T-Impact work with ambitious organisations seeking to drive change and achieve rapid ROI through digital transformation, and one such example is the use of robotics to aid compliance. Speak with one of our experts to learn how companies throughout the UK are using robotics and AI to radically improve their compliance whilst reducing costs.
Most regulatory compliance involves working consistently to an agreed standard, usually defined by set legislation. However, installing this mentality throughout an organisation is difficult because of the multitude of people and systems involved. Suppliers need evidence that processes have been defined clearly and implemented effectively in your organisation, but it is difficult to align multiple IT systems to one process. Compliance teams set up reporting systems to extract and compare data to ensure it is compliant, but this often involves additional CapEx and OpEx investment.
To get people to understand, manipulate and change reports, there is a constant battle to get data out of systems. Rather than perfecting processes, the majority of time is spent on reporting issues for broken processes and establishing how close this procedure is to regulatory standards, which rarely helps businesses avoid breaking laws and losing licenses due to malpractice or poor working procedures.
Robotics can resolve many of these issues by implementing processes consistently to an agreed standard. They can move data in and out of the system and capture every step of the process to ensure effective compliance is achieved. Due to all processes being recorded, it is easy to enforce correct procedure and drive policy so that it complies with all necessary regulation. Furthermore, robotics can generate clear evidence to show that processes have been implemented as stipulated.
Complying to regulatory standards is critical as failure to obey rules or laws can lead to harsh punishments for Chief Executive Officers and other senior staff members. In addition to custodial sentences, large fines can be avoided saving precious revenue. Robotics also helps compliance teams avoid significant CapEx and OpEx investments, which can lead to operational cost savings of millions of pounds, as RPA solutions are markedly cheaper than these solutions.
To learn about our robotics subscription model of for more information on how our robots can help transform your compliance process, speak with one of our experts today.