You don’t want to miss this.
16/February/2020 Porvorim, Goa: The Tangentia Jigyasa Quiz (TJQ) started in 2017 as a modest business and technology quiz in Goa for corporate and college teams. In the initial year, there were mostly local teams and a handful of national teams attending. In 2019, the quiz became national with prelims in 6 cities in India and 100+ teams participating. This year is the 4th Edition of the Tangentia Jigyasa Quiz and the organizing team has pulled all stops to make it a bigger and better affair. The prelims will be held simultaneously in 8 cities in India via video conference and the participants can even have team members in different cities. In 2019, Tangentia Jigyasa Quiz was the first Quiz to have video conferencing and virtual team members participate in India and in 2020, no other quiz offers anything even remotely close. The video conferencing and virtual team participation is possible thanks to the technological prowess of the title sponsor- Tangentia, a leading global technology consulting company. This year there will be an international element to the Quiz with the Quiz Master, Tangentia CEO, Vijay Thomas virtually asking questions for the prelims from the Tangentia headquarters in Toronto, Canada.
This year's participants include Sai Mitra Constructions from Hyderabad who are the reigning champions from 2017 as well as 2019. Sai Mitra Constructions are also past national winners of the Tata Crucible Quiz and their participation in the Tangentia Jigyasa Quiz is testament to the high standards and caliber of the quiz as well as of the competition. Speaking of the competition for 2020, teams from all over India representing corporates like Hero MotoCorp, Tech Mahindra, RBS, Pai Kane, Edelweiss, SAIL,RBI, Capgemini, Indian Oil, Novartis, Barclays. Educational institutions participating include IIM Calcutta, IIT Madras, Welingkars Mumbai, Madras Christian College, Dhempe College and many more.
The prelims for the Tangentia Jigyasa Quiz will be held on February 22nd at 11am in Delhi,
Mumbai, Delhi, Chennai, Hyderabad, Kolkata, Pune and Goa. Finals of the Quiz will be held in Goa on March 7th and 7 winning teams from all over India will battle on their knowledge of business, technology as well as their ability to make reasonable deductions in a collegiate fun format. There will be multiple bidding rounds that will also add an element of risk taking to the event, with teams having to decide on their risk/return strategies. It will be an exciting evening for the participants as well as for the audience with a lot of audience prizes. The total prize money at stake is ₹300,000 with the winners turning richer. Teams can register at www.jigyasaquiz.com
The final days of humans performing tedious and repetitive tasks in the world of finance are drawing near. Robotic Process Automation (RPA) offers companies within the financial sector and companies with a finance and/or payroll department the ability to automate many of the tasks associated with day-to-day operations. And more and more companies are making the leap to automation. According to a survey conducted by PwC in 2019, more and more
organization in the financial services sector have been adopting RPA and IA. However, fewer than 20% of respondents have achieved adoption of automation across their entire organization.
The benefits of RPA for your business, regardless of its size, are attractive. It is worth investing in an evaluation of how your business can implement an RPA strategy in 2021. However, it’s important to keep in mind that, as with any technological advancement, RPA does not come without its challenges. Yet, these are challenges that can be overcome, if you plan ahead.
As technological changes sweep through the financial industry, it takes time for companies to incorporate these changes and adjust to them. Shifting from manual processes to digital automation can be particularly jarring and can raise a number of issues within a company. What follows are the most significant barriers faced by the financial sector when it comes to implementing RPA.
Whenever a new technology is introduced, particularly one that takes over tasks once completed by humans, it is common for employees to be concerned. They might worry that their responsibilities will shift, or worse, that their skills will no longer be needed, and they will lose their job.
The solution is to ensure there is constant communication with employees throughout the entire RPA transition. This communication should include what is expected from them during the transition and what they can expect their role to be once the implementation of RPA is complete. If they know they will keep their job, they will more fully support the transition to automation.
Even as employees are brought on board with the implementation of RPA, there can be a lot of hesitancy when it comes to full adoption of the technology. While RPA is implemented to take over repetitive and tedious tasks, making better use of human time, it is common for CAOs and corporate controllers to feel the need to maintain some human interaction with the system.
The need for this constant human presence subtracts from the significant savings of time and money that RPA can provide a company and holds them back from enjoying the full benefits of the automation. One way to avoid this is to run the automation in tandem with the traditional manual operations for a period of time to assess the performance of each in relation to each other. This will help everyone become more comfortable with the fully automated approach.
In order to be a good candidate for RPA, a process must be well-defined and repeatable without the need for human intervention. Ideal processes include tasks like data collection, data migration, and copy-and-paste tasks. However, it is common for companies that want to implement RPA to select processes that aren’t good candidates for automation.
Tasks that require human involvement, such as customer interaction, are a prime example. With this in mind, it is critical for a company to thoroughly review all processes being considered for automation to ensure they are standard, repetitive, and can be done without the need for human intervention.
Traditionally, IT has been a separate entity to the business side of finance. This creates a challenge in the implementation of RPA that is directly related to the need to standardize processes across an organization and redistribute roles and responsibilities to ensure there is more than just minimal communication between the various departments and teams involved in RPA implementation.
This relates directly to the above point of selecting the processes to which RPA will be applied. When choosing the processes, there can be disagreement as to how these processes understood by the teams involved and how they should be executed. IT must have input here, but also those teams that work in the relevant business departments. Ensuring there is a dedicated manager role to help tie the disparate teams together to ensure strong communication and a smooth RPA implementation is critical to success.
It is common for banks and financial institutions to be using banking technology that is decades old. This includes COBOL software that has been running mainframes since the 1950s and 1960s. When integrating a mainframe with the cloud, there will be issues with transaction volume. There are also issues related to a lack of updated/thorough documentation on all the business rules on which the legacy system has been built, updated, and patched over the decades.
This takes time and financial resources that can be daunting. However, it is a necessary step in the evolution of finance technology, and it requires a holistic digital transformation process that will move the entire organization forward.
Ultimately, the implementation of RPA for financial tasks relies on thorough planning from the very beginning. This makes it possible to educate employees, retrain where necessary, and make sure everyone is on-board. It also makes it possible to ensure the right processes are chosen as candidates for RPA. When this planning is done adequately, it makes the transition to RPA smoother for everyone involved.
Tangentia with more than 17 years of expertise in global project implementation and change management, is in an unique position to deliver seamless RPA projects through its Agile methodology. Contact us today to start your automation journey.
RPA has been embraced by many sectors, such as medicine, hospitality, retail, & manufacturing. Now, the financial sector is gearing up for a shift in financial management that will see companies digitize and streamline financial processes. Read our latest blog on how financial companies and internal finance teams are looking to RPA to become more efficient in day to day operations.