By Simon Shah, Chief Marketing Officer, Redwood Software
Money, money, money. Must be funny. In a rich man’s world. Or a rich woman’s world for that matter too. Those were the immortal words penned and sung by Swedish super group ABBA, and they are words that still ring true these days. Money doesn’t grow on trees. Now where have I heard that before? Oh yes, my father. Regardless, the point I am trying to make is that if money is so hard to come by, why would you even think of throwing money down a vacuous pit that is the payroll?
Controversial you might say, as with many companies their assets walk in the door at 09:00 in the morning and out the door at 17.30 at night. What we’re not saying is stop paying salaries, that would be both illegal and foolish, but what we are saying is that you need to box clever. You see with Shared Services Centers and the enterprise taking a hiding from massive increases in salaries in what were once low cost economies, the powers that be are now really scrambling to find the next best thing when it comes to improving process efficiencies.
So what then is the alternative? Can you really reduce cost and maintain or improve the quality of processes at the same time? Typically you can. It’s called Cybershoring™ and it uses Enterprise Process Robotics to take away the focus on where the work is done, rather switching it to focus more on how the work is done.
Offshore, onshore, re-shore, not sure? It’s time to Cybershore!
As enterprises are becoming hamstrung by wage increases, so the model for offshoring and reshoring is shaping the future of Cybershoring. Redwood Software define Cybershoring as the replacement of traditional modes of labor arbitrage and slow error prone manual process activities with smart robots that complete the entire business process – whether that is onshore, offshore or re-shored. It’s a term used to describe the services required to get large scale organizations from their current inefficient state, to a robotic process environment.
These smart robots provide improved accuracy and increased productivity across end-to-end business and IT processes. And the benefits of process robotics do not just apply to shared services. For companies that outsource, the same improvements in accuracy, production and quality can be achieved.
What’s more the robots don’t need to be watched. They use in-built intelligence (predefined best practice rules) to make decisions and only need to notify their supervisor if and when human intervention is required. Allowing key decision makers to focus on analysis rather than the traditional constant daily fire-fighting as brought about by inefficient processes.
Cybershoring allows businesses to thrive rather than survive
True robotics without the need for unnecessary manual intervention, offers the consistency, accuracy and speed that businesses need to stay afloat in the competitive global marketplace of today. Allowing those enterprises that embrace this new automation trend to thrive, rather than just survive.
Smart robotics and the advent of ‘Cybershoring’ is here to stay and those that see the potential of what can be done versus the legacy of what has always been done, will enjoy continued growth in the Fourth Industrial Revolution. This is a revolution that’s been defined as one that will focus on how global businesses can harness big data and use automation software to streamline operations and grow.Categories: Financial Close Automation Financial Process Automation RoboFinance
Get in touch with Redwood to find out more.