It’s a common question often asked by anyone who is getting started with any automation using the latest technology, may it be RPA, or any software product powered with any AI capabilities. Arguably, accounts receivable happens to be one of the highly regulated industries within the financial services and any question around compliance and legal aspects of any new technology is a given thing.
If you are considering using robotic process automation (RPA) to automate any of the internal processes within collections, then this is for you.
1. RPA robots don’t build algorithms on their own. The rules and logic required for automating a given process or a sub-process is defined by you and robots follow the same conditions and validations in the workflow. Simply, ‘you say it and robots do it.’
2. Automation's using RPA are within the IT governance and compliance. RPA robots can be deployed in both physical and virtual machines all within your environment to make sure no data is transmitted outside or to a third party. From the get-go, all robots will be monitored and managed by the internal IT and compliance team.
3. Users control the robots and not the other way. With attended robots, business users will have complete control on the automation and run the process based on their preference and schedule. With humans reviewing the results and outcome from the automation, one can ensure that all the data processed is compliant and error free.
4. Bots do not process outside of the defined workflow. Unless a business user modifies the rules in the process flow established, don’t expect the bot to create its own sequence of events. So, make sure you define the workflow fool-proof to get the expected outcome.
5. In-sourcing and not outsourcing. Since the identified process is getting automated and stays in- house within your agency’s purview; it is safe to say, you are doing more in-sourcing than outsourcing.
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