to adapt the changes.
5. Advanced Analytics
Accessing error-free, precise data from various sources would enhance the quality of data in the process, choosing trends and keywords. Since RPA enables processing of data stored in various databases, this assists in better decision making and overall to the progress of the process execution.
6. Save Costs
Leveraging RPA in shared services allows a critical reduction in operational costs by as much as 20-35%. Robots can work day in and day out and gets away, bringing about more prominent productivity and noticeable increases for the business.
RPA and Cognitive Automation prove to be beneficial. RPA bots collect information from ERP as well as the web portal of the organization to produce and regulate the invoices generated across various pre-defined heads, checking for odd data within fields and others. The cognitive bot segregates information from invoices, measure risks from evaluating applications assisting in making judgments through learning models from structured as well as unstructured data.
RPA analyses, classifies and secures unstructured data to make it functional to gain the output of complicated mission-critical intelligent RPA workflows. However, RPA transforms the software testing industry and is the perfect complement to facilitate the adoption of cognitive capabilities at scale.
As a result, organizations can avail from these technologies by using an all-in-one platform to automate end-to-end processes and easily utilize the value of intelligence functionalities. There are multiple areas RPA can provide an effective and powerful platform that creates more prominent value for all such as Accounts Due, Billing, Transactions, Corporate Accounting, Book Compliance, Sales Admin, IT Services, HR, and several others.
Automation is currently an important priority for the Shared Services CXOs and leaders across the globe. Exponential technologies such as AI, RPA, and Blockchain are empowering influencers for the digital transformation bringing quantum leaps to the sector. These exponential technologies allow continuous improvement in most Shared Services functions.
So, contact our test automation experts if you want to gain further insights into the application of RPA in shared services.