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July 2019

Importance of Business Intelligence to make well-informed business decisions
Importance of Business Intelligence to make well-informed business decisions Raju G

Importance of Business Intelligence to make well-informed business decisions

Every moment, we are creating new data in the business world and it can be easily predicted that this pace of creating data will increase at an exponential rate in the near future. With an enormous flow of data and several touch points, most businesses are creating millions of data every hour. There is no business that likes to run loose in terms of creating data. Even every organization tries to extract maximum output from its employees but the issue with this approach is that it will not sustain and disturbs the health of the organization, leading to disturbed work-life balance of employees. The major solution to overcome this business crisis is to implement intelligence to work. Business Intelligence combines functionalities and outputs of different BI tools, visualization techniques, and practices. These are used to gather, combine, measure, and analyze raw & unstructured inputs to process insightful, beneficial, and key business data.

Real-Time Business Intelligence

Real-time business intelligence is a method to approach analytics and other data processing tools to provide organizations the ease to deliver real-time and relevant data visualizations. Implementation of Real-time Business Intelligence even helps organizations to come up with advanced and intelligent decisions to better understand their operations. To provide real-time data, these platforms use advanced data warehousing solutions such as Redshift data warehouses.

Importance of Real-Time Business Intelligence in an organization

Real-time business intelligence is about understanding data in a faster way and implementing it to make intelligent business decisions. For organizations that produce gigabytes and terabytes of data, in some instances, much of this information loses its relevance upon getting settled in the storage. Information about various inventory levels, consumer behaviors and other services tend to be very useful, but the output will be more beneficial if the data can be analyzed as soon as it’s generated.

Real-time analytics and BI enable users in an organization to perform their own procedure and utilize the available data. In the end, it is rightly said that real-time BI helps to have a better understanding of recent trends and to develop more precise predictive models for organizations.

Where Real-Time Business Intelligence can be used

These days many enterprises are implementing real-time BI, which can optimize and increase the profit margins for the organization.

  • Customer relationship management (CRM) can utilize real-time data in a much efficient way to improve the services offered towards the end-users/customers. It helps to understand the complete customer journey, their behavioral approach towards the product, their locations, and demographic information
  • Logistics organizations can understand their supply chains and workflows in a better way while they start to expand. This supports a better decision-making ability in case of emergencies (to identify the faster route for delivery) or developing much stable chains.
  • Risk analysts will also be beneficial as they can have good control of inflow of data which will help to improve their financial models or risk models and make better bids on mutual funds, insurance, stock, and other several financial decisions

Real-Time BI Best Practices

These are some of the best practices by which Real-Time Business Intelligence can improve an organization’s workflow:

  • Increasing the efficiency of data – The value of insight from a data deteriorates with time, so it’s important to monitor the pace of this change and optimize the BI tools accordingly for greater relevance of insights
  • Improved data warehousing solution – Once the data is generated, it must be stored, scrubbed, and parsed. A robust data warehousing solution and a defined data flow can help to achieve better-optimized results.
  • Accumulating the correct data – It is very necessary to gather the right data from right sources as real-time analytics works best when the input of data is most relevant

Conclusion

Real-time business intelligence is playing a crucial role in making well-informed business decisions. By implementing the right BI solution and educating the team on ways to operate the same helps the organization to generate meaningful insights from the collected data before it gets irrelevant.

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How application of IOT across the retail ecosystem is beneficial for a retailer?
How application of IOT across the retail ecosystem is beneficial for a retailer? Raju G

How application of IOT across the retail ecosystem is beneficial for a retailer?

The Internet of Things (IoT) is completely transforming our outlooks, the way we approach and interact with things. This recent technology is upgrading the standards of innovation and is creating a basket full of opportunities across each and every industry. The retail sector is also no longer an exception in adopting this technology. Retailers are implementing IoT in their daily operations and fetching an amicable shopper experience. Once the industry adapts to innovations, IoT has the potential to create opportunities for retailers in improving customer satisfaction, increasing the efficiency in operational procedures and creating new business prospects.

Retailers across the globe are experimenting with IoT in order to optimize their operations.

To achieve better customer experience

It is crucial for a retailer to provide compelling Customer experience for higher customer retention and revenue growth. To assure greater success, retailers are implementing advanced tools and marketing techniques, reaching out to potential consumers and retaining their customer’s interest. A recent report by the Internet Research Company states that nearly 68% of the shoppers change their purchase decision based on in-store messaging and 30% of the shoppers make unplanned purchases on the basis of Point Of Purchase displays. Implementation of analytics in buying history, consumer behaviors and the number of store visits can be used to send feedback and high-touch services to the customers.

Having better operational efficiency

IoT has the ability to change the retail supply chain and when empowered with Data visualization techniques, can provide real-time visibility to inventory. Stock-outs are one of the serious issues for retailers. RFID tags help retailers to deliver information about the stock items on smart shelves, raising an alert to replenish when product count is low. RFID tracking has the potential to enhance inventory intelligence and precision to 95% and decrease the stock-outs by 50%. Many organizations have started tagging their clothing range with RFID tags and emitters. For instance, Tesco successfully reduced the number of stock-outs by 95%, and shortened stock-checking times by 7% with the application of IoT across their supply chain. This has not only improved the inventory accuracy but also reduced the inventory shrinkage by 55%.

Implementation of Analytics across Point of sale on top of real-time inventory intelligence helps an organization to identify their underperforming and overstocked stock keeping units i.e SKU in advance, reducing spoilage and cutting down the extra cost for a retailer.

Retailers urge to combine their fulfillment and delivery methods to provide a consistent shopping experience to their customers on all channels. In order to provide an omnichannel experience to the customers, retailers should have 100% transparency throughout the entire supply chain process and by securely connecting multiple touchpoints across online (web, mobile, smartwatch, etc.) and offline (store) presences.

Creating new revenue opportunities

Nowadays, location-based marketing using GPS and Beacons is getting very popular among retailers and customers. This helps the retailer to push customized coupons and information on the sale and offers whenever the customer is in closer proximity to a retail outlet, creating one more touchpoint and an opportunity to convert a passer-by into an impulse buyer. According to Koupon media, a customized coupon drives around 39% of the customers to spend more.

IoT, when combined with analytics and visualization techniques, can be beneficial to retailers to increase their sales through not only physical stores but also through various other channels. Many E-commerce organizations like Amazon, Walmart etc. are already analyzing consumer buying pattern to provide automatic notifications of consumables to customers’ mail or social accounts or even to doorsteps. One of the best examples is Amazon Dash. Huge customer data helps in increasing sale through not only existing revenue streams but also offers retailers insights into new services and products that can be offered to customers.

Conclusion

It is important for entrepreneurs in the retail segments and businesses to understand and implement the IoT and its importance. The entire integration process of retail and IoT needs to be designed and developed properly. Also, a favorable ecosystem needs to be built to innovate on the newer applications of IoT across the retail operations and to carry out maintenance of the same.

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Transforming Digital-age Businesses
Transforming Digital-age Businesses Raju G

How Cloud based technologies are transforming Digital-age Businesses

In today’s world, Cloud technology is being a part and parcel of our daily lives, it has an impact on both of our personal and professional lives. Starting from our music and TV shows, phones from to-do lists to random notes are stored and easily accessible on the cloud. It completely changed the conventional ways of working. It transformed the way businesses operates, how teams in an organization communicate and collaborate.

How Cloud Technology Works

Cloud is considered to be a synonym used to describe the internet. Functionality of Cloud Computing can be listed as sharing of resources, information, and software via network of computers.
Both software and hardware requirements locally decreases.  Cloud Computing system’s interface software requires the local computers to run. The remaining portion of the work is done by the network computers, servers and data storage systems.

Impact of cloud computing on Business

Ability to Scale

Scalability of business can be checked accurately with cloud computing. As organizations grow, they can increase their capacity to acquire new infrastructure. With the help of cloud computing, organizations don’t need to predict server requirements or buy extra storage space, adjusting subscription with cloud providing companies is enough for that. The service provider just allocates required space according to demand of the organizations. Hence it increases the operational efficiency.

Better way to ensure customer success

Employees are now able to control information that will be beneficial for them to serve potential customers throughout the year, 24*7, and from any remote location. Cloud builds a platform for employees to connect potential buyers via a number of devices like mobile, laptop, tablet or a desktop. Not only big firms can take the benefits of cloud computing, smaller or mid-level organizations can also get benefits by using cloud technology.

Flexible Work Environment

Working remotely is now possible for employees with the help of cloud computing. Hosted virtual desktops can be used to gain complete access of files from any remote locations, at any time. Secure remote access can be provided to remote employees with the help of cloud computing. With the implementation of cloud computing, there are reduced threat of viruses and other cyber-attacks. Even performances of remote employees can be monitored now with cloud computing.

Reduced Infrastructure Costs

Many organizations have started implementing a completely remote workforce. It saves the whole cost of setting physical infrastructure, hence the initial cost of starting a business is reduced remarkably. Now cloud services like Azure or Amazon is enough to run business operations, so it will save the operational cost for setting up servers and computers

Conclusion

Cloud computing gives an opportunity for innovation and disruption in all businesses. As businesses continue to grow, the cloud will show new paths to design quick and flexible systems. Innovative ideas will continue to emerge and transform the way we interact, work, run businesses and other operational activities.

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Artificial Intelligence and its significance in Retail
Artificial Intelligence and its significance in Retail Raju G

Artificial Intelligence and its significance in Retail

Artificial intelligence mainly focuses on creating machines efficient and intelligent enough to decode problems in the same way as a human will do. 

In the current scenario, AI is capable enough to teach machines and help them to learn from experience, making them adopt any new inputs, and execute tasks like a human. It quickly integrates huge sets of data with robust and intelligent algorithms, which automates the program to learn by itself from the sample in the given data.
Irrespective of the business size, a retailer can take full advantage by combining AI into their day to day business operations. AI is one of the key technology in a retail setting, implementing artificial intelligence can save time for business owners in performing regular tasks, thereby utilizing more time in preparing business strategies. Besides this, AI can even fetch detailed reports on customer buying behavior and preferences, which is a great asset in the long run for making future business decisions. The AI even helps us find crucial information about the business entity, consumer purchase patterns, and inventory, when data on customer and sales are processed by the intelligent algorithms.

Practical applications of artificial intelligence in retail to boost business are as follows:

Enjoy Some You-Time

Both overabundance and shortfall of products in inventory can affect the organization’s health and profitability, it is estimated that it cost retailers around $1.1 trillion each year across the globe. The remaining stock is generally marked down and results in reduced sales turnover. When there is any instance of out of stock, it definitely results to loss of sales, and make customers frustrated, leading to lack of customer retention.

Re-stocking is one of the crucial application of AI in retail sector. AI supports retailers to reload supplies by recognizing demand for a specific product based on sales history, geographical area, climatic condition, marketing events, and trends

According to a report on Symphony Retail’s 2018 white paper: Hennes & Mauritz implements AI to analyze store returns, bills, and various promotional offers to predict the upcoming demand for apparel and accessories and thus manage inventory.

Maintaining price equilibrium

AI is also used in the retail industry for controlling price hikes. Artificial intelligence can demonstrate retailers’ results of different pricing strategies, this help the retailers to bring the best promotional offers, acquire more customers, which will ultimately increase sales. To do this, there are algorithms which collect data on other retailer’s products, marketing promotions, and sales techniques as well as non-store data about things like local events.

Classification of product

Artificial intelligence proved to be a smarter way to segregate products. LovetheSales.com use machine learning to classify about millions of commodities from countless retailers. The algorithm helps to tag the products and classifies those into different product categories to exhibit to customers

Chatbots for customer success

Chatbots are gaining popularity rapidly, this is one of the major application of AI in the retail industry. Chatbots help retailers by providing an improved customer service, assist customers to search items on the website, informing them about new arrivals, and offer them related apparel. For example, if a customer has already added blue shirt to the cart, a chatbot can offer them new black denim jeans to finish the look.

Voice product search

Voice search is the current trend, AI enabled voice search to get access of listed products. Many Fortune 500 brands such as Costco, Target, Tesco, and Walmart use either Google or Amazon AI technology or smart devices to serve customers with easy and fast search.

Customers can now simply ask Alexa to add vegetables with the help of their MAC or any other device to their shopping cart. Customers can also inquire using smart assistants about the estimated arrival time and current status of delivery or reorder items they’ve previously bought.

With continuous progress of industries and changing customer needs, several newer retail segments are booming now. Several studies demonstrated that with implementation of AI, ML and IoT, retailers found more new ways to compete.

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Big Data in Digital Transformation
Big Data in Digital Transformation Raju G

Big Data in Digital Transformation

Tips to Select Right Solution & Optimize Investments

As retailers brace for the next stage of evolution of the industry, they have realized how critical data is. In their bid to transform their operations and make better decisions, they are investing heavily in big data analytics solutions. However, these investments need to be made carefully.

Today, industries are faced with a unique paradox. On one hand, businesses have started capturing more data than ever before. This means there should be more insights that are generated. More data = more insights. But that is not the case. Most business struggle to get meaningful insights from the data that they have captured. So, what’s going wrong.

The problem lies with how your big data solutions handle data collected from multiple and disparate sources. Not all analytics solutions are designed to work with structured and unstructured data. Additionally, the data sources are dynamic and constantly evolving. This adds to the complexity of data analytics.

So, as a business leader when you decide to invest in data analytics, make sure you have the following check list covered.

Opt for Smart Analytics Solutions

When choosing a solution make sure it has the ability to work with constantly evolving data types and sources. While this solution should be able to accommodate data from different sources, if should also be able to meet the demands of different functions who are going to use the insights.

Most business leaders make the mistake of evaluating solutions only on their capability to process data. But the real value of analytics lies in the ability to generate meaningful insights that can be used by different stakeholders.

Opt for Comprehensive Analytics Solutions

Industry behemoths who do not operate in an integrated fashion end up having their own analytics at siloed level. These solutions are under utilized and may meet the needs of only a certain fraction of the enterprise.

This scenario is usually witnessed at organizations that do not have an enterprise level digital strategy. They end up making piecemeal investments in solutions that are used in siloed fashion.

We recommend you go for a comprehensive analytics solution that can offer holistic level insights. This solution should be your single source of truth and intelligence. Every single arm of your enterprise should be able to use this solution for meaningful business intelligence.

Work With Legacy Systems

It is not easy for any organization to get rid of their legacy systems. These systems often support the most critical processes that cannot be interfered with. Replacing these systems is not an option. Hence your analytics solution should be able to work with these systems.

Your analytics solution should be able to seek information and push insights to these legacy solutions to really impact business processes. If you get a solution that ignore legacy IT, then you are in big trouble since the business intelligence would be incomplete. The recommendations can also prove to be disastrous.

Simplify Data Analytics

One of the most common reasons why big data solutions fail is because the enterprise did not have experts to work with the solution. We believe in developing and implementing solutions that are not only simple but also simplify data analytics.

Your business intelligence solutions should enable you to develop your own reports and dashboards without needing expert intervention. These solutions should be intuitive and allow users to work their way through complex activities in an effortless manner.

Industry Specific Solution

When it comes to business, there is no one-size-fits-all. Since business intelligence solutions deal with data, they need to comply with industry regulations.

Each industry regulates data management and usage differently, especially when it pertains to customer data. There are strict rules in place that just cannot be broken. The cost of non-compliance with these is too high and can lead to catastrophic results.

Hence, look for solutions that comply with your industry’s data privacy regulations. Make sure these solutions handle your customer data in a secure and mandated manner.

Conclusion

Big data is definitely going to be big in digital transformation of any industry. This means it is also going to involve a lot of strategic thinking and investment of resources. We work with our clients to help them adopt best possible big data solution. We evaluate their requirements, industry regulations, existing IT and then recommend whether they should invest in a ready-to-use solution or should they get one developed for themselves. To have your big data requirements analyzed get in touch with our team. To know more about big data solutions, reach out to our big data consultants.

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Blockchain in Retail
Blockchain in Retail Raju G

Blockchain in Retail

The Rising Star of Retail Digital Transformation

Over the past decade retail industry has undergone a transformative phase. Retailers have witnessed a monumental shift in the way customers look to engage with them. Brand loyalties have become fickle and longstanding business models have been disrupted. The shift in linear thinking has led to an influx of technologies.

But when it comes to blockchain, there seems to be some sort of a glitch. Its almost like the technology has rallied and taxied but is yet to take off. This delay in blockchain adoption can be attributed to many reasons, but lack of faith in the technology is definitely not one of them!

The complexity of blockchain technology may have deterred a few. But it is time to get over the apprehensions and leverage blockchain for better business growth.

Here are 5 reasons why we believe retailers should implement blockchain solutions now.

Track Products Through Their Lifecycle

Ask any retailer what they value the most in their business and they would promptly say ‘customer trust’. While this trust is hard to gain, it can be easily broken. Especially in the food and beverages industry or convenience stores where the promise of a fresh product matters a great deal.

Blockchain solutions can allow customers to track their food and consumable products right from the source. Customers can know where the product is being sourced from and how much time it has taken to reach them. This transparency of product lifecycle can strengthen the trust that customers pose in their retailers.

It can also help with food and safety wherein outbreak of any viral epidemic can be easily tracked to a certain batch of food. This batch can then be removed from circulation to prevent any further episodes.

Prevent Counterfeiting of Products

If one looks at the history of blockchain then it was initially developed to mitigate frauds – especially with the digital currency. Retailers can take a leaf of learning from this and use it to address the issue of counterfeit products.

Just imagine, an art dealer or a diamond house being able to track their products as they exchange hands. This allows them to ensure that customers always get the most authentic product. This also goes a long way in dealing with the problem of counterfeit products that often damage the reputation of these brands.

So, all in all, blockchain solutions can help retailers prevent frauds.

Automate Key Processes

It need not be mentioned how blockchain can allow retailers to accept payments in cryptocurrencies. But blockchain can further help automate key business processes. It can make supply chains and inventory management more transparent. Additionally, it can also automate the more data dependent backend tasks of HR and payroll management, staff attendance management, etc. Blockchain solutions can automate how the data is captured and used to make sure the results are more accurate and delivered faster.

The automation driven by blockchain can further allow key company resources to be diverted and used in crucial functions of customer service, sales, innovation, etc.

Improve Loyalty Points Redemption

One of the major problems that retailers face today is customer retention. It is quite easy to lose customers to competition. The brand switch rate of major retailers has gone up and the loyalty programs are failing to hold on to customers.

One of the reasons why loyalty programs are failing is because customers end up storing loyalty points from different programs in different wallets. This makes it difficult for them to redeem them in a meaningful way.

With blockchain, you can allow your customers to maintain all their loyalty points in a single wallet on real-time basis. These points can then be redeemed the way they want. This would also make loyalty programs flexible which is the need of the hour!

Compliance to Consumer Data Law

Data and privacy are extremely crucial for any industry. The latest GDPR regulations and different consumer privacy protection mandates insist on zero tolerance with respect to privacy breach. The cost of non-compliance with these regulations can give any retailer sleepless nights. But blockchain can help.

Blockchain can help retailers manage their customers’ digital identity through centralized database. The technology can also assist in creating smart contracts which carefully restrict the access and usage of customer data. These contracts can impose restrictions on how customer data is used by the party having access to it.

Conclusion

Blockchain technology has real potential to elevate a retail enterprise to a whole another level. However, one needs a strategic vision and in-depth understanding of the technology before investing in it.


We work with retail leaders who are interested in exploring use of blockchain for their business growth. We help them identify what solutions they need, how to implement them, and how to migrate processes to blockchain in a seamless manner. We work with them as they go through the process of blockchain adoption, addressing the challenges, and realigning existing IT to accommodate the new technology.


To know how you can make blockchain an integral part of your digital transformation, contact us today. Talk to our blockchain experts today to know more about blockchain solutions specifically for retail industry.

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Go Beyond Smart Retail
Go Beyond Smart Retail Raju G

Go Beyond Smart Retail

Create a New Equation Between Technology & Workforce

Technology and digital transformation have impacted retail industry beyond imagination. The third wave of retail disruption has set in. Retailers are already talking about smart retail and intelligent enterprise. What does this mean? It means you implement cognitive automation and RPA for a lean process. You optimize supply chains, make decisions based on real-time data, and make digital an integral part of your operations.

But is this enough? Is there something more you can do? We believe, yes you can!

At InfoVision we believe that to stay ahead of the competition retailers can just focus on smart enterprise. But to really beat the competition you need to evolve further into an enterprise that can think and respond! Your smart systems should be able to think as well!

What does this mean? Let’s take a closer look.

Go Beyond IT

Most of the retailers are investing a great deal in technology solutions. These solutions are designed to help the employees work better. They are taking on the role of being an enabler of activities that employees do day in and day out. The process time is being reduced and human errors are getting minimized.

But a retailer that is thinking beyond just smart will invest time on enabling the employees not only to do their job better but also to think better.

All the solution training programs that we see in place today are preparing the employees to use the technology. But there are very few programs that train people on how to think better and use the solution. We have managed to train robots to think and act like humans, but we have not yet succeeded in getting humans to stop thinking like robots!

Go Beyond Numbers

All the retailers who have invested in analytics are proud to say that their decisions are informed and guided by the numbers. But how many of them really dig deeper into interpretation of these numbers?

We recently worked with a retailer who believed that on average their customers spent $60 each time they walked into the store. This seemed to be a favorable number to them. But when we dug deep, we found out that they in fact had two distinct segment of customers – the one who spent less than $30 with each store visit and the other who spent more than $80 with each store visit. Our analysis further revealed that the millennials who were spending more than $80 were spending mostly on electronics and apparel. The ones that were spending less than $30 were the baby boomers who were mostly picking up groceries. Our analysis also showed that millennial spend did not change with season. But the baby boomers spent more during the summers.

This realization helped them create different types of strategies and marketing offers for each customer segment.

So just having numbers and dashboards is not enough. You should also be able to read those numbers and interpret what they mean.

Go Beyond Output

Most technology solutions available for retail will help you match supply to demand. These solutions will help you when it comes to the output. But what about outcome? That is where strategy comes in!

Merely stacking up a host of digital solutions is not the right thing to do. You will only end up incurring technical debt which is hard to shake off in short period of time. You can automate your logistics and inventory management and even production cycles. But they are going to impact your business output. You will have products on shelf to sell. But does that mean you will be able to sell them all?

You need to combine technology adoption with strategic thinking. How are you going to use the technology? What features in the solution will give you favorable outcome?

Conclusion

There is a gross misconception in the market about the term smart retail. Smart retail does not mean an enterprise that houses a host of digital solutions. It means an enterprise that is using the right technology and is using it correctly to solve real business problems. It is using technology to improve revenues, create new growth opportunities, increase customer engagement, and foster innovation.

To know how you can go beyond smart retail get in touch with our retail technology consultants. To get a technology audit done for your enterprise, contact our retail technology team.

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Robotic Process Automation
Robotic Process Automation Raju G

Robotic Process Automation: Is your organization ready for this tectonic shift?

In the current scenario of digital transformation landscape, Robotic Process Automation is becoming one of the most trending tools to solve most of the drawbacks of your business processes. RPA has its own advantages, accurate performance and productivity advantages will come to display when implemented to any specific use cases.

RPA’s key proposition is to ease the employees from performing tedious, highly repetitive, data-intensive tasks thereby freeing employees to perform more strategical and innovative work. RPA robots can be designed to some common user actions like sending emails, reading email attachments, accessing legacy applications, capturing data from screen, etc. These features help innovate the current business processes and acts as key contributors to the RPA Journey.

RPA provides the smartest and the fastest win in terms of time to produce over its DPA counterparts (i.e. BPM, Case Management, Business Rules Engine, etc.). While these other process automation tools have an important part to play, RPA is gradually becoming a prominent technology to start the DPA journey. With the evolution of RPA space, RPA with AI will also prove to be a significant game changer by reducing human error and driving efficiencies.

RPA always have a valuable contribution to the growing business of an organization. In a recent survey by Enterprise Irregulars: 58% of 136 surveyed enterprises indicated satisfaction in their RPA initiatives.

Consider some of the information they found:

  • Cost cutting satisfaction was highest with the marketing and IT departments while lower with customer service and finance. In the beginning, satisfaction comes from being able to extend legacy solutions and automate manual tasks, whereas later dissatisfaction is caused by over-investment, resulting in an extreme reduction of the workforce.
  • Delight in the business process is higher with procurement and IT service desks, while the lower business standard was realized with customer service and financial accounting. If IT processes and the acquisition of business products could be automated, enterprises found higher business value. In similarity, finance and customer service still found less value.

RPA selection criteria

To make sure if RPA is right for a business process automation journey. Here are a few selection procedures to consider.

Maturity of the process

The full benefits from the RPA platform when business processes are fully developed, should be able to determine which tasks/processes can be fully automated, which tasks require human intervention, and which tasks require both. But should also be able to define how exceptions are handled within a specific task/process

Developing a stronger security consideration

It is necessary to maintain a highly secure operation on RPA process and to make sure RPA vendors meet these requirements RPA bots are considered digital workers and should have the same, if not more, security considerations as a full-time employee (FTE)

Monitoring the robot’s performance

Once the robots are deployed, it’s necessary to ensure that these robots are performing as expected, RPA solution should give out of the box functionality to see how well the bots are performing

Controlling the bots

It is required to administrate the entire process of deploy, schedule, and maintain the organization’s robot workforce with ease. Implementing RPA solution in business processes will certainly provide this flexibility

Licensing RPA vendors

Cost of software robots are comparatively less than the FTE, but the organization must consider what type of licensing structure fits best for their business models either they should license by robots or by capacity

Conclusion

In a longer run, it’s obvious to predict that technology is the cure of all, the reality with RPA lies within process improvement. Employee reduction is something to think about in the long term, but tweaking processes to optimize the business in the short term should take center stage.
The customer is still considered the most important part of the business even if they are interacting with a robot. Organizations discovered a continued interest in chatbots and virtual agent solutions and considering how automation still has a way to go here, there is a lot of scope for innovation.
With these thoughts in mind, it’ll be interesting to see where the RPA market heads in the coming quarters.

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