siliconindia | | May 20189chain management, accounting.b. Automated process for remote management of IT infrastructure which can consistently investigate and solve problems for faster process throughput. Role of RPA in Financial Industry:Many big investment banks have started a multi-year business Next Generation Optimization strategy, which focuses on Robotics Process Automation (RPA) in order to achieve low OPEX with maximum efficiency and reduced risks. Financial institu-tions such as RBC (Royal Bank of Canada) are using leading edge Ro-botics Process Automation system, test driven development and cloud based solution to quickly deliver next-generation optimization. Club-bing this with Continuous Integration (CI), along with Continuous Delivery (CD) pipelines institutions are able to cater fast to this very fast changing environment. By automating opera-tional processes, RPA brings several immediate benefits to the business. These automation capabilities enable more focus and time spent on the customer, and can mean better expe-rience not only for customer but for employees as well. Some of the key benefits are:Accuracy: Robots don't make mis-takes or judgement calls, neither do they get tired. With routine process-es completed accurately, every time, you don't need to allocate resources for making corrections. In the long run, robots improve data and process accuracy as well as banking opera-tions transparency.Reduce Cost: Automation of work processes would mean lesser man-hours which would lead to a decrease in OPEXIncrease in Efficiency and Pro-ductivity: Robots don't take coffee, lunch or holiday breaks. This means 24/7 monitoring and processing, in-creasing speed, efficiency and pro-ductivity. With robots taking over labor-intensive administration tasks, it frees up your employees for more high-value activities. Now employ-ees can focus on those tasks that can't be automated, like customer service.Advance Analytics: Data gathering and organizing becomes easier which helps in predicting future outcomes and helps in optimizing the processes. These analytics can be used for deter-mining the improvement areas that can help in improved processes which can help in achieving higher levels of efficiency. Scalability and Flexibility: The ability to replicate robotic tools across geographies and business units increases scalability and flexibility. With the evolution of industry land-scape, the need for an efficient and controlled process mechanism has also risen. RPA can provide a solu-tion for the management of repetitive processes and at the same time, being cost effective and scalable, enabling firms achieve targets in weeks rather than months.Future Growth: According to the report published by P&S Market Research the global robotic process automation market is expected to grow at a CAGR of 33.8% during the forecast period, to reach $6,247.1 million by 2023. The intensity of ri-valry in the global robotic process automation market is comparatively moderate. Most of the vendors oper-ating in the global robotic process au-tomation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence, and cognitive learning. Some of the key players operating in the robotic process auto-mation ecosystem are Nice Systems, Pegasystems Inc., Automation Any-where, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, UiPath SRL, Verint System Inc., Xe-rox Corporation, and IBM. What RPA does, is provide firms with a digital workforce or software robots which are programmed in a rule-based manner, similar to humans, but effective for tasks such as logging into user interfaces or processing line items or managing exceptionsKapil Gupta
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