Companies also grow via diversification. Gillette entered manufacturing felt-tip pens and successfully. For some, the picture is not as bright. For example – NCR reported losses of $60 million in 1972, primarily because it entered computers.
Diversification entails risks related to structure, business processes, leadership, legal, talent and many more and then there are financial risks such as a reduction in stockholders’ returns.
That is why companies test their business ideas, execute on a small scale to learn and eventually be privy of a few risks that they may encounter and eventually strategize to counter them. Albeit small if compared to a full-fledged business, this exercise still needs upfront investment in IT/real-estate infrastructure, human resources, legal, etc.
One of the clients which QualityArc is working with was diversifying its business to a territory that had limited synergies with the type of industry they were already in. In order to operate a pilot for the new business, they needed to invest in human resources to manage their retail outlets and trigger purchase orders based on demand and integrate internal systems using traditional methods.
QualityArc deployed bots in order to receive and process orders from the client’s partners. The orders were received via a portal and were copied to a common location accessible by bots. The bots not just validated the veracity of these orders but also grouped, split using business rules and placed orders to suppliers. To manage an increase in demand, QualityArc also planned the capacity and deployed additional bots. The Bots approximately takes 300 minutes to correctly process and segregate about 100 orders, saving close to 90 hours of manual work weekly.
QualityArc not just helped save human resources costs in multiples of thousands of dollars annually, but also helped gain efficiency in purchase order processes. During such trials, bots can be leveraged efficiently in order to automate repetitive processes and run tirelessly 24X7 tasks, which doesn’t need creative intelligence.
We have an expert team that can help you leverage the power of RPA during similar and many more use cases.