RPA Ruminations

Devika Shanker graduated from Symbiosis Institute of Business Management, Bangalore with a strong focus on finance and operations.

The financial services industry is slowly realizing that the heyday of boosted profit margins through slashed costs (typically through low-cost outsourced operations) is over. Given the maturity of the industry, the pressure is now on reducing operating costs further to maintain the bottom line.

The dynamics of financial services operations have changed forever with the advent of robotics process automation (RPA). This new kid on the block promises enhanced efficiency and control at a fraction of the current cost. It is in the best interest of institutions worldwide to adapt to this technology to maintain competitive edge—or risk flailing in the years to come.

As with any change initiative, there needs to be effective project management to ensure that the realistic promises are delivered and that budgets are not flushed down the toilet—chasing panaceas that may not solve the organization's specific problem. The following outlines what smart enterprise project managers should consider before, during and after a robotics process automation project…

1. Think it through. The key advantage of robotic process automation is swift implementation with an almost immediate realization of benefits. It’s very important that this is not used for tactical bandage-like problem solving. Your vision for the role of RPA should fit in with the overall …

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