Robotic Process Automation (RPA) is the solution for automating mundane, business-rule based processes so that your high value business users can be deployed to more valuable work.
McKinsey defines RPA as “software that performs redundant tasks on a timed basis and ensures that they are completed quickly, efficiently, and without error.” RPA has enormous savings potential. In RiskSpan’s experience, RPA reduces staff time spent on the target-state process by an average of 95 percent. On recent projects, RiskSpan RPA clients on average saved more than 500 staff hours per year through simple automation. That calculation does not include the potential additional savings gained from the improved accuracy of source data and downstream data-driven processes, which greatly reduces the need for rework.
Managing warehouse lines of credit pose a unique set of challenges to both lending and borrowing institutions. These lines revolve based on frequent, periodic transactions. The loan-level data underlying these transactions, while similar from one transaction to the next, are sufficiently nuanced to require individual review. These reviews are painstaking and can take an inordinate amount of time.
Recently, a consumer financing provider approached RiskSpan with the challenge of tracking its requests to a warehouse lender, so that it could better manage its warehouse loan portfolio. This client had a series of manual reporting processes that it ran upon each request to the warehouse lender to inform oversight of its portfolio. It needed assistance improving the accuracy and resource burden required to produce the reports.
RiskSpan responded to the challenge by completing a rapid RPA readiness assessment and by implementing automation to solve for the data challenges it uncovered. In the readiness assessment, RiskSpan deployed a consultant to ensure that the existing reports were enough to meet the needs of the organization; that source data was enough for the desired reporting; and that data transformation processes (people and systems) were maintaining data quality from input to output.
Once these processes were analyzed and a target-state was confirmed, RiskSpan consultants quickly got to work. We automated ingestion of data for two of the existing reports, automated high-value parts of the data normalization processes and created automated quality control tests for each report.
This custom solution reduced the cycle time from one hour of staff work to 5 minutes of staff work at each warehouse lender request. This saved more than two full weeks of staff time over the course of the year and dramatically increased the scalability of this valuable process.
RiskSpan’s experience automating routine business processes reduced redundancies, eliminated errors, and saved staff time. Our solution reduced resources wasted on rework and its associated operational risk and key-person dependencies. Routine tasks were automated with customized validations. This customization effectively eliminated the need for staff intervention until certain error thresholds were breached. The client determined and set these thresholds during the design process.
RiskSpan data and analytics consultants are experienced in helping clients develop robotic process automation solutions for normalizing and aggregating data, creating routine, reliable data outputs, executing business rules, and automating quality control testing. Automating these processes addresses a wide range of business challenges and is particularly useful in routine reporting and analysis.
Talk to RiskSpan today about how custom solutions in robotic process automation can save time and money in your organization.