Why C-suite leaders are using IA, RPA and AI to gain competitive Edge
Intelligent Automation (IA), Robotic Process Automation (RPA), AI and other such exponential technologies are creating revolutionary technology shifts affecting business processes worldwide. According to a recent survey by the Economist, the C-suite considers RPA and Artificial intelligence (AI) as their highest priorities when thinking about meeting strategic objectives.
The C-suite or CXOs today have an important job not just to manage organizations but to build the right modern corporate infrastructure needed to maintain growth, also ensuring that quality remains. Adoption of technologies like IA, RPA and AI create significant business impact and cost reduction, automating rule-based processes leveraging software robots to reduce the workload for employees. This enables them to devote their quality time focusing on strategic initiatives, freeing their time for more creative and innovative tasks.
Here is why C-Suite Executives are so eager to invest in IA, RPA and AI?
C-Suite executives have to look at the competitiveness as compared to competitors to sustain the company growth in the future. Technology keeps changing and most companies have to keep innovating and relentlessly transform with the times. Exponential technologies such as IA, RPA and AI can be leveraged as a competitive advantage for several factors such as cost savings, streamlining operations, improving customer service, improved productivity, better accuracy and compliance, high Return on Investment, reduced operational costs, scalability, flexibility, and non-invasiveness among others.
The power of IA and RPA is witnessed in its adoption in a variety of areas enabling greater speed to market, aggressive growth potential and greater scalability. Automating typical process candidates such as compliance, data processing, or invoice processing and functions such as Human Resources (HR) Operations, Finance Operations, IT Operations, Document Management, and others can significantly increase ROI.
RPA can take businesses to the next level when used in crucial touchpoints data collection, decision making and for forecasting. C-suite executives with great vision and strategy plans their Digital Transformation strategy involving streamlining processes using IA, RPA and AI decades into the future, to stay ahead of the curve.
Utilizing existing resources and technologies
IA, RPA and AI present this tremendous ability to leverage existing company resources and technologies to improve efficiency and productivity. For instance, crucial HR activities like on-boarding can be made easy by automation. With RPA, user accounts can be automatically activated by a particular template and initiating an onboarding workflow. This expedites the process, enabling earlier employee engagement, positively impacting their satisfaction levels.
RPA can significantly improve employee morale, as their quality time can be better utilized for performing better value added and more intellectual work, instead of mundane or repetitive tasks. RPA leverages a company’s existing technologies as it is non-invasive, working on existing infrastructure for the automation process. This helps in lowering administrative overheads and avoiding overhauls.
Long-term and strategic planning
C-suite executives have started realizing the untapped potential and power of RPA, IA and AI and how moving forward in the journey towards an enterprise-wide digital transformation is quintessential for maximum gain. Because RPA, AI and IA are highly scalable, the executives would definitely want to leverage the many benefits and allow it to add up over time.
Even for strategically planning the transformation, RPA leads enable a significant reduction of manual effort in processes, increasing productivity without the need for investing in additional resources. All this achieved while improving the employee morale and having more satisfied employees and customers is a win-win situation in every aspect.
Real-world scenarios of C-suite leaders driving digital transformations
10xDS established RPA COE and simplified processes for a leading international immigration firm. It is the vision of their C-Suite executive to transform their back-office immigration visa handling processes by embracing RPA that helped the company significantly expand their client base. The key challenge the immigration firm faced was that the processes were complex and uniquely customized to the needs of their clients. The users had to follow client specific guidelines and procedures, and this led to increase in the time- consumption and manual effort involved. The users experienced frustration due to the repetitive nature of their work. The firm automated over 25 processes and helped streamline mundane manual tasks, reduce the average manual effort required and the overhead expenses. Establishing the RPA CoE enabled the company to effectively deploy automation solution to maximize their ROI and it is 45 FTE savings until now and the journey is still on.
Another interesting use case is of a Global Investment Holding Company embracing RPA to streamline their Visa Handling. Their C-suite leader’s vision was to enable a rapid improvement in their current business services by making their visa handling processes touchless to reduce the labour cost incurred to handle numerous visa requests for the large expatriate community. The services comprising of handling employee visa for business partners were manual processes which required multiple fulltime resources to handle the huge volume of requests. Apart from being mundane and repetitive, these processes forming part of the 3 main services like new visa, renewals and cancellations were time consuming and prone to errors which in turn resulted in frequent SLA breaches.
10xDS team successfully delivered an enterprise-wide solution along with a robust support model over a three-month time period handling not only several processes under each of the service category but also varied set of exceptions and its associated action to ensure BAU with minimal impact on end customers. 7.5 FTE resources have been augmented till date.
We are witnessing the digital disruption phenomenon evolving to the point where most businesses are facing large scale impacts. If we do a further analysis, those businesses who have adopted exponential technologies like RPA, AI and IA are thriving while the rest are facing staggering losses in terms of potential revenue and consumer loyalty.
C-suite executives understand that today it’s not enough to be just a digital enterprise, the stakes have changed and only automation of processes leveraging emerging technologies can match up to market expectations. The confluence of AI, RPA and Intelligent Automation combined with human resources can form the new digital workforce layer of businesses delivering more focused experience for the customer.
Now we see why the C-suite executives are placing their trust in the promise and potential these technologies hold. With the long-term planning and the corresponding vision of the C-suite executives they have a great opportunity to make a difference by kickstarting the automation journey towards greater success and future business growth.
Jumpstart your Digital Transformation journey with 10xDS Intelligent Automation (IA), RPA and AI services today. Want to gain further insights into our RPA, Intelligent Automation and AI services? Talk to our Automation Experts