December 22, 2022 | 3 min read
BOTs And The Secret Software Companies Keep To Themselves
Mario DiBenedetto
Managing Director
We were recently working with a customer who was implementing a piece of technology where their ROI was based on being able to eliminate 10 relatively high-priced staff members. It had taken them 6 months to get to the point where they could evaluate the technology and, at first blush, they saw a lot of potential issues and NO cost savings.
The verdict is still out for this project, but the lesson is still relevant. If you’re not a software person, then maybe no one has ever explained a basic truism of software:
As the complexity of the software you are implementing increases, the risk of failure increases FASTER.
That’s right. The little software project that takes a few days to complete is monumentally more likely to succeed than the project that takes one month. Seems like common sense. Except that vendors with really complex platforms are going to make you believe this rule does not apply to them. This is the same reason, by the way, why so many LOS migration projects that are planned to take 6-12 months never achieve their ultimate goals.
This is what makes Robotic Process Automation (RPA) projects so compelling to so many companies these days. The typical RPA project takes somewhere between a few days and a few weeks to complete. And because RPA tools are typically “low code”, they are likely to be more nimble to changes that arise along the way.
For our customers, the key take is this:
You can deliver automation improvements with much lower risk by keeping your projects small.
That is not to say that your goals should be small. Brimma is seeing customers that are able to reduce their average human-hours-required-per-loan by 1% with an “army” of RPA bots. You probably have your own math, but by our calcs, that typically amounts to a dollar figure well above six figures on an annualized basis.
Here’s a small sample of our most popular automations and the average time that you could save per loan by automating them.
