FIRtech has introduced Robotics-as-a-Service (RaaS), a form of outsourcing where FIRtech deploys cloud-based software robots that use machine-learning, artificial intelligence (AI) and document understanding to help BPO companies automate repetitive and high-volume tasks.
RaaS is a cloud-based automation system that allows users to select the capabilities they require when they need them. It’s the perfect solution for SMEs that offer outsourced finance services, largely because of its flexibility, scalability and lower cost of entry than traditional business process outsourcing platforms.
FIRtech CEO Ugan Maistry says it is 80% cheaper to automate. “It’s a no-brainer, customers only pay for what they use. They consume bot hours as required by their processes – there is no software, infrastructure setup or procurement required.”
“This means a short time to deployment, most often only days to convert to the RaaS platform. More importantly, no investment in software, hardware, in-house maintenance teams or security. It is the easiest way of scaling your operations without incurring capital expenditure,” he adds.
According to a report published by Coherent Market Insights, the global Robot as a Service market is expected to surpass $41.3-billion by 2028. It says the ongoing advancement in technologies is propelling the market growth during the forecast period.
Typical operational finance processes that can be managed with RaaS include:
- Accounts Payable, Accounts Receivable
- Statement Reconciliation, Bank Reconciliation
- VAT 201 Submissions and Reconciliations
- EMP 201, EMP 501 submissions
- Data migration and data entry
- Mass emailing campaigns
- Data extraction and validation from documents (legal, contracts, etc.)
Maistry says RaaS allows SMEs to benefit from robotics, AI and automation without the initial investment or knowledge on robotics. It gives them the ability to scale up and down rapidly and easily in response to client needs and changing market conditions.”