The 4th Industrial Revolution is coming - preparation is key - are your teams ready?
The term “Automation” covers a wide range of robotic interventions, from simple desktop automation, through complex process automation to highly complex Artificial Intelligence and Cognitive Machine Learning capabilities
Increasingly, the use of a range of Robotic/Automated capabilities is becoming a market differentiator and a critical driver of reduced costs, improved operational capacity and efficiency, improved customer NPS and increased employee engagement often at a cost advantage compared to more traditional change approaches
The strategy behind adoption of Automation/Robotics into your business will be key in order to maximise returns, whilst at the same time introducing this new “virtual workforce” into your existing business model. It is critical that the human impact and interactions driven by this new technology are fully embedded to ensure the desired outcomes are achieved.
The following are a sample of the many ways in which adoption of these technologies could drive a step change in the performance of your business.....(the full list is much longer than this!):
This is an area where Automation can make a huge impact quickly. Use of a flexible force of robots will improve process turnaround, decrease error/complaint levels through higher consistency and reduce unit operating costs per transaction, and the general level of "heat" felt across many operational areas. In addition, robots never sleep, thus opening a 24x7 world of opportunity and increasing capacity significantly
The use of automation will significantly increase consistency and accuracy in handling high volume, routine customer interactions. Getting these "basics" right is key to improved NPS, and the lower overall cost of complaints. The 24x7 nature of robots and chatbots further expands the window for customers to do business hence supporting the millennial demands on business for "always open"
The use of AI-driven Chatbots has seen consistent incremental improvements in customer engagement and retention, in turn driving reduced churn costs and a much better E2E experience for customers. Over time, this improves customer adoption of digital channels, further supporting strategic business objectives
Deployed in the right way, the use of automation solutions as “virtual co-workers” can really enhance the way in which staff do their jobs, especially in face to face contact roles. This not only improves motivation for the teams, but can lead to further increases in productivity and levels of customer service. Handled well, the introduction of robots need not be seen as a threat
The use of automated processes hugely reduces the time taken to collate large amounts of data (often from different systems) hence increasing fraud detection rates and identifying patterns and trends that humans just cant see. Add to this the consistent application of Risk Management policies and the whole tracking and control landscape can be transformed
The use of robots in the compliance space opens up a new world of consistency, thoroughness, accuracy and flexibility unseen before. Robotic processing can handle all the routine tasks, whilst providing a clear consistent audit trail satisfying FMA, FCS and other regulatory needs. Exceptions can be handled more quickly and consistently, freeing up real staff to handle cases requiring
These are just some of the areas we have worked with clients to develop, and is by no means exhaustive. Please contact us to see how we can support you in defining and executing your Automation roadmap