The best-performing, or Pinnacle, enterprises differentiate from others in five distinct ways: organizational readiness, scale and scope, speed of implementation, governance, and reusability.
Impact potential of next-generation technologies in talent acquisition, including analytics, Natural Language Processing (NLP), Robotic Process Automation (RPA), and Machine Learning (ML).
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
Enterprise digital initiatives transitioning from pilot to program: 57% of the enterprises’ demand is firmly around digital technologies in the next 12-18 months. Most enterprises now perceive digital to be indispensable for the firm’s long-term growth and are trying to position themselves as “digital-first” enterprises
Like most businesses today, your company is probably looking at the possible cost and productivity improvements achievable through digital technologies such as Robotic Process Automation (RPA) and analytics. If so, it’s important to understand that digital transformation is a journey of very deep and broad, company-wide change. Through our Pinnacle Model™ research on digital journeys, we at Everest Group assessed the impact on enterprises implementing RPA. Our study finds that, compared to other enterprises, Pinnacle Enterprises™ (companies that achieve superior business outcomes in digital journeys) achieve 4X the ROI compared to other enterprises implementing RPA, higher improvement in operational metrics and higher impact in strategic areas. What makes the difference in RPA outcomes for Pinnacle Enterprises?
Everest Group reports that RPA Pinnacle Enterprises are realizing a 50% improvement in operational metrics through RPA implementation and 30% cost savings through RPA investments.
Everest Group has identified the global enterprises who are leading the way in the journey to adopt Robotic Process Automation (RPA). Nine organizations among 52 Fortune 1000 enterprises assessed by Everest Group have achieved superior business outcomes because of their advanced RPA capabilities and have been deemed RPA Pinnacle Enterprises™ by the firm.
Everest Group reports that as a group these Pinnacle Enterprises significantly exceed other enterprises in three key outcome areas:
Everest Group studied the RPA adoption journey of 52 Fortune 1000 enterprises, examining five key capability areas for RPA—vision and strategy, implementation, organization and talent, technology, and resourcing. Everest Group also examined three key types of outcomes—cost, operational, and business. In an analysis of the correlation between capabilities and outcomes, the Pinnacle Enterprises rose to the top.
“RPA is beginning to make its mark on nearly every vertical, and although many organizations are still in the early stages of RPA adoption, those whom we identify as Pinnacle Enterprises are clearly excelling in the adoption journey and reaping superior outcomes,” said Michel Janssen, chief research guru at Everest Group. “By examining what these Pinnacle Enterprises have in common, we are able to glean for other organizations valuable insights on how to succeed, whether they desire to make incremental changes or achieve major transformations.”
***Register for Complimentary Webinar***
Everest Group is hosting a complimentary webinar, “Top 5 RPA Myths Dispelled | Insights from our RPA Pinnacle Model™ Analysis,” on Thursday, April 12, at 9 a.m. CST. During this webinar, Everest Group experts will explain:
“Our Pinnacle Model analyses show organizations exactly who is succeeding and how,” adds Sakshi Garg, practice director at Everest Group. “One of the most valuable aspects of this research is that we are able to identify ‘journey accelerators,’ which are specific methods organizations can use to accelerate their RPA adoption journey. Armed with clear points of comparison and insightful recommendations, organizations are better equipped to prioritize where to invest their time and resources and plan their own path to the top.”
About the Pinnacle Model
Everest Group’s proprietary Pinnacle Model™ analyses, which include input from executives from leading Fortune 1000 companies, compare internal capabilities to desired business outcomes, such as disrupting the industry, improving customer experiences, increasing market share, and launching innovative products and services. By highlighting what the best—Pinnacle Enterprises™—are doing, these performance studies help organizations plot a journey from their current position to where they want to go, prioritize investments of time and resources for maximum impact, and accelerate change.
Following my initial review of how financial services firms are getting on with artificial intelligence (AI), I was interested in finding out more about adoption of AI and related technologies such as RPA and the technical challenges companies currently face, as well as near-future evolution at sector organizations.
According to the study Digital Pinnacle Enterprises by analyst firm Everest Group, of the 55 financial services organizations polled, 16% adopted AI most effectively while 89% of those had already invested in AI in some form or other.
The most common AI uses in the sector were for sentiment analysis for marketing, personal finance virtual agents and financial and advisory virtual agents. Another Everest study of 12 property and casualty insurance companies last year showed that 29% were running AI pilots and 50% were seriously considering it.
RPA is much more pervasive than AI in the sector: Everest data shows that banks and financial firms account for 40% of the RPA independent software vendor market. In the insurance study, 93% of the sample had already deployed RPA – by comparison, some 29% had implemented AI. There is a number of ways in which RPA can support automation in financial services, according to Sarah Burnett, research vice president at Everest Group.
Chief Research Guru Michel Janssen shares three sneak peeks from the forthcoming report: Enterprise RPA Adoption | Pinnacle Model™ Assessment for 2018. The full report – featuring survey results from several enterprises adopting RPA – will be released soon and will challenge multiple assumptions and myths circulating around the industry today.
After surveying enterprises about RPA adoption across a wide swath of industries, we have finalized the analysis and are about to release a goldmine of data. The new research is full of insights for enterprises looking to take a confident step forward in their journey toward Pinnacle RPA status. In this video, Chief Research Guru Michel Janssen shares three sneak peeks from the forthcoming report: Enterprise RPA Adoption | Pinnacle Model™ Assessment for 2018.
After surveying enterprises about RPA adoption across a wide swath of industries, we have finalized the analysis and are about to release a goldmine of data. The new research is full of insights for enterprises looking to take a confident step forward in their journey toward Pinnacle RPA status. In this video, Chief Research Guru Michel Janssen shares three sneak peeks from the forthcoming report: Enterprise RPA Adoption | Pinnacle Model™ Assessment for 2018.
After surveying enterprises about RPA adoption across a wide swath of industries, we have finalized the analysis and are about to release a goldmine of data. The new research is full of insights for enterprises looking to take a confident step forward in their journey toward Pinnacle RPA status. In this video, Chief Research Guru Michel Janssen shares three sneak peeks from the forthcoming report: Enterprise RPA Adoption | Pinnacle Model™ Assessment for 2018.
Enterprises are increasingly leveraging their Global In-house Centers (GICs) to drive automation efforts across the globe. Per recent interactions with over 100 enterprises, GICs, and technology vendors to develop our new report, “RPA Implementation in GICs – Learnings and Best Practices,” we determined that more than 50 percent of enterprises are already driving or plan to drive their global RPA initiatives from Centers of Excellence in offshore/nearshore GICs.
While GICs are well positioned to drive RPA, the extent of success varies and the journey is not easy. To succeed, GICs need to avoid the following six pitfalls, and follow the lead of best-in-class GIC adopters of RPA.
Successful RPA initiatives are a result of strong collaboration between enterprise and GIC leadership. Best-in-class GICs involve enterprise leadership from the beginning of their RPA journey.
Successful RPA initiatives involve stakeholders from relevant functions – e.g., IT, operations, risk, and legal – not just the operations team (recipients of automation solutions.) RPA initiatives in some organizations reside under the strategy and innovation function, rather than being led by IT or operations.
Through centralized efforts, GICs are able to document and share knowledge across the enterprise, thereby, reducing cost, effort, and time to implementation.
Best-in-class adopters have a strong emphasis on developing in-house capabilities, for example, product development / customizing RPA solutions to suit process requirements.
Successful GICs have avoided the temptation to automate high complexity processes or explore end-to-end automation, and instead have focused on transactional/repetitive/rule-based processes that are easier to implement.
Successful GICs view RPA as one of the tools to improve operations by way of error reduction, productivity enhancement, and SLA compliance improvement. Process standardization and reengineering both play key roles in driving the effectiveness of RPA solutions.
Best-in-class GICs have evolved from execution to enabling business units across multiple locations to implement RPA solutions independently. To learn more about the best practices employed by mature GIC adopters of RPA, read our report, “RPA Implementation in GICs – Learnings and Best Practices.” And if you are driving RPA from your GIC, we’d love to hear your story. Feel free to share your opinions and stories on how your GIC is evolving in its RPA journey with [email protected] or [email protected].
Also, keep a lookout for our upcoming report on Enterprise RPA adoption, which leverages our robust Pinnacle Model™ methodology to compare enterprise performance on RPA adoption.
Finally, we’re in the process of conducting a first-of-its-kind survey, the results of which will reveal the state of digital adoption and what separates Pinnacle GICs™ from others. We invite you to join your peers and participate in this survey, today!
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