DIGITAL INNOVATION AND ROBOTICS

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1 DIGITAL INNOVATION AND ROBOTICS Evan Campbell Internal Audit, Risk, Business & Technology Consulting

2 AGENDA When An Organization Has Truly Embraced The Digital Landscape Robotic Process Automation (RPA) Explained RPA & Audit 2

3 THE DIGITAL BUSINESS ENVIRONMENT

4 THE DIGITAL EVOLUTION 4

5 OBJECTIVES OF A DIGITAL STRATEGY Customer Engagement Digitizing Products & Services Better Informed Decisions Operational Performance 5

6 DIGITALIZATION MATURITY STAGES Sceptic Beginner Follower Expert Leaders Financial Services Fast Moving Consumer Goods Automotive Energy & Utilities Hospitality Telecom Retail High Technology Manufacturing/IP Pharmaceuticals & Healthcare PROTIVITI S DIGITAL MATURITY SCALE Digital Sceptic Digital Beginner Digital Follower Digital Expert Digital Leader 6

7 ROBOTIC PROCESS AUTOMATION

8 WHAT IS RPA? Robots Are computer coded software Automate repetitive, rule-based processes Mimic interactions of users Work across functions and applications Process Robot Capabilities Data Entry System Integration Repetitive Tasks Process Reconciliation Data Validation Processing Simple Business Rules 9

9 PRE RPA Just how new is RPA? Where did it come from? What are its origins? The term Robot was first used by Czech writer Karel Capek in 1921 Screen scraping software Workflow automation and management tools RPA s Forefathers Artificial Intelligence Sources: UiPath 10

10 THE RPA MARKET The market is maturing, which has resulted in: 1. Products that begin to converge. 2. Attended bot issues that rise to the surface. Conversational bots are the focus of contact center operations. 3. A focus on deployment efficiency. 4. A need for multitenancy for shared services and security. 5. Security requirements that get clearer but more difficult. Sources: Forrester 11

11 ROBOTICS & COGNITIVE AUTOMATION Process Robotics Rule based simple to complex (transactional) processes Cognitive Automation Pattern recognition within unstructured data Artificial Intelligence Self-learning rules continuously rewritten to improve performance 12

12 WHY IS RPA COMPELLING? Technology- Agnostic Non-Intrusive Scalable and Traceable 13

13 WHAT ARE THE BENEFITS OF RPA? HIGHER QUALITY Reduced Errors Audit Trail PRODUCTIVITY INCREASE 24/7/365 Value Add COST REDUCTION Low Startup Cost ROI EASE OF IMPLEMENTATION Quick to Implement Minimal Support Req d 14

14 KEYS TO SUCCESSFUL RPA IMPLEMENTATION Strategy IT Involvement People Project Management RPA Technology Process Maturity Partners 15

15 RPA CHALLENGES Challenges Making a Business Case Tool Identification Hidden Costs Change Management Timeframes and Red Tapes Security and Privacy Governance Compliance 16

16 PRIORITIZING PROCESSES KEY CONSIDERATIONS Logical to Automate Maturity of Process Availability of Data Business Value Cost Saving + Time Saving 17

17 A WORD ABOUT RPA & AUDIT

18 INTERNAL AUDIT S ROLE IN RPA 1 Assist the company with the identification of risks associated with implementing RPA. 2 Provide guidance around control design/enhancements and testing approach. 3 Help the company identify/or recommend controls processes well suited for automation and assess the impact of automating those controls. 4 Assist the company in evaluating the ROI and efficiencies gained though RPA. 5 Consider how RPA can be used to drive enhanced delivery of IA activities 19

19 BENEFITS OF AUTOMATION IN AUDIT Increase Visibility And Credibility Within The Organization, Skills Development in Team Members Once Process Is Setup, There is Assurance over Source Data Integrity Reduce Budget And Resource Constraints Potential Benefits of RPA Makes Human Work Less Repetitive And More Analytical Focus on Higher Value Activities Improved Insight & Depth of Coverage Quantify & Substantiate Proactive Monitoring & Real Time Insight Increased Breadth Coverage Full Population, Statistical Sampling Combining AI with RPA (delivering Intelligent Automation) opens up even more potential

20 KEY TAKEAWAYS Digital initiatives can have different objectives and doesn t need to be focused on disruption While the intelligent automation market is quickly evolving, now is the time to start. With RPA, don t over-promise. Start small and build towards broader opportunities. 21