Since the beginning of this decade there have been some speculations as to whether the robotic automation workforce will take over the manual tasks? Will it result in unemployment? Or does it mean making good use of robotic automation tools to benefit us all.
Various attempts are being made & we clearly see a trend where the robotic automation workforce is going to be of prime importance in banking and financial industry which is our focus area.
Many a times the primary process candidates for using robotic automation are the repetitive, manual, resource consuming processes that are routinely executed but in due course builds up process errors and manual errors. Robotic process automation can help streamline this area by way of implementing this digital workforce to our advantage.
Let’s take a look at the characteristics we should be focusing on while choosing a RPA tool.
1. Minimum Coding or Technical knowledge: When a non-technical person can use and create automation script with minimum guidance, it becomes the best solution to implement and use. The tool should offer flexibility that any user can automate the scripts. Ability to maintain and create new scripts. The tool that allows ability to create and maintain existing automation scripts is definitely a plus point. RPA solution that is designed to be as user-friendly will be the winner. Robotic process automation is aimed at bringing an intuitive interface that can easily be learned by any person.
2. Platform Independent: A tool that can run on a given operating system OS, which may be used by the bank or their employees is what is the best solution for them. RPA solution that can run on Windows OS, Linux or other standard operating system is an essential characteristic. Also, it should have ability to work across multiple browsers, namely – Internet Explorer, Chrome, Firefox, Opera, Safari, etc. This becomes highly resourceful while executing tests across various platform browsers simultaneously. Repeating tests manually is a time consuming and a costly process. Automated tests can be run repetitively at no additional costs. So, it should be a highly portable tool that runs on multiple platforms as well as browsers
3. Robust Architecture: RPA solution that follows MVC i.e. Model – View – Controller is considered as robust to support multiple features. It is a software architectural pattern for implementing user interfaces on computers. It divides a given software application into three interconnected parts. So to separate internal representations of information from the ways that information is presented to or accepted from the user. MVC offers support for rapid and parallel development. So, developing web applications using the MVC model it is possible that one developer work on the view while the another can work on the controller.
4. Performance Efficiency: RPA tool which takes less time to create and run scripts will effectively yield better performance over a period of time. Once automated, the test library execution is faster and runs in an automated state than manual execution mode. Automated testing comes as a relief for validation during various phases of a software project lifecycle. This improves communication among Developers, Designers, Product Owners, and allows potential glitches to be immediately rectified.
5. Cost Efficient: One of the essential factors for choosing RPA tool is cost, it must justify the purpose it is deployed for. Sometimes cost is sacrificed for achieving efficiency or vice-versa. A tool that manages the perfect balance is what industry gladly accepts. Also point to consider is the implementation and maintenance cost. On one hand tool implementation saves time and cost but it should not result in addition of another person or a team to maintain the well being of the tool.
6. Automation Coverage: Through the implementation of automated tests, more number of tests can be executed pertaining to an application. This leads to a higher coverage that in a manual testing approach. An increased test coverage leads to testing more features in less time and a higher quality of the SW application. An RPA tool that can schedule and run lengthy tests automatically without unattended or consuming large amount of human resources is a better candidate for selection. Automated tests can save you a lot of money! They can detect bugs before they are deployed to the production system which can prevent big damage. They can also help you to design your code in a way that makes it easy to maintain and make it scalable for the future.
7. Re-usability: Any RPA tool that is a for a single use is a disaster. The RPA tool must showcase the ability for multi-use and with relatively easy configuration changes. With some SW knowledge and technical support, it must become reusable to the extent required. Also, the ability to produce, store or integrate with other subsystems is a necessary factor in choosing RPA tool.
Some other aspects include fast, reliable, keyword driven, database supported, remote execution, scheduling features etc. to be characteristics of the automation tool. With banking industry coming to a point where everything is connected to the online world it becomes a necessity for banks to automate some of its business processes. This gives them ability to take control of the information that they have to be utilized in a better way to their benefit.
Keeping these in mind Verinite has embarked on a journey to create a robotic process automation tool that will serve fit for purpose and quick to deploy. As a bank or financial institute if you are thinking of automating business processes you have come to the right spot! Look no further, choose Veribot our Robotic automation solution that caters to your needs. Here is a link to our product that is offered in this space “http://www.verinite.com//product_veribot/”
For inquiring please connect with us, we are always happy to help!
Sankhadeep Chakraborty
Sankhadeep heads the engineering arm in Verinite. He has been associated with the BFSI domain from the start of his career. He is a hardcore techie and innovation drives him. He believes in the saying "Nothing is impossible"
