Automation expert and research VP Sarah Burnett will speak at the NICE 2018 Smart Interactions in the Cloud event in London on June 6. She will be part of a breakout session where they discuss how organizations are using the latest developments in RPA to get ahead of the competition.
About the event: Interactions 2018 will feature over 25 sessions, with over half of them led by industry experts and NICE customers. The conference features a rich array of breakout tracks dedicated to helping you and your organisation succeed in areas such as customer experience, operational efficiency and compliance.
June 6, 2018
Stamford Bridge, the home of Chelsea Football Club
After five years of buzz, there is now a lot of momentum in companies adopting Robotic Process Automation (RPA) technology. At Everest Group, our Pinnacle Model™ research assessed the impact of more than 200 leading companies on digital journeys implementing RPA. Our assessment identified companies achieving superior business outcomes (Pinnacle Enterprises™), including 4X the ROI as other enterprises. We found these enterprises invested in key enablers for speed to impact in digital transformation and took a more holistic, participatory approach to implementation rather than a top-down approach. My conversation with Peter Quinn, who led RPA implementation at a large wealth management firm, reveals several characteristics about the successful approach enabling RPA success and higher ROI.
Robotic Process Automation (RPA) is a powerful set of digital tools that is poised to have a dramatic effect on the services industry, particularly the business process industry. RPA tools automate well-understood processes currently being done by hand and that have been outsourced. But from our findings in my employer Everest Group’s Pinnacle Model research on enterprises that undertake digital journeys, we believe companies will inevitably apply RPA to work that is not currently outsourced. This will radically change the supply chain of services over the next five years.
Robotic process automation, or RPA, is the use of software with artificial intelligence and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. Simply put, RPA technology enables companies to automate manual processes across the enterprise using software robots, in turn reducing human error and saving money on labor. One key area where this sort of automation will make particular sense in the near term is configuring and managing disparate components of an IoT deployment.
Sarah Burnett, vice president of research at Everest Group, a consulting and research firm based in Dallas, said robotic process automation technology allows you to connect to systems through their user interface. That’s why it’s called robotic — it mimics what the human would do at the keyboard.
In the next five years, over half of all talent acquisition tasks can be automated using a variety of technologies including RPA, cognitive & AI, and analytics, among others, either on their own or in combination with one another
Now that we’ve put the finishing touches on our first-of-its kind assessment of enterprise RPA adoption around the globe, we’re seeing a full dismantling of several RPA assumptions and myths.
After surveying enterprises across a wide swath of industries, we have finalized the analysis and are releasing a goldmine of data and insights for enterprises looking to take a confident step forward in their journey toward Pinnacle RPA status. While the full results are laid out in our Enterprise RPA adoption | Pinnacle Model™ Analysis for 2018, I want to provide an overview of some of the findings here that I think you’ll find interesting.
RPA adoption is size- and industry-agnostic across enterprises
Enterprise RPA adoption is not a trend for big organizations in certain industries to pursue while smaller players maintain the status quo. Stagnation is a recipe for complete disaster in the industry’s rotation to digital. In our research, we’ve found that all types and sizes of enterprises are adopting RPA. This includes both top-down adoption across the org to improve overall speed to impact and bottom-up adoption where segments of orgs are adopting RPA to optimize specific processes. Regardless of size and type, enterprises are going all-in and getting results.
So, what happens if you’re not a part of that? Well, you can imagine the way Toys ‘R Us execs felt when they realized they were about to watch the titan enterprise enter into complete oblivion. Part of that is due to a failure to transform the model in the age of digital transformation. Enterprises that are not thinking in the direction of some level of enterprise RPA adoption are in danger of charting a course to that same end. The takeaway here is clear: adopt or be disrupted.
RPA Pinnacle Enterprises™ significantly excel in three impact areas
RPA Pinnacle Enterprises exceed others in the three critical areas of cost impact, operational impact and business impact. Statistically, they have seen a 50% improvement in operational impact alone. Those enterprises not at the Pinnacle level, but who are still adopting RPA, have seen a 30% improvement.
So the news for all enterprises moving along the RPA adoption curve is either good or great – there is really no bad news here. This is a fascinating and important statistic for all enterprises, and warning of what’s to be missed out on for those on the sidelines of adoption.
RPA and massive job loss is a myth
Automation is soon to be a driving factor for sweeping job losses across all industries. While that’s great fodder for headlines, blog titles, and social media clicks, the actual enterprises we’re talking to aren’t singing that song at all. I talk about this more in a recent blog, The Robots are Coming – Should You Fear or Welcome Them, but in essence, enterprises are talking about reskilling, upskilling, and enhanced training; they’re not talking about eradication of the human element.
As you might have heard, in the midst of this rotation to digital across all industries, we’re actually experiencing a labor shortage in the United States and Europe. We’re just not seeing it in the headlines.
Instead of the comparison to Skynet or some other Terminator-related theme, a better comparison for RPA and jobs is one that involves our actual history. When you review what happened in the industrial revolution, you don’t find the entire workforce replaced by machines (Of course, individuals were impacted at various levels). Instead, you find massive reskilling and upskilling so that the new technology can complement and improve human effort – AND by improving productivity, allow our companies to continue to grow even in the face of a labor shortage. That’s much more along the lines of what enterprises are discussing, planning, and doing. Unfortunately, news like that doesn’t make the cut for trending stories.
RPA Pinnacle Enterprise webinar
Many more in-depth details about these enterprise RPA trends are laid out in our Pinnacle Model analyses. Moreover, this research is brimming with data-packed analysis on what is truly differentiating Pinnacle RPA enterprises from the rest of the pack. The kind of analysis that all enterprises are clamoring for as they determine where they are on their journey to Pinnacle, and decide what the next best steps should be. We also hosted a webinar on April 12 that dispels popular myths surrounding RPA using our fact-based analysis from the RPA Pinnacle Model study. Watch the webinar replay.