For established companies in an increasingly digital world, making incremental changes to long-standing business models isn’t enough to succeed. To sustain growth in the face of disruptive threats from digital challengers, incumbent companies must overcome two challenges at the same time: innovating with new digital businesses while also digitizing core holdings. The findings of multiple McKinsey Global Surveys on digitization show the defining elements of strategies and operating models that are built for this duality of digital.
By now, the benefits of robotic process automation, or RPA, are well-known. The power of RPA rests in increased efficiency and reduced costs, as well as the ability to truly unleash the creativity of employees by freeing them from uninspiring and menial tasks. However, currently RPA is largely considered an ‘add-on’ that attaches to existing systems and processes in order to improve their efficiency.
This is a tactical solution, which decreases costs and increases speed in a relatively short time.For many organizations, this will be sufficient. But taking an enterprise view of RPA offers a far more effective long-term solution. The quickest, easiest implementation of the cheapest robots available is unlikely to lead to sustainable improvements, whereas taking the time to truly understand your organization’s processes first will mean you can apply RPA in the right place, at the right time, and in the right way.
An enterprise approach to RPA can also fuel a shift in mindset within companies, in particular in their acceptance of and responsiveness to change and disruption. When staff see the benefits of RPA in action, future instances of RPA become easier to support, and from there it is easier to introduce other organizational or structural changes that may not necessarily be related to RPA. A company culture that is open to experimentation with RPA will likely be open to other opportunities as well, and over time will foster a willingness to be more creative and innovative.
At Virtual Operations we recognize that the technologies deployed to provide business benefit, can also be leveraged to provide the back-bone of a support model that monitors and resolves issues proactively. This allows for scalability of support without incurring the overheads of scaling a traditional support model. It also allows for investment into optimising the service operation, and identifying areas of improvement before they become incidents that impact the business.
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To date, most of the headlines around the use of Robotic Process Automation, or RPA, have centered on how they can reduce the number of full-time employees (FTE) and thus reduce cost. Couple this with the need for many organizations to increase productivity, and it is easy to see how with static sales and reduced headcount, perceived productivity increases.
As the digital transformation continues to accelerate at an unprecedented and exciting pace, The Sourcing Interest Group looks to recognize the change makers, movers and shakers who show innovation, leadership and transformation in areas critical to the sourcing industry. The Future of Sourcing Awards recognizes organizations and individuals that show innovation, leadership and transformation in categories that are critical to the sourcing industry.
Virtual Operations announced as a finalist in 2019 Future of Sourcing Awards in the category Innovations in Supplier Performance.
Virtual Operations described as “the special forces of intelligent automation” by a leading global enterprise, with a best in-class automation platform.
“Virtual Operations is the company we rely on to deliver critical projects in a reduced time frame. They assign their A class developers to complex projects and always, without fail, deliver robust solutions. I have full confidence in their work and the knowledge that they pass onto my team is second to none.
I refer to them as the special forces of intelligent automation; once they’re involved I know my projects are in safe hands”
New forms of automation (e.g. robotic process automation) and knowledge of the underlying processes/interactions are key to digital transformation. Process mining helps enterprise architecture and technology innovation leaders assess operations and performance, increasing these initiatives’ values.
The implementation of innovative tools like Robotic Process Automation (RPA) and Artificial Intelligence (AI) can seem like a daunting, overwhelming and expensive task. Future of Sourcing is pleased to present this interview with Nick Andrews of Virtual Operations to discuss the rumor that RPA is dead, tools/technologies that are providing the most value to practitioners, what RPA tools they can implement today and much more.
Robotic Software Automation (RPA) software revenue grew 63.1% in 2018 to $846 million, making it the fastest-growing segment of the global enterprise software market, according to Gartner, Inc. Gartner expects RPA software revenue to reach $1.3 billion in 2019.
The top-five RPA vendors controlled 47% of the market in 2018. The vendors ranked sixth and seventh achieved triple-digit revenue growth (see Table 1 in linked article). “This makes the top-five ranking appear largely unsettled” Mr. Biscotti added.
Future of Sourcing sat down with Clare Horn of Virtual Operations to discuss common misunderstandings, implementation and what the future holds for automation in our industry.
Process automation is both a phenomenon and a paradox. Customer satisfaction levels are quoted by leading industry-watchers as less than 50 per cent, yet adoption and growth is accelerating.
At Virtual Operations we have considered this paradox many times. We believe that the answer lies partly in the mismatch between expectation and reality and partly in the restricted way in which automation technologies are applied.