An Insight into the Technology world.

Analysis and Insight from Savvycom Team.
Perhaps one of the most important lessons business owners acquire from the COVID-19 is that they shall gain more control over your business processes. The reliance of many companies on China regarding supply import and manufacturing activities has resulted in stagnant value generation, putting themselves in the passive stance. Therefore, to have the proactiveness needed, a business owner should be more independent from such unpredictable variants and focus on the system’s own capability. 

One area that can be improved is the diversification of supply chains. This pandemic has proved that the "just in time" approach - which requires a lean supply chain system - has no longer held true, therefore, this “just in case” approach shall be put into play to protect against future risks such as a second wave of the pandemic. Adding more countries into the supply chain portfolio would be strategic if one can balance the cost out of the benefits.

Hence, over the longer term, automation technology may alter the cost equation better than supply chain diversification. It lets the factories run by themselves without much interference from humans, giving businesses complete ownership of their operations and partly offsetting the relatively higher costs associated with global trade and labor. 

Technologies accelerated by COVID-19

Among these technologies, robotics process automation (RPA) remains the key player. RPA adds value to the firm by aiding the optimization and cost-effectiveness of business processes, which is imperative to any business recovering from the pandemic:

  • Productivity and efficiency: robotic automation tools are faster than human FTEs and can function 24/7.
  • Accuracy: automation phases out human intervention, thus reducing the possibility of human errors.
  • Scalability and flexibility: the ability to replicate robotic tools across geographies/business units increases scalability and flexibility.
  • Cost savings: robotic automation tools are up to 65% less expensive than offshore-based FTEs.
  • Compliance: robotics allows data and processes to be retained on-site.

If you wish to understand more about how RPA could help leverage your business, follow our RPA 101 column for more insights.

Manufacturing Automation has attracted innovations in various sectors. Significantly, the manufacturing sector is experiencing error-free and streamlined procedures without completing full performance to give the best productivity using RPA.
Applications of RPA in Manufacturing Industry
Many research reports have revealed that in the following decade, more than 50% of the interactions will be automated through RPA. This also means that healthcare and other providers that don’t keep up with the industry trends will face financial downfall eventually.
Applications of RPA in Healthcare Industry
Given that RPA is flexible, it can be applied across operations and departments of Telecommunication. Some tasks like repetitive back-office processes can be automated totally while others can be automated to the desired extent.
Applications of RPA in Telecommunication Industry
In the banking industry, RPA has been used with the aim of saving cost, time, and human effort. Banks have used RPA software to automatically retrieve information from external auditors or correct formatting and data mistakes in incoming funds transfer requests. 
Applications of RPA in Banking Industry

Retail companies can adopt RPA into their existing processes as in ordering processing and payment, facilitating communication between manufacturers, suppliers, transportation service providers, and customer relationship management.

Applications of RPA in Retail Industry