In 2019 here at ElectroNeek, we met with numerous companies’ representatives who explained the pain points of their industries, brand positioning, and other corporate issues that every business has to face. With the consent from these people, we decided to conduct a study about real expenses of routine tasks that seem so unimportant (what can 15 minutes save, right?) that people often don’t even realize the potential of growing the business without hiring new people, just by optimizing workflow with Robotic Process Automation (RPA).
In this article, we want to demonstrate some of the findings from our year-long research of banking and other industry representatives. It is constructed from interviews with potential and actual clients from the industry, their representatives, experts from the RPA industry that we’ve met along the way, and remarkably enlightening studies conducted by McKinsey, Gartner, and Deloitte.
- Around 15% of work across all office job functions can be automated by RPA bots, increasing capacity, and freeing employees to focus on higher-value assignments. This is especially relevant to the banking industry, where the average mid-level office employee has more than 25% of structured, well-described, repetitive tasks that can be done by programmed robots 3 to 8 times faster (depending on the complexity of the instructions).
- Only 1 in 4 business owners knew about the benefits of RPA implementation into the work processes before we first met.
- Financial data is the most common topic that entrepreneurs and business owners find crucial to be managed on time and without mistakes.
- Data flow is also one of the time-consuming processes in the financial operations that, in total, takes around 1-1.5 hours a day of the teamwork (considering the time spent by one person or distributed among team members).
- An average manager works in one or several MS Office apps at least three times a day.
- Those who use electroNeek RPA noticed that intelligent document recognition saves approximately 80% of the time spent on those tasks before RPA.
- Up to 90% of all office tasks can be automated.
These findings prove the idea that Robotic Process Automation is capable of changing the workflow we are used to and improve it to the next level. This is not Humans Vs. Robots theory, this is the opportunity to manage robots to modernize life, boost productivity level, accuracy, speed of work, and ROI.
Someone once said that in the past, computers filled hard-for-humans gaps in a human value chain. Well, now humans fill hard-for-software gaps in a software value chain.