M is for Money | Manual Processes | Machine learning | Mid-Market | Maintenance | MVP

M is for Money | Manual Processes | Machine learning | Mid-Market | Maintenance | MVP | Metrics

Whilst unlucky for some today’s letter is the letter ‘M’. Welcome to the THIRTEENTH part of a 26 part series charting the A – Z of Robotic Process Automation (RPA), Data Analytics (DA), Intelligent Automation (IA) and Digital Transformation (DT).

This article highlights all things relating to intelligent automation and digital transformation beginning with the letter ‘M’.

Money: Every COE shouts ‘show me the money’ when a transformation or technology lead presents a technology transformation strategy of any sort (e.g. RPA, DA, IA or DT). If a transformation or technology can’t ‘show them the money‘ then they they won’t last long. Without a solid business case, a digital transformation program is a non starter.

Organisations, more than ever, have limited amounts of capital. It is essential that firms possess a clear and decisive financial plan to survive pandemic, and likely recession, whilst setting sufficient cash aside to digitally transform.

Therefore, every investment decision must be scrutinised to make sure it delivers. And digital transformation plans are no different. Money must be focused on providing services or products that customers need to buy offline, online or indeed via both. The winners will be organisations that employ RPA, DA, IA or DT technologies to anticipate customers needs, deliver their products via a unique and personalised digital experience and manage their cash flow the best.

“Everywhere workers, firms and employers connect digitally. Our personal and business digital lives are more inextricably blended than before. Somethings that should take weeks, take decades to achieve. We have been forced to change decades of change in weeks. One quarter of the worlds population moved to work from home with minimal interruption in weeks. The move to digital has accelerated because we had to make it happen. There will be no going back. The only thing to slow ‘the dash to everything digital’ will be us. We are creatures of habit. When something seismic happens (birth, death, redundant, heart attach) we promise ourselves we will dramatically change our lives and within months many revert to habit. This moment in time feels different. Whilst some will go back to normal within a short period of time, the sheer volume of transformation will act as a tipping point that will push transformation forward at a pace never before thought possible.”
Kieran Gilmurray, Global Automation Lead

Manual Processes: No one enjoys completing dull, manual, repetitive, mind-numbing manual processing. Robotic process automation (RPA) is a simple, affordable and viable tool to streamline and simplify routine, manual work. Examples, of manual human activities that RPA software can automate through scripting include:

automating repetitive typing
logging on to different business applications
manually copying information from one application to another
scanning, reading and composing e-mails
manipulating spreadsheets and moving data
automating aspects of on-boarding, customer service activities, compliance, and document capture

“RPA and other intelligent automation tools are affordable solutions to automate routine, dull, repetitive work freeing your teams to complete more interesting and valuable work. There is an RPA tool for ever budget, and a digital solution to every business challenge.”
Pavani Koudri, RPA & AI Architect

Machine Learning: Machine learning is the application of artificial intelligence (AI) that provides systems with the ability to automatically learn and improve from experience, without being explicitly programmed. Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves. These days there is a machine learning solution for most business questions or problems.

dropinion.ai – dental insurance fraud detection
observe.ai – analyze quality and compliance across telephone or web chat calls.
crowd.org – crowd source AI solutions
aws.amazon.com/machine-learning – large set of machine learning tools for businesses

“The volume of data sets (public and private), combined with powerful cloud processing and the range of skills (private and public) available to firms makes machine learning a must have, not a nice to have. Machine learning solutions are no longer a nice to have; these are an essential to have if you want to compete in 2020.”
Gourav Data – Intelligent Automation Delivery Lead

Mid Market: A great deal of energy and media pages are tied up discussing large, international firms and their Data Analytics (DA), Artificial Intelligence (AI), Robotic Process Automation (RPA) and Intelligent Automation (IA) programs.

Whilst this is happening, there are some mid-market firms delivering exceptional results by combining DA, IA, AI and RPA. For example, an 200 FTE insurance broker in Ireland deliberately employed 10 data scientists to create a data drive enterprise. The firm developed retention | acquisition | cross sell | up sell | fraud | credit analytics | uplift modelling for insurance broking operations as well as time series analysis for contact centre staffing, and subsequently grew revenue 500% in under 2 years.

A mid market Irish based solicitors firm had ‘solly’ the robot sending case SMS and text updates on legal transactions and was posting online legal case access in 1998. Digital is nothing new, it is peoples ability and willingness to employ readily available tech that is new.

“Whilst attention is often focused on the top international firms there are a multitude of mid market firms growing up fast. There is a tool for every pocket and a firm of every size using DA, IA, AI and RPA and winning. All firms need to go and do is look for solutions to the business problems or challenges that they have identified.”
Kieran Gilmurray, Global Automation Lead

MPV A Minimal Viable Product is a version of a product with just enough features to satisfy early customers and provide feedback for future product development.

“Agile ways of working, the ability to spin up massive computing power in minutes not months and the accessibility of global talent enables organisations to adopt a rapid test, fail, go again approach with minimal capital investment but with the opportunity of maximum benefits tantalisingly available at your computer finger tips.”
Pavani Koudri, RPA & AI Architect

Metrics: The value of any metric relies on its ability to influence business decision making. The digitization of front, back and middle-office business processes, enabled by Robotic Process Automation (RPA), Intelligent Automation (IA), Data Analytics (DA) and Artificial Intelligence (AI), represents a fantastic opportunity for enterprises to: reduce costs, improve productivity, drive income and increase quality.

There are many digital metrics to choose from, but whatever digital business metrics are decided upon they must pique the interest executive decision makers.

Digital KPIs for the Automotive Industry of the Future (Forbes)
The 7 Most Important Digital KPIs to Track (Linkedin: Rameshwar Thakur)

Dont simple copy someone else’s metrics. Metrics need to be industry-specific, and then organization-specific, to be meaningful and useful.

‘You simply can’t measure something you don’t have a measuring stick for! If organisations are to succeed then they need to have a clear understanding of their digital ambition and that is what they should be measuring progress against.’
Kieran Gilmurray, Global Automation Lead

This article highlighted some things relating to intelligent automation and digital transformation beginning with the letter “M”. There are many ‘M’s’ organisations need to consider but what ‘M’ do you think is the most important?

Other articles: If you like this article then you may find these articles of use too.

If this could benefit someone else tag them and share this.

Free to reuse: We are a community of RPA and Intelligent Automation experts with years of real world experience. We have stories to tell and the scars to show for it. We share our collective wisdom for free to simply provide as much value as we can to you. Therefore, if you want to post this article on your LinkedIn page then please feel free to do so. The more information we share within the RPA community the more likely businesses are to succeed with this excellent technology.

Further Help: If I can help you in any way please do reach out.

Note: The views expressed above are our views and not those of my employer or the employers of the contributing experts.