Whether you are new to automation or working to expand your robotic process automation (RPA) initiative learning how to evaluate processes for automation is imperative. RPA is a powerful tool that can yield impressive results, such as efficiency gains, reduced overhead, and decreased cycle time. Yet if a company pursues processes that are not ideal, they may face unnecessary setbacks in making their program successful. Any investment of time and effort has an associated cost which deducts from the ROI that can be achieved. To maximize your return, let’s explore some criteria for process selection and examples from a variety of industries.
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What the C-Suite Should Know About RPA
An increasing number of companies are aiming to get ahead by utilizing robotic process automation (RPA) and other digital transformation tools. It’s more important than ever to know your options and understand how automation can help a business thrive. The growth of RPA adoption isn’t slowing down anytime soon: in fact, according to Forrester, the RPA services market will reach $12 billion by 2023. And according to The Economist, 85% of Chief Information Officers nationwide will implement an RPA solution in the next few years. Transforming the way we work isn’t optional – it’s inevitable. As businesses prioritize digital transformation, …
Unlocking the Potential of Healthcare Automation
In recent years, the healthcare industry has increased its adoption of automation as means of achieving operational efficiency without sacrificing quality of care to their members. While RPA is a natural fit for the inefficiencies payers experience across their organizations, many have struggled to develop and implement an automation strategy that truly captures the return they had hoped to achieve. In a Cognizant study surveying 200 respondents across 10 unique payer organizations with 38 plan subsidiaries, it is clear that payers recognize automation as a valuable tool for improving processes and member care. Over 75% of respondents think automation is …
Simplifying Texas Medicaid Claims with RPA
Learn how HPA helped eight managed care organizations implement RPA to comply with evolving regulations and secure their Medicaid contracts with the State of Texas. Read the case study. The Medicaid program in the United States is administered through the U.S. Department of Health and Human Services through Centers for Medicare and Medicaid Services (CMS). CMS establishes the program requirements and monitors each state’s program to ensure their compliance. States are required to follow the CMS protocol for service quality and eligibility standards, a responsibility that most states contract to health insurance companies. A provision of the Affordable Care Act …
RPA in the Face of a Global Pandemic
In the months since COVID-19 surfaced, there have been more than 130,000 confirmed cases worldwide. Hundreds of countries have been impacted, and thousands have died. The World Health Organization has declared the outbreak of the novel coronavirus a global pandemic, prompting many countries to enforce a complete lockdown – no one can leave their homes, let alone go to work. Public events and travel has been cancelled around the world to protect public health, resulting in revenue losses across nearly every sector of business. Existing business continuity plans are proving to be grossly inefficient at helping companies stay ahead of …
Accelerating Mortgage Process Automation with APIs
For years, the standard approach to robotic process automation was user interface (UI) automation. Without an application integration or application programming interface (API) access, RPA robots would log in to the clients’ business applications just like any other end user and replicate the steps a human took to perform the work. As the business world demanded greater connectivity across their everyday applications, providers made APIs more readily available. Unlike an integration where one application depends on another, an API acts as an interface between two or more existing applications, allowing a developer to define how they communicate with each other.
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The Impact of RPA in Mortgage Lending
According to the Mortgage Bankers Association, the combination of increasing regulations and manual efforts to ensure compliance have resulted in U.S. mortgage origination costs that are three times higher than they were a decade ago. Robotic Process Automation (RPA), or the process of shifting repetitive and data-driven tasks from humans to software bots, has become increasingly popular in the mortgage lending industry for a variety of reasons, from market fragmentation to increasing regulation to evolving borrower expectations.
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Ellie Mae Innovation Awards 2020
The Ellie Mae Innovation Awards, previously known as the Ellie Mae Hall of Fame Awards, recognizes the best and brightest companies in the mortgage industry who are using Ellie Mae’s Encompass™ Digital Lending Platform and solutions to originate more loans, lower origination costs and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency.
This year’s winner for the category of AI Innovation goes to our client Wyndham Capital Mortgage. Congratulations to the Wyndham team for this achievement!
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Six Elements of a Successful RPA Program
It’s no surprise that robotic process automation is currently experiencing unprecedented rates of adoption. With RPA, companies can achieve greater operational efficiency and quicker, more accurate throughput across their business, without making major changes to their underlying systems.
While RPA’s benefits are undeniable, many organizations remain unclear about the investment of time and resources required from the business. There is a common misconception that RPA is simply a business tool that starts generating immediate time and cost savings shortly after deployment. RPA software vendors have expertly marketed the simplicity of their platforms, making claims that you will be up and running (and producing ROI) in the span of a few weeks. Let’s be clear: RPA is a masterful orchestration of strategy, processes, resources, and technologies. It is a significant investment that requires a cohesive, long-term vision with proper planning and support for the life of the program.
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Calculating RPA’s Total Cost of Ownership
Making the initial case for RPA is easy—every modern business can see the value of shifting mundane, repetitive tasks from humans to robots. RPA, or Robotic Process Automation, offers the promise of reductions in labor costs and cycle time, greater operational efficiency, and elimination of human error. This all sounds great, right?
RPA software providers have carefully crafted messaging to promote all that is bright and shiny about RPA, but stop short at explaining how difficult and expensive it will be to build it yourself. And why wouldn’t they gloss over this? Would companies purchase their multi-thousand-dollar licenses to conduct proofs of concept if they knew that 30-50% of RPA initiatives fail? Or, worse, that less than one percent of RPA initiatives reach full maturity with multiple bot deployments across all lines of business? They’re in the business of selling software, not helping you make your processes work.
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