By Richard Milam, Special for USDR
It was announced that Hewlett-Packard Company (HP) is cutting costs by cutting jobs—up to 30,000 jobs that is, due, in part, to HP Chief Executive Meg Whitman’s effort to reduce costs and protect the bottom line for shareholders reports Los Angeles Times. As HP divides into two companies, HP Inc. and Hewlett-Packard Enterprise (HPE), the total savings in salaries HP will render following the almost 55,000 eliminated jobs over the past three years is estimated to be $2 billion.
Efficiency is king to businesses and is the top money-making asset a company can possess. High-asset companies are restructuring their organizations to increase profit-margins, but also improve their global efficiency, which enables them to actually generate an even greater revenue. In fact, J.P. Morgan Chase & Co. has also trimmed their workforce in order to become more efficient. To counteract increased regulatory and legal expenses, J.P. Morgan has moved to a workforce comprised of sophisticated technologies and has begun eliminating jobs with plans to cut up to 5,000. HP plans to complete the transition to their new business style by the end of October of this year (2015).
Likeminded CEOs and CFOs are reviewing their budgets in an effort to increase their efficiency, and simultaneoulsy, cut labor costs. Both small and high profile companies have jumped on board the technological movement to automate the manual, data-related tasks that absolutely consume employee resources and delimites their jobs to that of a data processor. To boost productivity, capitalize on employee intelligence, and operate in a robust, responsive environment, companies are employing strategic technologies called Robotic Process Automation (RPA) to execute much of the heavy-duty workload. In fact, the HP’s 2015 Securities Analysts Meeting revealed how HPE plans to enable workplace productivity by delivering the right tools that are optimized for business critical tasks. RPA technologies are the types of tools that can be used in any industry and for any operational or business process that requires the inputting, moving, or validating of data, which are time-consuming and fatiguing processes for human employees, as well as puts an organization’s data at risk for errors or breaches.
“What was once the job of multiple employees and cost businesses tons of overhead and an expansive workforce, are now saving up to 160 plus hours a month in labor. Businesses are getting smarter, not working harder, and they are looking for cost efficient ways to save,” said Richard Milam, CEO of EnableSoft and creator of Foxtrot, one of these RPA technologies businesses are using globally.
Businesses are ecstatic about being able to bring a technology in-house that enables them to be self-sufficient and not have outsource or hire temps to do large data projects. Plus, customers demand a digital experience when it comes to choosing products and services. In fact, a Microsoft poll of 1,405 customers revealed that 91% of consumers would stop doing business with a company because of its outdated technology. Automation offers the omnipresent environment that enables organizations to process transactions faster, and with precision, due to the fact that they work within the presentation layer of applications and can integrate disparate applications.
The RPA technology, Foxtrot, is also known as an, “Automated Employee.” RPA technologies offer the unique opportunity to perform a nearly infinite number of data processes and only has to be trained—or instructed—one time. One of the biggest challenges that companies face is hiring the right employees that perform and get projects completed on time. When employees do not perform well, labor costs increase, and the risk of “redoing” data processes increases due to human-related errors, miscommunication, or misinterpretation. Robotic Process Automation eliminates the time-consuming, routine training and authorization that must occur for staff to execute processes correctly and in compliance with any government regulations. Once trained, RPA will repeat processes exactly as instructed. Plus, automation tools are smart as they can be trained to even alert executives of errors or inconsistencies discovered in data. Software, like Foxtrot, has even been taught to find the incorrect data in banking systems after major conversions damaged some of their data.
In the effort to curtail expenses, sometimes companies feel they do not have a choice but to lay-off employees. However, businesses actually find that as RPA increases their efficiency, they can actually do more “business” and may even require additional employees to focus on customer service and creating quality products. Every company wants to help their employees be productive and successful, and adopting the most current IT infrastructure is one way to do that. In fact, J.P. Morgan still hires about 40,000 employees each year to fill open positions.
This is good news for employees since the recent 2015 State of End User Computing reported that only 20 percent of companies reported to have “above average” end users of their technologies. Robotic Process technology is an effective tool that employees can put to use, with minimal training; thus, one does not have to be technically inclined to use RPA technology and become more effective in their role.
With the end of the fiscal year in sight, companies are quick to adopt technologies that will save their employees’ time in their daily duties and reduce labor costs, enable a robust, integrated IT infrastructure, and, as an upshot, actually increase revenue by increasing business efficiency and activities. Robotic Process Automation technology is the answer to every CEO’s and CFO’s question: how can I do more for less?
Richard Milam is the Founder and CEO of EnableSoft Inc. EnableSoft is engaged in offering game changing Robotic Process Automation technology and services to the business, financial services, healthcare, and a dozen other industries. EnableSoft serves over 500 corporate clients worldwide. Prior to founding EnableSoft, in 1995, Richard was a partner and served as Senior Vice President of FiTech PLUSmark, Inc, and held previous positions in IT, Operations, and Sales.