Banks, credit unions, and numerous other financial organizations have helped to make robotic process automation (RPA)�one of the fastest growing software categories.
Defined as the automation of repetitive, rules-based tasks that are required to execute routine business processes ?
think invoicing or processing monthly statements ? RPA, when properly executed,�can improve productivity and lower monthly costs by drastically cutting the�amount of time workers spend on manual tasks, as well as the potential for human error.
The key to realizing such benefits,�however, lies in the phrase ?when properly executed.? Whileorganizationsblame RPA?s�failure to live up to its lofty promises on everything from the inability to�scale to the constant break-fix cycles some automations experience, the real�problem may actually be in executing the wrong processes.
To be effective, RPAmust be applied to�those business processes that will showcase its strengths. These tend to be
processes which occur regularly, employ structured, readable input,rely on�predictive business rules, and perhaps most importantly, affect customer�satisfaction.Sadly, many financial institutions simply don?t know which
processes fit those criteria. Some may not even know those criteria exist. As a�result, they automate the processes which appear to be most obvious candidates,�even if they are less likely to benefit from automation.
Faced with this situation, some�organizations are turning to task capture software, a fundamental technology�that makes up part of the RPA toolchain. Task capture enables banks and credit�unions to: discover the individual, mundane steps (or tasks) that employees�take to accomplish a specific business process; understand how those tasks are�completed within the organization; and analyze how those tasks can be improved�and which tasks can be automated to increase operational efficiency, reduce�errors, and improve employee engagement.
At a high level, task capture software�sits at the desktop level, recording and collecting data to present the
individual steps users take in completing a specific task. At a more granular�level, though, task capture follows a sequential, step-by-step process that�includes four primary activities ?
Task�Recording: Task�capture software records user interactions to uncover how individual tasks are�being� performed. A recorder installed and manually triggered on employees?�computers collects all of their interactions,� such as keystrokes, mouse clicks,�scrolls, and other activities, while adding timestamps and screenshots.
To provide an example of a task that might�be recordedto be improved or automated, data could be extracted from an invoicing�task as part of a larger workflow of processing that invoice. That data might�include: accessing the initial email; downloading the invoice; opening the�invoice; copying textual and numerical data; and inputting that data into an�enterprise resource planner (ERP).
Definition�and Optimization:�Once the individual steps for completing a task have been discovered, execution�of that task will be analyzed to learn how it can be improved and made more�efficient. This analysis, in turn, will be used to determine whether the task�can simply be improved (which would necessitate retraining employees to handle�the task in a new, more productive way) or should be automated.
Automation:�If�the determination is made that a task should be automated, that task will be:�redesigned for RPA; mapped to all relevant constraints and dependencies, such�as regulations to which it must adhere or applications with which it interacts;�and packaged and communicated to the organization?s automation development team
so that appropriate bots can be built and deployed.
Monitoring�and Analysis: Following�deployment, the automation must be monitored to make certain it is achieving�the metrics and KPIs the institution has defined. These might include a decrease�in task completion time,� reduction in errors committed during task execution,�etc.
Clearly, employing�task capture software can play a key role in helping financial institutions to fully�leverage their� investment in RPA.Task capture delivers the insights needed to�identify not only those processes that represent optimal candidates for�automation, but also the steps taken to execute each task.
Beyond�providing a ready-made canvas for process optimization and automation design,�task capture software can have a huge impact on increased efficiency. By�delivering the data needed for business process experts to easily identify�gaps, waste, and all other areas where task execution can be upgraded, overall�processes can be improved regardless of whether the organization?s objective is�automation or simply continuous process excellence.
And because�task capture records user interactions, it allows organizations to better�understand different variants that may exist when a given task is performed.�Doing so provides a platform for standardization, which will reinforce both�quality and efficiency.
Task capture�software also can significantly improve the employee experience. By uncovering�the repetitive tasks� being undertaken by employees and providing the�opportunity to automate those rule-based tasks, task capture can� drive�efficiency and, just as important, enable theemployees handling those tasks to concentrate�instead on more� engaging, business-critical activities.
Finally, task�capture offers an enhanced ability to analyze risk. By recording and collecting�user interactions, task� capture ensures that tasks that are impacted by�controls, policies, and regulations can be scrutinized. This� guarantees that�task execution is compliant and, if warranted, can be automated for even greater�assurances of� compliance.
Beyond these practical and�more immediate benefits, task capture software plays a critical role as the�future of work ? which includes the interaction and synergy of machines and�humans ? is being defined.By enabling financial institutions to identify,�optimize, and automate those tasks which will drive operational efficiency,�employees will be in a significantly better position to focus on more�meaningful, creative tasks that offer a higher, value-add to the organization.
Further,�embracing and fostering this kind of innovation represents a vital means for�ensuring the organization?s� continued growth, protecting it from falling behind�to digital disruptors. Digital transformation must be at the� forefront of every�bank, credit union, and financial organization and task capture can ? and�should ? play an essential role in achieving that objective.
About Author:Tony Higgins is the Chief Product Officer at Blueprint Software Systems and is responsible for the vision and evolution of Blueprint?s Enterprise Automation Suite, a powerful digital process discovery, design and management solution that enables enterprise organizations to�capture, identify, design, and manage high-value automations with speed and precision in order to scale the scope and impact of their RPA initiatives. Tony has a broad base of software delivery skills and experience ranging from start-ups to global enterprises, and is passionate about building technology that helps teams to rapidly optimize, automate, and digitally transform their organizations. For more information, visit https://www.blueprintsys.com/
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