Robotic Process Automation (RPA)
If it doesn’t require human judgment, why is a human doing it?
Businesses in all industries have repetitive, rule-based, routine tasks that can be costly and labor intensive when performed manually. Banks process transactions. Manufacturers track inventories. Investment funds manage accounts.
Manual processes like these threaten to erode quality, compromise compliance and underutilize your most valuable resource: your employees. What if you could save time, lower costs, increase accuracy, and improve employee satisfaction?
RPA offers an innovative and effective solution.
Robotic Process Automation (RPA) is the use of software to create automated routines (aka “bots”) to perform tasks normally done by people. When designed properly, bots can:
- Reduce costs
- Reduce errors
- Reduce time
- Increase output
- Increase employee time for judgment and analysis
- Improve audit trail
- Improve analytics and data visibility
Where should you start? Take a strategic approach.
From loan processing, customer risk analysis and model data reconciliation in the financial services industry, to order management, inventory tracking and bill handling in the manufacturing sector, many business areas can benefit from RPA solutions. But simply jumping into the technology without a real strategic partner could limit the impact.
As business consultants and advisors with more than 50 years of experience helping leaders examine all aspects of their operations, we don’t just build automation solutions. We go beyond the implementation of technology to help you make choices that provide return on your investments and align with your goals.
Kaufman Rossin’s team starts by helping you identify and evaluate use cases for automation, confirming strategic alignment. Then we design, develop, test, implement, operate and maintain the RPA solution for your organization. We use a combination of integrated technologies to meet your operational model and scaling needs.
Our four-phase workplan helps you align innovation to your organization’s goals.
- Strategy & Analysis
- Define objectives
- Prioritize automation opportunities
- Build a proof of concept
- Iterate through prototypes
- Analyze results
- Integrate into an operating model
- Track metrics and objectives
- Iterate on program and opportunities
- Fortify governance
Here’s how we’ve helped clients benefit from RPA.
- For a financial services firm, Kaufman Rossin’s team sped up due diligence procedures by 88%, resulting in the delivery of a critical project on time and under budget. We created bots that helped the client automate due diligence procedures, such as screening names against the online sanctions list database maintained by the Office of Foreign Assets Control (OFAC), searching for corporate records in online databases maintained by secretaries of state, and screening against custom sanctions lists. These bots are designed to perform the search and document the evidence for compliance record-keeping.
- For a professional services firm, we automated 86% of cash receipts recording, providing a positive return on investment within the first full month of operation and freeing up approximately 500 annual hours of labor time for the accounting team to focus on higher value activities. We designed, implemented, and maintain a bot that checks a log of jobs performed against cash deposits, identifies cash receipts for jobs performed, records the date, and signs off as “bot” in a subledger for review. When less cash was received than expected, the bot records the amount in the subledger and highlights it yellow for further inspection.
- For a retailer, Kaufman Rossin’s design cut error rates by approximately 90%. We created a bot that checks invoices received against purchase orders and packing slips to validate unit prices and quantities. Issues are flagged for review, and load files are created for import into the company’s point of sale system.
Contact us for your RPA solution
Kaufman Rossin’s automation services team can align with your existing automation strategy and roadmap – or to help you define and establish it. Whether you need licensing and piloting for an enterprise RPA platform, outsourced automation, or custom development for micro-applications, our team is experienced and ready to assist. Contact us today to learn how we can help you with RPA.