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Monday, July 4, 2022

ERA Infotech works with RPA to promote the country’s financial inclusion

Image: Traveldoo

Robotic process automation (RPA) refers to creating and deploying a software robot with the ability to launch and operate other software. In a sense, the basic concept is similar to traditional manufacturing automation, which focuses on taking one portion of a workflow or even just one task and creating a robot to specialize in doing it. Office work often requires the same sort of repetitive effort, but since it is data being manipulated across platforms and applications, a physical robot is not necessary.

RPA can easily be programmed to do basic, repetitive tasks across applications is actually designed to help primarily with office type functions that often require the ability to do several types of tasks in a specific order.

The software doesn’t learn on its own or seek to tweak out new efficiencies or new insights like big data analysis or enterprise resource management (ERM) software. Instead, RPA works like a digital assistant for employees by clearing the onerous, simple tasks that eat up part of every office worker’s day.

RPA is a simpler product than an artificial intelligence-driven system or enterprise software seeking to bring all data inside the platform. This also makes it a moderately cheaper product than AI or ERM software. This simplicity can make RPA a more attractive solution for many companies, particularly if the company has legacy systems.

Robotic process automation, however, is designed to play nice with most legacy applications, making it easier to implement compared to other enterprise automation solutions. It is the development and deployment of software robots or bots to automate rules-based and repetitive mundane tasks performed by people within workflow and process-related applications (often legacy systems) and operations. It emulates human execution of repetitive processes with existing applications by using software robots which are configured to capture and record these applications in order to process transactions, manipulate data, trigger responses and communicate between different digital systems.

Even many tedious back-office functions, like ensuring an up-to-date Know Your Client (KYC) form is filed or a recent credit check is included on a loan application, are ideal for RPA. Removing this burden from employees allows them to focus on high-return tasks. More importantly, the software can clear these basic filing and data manipulation functions faster than humans, reducing the overall processing time.

Country’s leading software company ERA InfoTech has developed this RPA solutions to promote financial inclusion throughout the country.

ERA InfoTech CEO Muh. Serajul Islam, FCMA said, “We are working with RPA for official functions making easier. The basic concept is similar to traditional manufacturing automation, which focuses on taking one portion of a workflow or even just one task and creating a robot to specialize in doing it. Operational process where matching, authentication and verification is needed RPA will be the best alternative of any existing. Recently wehave signed an agreement with Bank Asia Limited to remove official burden in every possible way.”

By RPA cost savings, better customer experience, minimising operational risk, internal processes improvement more than 100% will be done which does not replace existing IT systems.

 

fintech

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