Monthly Tangentia Byte
May 2020
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Monthly Tangentia Byte May 2020
Category: All
Monthly Tangentia Byte May 2020
How Automation Can Help Insurance Companies Change the Way They Do Business
How Automation Can Help Insurance Companies Change the Way They Do Business
By Gauri Shirur D’souza
Automation. It’s that one word that every industry is starting to become familiar with. The idea
of an autonomous system is quickly becoming the norm in many industries—the insurance industry included.
Insurance companies stand to gain a lot from implementing automation into their workflows.While this traditional industry is often cautious, procedural, and afraid of change. Having access to an innovative technology that can greatly optimize labor-intensive processes is essential for insurance companies looking to maintain market dominance.
The COVID-19 pandemic has demonstrated the need for digitization and the implementation of new technology. Companies have been forced to think and act differently. And in the insurance industry, this has meant embracing change.
Automating Insurance Processes
There are several use cases on how RPA can transform the way an insurance business functions.
Here are just a few of the main benefits that an RPA solution can offer an insurance company.
1. Claims: Insurance companies are flooded with claims. Some companies say claims have tripled. This has led to increased pressure on the assessor, delayed processing, and decreased customer satisfaction. RPA can add value to this process. Bots can read documents, access different systems, update records, and provide claim decisions. Not ready to give that much control to a bot? You can implement a hybrid system that lets your bots do the heavy lifting and leaves the decision-making to humans.
2. Underwriting: With changing lifestyles, the approach to underwriting needs to change.Underwriting isn’t a one-size-fits-all scenario. RPA can move a majority of the underwriting to Straight-Through-Processing. This will enable underwriters to focus and underwrite critical cases, analyse trends, and more.
3. Customer On-boarding: Building a digital front with access to both the customer and the sales agent where the bot reviews the information and completes the back-end processing is vital to simplifying the on-boarding process.
4. Policy Administration and Servicing: A bot can calculate changes to premium and send reminders to customers to pay outstanding premiums. A chat-bot can also answer questions related to policy status, renewals, and provide other relevant information with 24/7 service.
5. Reconciliations: RPA can assist in quickly matching premium amounts to the policy, allowing your employees to focus on exceptions.
6. Finance: Finance automation is one of the first places most companies implement an RPA solution. There are countless use cases for automating invoices, payroll, expenses, and other finance tasks.
7. Policy Cancellations: Bots can calculate the payout amounts and update records across systems far quicker than a human can.
8. Fraud Identification: Cognitive RPA can quickly analyse transactions and provide alerts or handle suspicious claims.
RPA Advantages for Insurance Companies
1. Error free processing of transactions
2. Increase in efficiency, faster processing of transactions and accurate data entry
3. Change management is easy and quick
4. Easy implementation with storefront BOTs
5. Can integrate with legacy systems
The biggest benefit of RPA is that it allows employees to focus on their core tasks, leaving the
bot to take care of the administrative and transactional aspects of a transaction.
Why Is Now the Right Time for RPA?
Almost every business has had to transition to a digital model overnight. Employees are now
working from home and sales teams cannot meet their customers. Companies need to transform how they deliver exceptional customer experiences and improve internal operations.
Digital processing through an RPA solution is one of the easiest ways to achieve this.Implementing an RPA solution will improve your operational efficiency, customer experience,and so much more.
Get in touch with us today to learn how RPA can transform the way you approach your core workflows.
Watch our on-demand webinar to learn how financial institutions can quickly and easily implement RPA today with Tangentia and Automation Anywhere.
Get Started Today
Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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Lockdown inspired conversation : Business Goa’s take on Tangentia Talkies
In the headlines
Lockdown inspired conversation
Business Goa's take on Tangentia Talkies
The closure of non-essential businesses and physical distancing mandates across the globe from COVID-19 has revealed an important challenge for organizations needing to quickly adopt a remote worker strategy. Over the course of a month businesses have had to quickly mobilize their in-office workforce with the tools they needed to work from home, while maintaining security and compliance. As leaders and internal teams were busy focusing on the “how” we also needed to pay close attention to our most critical asset – the people.
Here is Business Goa's take on our latest employee initiative called
“Tangentia Talkies”
How Just-In-Time Inventory, EDI, and RPA Keep Your Business at Its Most Efficient
Automating Your Inventory : How Just-In-Time Inventory, EDI, and RPA Keep Your Business at Its Most Efficient
When it comes to your company’s supply chain, one of the most common weak links is inventory management. There are very few businesses that handle their inventory management well. Typically, retail businesses face problems scaling up their inventory management systems as they grow.
As your business grows, efficient inventory practices become more and more worth investing in. Retail companies with poor inventory management can suffer from stock issues, slowed turnover times, and needing to order excess inventory to prevent running out of stock. Slow delivery and stock issues are a sure way to reduce customer satisfaction, so keeping these issues at a minimum is important.
How can retail companies improve their stock management and inventory processes? For most businesses, the answer is automation. Most inventory management issues stem from human error, inefficient practices, and incomplete item information. Automation resolves all these issues. It is intrinsically efficient and requires complete item information, and eliminates human error.
So, how can your business get started with inventory automation? The process isn’t as difficult as you might think. Just-in-Time Inventory (JIT), Electronic Data Interchange (EDI), and Robotic Process Automation (RPA) are a few strategies that you can utilize onto your supply chain to be well on the way to an optimized system.
What Is Just-in-Time (JIT) Inventory?
JIT inventory is a way to decrease waste and increase the efficiency of your supply chain. With JIT, your supply chain only receives goods as they become needed.
Pros of JIT?
JIT keeps your business at maximum efficiency. By having goods on hand only when they’re needed, you can keep your supply chain operating smoothly without needing to worry about long-term storage of stock.
Maintaining JIT inventory reduces the amount of waste your supply chain produces from leftover, unused goods. It also keeps the investment into your supply low, as you don’t need to stock more goods than you need.
Cons of JIT
While JIT keeps your business on top of its efficiency when supply is readily available, it can cause your business to suffer greatly from issues farther down the line of the supply chain.
Since you don’t keep a stockpile of the goods your supply chain uses, if they suddenly become scarce or expensive, your business might unexpectedly run out of stock. You might also end up needing to buy overpriced stock.
What Is Electronic Data Interchange (EDI)?
In general, Electronic Data Interchange is simply the technical term for two computers communicating with each other. In the context of the supply chain, EDI is a way to get a full digital picture of your electronic transaction exchanges with your customers, as well as your inventory.
Pros of EDI
Many supply chain issues, such as inventory shortages and surpluses, happen because of a lack of inventory visibility. EDI allows you to keep track of all your inventory in one centralized location, making it easy to track and prevent inventory errors.
With EDI, it’s also much easier to manage more complex inventory processes, such as multichannel sales. The more complicated the process, the more likely it is for human error to occur.
Having a guarantee that all of the information about your inventory is accurate allows you to make supply decisions with the big picture in mind. Overall, EDI improves almost all aspects of the inventory management process.
Cons of EDI
EDI can be hard to adjust for your supply chain to work around, especially if it is a legacy EDI system that is in place. This is especially the case for rapidly growing businesses, which don’t usually have particularly well-optimized supply chains.
If your inventory isn’t well-suited to EDI, it can take some work to get full value out of the EDI system. You may need to overhaul some of your inventory processes altogether.
What Is Robotic Process Automation (RPA)?
RPA is a way to increase the efficiency of your inventory management by replacing human operators with various digital systems. With an RPA system, the computer essentially uses itself by means of a virtual operator, called an RPA robot.
RPA robots have a wide array of functionalities and are able to completely replace human users for many applications. They can perform tasks such as moving and collecting data from various sources, as well as process data by performing calculations.
Pros of RPA
RPA can allow for quite a lot of inventory management automation, sometimes up to 90%. In general, processes that can be automated should be, as humans are almost always slower than an RPA robot. RPA robots can drastically increase the efficiency of your inventory management processes.
Like EDI, RPA removes the human element from many processes. In particular, RPA robots can handle data entry, data processing, and other repetitive tasks easily, with a 0% rate of error. This gives them a sizable advantage over humans, who are unable to focus on these tasks for as long.
RPA systems can also keep running overnight, giving them yet another advantage over human operators. Overall, RPA is almost guaranteed to provide a large boost to your business’s supply chain efficiency.
Cons of RPA
Like EDI, a proper RPA system is not trivial to implement. Rolling out an RPA project into your business’s inventory management or production environments actually has a good chance of failing at first. After some troubleshooting, you will likely start getting full value out of the RPA system.
Tying It All Together
Automation is a great way to increase efficiency and eliminate errors within your inventory management process. It can’t do the job on its own, though: if you want to optimize your inventory management, you should use a combination of JIT, EDI, and RPA.
How JIT, EDI, and RPA Complement Each Other
On their own, these three methods of optimizing your inventory are sure to increase your efficiency significantly. When put together, though, they are more than the sum of their parts.
The biggest weakness of JIT is that it’s prone to human error. Improper data entry can result in an unexpected stock outage of your product. EDI and RPA prevent this by removing the capacity for human error in the majority of the inventory management operation.
On the other hand, EDI and RPA can suffer from bottlenecks. It doesn’t matter how efficient your data processing is if your business is bogged down by extra costs relating to storage or other inefficiencies. JIT helps alleviate this bottleneck by increasing the efficiency of your business outside of data processing.
Can I Have JIT or EDI Without RPA?
While JIT, EDI, and RPA are tools that are best used together, they can be used individually to great effect. You should make sure you’re on the lookout for the potential issues with using these tools.
So as long as you build your inventory management process around the tools you’re using—you should be able to work around JIT, EDI, and RPA’s various weaknesses. Overall though, we recommend trying to implement all three inventory management tools, as they work best in tandem.
An Investment in JIT Is an Investment in Efficiency
If your business has been growing and you’re having trouble handling demand for your products, the solution may not be to expand and spend more. Oftentimes, it’s much more budget-friendly and effective to invest in ways to improve your efficiency than expand your flawed, existing system.
When it comes to improving the efficiency of your supply chain, the best way is with automation. JIT, EDI, and RPA are all easy-to-implement forms of automation that are designed to provide you with a quick return on investment. Once you have these systems in place, you’ll find that your inventory management model is much more scalable.
If you’re interested in learning more about JIT, EDI, or RPA, feel free to contact us today to find out how these tools can help your business be the best it can be.
Get Started Today
Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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5 Things to Consider when Choosing a RPA Partner
5 Things to Consider when Choosing
a RPA Partner
Robotic Process Automation (RPA) is becoming increasingly popular in many industries. PwC conducted a survey of the financial industry in which 98% of the respondents said they believe RPA implementation is “important, very important, or extremely important.”
The reason for this overwhelming support for RPA is simple. The use of RPA to automate many of the repetitive tasks that use up too much in terms of human and financial resources is helping companies lower their overhead costs, increase productivity, and streamline their operations.
However, with the increasing use of RPA, it can be overwhelming when trying to choose the right RPA partner for you. Yet, choosing the right partner is critical to the success of your business. With this in mind, here are the five things to consider when choosing an RPA partner for your organization:
1. Powerful automation portfolio
The very first thing you need to do is take a close look at the RPA partner candidate’s automation portfolio that shows what they have to offer. This portfolio of offerings, including their methodology, the support they provide and the commercial model they use, is critical to your RPA success. You also want to know things such as:
- Whether they are involved in RPA research and innovation
- What their automation solutions cover – back office, front office, etc.
- The size of business for which they offer RPA– small, medium, large, or enterprise
- The platform they use for data capture and document/form processing
- Whether there is easy integration with existing systems, ERP/WMS/carriers, and eCommerce platforms
- Whether they offer support for multiple configurable user accounts
2. Proficient business tools
You want to be sure that the RPA partner you choose will be able to provide you with the very best tools to ensure robust automation delivery capabilities. This means that RPA partner will, in turn, rely on partnerships with RPA product companies, such as Jiffy.ai, ABBY FlexiCapture, BluePrism, Automation Anywhere, UI Path, and winautomation. These products should provide things like:
- Intelligent automation
- Cognitive document processing
- Audit, tracking, and update tools
- The ability to gather data, analyze it, and gain insights in real-time
- The ability to manage credentials, set security restrictions, and allow role-based access at the task level
- The ability to automate desktop applications
- OCR capabilities
- The ability to multitask
This should all be offered for a competitive price and come with full technical support. In addition, your RPA partner should be fully certified to deliver RPA solutions and experienced in implementing those solutions in your industry.
3. Scalability
In 2020 scalability will be a big focus area for organizations, when it comes time to choosing an RPA partner. Ensuring the RPA platform you select is fully scalable and will meet the needs of your business as they change will help maximize the benefits and long-term ROI. This means that you will be able to use the bots across multiple processes, regardless of variations in process volumes, and have a solution that works as your business grows.
4. Global compliance with robust security
Be sure your RPA partner has a level of process oversight that will meet regulatory compliance and ensure the protection of all data. This includes saving data and information related to automated workflows in an activity log that provides a clear record of all data flow and transactions, ensuring you are prepared for any internal or external audits that may be conducted.
5. Proven automation blueprint
Look at the RPA partner’s track record and clientele. It is important that you can see they have a proven automation blueprint that has successfully worked for other organizations, particularly those in your industry or sector. Take a look at who their customers are and pay attention to ratings and reviews of their products, so you can get a good feel for the success of their automation solution.
Ultimately, when you are looking for an RPA partner, you need to be sure that their expertise and capabilities meet your specific needs. Tangentia has the proven track record, the tools, and the innovative spirit to help you get your RPA off the ground.
Get Started Today
Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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Monthly Tangentia Byte – April
Monthly Tangentia Byte
April 2020
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RPA in Banking – The next big thing
RPA in Banking
The next big thingBy Gauri Shirur D’souza
If this pandemic has taught us all one thing, it is that the future is uncertain. And though there may be business disruptions, life and business must continue. This pandemic has also laid bare the unpreparedness of large industries and companies who have invested heavily in Information Technology, but the processes are still
largely manual.
And this has definitely affected customer experience and satisfaction . If we were to conduct a survey today, we would realize that customer experience is negatively affected. The reasons for customer dissatisfaction are mainly delay in response time, inadequate information and non-transparency. If RPA was deeply entrenched in the system, it would have enabled Banks and other financial service institutions to respond quickly and more efficiently to this new normal.
Automation of Banking Processes
There are a few use cases for RPA in Banks. But these have so far been restricted to fraud detection and customer service to name a few. Some of the areas where RPA can provide immediate benefit can be as follows:
- Loan Life Cycle: Right from loan origination to credit assessment, RPA with a boost from Machine Learning can provide Banks with quick, efficient and scalable operations. In the current scenario, RPA can accelerate credit assessment for forbearance cases.
- Account Opening: Cognitive BOTs can read documents, enter data and process transactions and enable Banks to open accounts quickly and with zero data entry errors
- Finance: There are use cases across industries on how Finance is the low hanging fruit for RPA
- Reconciliations: RPA can ensure zero errors in reconciliations leaving only exceptions to be handled by the employee. This intervention too can be eliminated on adding a Cognitive BOT.
- Compliance: BOTs can help with not just creating forms for submission to the regulator but also scan different websites for updates to the sanctions list / block lists etc.
- Audit: Data based analysis and checks can be done by the BOT leaving the employee to focus on key risk areas and controls
- Fraud detection and prevention: A BOT can be programmed to flag suspicious entries in account(s) to a team for review.
- Account Based Charges – BOTs can be programmed to run specific scans and identify and accounts for charge application or blocking as per the Bank’s policy
These are only a few areas where RPA can be integrated into the Bank’s processes.
Advantages to the Bank
a) The biggest benefit is that the employees can focus on their core competencies and leave mundane, repetitive tasks to the BOTs
b) RPA with a mix of Machine Learning can increase efficiency and accuracy in transactions and data entry
c) Implementation is quick due to availability of storefront like BOTs
d) RPA integrates with existing frameworks and systems and does not require a change in infrastructure
e) Change Management is easy and there are use cases where changes have been done in a matter of days
Mind Block to RPA
Banks are often looked at by governments as vehicles to add stability to the economy. This is also reflected in the large workforce most Banks carry. One of the biggest fears people have is that building a digital workforce will eliminate the need for a physical workforce.
That is not entirely true. The employees will instead be used for their core competencies. Employees will provide oversight, handle exceptions and take judgement calls based on experience. The goal of RPA is to improve operational
efficiency and not eliminate workforce.
So while a few Bank may have deployed chat-bots, the uptake has so far been slow. But now is the time when the banking industry must invest and build a digital workforce. It will not only improve efficiency and accuracy but also strengthen our defenses and readiness for the next disruption.
Watch our on-demand webinar to learn how financial institutions can quickly and easily implement RPA today with Tangentia and Automation Anywhere.
Get Started Today
Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
Read Now
Integrating Your EDI Data Into Your ERP Systems: What Are Your Options?
Integrating Your EDI Data Into Your ERP Systems: What Are Your Options?
By Karen Briones
Everyone’s heard about Electronic Data Interchange (EDI) systems by now. But seamlessly integrating EDI data into an Enterprise Resource Planning (ERP) system is one area where many companies struggle. It’s important that these two systems communicate flawlessly to minimize processing times, eliminate errors, and avoid compliance issues.
Many companies rely on EDI systems that they struggle to maintain as they start to transition into the era of cloud technology. Most of them are legacy EDI systems that have been patched along over the decades, and trying to make them compatible with modern ERP systems is often a challenge.
So, how can you ensure that your EDI data is compatible with your ERP system? Let’s start by assessing the types of problems that most companies face when trying to integrate their EDI data with their ERP.
The Most Common EDI Data Integration Problems
Let’s face it—incorporating your EDI data into your ERP system isn’t an easy task. Here are a few of the most common problems you’ll encounter:
- Poorly-built integrations that aren’t standardized. The entire premise of EDI is built around the idea of standardized file formats. Your organization may have developed a series of internal processes and policies over the years. Each layer of added difficulty only complicates the integration process.
- Handing the project off to an inexperienced team. Every aspect of your integration needs to be managed carefully as a simple error could potentially lead to a halt of the rest of the downstream processes, and worst, compliance issues. Don’t make the mistake of handing the project off to an inexperienced team. The data you send and receive is important to your business, and it’s vital that your vendors and suppliers have access to accurate and compliant data to minimize disruptions to your business processes.
- Relying too heavily on manual processes. Accountability and control are important aspects of EDI—but relying on manual processes can complicate the integration process. It is best practice to automate these processes to ensure that the data that you are integrating is accurate and reliable from end-to-end.
- Deploying too many back-end applications. It’s not uncommon for businesses to use various CRM’s, ERP’s, and other applications to simplify their back-end processes. However, integrating your EDI data into multiple applications can increase the likelihood of costly errors being made.
Every organization is unique, and the challenges you face may be different. Still, your main focus should always be on maintaining the integrity and accessibility of the data that is essential to your business and your customers.
EDI Data and ERP Integration: Your Options
Several options exist when it comes to integrating your EDI data into an ERP system. The most popular options include:
Use a Third-Party EDI Integration Plugin
Some companies use a Third-Party EDI Integration Plugin that acts as a bridge between their EDI and ERP systems. While this may prove successful for your organization, the cost associated with this option is typically high.
Work with a Third Party EDI Service Provider
Third party EDI service providers not only ensure your EDI compliance with your trading partners’ EDI requirements, but they also typically offer ready-to-use integration modules for most ERPs. Many companies rely on Third Party EDI Service Providers to fully manage their overall EDI infrastructure, freeing them from costly in-house management and maintenance of these systems.
Utilize Web Services
The more modern ERP, WMS and eCommerce platforms have started to embrace web services/API integration to allow their applications to seamlessly communicate with other applications. EDI data can be incorporated into your ERP by utilizing APIs.
Implement Flat Files
Flat files are known as text database files. They are the most basic form of EDI data available. This method uses simple text files called flat-files (or CSV) to ensure data is compatible with the majority of ERP systems. Other EDI systems may use the XML format. These two file formats are the global standard in EDI and are highly-integratable with other ERP solutions.
Need Help Choosing the Right Integration Option for Your Company?
Integrating your EDI data into an ERP system is a major process that every organization that handles huge amounts of data should consider. Tangentia specializes in fully integrated EDI solutions, and can help your company successfully build the bridge between your EDI, ERP, WMS, eCommerce and other business applications.
Tangentia has decades of experience working with EDI systems, and we understand exactly what it takes to build an automated system that is flexible, compliant, and functional while being cost-effective.
Get in touch with a member of the Tangentia team today to see how we can automate your EDI data flow between your existing business applications.
Get Started Today
Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
Read Now
Tangentia Talkies : How is Tangentia Keeping its Employees engaged during the Lockdown?
Tangentia Talkies
How Tangentia is keeping its employees engaged during lockdownMamatha Manu
The closure of non-essential businesses and physical distancing mandates across the globe from COVID-19 has revealed an important challenge for organizations needing to quickly adopt a remote worker strategy. Over the course of a month businesses have had to quickly mobilize their in-office workforce with the tools they needed to work from home, while maintaining security and compliance. As leaders and internal teams were busy focusing on the “how” we also needed to pay close attention to our most critical asset – the people.
Organizations needed to ensure the mental well-being of its employees as they experience a major shift in their daily routines. Helping them stay engaged and motivated to ensure productivity and operational efficiencies, as best as possible. The unfortunate truth after a few weeks many remote employees started to feel the burden of isolation and missing the lack of in-person collaboration with their colleagues.
At Tangentia our team was already experienced in collaborating and working remotely with offices in both Canada and India and employees working onsite in Saudi Arabia and different parts of Canada but we realized we needed to do more. So we introduced a Remote Employee Engagement Program to tackle low morale and ensure everyone felt connected.
One initiative we launched is called –“Tangentia Talkies”
Tangentia Talkies is a daily session conducted on Google Hangout, which is presented by an employee for a short duration (10-15 minutes) with a Q&A period at the end. The format resembles a “talk show host” experience, which can be derived from the name itself (Tangentia Talkies). It begins with a theme song and continues with a presentation from the speaker. Once the presentation is over, the final credits are rolled, and everyone applauds the speaker and the listeners for their active participation in contributing to our collaborative culture.
The topic presented could be anything under the sun! The presenter could choose to educate the team on a topic they are passionate about, spread awareness for a cause or share a hidden talent with the team!
Some of the topics that have already been shared by the Tangentia team are Trust in the Digital Era which was presented by Rajhans Gupta(Sales Manager) wherein he spoke about the importance of trust and the effect it has on brands, ratings and protocols. The five main elements of trust and how companies can work on building trust among their consumers. Malav Kansara, Manager- Staffing presented on the “importance of Mental Health”. He presented a topic which is still considered a taboo with sensitivity and flair. He encouraged everyone to normalize this topic and seek help, if needed. You go to a doctor when you feel ill physically, the mind is no different- it also needs a specialist to heal.Priyanka Phadte, a trainee from the RPA vertical presented on “Parable” and encouraged everyone to think outside the box wherein the possibilities are infinite.She used animation in her presentation and showcased the different skills that she possessed. An otherwise shy and soft spoken- Shweta Kandri presented on the “Mystery called Dreams”. She explained a few famous theories on dreams like the Freudian Theory and the Modern theory and gave us a few interesting facts on dreams too.
The goal of the activity is to encourage open communication, maintain daily interaction with the team and eliminate the feeling of isolation – even if it’s for a short time.
The format resembles a “talk show host” experience, which can be derived from the name itself (Tangentia Talkies). It begins with a theme song and continues with a presentation from the speaker. Once the presentation is over, the final credits are rolled, after the HR department applauds the speaker and the listeners for their active participation in building our collaborative culture.
For businesses navigating these times of uncertainty the highest priority is often maintaining relationships and project success, but at Tangentia we work hard to find the balance between partners, projects and our people. We utilize collaboration tools such as Google Hangouts, Chat, WhatsApp and our phones to maintain open communication with our team.
We hope by sharing what we are doing at Tangentia during COVID-19, that it inspires other companies to implement similar programs, afterall we are all in this together.
#StayHome #FlattentheCurve
Get Started Today
Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
Read Now
Compliance and RPA: Are They the Perfect Match?
Compliance and RPA: Are They the Perfect Match?
Vijay Thomas
Compliance is a big issue for many companies, especially with the coming of the GDPR, SOX compliance, HIPAA, and more. Whether a company handles sensitive data or needs to meet strict regulations, maintaining compliance is a company-wide effort.
People often ask me whether robotic process automation (RPA) is a compliance-friendly solution. Perhaps they watched too many movies where robots become sentient and overthrow their human masters.
The simple answer is that RPA is one of the most compliance-friendly automation solutions on the market.
RPA: The Compliance Dream
What makes RPA a compliance dream? Robots are programmed to perform specific tasks and nothing else.
Yes, we may one day see the rise of self-taught AI that can teach other AI, but that technology is many years away.
RPA solutions simply don’t go rogue. Their programming doesn’t support these kinds of actions. Instead, they focus on specific tasks. Bots will not share passwords—they won’t send emails in error or download potentially dangerous files. With the majority of bots the data is encrypted at rest as well as in flight so the bot never actually has access to the data they are interacting with.
The reality is that a company’s employees are far more likely to make compliance mistakes. This is why bots are far better to have in your IT infrastructure. Companies looking to build compliance systems should see bots as both a form of efficiency and security.
What Compliance Advantages Does RPA Offer?
A company’s ability to maintain compliance is important for a variety of reasons. While legal fines are unfavorable, a complete erosion of customer trust is even more dangerous for a company.
According to Deloitte, “several aspects of compliance oversight operations can be enhanced through RPA implementation.”
But what advantages does RPA provide beyond eliminating simple human error? Based on my experience, here are a few of the main ones:
- Minimize legal mistakes. RPA solutions can reduce your legal burden by ensuring that important legal compliance is handled according to protocol. This can reduce your risk of violating regulations by eliminating human error from the equation.
- Build efficient internal systems. Knowing how a process is executed from start to finish can simplify the compliance issue. The predictability that RPA provides can improve your overall business operations.
- Maintain customer trust. Today’s customers care about their data more than ever. Large data breaches can damage your reputation beyond repair, losing customers in the process. Implementing RPA ensures that the systems you rely on to maintain compliance are consistent and reliable.
- Better oversight and auditing. Audits are a normal part of business for most companies. Everything an RPA solution does is traceable through logs. That means every input and output can be assessed by humans. This enhanced level of oversight gives companies a lot of control over how they approach compliance, how to identify potential problems and solve them.
- Develop high-level compliance systems. Humans are susceptible to variation in the work they perform. With an RPA solution, once a process is created, every iteration of that process will be the same. This allows you to create high-level compliance systems built around your automated workflow.
- Infinitely scalable. The more humans you rely on to complete a task, the more likely you will encounter some kind of error. RPA doesn’t suffer from this problem. Automated solutions are infinitely scalable, and will produce the same quality of work regardless of how many automated solutions your company has implemented.
- Deployable in most industries. Compliance impacts nearly every industry in the business world. Training humans to understand the nuances of an industry, the specific regulations, and the data a company is handling is time-consuming. RPA can learn that same information far quicker, making it easy for companies to deploy bots across a variety of departments.
RPA Isn’t a Compliance Problem—It’s the Solution
Competitive companies are already embracing RPA for the many advantages it has to offer. It’s clear automation will play a major role in the coming decades as companies look to improve their efficiency and build scalable systems that are aligned for growth.
While compliance is an important topic that companies should think about, RPA shouldn’t be seen as a problem. If anything, it’s the ideal solution to a problem that’s plagued companies for decades.
Where else can you find a repeatable solution that generates the same quality of results every time? From a compliance standpoint, bots are the way to go. As AI and machine learning continue to evolve, their capabilities will only grow.
Companies looking to improve their ability to maintain compliance, as well as their business operations, should see RPA as a logical solution.
Are you interested in learning more about RPA and how it can help your company stay compliant in the digital age? Get in touch with Tangentia, the leader in RPA solutions with local offices in Canada, America and India.
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Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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