Robotic Process Automation: Confluence of Automation and AI

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We hear about robotic process automation (RPA), machine learning, and artificial intelligence (AI) daily in every industry. We learn what these technologies mean for the world as we know it and how they will benefit society, industry, and humanity.

Robotic Process Automation: Confluence of Automation and AI is a book written by Jyoti Sekhar Banerjee, B. Tech, M.E, Ph

We've heard a lot about the possible entanglements, the destruction, misery, and the death of human resourcefulness as far as we might be concerned; all while tech giants like Elon Musk and Bill Gates talk about how AI and robotics will take over jobs.

I consider the implications that RPA will have on the financial services sector, which is the industry and market space in which I spend the majority of my time. Technologists discuss RPA initiatives at every meeting and product evaluation I attend. My inquiry is, how far can support organizations take automation and AI?

To set the stage, let's begin with a brief definition. RPA is the use of software with automation and AI and machine learning capabilities to handle repetitive, high-volume tasks that require human intervention. This could be as simple as software that finds an error, analyses it, and then has the intelligence to fix it without having to be used by a person. Many industries, including fund administration, can greatly benefit from this kind of automation.

RPA has the potential to shorten reporting cycles in the fund administration industry from months to days, allowing investors to see and analyze trends more quickly and base investment decisions on intricate calculations and trends. As they add more fund clients, fund managers see RPA as a means of streamlining accounting and valuation processes. According to Deloitte, it can lead to improved service, fewer mistakes, increased audibility, increased productivity, and lower costs. It makes it possible to have a workforce that is automated in a variety of ways around the clock.

More sophisticated tools are taking the place of the outdated methods that relied on Excel sheets and macros. Additionally, functions like dashboarding, workflow, and proactive system and process monitoring are becoming increasingly important components of technology infrastructures thanks to these new tools. Additionally, these "new" tools frequently need to interact with older systems, which is not possible alway. To extract, format, shape, and distribute the data in a way that a downstream system can consume, necessitates human interaction. This process is being automated with RPA in a more controlled, efficient, and less labor-intensive manner. RPA bots can, for the sake of simplicity, completely automate human actions like opening files, entering data, and copy-pasting fields.

As they provide the next logical step to further reduce costs, RPA and AI will continue to expand. Administrators' shift to outsourcing has plateaued. To further drive down their gigantic workforce, they will see AI and robotization tackle undertakings that once required individuals – like pursuing choices as well as leading and finishing processes all the more productively.

The following are some of the advantages that RPA offers, particularly in connection with the repeatable tasks that are prevalent in both on-shore and offshore fund administration:

1. Increased customer satisfaction as a result of increased accuracy, efficiency, and error reduction

2. Ability for employees to concentrate on activities that add more value and eliminate manual and low-value activities as well as overhead ones

3. More real-time data evaluation and analysis results in data sets that are both cleaner and more complete

The need to quickly assimilate and analyze data, identify trends and make decisions also grows as the volume of unstructured data continues to increase. The ability to automate tasks like system health checks and issue identification and prediction before data delivery will become a reality as technology, and RPA in particular becomes a more integral part of administrators' service offerings. All of this helps to build a workforce that can better serve customers and is stronger and more valuable. They can do this with more detail, more information, and better capabilities that ultimately strengthen relationships.

How far can it go, then? Does face-to-face interaction still have a significant impact on the client-administrator relationship? That dynamic is always changing. Access to the portal and immediate access to information are only two aspects of the client-administrator relationship. It is also one that has been established over time on trust that will not necessarily be lost. Instead, what automation and RPA have to offer makes it better supported and even lasts longer.