Mikko Mattinen // March 29 2019
RPA is a source of competitive advantage
New business opportunity
Robotic Process Automation as a tool is a fairly new business opportunity. The RPA market took off during around 2016. Industries that have had so far the biggest momentum is financial sector i.e. banking and insurance companies. Today RPA is alive and growing exponentially.
There is clear evidence that the RPA market has been born. There is at least 45 companies that provide RPA solutions. Most popular RPA companies are Blue Prism, Automation Anywhere and UiPath. There are also advisors in the RPA space such as Symphony Ventures, ISG, KPMG, EY, Accenture. By the way there is also Finland-based OpusCapita that has a rather decent offering as a RPA service provider.
Would you like to gain competitive advantage with RPA?
Robotic Process Automation is a strategic long-term investment and not a one-off tactical initiative. Do not buy technology, buy business solutions that help you gain competitive advantages and RPA will fit right into your agenda.
First and most important action is to incorporate RPA into your corporate strategic thinking. And vice versa. Without that, your service automation, digital developments and business strategic intent will be blurred.
With the help of RPA you can deliver:
- automated processes.
- pure time savings.
- increased productivity.
When your organization can deliver time savings with RPA – most probably, your customers will gain also time savings. And time is money.
RPA is also a business transformation process
If Blockchain is to transaction what Internet was to information then RPA is that to business operations. When looking at RPA the key questions are:
- Will the technology itself provide advantage?
- Will you re-invest the savings to further develop your competitive advantage
RPA should be seen as a change management program. For example there is also the possibility to gain FTE savings. Instead of using the FTE savings to cut cost you can investigate other areas where RPA could be deployed. To name a few examples, these can be:
- Quality issues
- Customer satisfaction
- Resource shortages
- Cost & process inefficiencies
This way you can deliver more competitive advantage when you use the FTE savings to generate new opportunities via quality issues or increased customer satisfaction.
The diffusion of new technologies typically takes 4-5 years in major organizations. If you start now – you most probably will gain 1-5 years competitive advantage compared to your rivals. Why not start now?