Intelligent robotics provider LarcAI used UiPath to deliver a Robotic Process Automation (RPA) solution to leading South African investment administration services provider Curo Fund Services.
Curo Fund Services was confronted with the risk of failing to deliver on-time, as well as inaccurate processing that had a potential for fines and penalties. The solution involved automating pricing information extraction, updates from emails and files and other supplementary information sourced daily.
Curo Fund Services analyzed the main areas that presented automation potential. The focus was put on removing human actions in data-intensive processing around price sourcing and procedures that result in errors with significant financial implications.
Barri MaggottCEO of Curo
As a business we are really pleased with the results of our RPA implementation. We managed to deliver the first use case into production in a relatively short space of time, and are now rolling out other use cases in other processes. We always believed that the nature of our business lends itself to robotic automation and we are thrilled at how quickly we have been able to see tangible results.
The price sourcing process included 250 transactions per day. A typical transaction had the following steps:
- receiving manual input containing the pricing information;
- interpreting the information and validating it;
- updating the appropriate systems by copying and pasting or retyping the data;
- checking for information updates to ensure the correctness of the operation.
Rolling out the plan
The automation solution implemented involved the use of virtual assistants into the end-to-end processes. The main purposes sought through the RPA deployment were:
- increasing the process efficiency;
- increasing the staff’s capacity to concentrate on more valuable tasks;
- lowering the operational costs;
- improving the quality and accuracy of the process outputs;
- reducing errors and other risks with financial implications.
The Platform at Work
The UiPath Enterprise RPA Platform implementation included deep learning from Microsoft Cognitive Toolkit, IBM Watson Analytics, Accord.NET Framework machine learning, and ABBYY Optical Character Recognition (OCR).
UiPath Robots locate the email instructions, interpret the context of the instructions, connect with supplementary data sources, update the product pricing, update the end-of-day positions, create transaction logs for transactions, perform basic exception and error reporting, allow for review and approve workflow staging, finally producing an audit report for sign-off.
The adopted RPA solution delivered benefits on improving the control over email instructions, eliminating the errors in transferring information with potential for financial losses, eliminating the risk of reputational damage due to errors that could not be traced during the process, and enhancing the conditions for audit trails and traceability.
- 54%increase in efficiency
- 35% overall effort displacement
- 1% error margin
- 65% of the total transactions now performed by UiPath Robots
Employees involved in more effective tasks
Curo Fund Services is now able to repurpose 35% of its employees’ time into more customer-centric processes. By having to deal with less repetitive tasks, the staff has improved morale, and the overall job satisfaction has increased dramatically.
UiPath Robots handle 65% of the targeted instructions involved in the process. The remaining 35% of the instructions are still processed manually.