In the 2008 recession, many workers turned to self-employment as a way to maintain their income. It was the beginning of the gig economy, with companies hiring freelancers and contract workers to supplement their workforce and keep costs down.
Now, with the economy poised on the brink of another recession—a 60% likelihood according to Morgan Stanley—and with revenues down and inflation up, numerous companies are changing their approach to hiring and even reducing their workforce in some cases.
But this time around, companies have a new option when it comes to supplementing their workforce and keeping costs down—the use of digital workers.
Digital workers are automated software programs that use robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML) to perform repetitive tasks that normally take human workers hours to complete. The goal with digital workers is to automate end-to-end business functions in the front-office and back-office so they get done more efficiently and accurately at a lower cost.
Digital workers can do the work of human workers in a fraction of the time, without human error, either working autonomously or alongside human workers. This frees up people to focus on higher-value tasks and it makes it possible for a company to retrain their existing human workforce so they can fill other roles within the organization.
This reduces the need to hire new workers and makes it easier to keep current staff employed in other areas of the company. It also increases overall productivity and innovation, without increasing costs and the results of this approach speak for themselves. They include:
Many companies are making these changes. According to the World Economic Forum, over 80% of business executives are pushing ahead of schedule with their plans to digitize work processes. In addition, 50% of employers expect to speed up the automation of at least some of the roles within their organizations.
Instead of worrying about how to make it through the next recession, it’s time to come up with a digital strategy that will make it easy not only to survive but to thrive. Digital workers have the power to reinforce your workforce, so you can maintain operations without compromise—and without increasing costs. Instead, you will be able to do more with less and you will maintain your competitive advantage.
Take control of your workforce needs. Reach out to a Tangentia team member today and find out how we can help you recession-proof your business with digital worker technology.
TORONTO, ONTARIO, CANADA, June 20, 2022 — Tangentia, a global leader in digital transformation solutions, recently announced its partnership with Parascript, a company that has been automating processes for over 25 years. Parascript software processes over 100 billion documents every year.
This new technology partnership with Parascript will allow Tangentia to improve processing efficiency and automate tasks such as object recognition and classification, including optical character recognition and handwriting recognition, motion analysis, scene reconstruction, and image restoration. These tasks can support controlling robotized processes, navigation, event detection, organizing information, and automatic inspection. As a result, Tangentia clients can potentially save billions of dollars by reducing spending on document processing by up to 95%
Tangentia has recently announced the expansion of its North American sales and leadership team. The company has a goal of becoming the leading player in the global Intelligent Automation Market. With the technology partnership with Parascript, a company based in Colorado, US, Tangentia has a robust solution offering, especially in the Banking, Financial Services, Insurance, and Healthcare verticals.
Vijay Thomas, the CEO of Tangentia, opines, “The partnership with Parascript will open new avenues to Tangentia’s service offerings. Our customers will see the value for areas like fraud detection and handwritten document processing.”
Dr. Alexander Filatov, the CEO and President of Parascript adds, “Parascript creates best-in-class AI software that analyzes over 100 billion documents annually and automates key tasks for financial services, government agencies, and the healthcare industry through our many different machine learning techniques. By partnering with Tangentia we are able to create transcendent solutions for our clients’ needs.”
Tangentia is a world-leading provider of digital transformation solutions with offices in the USA, Canada, and India. Our teams are located in 5 continents and 34+ countries, offering a “think global, act local” approach to the solutions we provide. We have built a roster of 1000+ customers in 34 countries and 13 Fortune 500 customers, 10 billion USD in SaaS transactions. Tangentia is a platinum partner of IBM and a Verified Services Partner of Automation Anywhere. In addition, other major partnerships include Microsoft, Salesforce, BluePrism, UiPath, Google AI & AWS.
Tangentia is ISO 9001:2015 and ISO/IEC 27001:2013 certified with robust and defined procedures in place to ensure all the services are delivered with quality, transparency & guaranteed information security.
Parascript sells not just software, but they sell actual, verifiable results that save companies over $1B annually. Customers choose Parascript when they want to use applied AI to achieve an optimized data capture solution with the highest levels of reliable automation. From the best-in-class full-page handwriting recognition and the industry’s highest-performing check data extraction to intelligent APIs that detect fraud, Parascript APIs enable businesses to focus on their core software, offloading document automation to someone you trust. Parascript has the highest quality for document automation on unstructured documents, which includes handwriting, signature verification, and financial solutions to complex problems, all of which are solved simply with Parascript automation. Parascript has over three decades of experience applying AI to solve complex problems, automating document-oriented processes that involve over 100 billion documents each year. We have automated the postal industry, commercial mailrooms, government elections, payments, and hundreds of other processes.
More and more women are entering the tech industry every day, and their presence is being noticed. And while it’s no secret that gender equality in the workplace has been hard-won for women, progress is being made. The overall representation of women in tech has grown over the past few years, from under 26% to nearly 29%. Of course, this means there is plenty of room to grow, and there is good reason for companies to increase their gender diversity.
According to McKinsey, research has proven that companies with gender-diverse teams are more innovative. This is because diversity makes these teams better able to anticipate changes in what consumers need and want in their technology products, ensuring new products and services are continually being created to meet market demand. Ultimately, this makes diverse companies more competitive.
McKinsey also reports that gender diversity increases a company’s profitability. In 2019, companies in the top 25% for gender diversity had a 25% greater chance of reaching above-average profitability. When it comes to women in executive roles, companies with the most gender diversity were 48% more profitable than those with the least gender diversity.
Add to the above benefits of innovation and profitability, there are a whole host of other benefits to having gender-diverse tech teams. These include:
Increasing gender diversity within a company means bringing women onboard at every level. For startups, this means hiring women in leadership roles, as well as other roles within the company, right from inception. This sets a precedent for gender diversity within the company.
Established companies can begin hiring more women in all roles and promoting women to all levels of management. The value of women seeing other women in management roles will only help to increase gender diversity because it will encourage more women to apply for jobs.
Other ways companies can increase gender equality in the workplace is to:
At Tangentia, we are committed to gender equality and supporting women in tech. This is why we have worked hard to reach a 50% representation of women in all roles and at all levels within our company. Plus, we have received the Great Place To Work India Award for 2022.
One of the amazing women we have working at Tangentia is Ashwini Hedge, Practice Head of Delivery and Automation. Ashwini is an integral part of our team, working closely with her colleagues and with clients to achieve the very best results. In addition, Ashwini does public speaking events highlighting automation and the future of the workplace.
If you are interested in applying for a position at Tangentia, visit our career page to view the opportunities we have available. We can’t wait to hear from you!
The Great Resignation is a term that has been in use since early 2021 when large numbers of employees began voluntarily resigning from their jobs. A whopping 47 million people left their jobs in 2021, and as of February 2022, there were more than 11 million job openings in the U.S.
Employees have given many reasons for resigning from their jobs. The top ones include low pay, lack of advancement opportunities, feeling disrespected at work, trouble finding childcare, lack of flexibility in terms of work schedule, insufficient benefits, and working too many or too few hours.
So, if all of these reasons are the driving force behind people resigning from their jobs, what can employers do to make them stay? At a time when employee turnover is high and costly and retaining employees is difficult, employers can take advantage of automation to help keep employees from resigning.
In order to understand how automation can help with employee retention, you have to know what makes them want to stay on with a company. While pay is certainly an important factor, it is not the only one, nor even the most important. A recent global study found the following were the top drivers of a positive work experience that make employees want to stay with their employers:
There are many ways automation can be used to improve the employee experience, resulting in a happier and more engaged employee. Take a look:
Intelligent automation makes it possible for employees to access the processes and tasks they need to do their job no matter where they are. This means they can enjoy a hybrid work environment that allows them to work from home when needed and still be highly productive.
With so many people leaving their jobs and so many people being laid off, the people who remained have had to take on more and more of the work burden. This increases stress and decreases job satisfaction. Automating tasks and processes relieves that burden, so employees don’t have to put in extra hours and can find a better work/life balance without sacrificing productivity.
The automation of repetitive tasks and processes is a natural progression to achieving a good work/life balance. Having to perform repetitive tasks is time-consuming, tedious, and joyless. Employees have so much more to give you, so relieve them of the repetitive tasks so they can engage in higher-value tasks.
An intelligent automation platform that requires little to no code makes it possible for employees to create their own tools, such as a virtual assistant, when they need them. This will allow them to customize their tools to suit their unique needs, ultimately increasing their productivity.
When employees can connect and share work resources, such as notes and even bots, they can enrich each other’s work and create an environment that thrives on collaboration. Not only that, but cloud and automation technology together make it possible for employees to connect with each other, no matter where they are working.
With the automation boom that has arisen, companies are in need of people with the skills to work with automated systems. From developers to analysts to workflow specialists, your employees can broaden their skills and move within the company to fill these positions and their desire for advancement.
The COVID-19 pandemic has fuelled the growth of automation technology, and it is expected that our relationship with that technology will only deepen in the coming years. Robotic process automation (RPA) is at the forefront of this technology. It is offered as RPA-as-a-Service, being integrated into all existing digital technologies to reduce costs for companies, while increasing productivity and easing the workload for employees. This is a win-win, generating better results for the company while creating happier employees who want to stay.
Book a discovery call with a member of the Tangentia team today to find out more about how automation can help you retain your employees.
As the digital workplace continues to rapidly expand, it shouldn’t come as a surprise that robotic process automation (RPA) solutions are following suit.
In fact, the RPA market was worth an estimated US$2.65 billion at the close of 2021, with a projected CAGR of 27.7% from now until 2030.
In other words, the RPA market is on track to hit US$23.9 billion by 2030, signifying a massive shift in the way humans and AI interact in the workplace.
Add this to the fact that up to 25% of employees spend time and resources on unnecessary manual tasks that are now fully automated, and it’s easy to see that RPA — and intelligent automation — provide robust benefits to businesses willing to implement digital strategies and AI solutions for the future.
Read on to learn the basics of RPA and some of the biggest benefits it has to offer.
In its most basic form, RPA refers to software designed to automate various rules-based business operations and repetitive manual tasks. It aims to boost efficiency, productivity, and accuracy across the business.
Whether your business leverages simple RPA or more intelligent automation like AI, IDP, or Digital Workers, there’s no denying what a business can accomplish with a unified digital and human workforce.
Today, RPA is becoming an integral component of the modern business landscape. The world’s leading brands use RPA processes to unlock future expansion in an era defined by an emerging digital workforce, AI, and cloud-based solutions.
Automation technologies offer significant benefits to virtually every industry, especially in departments with repetitive, manual tasks.
So, what are the biggest benefits RPA has to offer to businesses today?
Below we will outline ten benefits of robotic process automation and explain how companies around the globe use RPA software to upgrade business processes, enhance analytics, meet compliance, and manage human resources.
One of the most significant benefits of RPA is that it cuts down on time spent on manual processes meaning employees have more time to focus on creative tasks that add direct value to the company.
A Deloitte survey showed that 56% of its respondents have already implemented RPA technology, with expectations of a global takeover in as little as five years.
Bots are always working, and with much more accuracy, speed, and scale than humans can. As a result, tasks are completed far quicker and with fewer mistakes.
Using bots to automate tedious rule-based activities like data collection, reporting, and onboarding allows your business to streamline development and focus on enhancing the end-user experience.
RPA creates a way for businesses to merge digital workers with the human workforce. When unifying humans and AI, scalability is no longer an issue because automation provides seamless solutions to help you expand your business with fewer human resources.
This allows your human workers to focus on more strategic and creative tasks while leaving the more tedious and mundane processes to automated bots.
Implementing RPA processes improves productivity and efficiency by automating manual tasks for every aspect of your business.
According to Deloitte’s third annual RPA survey, “RPA continues to meet and exceed expectations across multiple dimensions including improved compliance (92%), improved quality/accuracy (90%), improved productivity (86%), cost reduction (59%).”
With more sophisticated automation solutions leveraging machine learning and AI, you can expect this trend to continue.
Businesses employing RPA technologies reported 10 to 40 percent measurable cost reductions during initial deployments.
There are also reports of companies achieving ROIs of up to 200% during the first twelve months, with bots accounting for a mean of 20% FTE capacity.
Automating manual tasks ensures your employees can stay focused on revenue-generating activities and providing the best customer experience possible.
RPA bots reduce the risk of manual errors associated with data management, authorization, and even help identify cyber-attacks that humans may overlook.
A reduction in data entry has far-reaching advantages, especially for financial services involving audits, taxes, and private customer data.
When automation is configured correctly, there is less risk associated with data being entered incorrectly throughout the data entry process.
Since RPA eliminates the risk of error, your overall data quality is better, too.
High-quality data translates to streamlined processes. It also provides you with detailed performance analytics that you can use to measure the effectiveness of any automation solution, create data benchmarks for various departments, and helps you identify new areas and processes that may be ideal candidates for automation.
It’s safe to say humans tend to be happier at their jobs when it includes tasks that allow them to learn new things and engage with activities outside of data collection.
By handing the monotonous jobs over to automated bots, your workforce is likely to see decreased turnover rates.
RPA offers a lot of value when it comes to streamlining compliance and combating fraud.Automating the processes that involve managing sensitive customer data reduces the risk of a human mishandling that critical data since automation handles the various processes related to collecting, extracting, and processing PII.
Whether you’re automating financial processes, data extraction, or something else, there’s no denying the immense benefits RPA and intelligent automation have to offer to businesses in all industries.
Are you looking to kickstart your robotic process automation journey? See how our TiA Tangentia digital workers can transform your internal processes. Book a demo today to get started.
Hyper intelligent automation, which is often referred to simply as hyper automation, is a general term that refers to the application of advanced and emerging technologies to automation.
Hyper Automation is rapidly transforming what’s possible with Robotic Process Automation (RPA). RPA was originally designed to repeatedly perform the same task accurately and it created the foundation for automation as we know it. It required incredibly complex code and it was not capable of adapting to new information.
However, advanced technologies like artificial intelligence and machine learning are now being applied to RPA, creating a more evolved version of RPA that actually can grow and adapt on its own. The application of advanced technologies to RPA and similar systems is the general idea behind hyper automation. A secondary goal of hyper automation is creating a unified understanding of all automated tasks and processes throughout the organization.
None of this is theoretical – hyper automation is currently transforming businesses around the world. Approximately 34% of organizations are adopting hyper automation with a focus on employee productivity. Enough organizations are aware of the benefits of hyper automation to make it an entirely new movement focused on evolving existing automated processes and understanding every automated process in the business.
Today we’re going to examine how hyper intelligent automation is already evolving RPA, along with a deeper dive into what hyper automation actually means.
Hyper automation is not a specific technology or tool, but rather an umbrella term that refers to a wide range of tools and technologies that are used in advanced automation. Additionally, the term can also be used to refer to more sophisticated automation processes that go beyond the current definition of automation.
Every new and emerging technology that aims to make computers smarter plays a part in hyper automation. Each of the following technologies can be used to evolve RPA into something vastly more powerful:
Engineers and developers will use any of the above technologies (plus any that are not mentioned) to create advanced versions of the existing RPA processes.
RPA was revolutionary for organizations across all industries and still is. However, it was originally designed for mundane, repetitive tasks such as data entry or reconciling invoices.
There are three problems with RPA that hyper automation aims to solve:
Hyper intelligent automation aims to address each of these problems. By applying advanced technologies, typically AI and ML, RPA systems can become evolved versions of themselves that are aware of resource consumption and can react to unforeseen challenges in their tasks.
A real-world example of hyper automation evolving an RPA process comes from a developer from the United States government. The developer applied AI to the existing RPA that was used to help determine eligibility for the Affordable Care Act applications. The evolved RPA allowed the agency to scale without needing more human employees and serve more users.
Essentially, hyper automation creates better RPA bots that truly unlock the scalability that has been the goal of the technology since the beginning.
There are numerous capabilities that come with an IDP solution. These include:
So far we’ve been focusing on how specific RPA tasks and bots can grow and evolve with hyper automation. However, hyper automation not only applies advanced technology to the given process but also creates cross-functional collaboration across different processes and robots.
Ultimately, the goal of hyper automation is not to have dozens of siloed processes that are more advanced but to have an entire company-wide system of automated processes that work together to accomplish required tasks in the most intelligent way possible. Evolved RPA systems will be able to decide the best way to accomplish the task when armed with data from the entire company.
Organizations across all industries are undergoing digital transformations in an effort to remain competitive. Hyper automation is yet another way for companies to embrace a true digital transformation by creating an over-arching system of automated processes that create a holistic view of the entire organization. Additionally, each individual process will be approached intelligently, rather than strictly programmatically as with early RPA bots.
However, it’s worth mentioning that the promises of hyper automation discussed above will only be reaped by organizations with the right team of developers and engineers to apply advanced technologies to RPA bots.
Are you looking to evolve your RPA bots with advanced capabilities along with creating an all-encompassing vantage point of all automated processes in your business, but unsure where to start? Contact Tangentia today to see how we can help evolve your RPA bots into hyper-intelligent automated digital workers that will help your company reach new heights.