2020 has been a tough time for businesses of all shapes and sizes, and we’ve all learned to appreciate the value of a stable business contingency plan. For banking and government industries, dealing with changing social distancing and remote working regulations is as much of a challenge as it is in any other. It’s important to be prepared for the unexpected.
Luckily, technology like robotic process automation (RPA) can help provide you with a business contingency plan to stay ahead in a changing world. Let’s take a look at how you can do that.
A business contingency plan with RPA
Robotic process automation (RPA) is a type of process automation in which software robots, “bots”, are programmed to complete repetitive tasks. For those in banking and government, the ability to automate tasks like data, such as data entry, invoice processing and much more is a vital benefit when ensuring business resilience.
By investing in robotic process automation, you can automate many of these time-consuming manual tasks, which has several significant benefits. First and foremost, it frees up valuable time for employees that would otherwise be undertaking this work.
It also makes business processes faster and more streamlined—which is vitally important when you’re trying to ensure business continuity during disruptive times. Vitally, it also means your sales and customer service staff have more time to spend with customers and residents.
Now we’ll take a closer look at the benefits for business continuity when implementing RPA in your business:
- Quick to implement
One major benefit of RPA is that it’s easy for anyone to get started. Unlike more complex process automation technology, RPA solutions can be code-free. That means individual line of business leaders, HR workers, and non-IT specialists can get up and running easily.
As well as this, RPA slots into the workplace processes you already have and works seamlessly with them. That means making RPA a success doesn’t require the upheaval of a widespread rollout of new tools. Nor does it need a complicated adoption strategy. By simply programming software bots to complete individual tasks, you can make your existing processes faster, more agile, and better able to adapt to unpredictable business conditions.
- Easily scalable
RPA also enables you to vastly accelerate your existing processes. RPA software bots complete data entry tasks much quicker than the average worker. That means the processes where they’re deployed will be much more ready to adapt to fast changes, such as a surge in onboarding new employees, clients, or customers.
At a time when many businesses face a future of great uncertainty, it’s vital that your processes and workflows can adapt to sudden changes in demand or resources. This is a vital part of enabling business agility and continuity during difficult times.
- Enables flexibility
Flexibility is crucial for organizations today. And to achieve flexibility, it’s important to ensure that workers have the time and space to think creatively. This isn’t possible when people’s time is wasted on repetitive manual tasks.
But when RPA takes over manual tasks like moving information from one place to another or processing paperwork such as invoices, your employees have more time on their hands. Attention that can be turned towards more strategic work of higher business value. This room for creativity is a vital part of staying adaptive, focused, and agile during difficult times.
RPA in action: Keeping the world moving
Tools like RPA are helping banks and governments build a robust business contingency plan in the face of changing business conditions, an unpredictable economy, and an uncertain future. Let’s look at a couple of processes to see how RPA works in practice:
- Streamlining loan processes
How does an annual saving of $304,000 sound? That’s what we helped achieve for Johnson Bank, on just one process.
“Before Nintex RPA, it took someone a full week to process load data. With Nintex, it now takes only about two hours. That’s an enormous saving of time and money”
Rita Kerkman, Johnson Financial Group’s AVP management reporting specialist.
Now imagine other areas where this could apply, and you can start to envisage the additional savings that can apply to your business.
- Managing contracts and invoices
It can be difficult and time-consuming to ensure that important documents are shared with the relevant people, with the appropriate permissions, and saved in the correct place. But compliance demands that these things are done properly. With RPA, bots take care of the manual process of moving, sharing, and filing these documents, reducing the volume of banal tasks.
These are just two examples of how RPA can help workers make tangible time savings. RPA can be applied to processes right across your company – wherever manual tasks are preventing employees from doing their most valuable work, RPA can help.
But RPA doesn’t just help individual organizations to achieve greater business resilience. Throughout 2020, the team at Nintex has been using RPA and other technology to enable first responders in state and local governments in their efforts to tackle the pandemic. Find out more about the work we’ve done right here.
If you want to find out more about investing in robotic process automation to manage business uncertainty, start your free trial of Nintex RPA today.