Final project reportnew ictimplementation of technology in business

CHAPTER 3: ASSESSMENT OF THE TECHNOLOGICAL RPA, or Robotic Process Automation, is a technology that uses software robots or "bots" to automate repetitive and rule-based tasks within busi

UNIVERSITY OF ECONOMICS AND LAW

FACULTY OF INFORMATION SYSTEMS

FINAL PROJECT REPORT NEW ICT

IMPLEMENTATION OF TECHNOLOGY IN BUSINESS

Supervisor: Mrs Lam Hong Thanh Group name: Paris Hilton

Members and members’ ID:

Ho Chi Minh City, 12/2023

1.4 Challenges and impacts to a different aspect of Business 10 8

CHAPTER 3: ASSESSMENT OF THE TECHNOLOGICAL

RPA, or Robotic Process Automation, is a technology that uses software robots or "bots" to automate repetitive and rule-based tasks within business processes These

bots mimic human interactions with digital systems and applications to perform tasks such as data entry, data extraction, data manipulation, and transaction processing.

Automation of Repetitive Tasks: RPA is created to automate repetitive and

rule-based tasks that are typically performed by humans It can handle tasks such as data entry, data extraction, data validation, and transaction processing.

Non-Invasive Technology: RPA operates on the user interface level of applications

and systems, making it a non-invasive technology It can be implemented on top of existing systems without requiring significant changes to the underlying infrastructure.

User Interface Interaction: RPA bots interact with applications and systems through

the user interface, mimicking human actions (such as clicking buttons, entering data, and navigating screens) without needing direct integration with the underlying software This enables them to navigate various applications and perform tasks just like a human user would.

Rule-Based Automation: These rules can be configured using visual or script-based

interfaces RPA bots are programmed to follow specific steps and decision-making logic to complete tasks.

Scalability and Flexibility: RPA can be easily scaled up or down to handle varying

workloads and automate tasks simultaneously, allowing organizations to adapt to changing business needs.

Integration Capabilities: RPA can integrate with various systems and applications

( including legacy systems, web-based applications, databases, spreadsheets, and more), to access and manipulate data from different sources to complete tasks.

Error Handling and Exception Management: RPA bots are equipped to handle

exceptions, errors, and variations in process flows by following predefined rules and workflows.

Auditability and Compliance: The RPA platform provides audit logs and tracking

mechanisms that allow organizations to ensure compliance with regulations and maintain data integrity.

Quick Implementation: RPA technology typically does not require extensive coding

or programming skills, allowing organizations to automate processes quickly.

Continuous Improvement: RPA can be used to identify bottlenecks, optimize

processes, and drive continuous improvement.

Collaboration with Human Workforce: RPA technology is designed to work

alongside human workers, freeing them from repetitive tasks and solving complex problems.

1.3.Current trends/ applications in business:

Robotic process automation is the configuration of computer software or a robot to capture and interpret existing applications for rule-based processing of transactions, manipulate data, initiate responses, and communicate with digital systems

Robotic process automation is the application of intelligent software to carry out high-volume and repetitive tasks that typically take humans a great deal of time and are typically monotonous The robotic process automation market is concerned with the application of intelligent software to carry out such tasks

Businesses are implementing RPA for its primary benefits, which include increased productivity, performance optimization, the integration of new technologies, the generation of higher returns, and the relocation of business processes across the enterprise All of these factors have led to a greater adoption of RPA across a variety of industries, resulting in the growth of the market for robotic process automation over the forecast period With time, robotic process automation technology has matured Additionally, increasing demand for the automation of business processes is one of the most significant factors influencing the increasing adoption of RPA technology Businesses prefer RPA solutions with sophisticated features that are integrated with cutting-edge technologies, such as AI Companies in the robotic process automation market have been collaborating to offer enhanced RPA solutions Improved business results, the creation of new positions, an increase in return on investment, and a decrease in labor costs, among others, as a result of the integration of AI technology into RPA solutions Robotic process automation (RPA) bots can also conduct tasks across multiple systems to obtain data from digital platforms

Current trends in RPA include the following:

Expanding RPA to a wider range of industries: Initially, RPA was applied mainly

in the finance, banking and insurance sectors However, currently RPA is expanding into many other fields such as healthcare, retail, customer service and supply chain management.

Combining RPA with artificial intelligence (AI) and machine learning: RPA

combines with AI and Machine Learning to increase automation and intelligence for business processes Applying machine learning and data mining algorithms can help RPA automate more complex tasks and make smart decisions based on data.

RPA takes a broader view of business processes: Instead of focusing just on

specific processes, RPA has broadened its perspective to consider the entire value chain and business processes This helps create alignment between processes and creates more overall efficiency within the organization.

RPA in the cloud (Cloud RPA): Cloud RPA is becoming a popular trend, allowing

the deployment and management of RPA on the cloud platform This provides flexibility, scalability, and easy integration with other services and applications in the cloud environment.

RPA takes a broader view of business process automation: RPA does not stop at

automating specific tasks but also takes a broader view of automating the entire business process RPA can create automated workflows that link tasks and processes, thereby increasing efficiency and reducing errors.

Enhance human interaction: RPA not only focuses on automating processes, but

also enhances human interaction RPA can integrate with communication tools like chatbots and automated calling systems to improve interactions with customers and employees.

Data Entry and Processing: RPA can automate repetitive data entry tasks, such as

copying information from one system to another, updating databases, and processing forms Power Automate can extract data from emails, spreadsheets, or other sources and enter it into the required applications, saving time and reducing errors.

Report Generation: RPA can automatically gather data from multiple sources,

combine and format it, and generate reports in various formats (e.g., Excel, PDF) Power Automate can fetch data from databases, web services, or cloud storage, and then use predefined templates or custom logic to generate reports without manual intervention.

Notifications and Alerts: RPA can monitor systems or websites for specific events or

conditions and send notifications or alerts to relevant stakeholders Power Automate can track changes in databases, detect new emails, monitor social media platforms, or analyze web content to trigger automated notifications through emails, messages, or other communication channels.

Document Management: RPA can streamline document-related processes by

automatically organizing, categorizing, and storing documents Power Automate can scan emails, download attachments, extract key information, and save them in appropriate folders or document management systems like SharePoint or One Drive.

Workflow Automation: RPA can automate complex workflows involving multiple

steps and stakeholders Power Automate enables the creation of custom workflows by integrating with various applications and services For example, it can automate approval processes, routing tasks, or assigning work based on predefined rules or conditions.

Data Migration: RPA can assist in transferring data between different systems during

migration or integration projects Power Automate can extract data from legacy applications, transform it, and load it into the target systems or databases, minimizing manual effort and ensuring data consistency.

Customer Service and Support: RPA can enhance customer service by automating

tasks like ticket management, data retrieval, and customer on-boarding Power Automate can integrate with CRM systems, help desk platforms, and other customer

support tools, enabling automated actions and ensuring timely responses to customer inquiries.

HR and Employee Management: RPA can automate HR processes like employee

on-boarding, leave requests, and expense management Power Automate can integrate with HR systems, document repositories, and payroll systems to automate routine HR tasks, reducing administrative burdens and improving accuracy.

1.4.Challenges and Impact to different Aspects of business

RPA can affect the process efficiency leading to saving time and cost, boosting productivity, and flexibility in the operating process However, to gain these achievements, you know how to identify and deal with these common issues related to RPA projects RPA projects are a challenging endeavor because of their complexity Many businesses fail to take off RPA with its implementation speed Specifically, they face three main challenges in conducting RPA projects They are safety and compliance, business and technical.

Integration with existing systems: One of the first challenges that the business needs

to consider when planning RPA implementation is the ability with the currently used software Some existing systems of the company usually combine different technologies, user interfaces, and protocols that need to stay in sync Inappropriate data can be an issue: RPA works best with structured data and can require several complementary technologies like AI or OCR (Optional character recognition) to process some unstructured data.

Widening-scale ability: when an organization develops, its data flow and workload

volumes increase Following that, some automatic processes change or must be adjusted for regulatory updates At this time, RPA systems built to support smaller capacities may start under-performing One solution for this circumstance is to establish more robots to accommodate the big workload, but this will quickly start consuming more of your resources For this reason, widening the scale is challenging for smaller firms that can’t afford enough expenses

Infrastructure: RPA bots need reliable IT infrastructure to operate well It ensures

consistency and storage capacity to accommodate the additional stress placed on the system of RPA The infrastructure is stable enough for Bots to work reliably around the clock

Long-term maintenance and observation: After finishing applying RPA for your

business, the true work begins In using the process, there is also confusion and errors Still, changes are inevitable as the RPA platform must be adjusted for regulation updates, requirements, and new additions to your firm Monitoring and checking

regularly will help you quickly find and fix errors and issues that went unnoticed during RPA implementation.

Change management: One new technology brings both new possibilities and

challenges And it is no exception for RPA and will affect the way your business works To pave the way, you need to plan from an initial technological perspective and consider people and processes If you ignore the combination between people and technology, you will likely face fear and even outright aversion to the new technology.

Employee resistance and retraining: Any change to the tried and true ways of doing

things is met with strong resistance from employees, even if the change will eventually be for the better RPA is no different—resistance to change is the third most common barrier for companies launching robotic automation.

Process Identification and Prioritization: Not every step in the sequence may be

appropriate for automation Discovering this midway through the RPA implementation can disrupt the entire initiative or render it entirely futile Then it’s essential to remember that despite its flexibility, RPA isn’t suitable for automating all tasks The technology performs at its best automating repetitive, unvarying, lower-value work but may prove inefficient with extremely complex or inconsistent tasks.

Cost and ROI Analysis: Tempted by the promises of massive savings, companies

often assign RPA to tasks with the highest headcount Another common mistake is to undervalue the costs of RPA implementation relative to the benefits It’s also easy to forget about long-term maintenance costs, which is crucial for RPA success.

Regulatory Compliance: Meeting legal obligations presents a significant hurdle for

organizations contemplating RPA Depending on the automated process, bots might handle sensitive data, such as customer records, financial information, and personal data, which must be securely maintained by legal mandates.

Cyber security Threats: Similar to the introduction of any new technology into your

suite of tools, implementing RPA introduces an additional vulnerability to cyber threats Succumbing to any form of attack jeopardizes your business, its customers, and its reputation Moreover, these attacks may lead to penalties for non-compliance, especially in privacy-sensitive sectors such as healthcare, finance, or insurance.

CHAPTER 2: TECHNOLOGY IMPLEMENTATION IN BUSINESS

2.1.Business brief overview (history, vision, and mission, operations)

Tien Phong Commercial Joint Stock Bank (TPBank) was founded on May 5th, 2008 TPBank inherits technological expertise and financial strength from its strategic shareholders including DOJI Gold & Gems Group, FPT Group, Vietnam National Reinsurance Corporation (Vinare), SBI Ven Holding Pte Ltd (Singapore), IFC International Finance Company (under World Bank) and PYN Elite Fund.

In the course of its development, TPBank has concentrated on activities related to loans and borrowing, payment services, personal finance, and financing for small and medium-sized enterprises TPBank stands out as one of the early adopters of digital financial services, including electronic banking, mobile salary payments, online transactions, and innovative financial products Adhering to the business philosophy of being "Customer-centered," TPBank has consistently enhanced its range of products and services, improved customer experiences, and fostered innovation in its operations In 2015, TPBank officially became listed on the Ho Chi Minh City Stock Exchange (HOSE) under the stock code TPBank.

Presently, TPBank holds a prominent position among the leading banks in Vietnam, offering a diverse range of financial products and services encompassing credit, savings, payment solutions, insurance, and personal finance TPBank has garnered numerous significant accomplishments and awards in both business and digital domains.

TPBank has a vision to become one of the leading commercial banks in Vietnam with cutting-edge products and services, to contribute to the prosperity of Vietnam.

Along with the mission:

●“TPBank provides perfect financial products and services for Customers and Partners, based on advanced, modern, and highly efficient technology infrastructure TPBank operates on a transparent, secure, efficient, and sustainable platform, aiming at maximizing shareholder’s benefits.”

●“TPBank creates optimal conditions for staff to have a good living standard and promotes their creativity as well as career development.”

●“TPBank makes a high commitment to social responsibility, and community activities for the sake of human and national prosperity.”

TPBank, a Vietnamese bank, offers a diverse range of products and services to its customers The bank provides savings accounts, including Regular Savings, Online Savings, and Junior Savings, with competitive interest rates TPBank also offers various loan options such as personal loans, home loans, auto loans, and SME loans to meet the diverse financial needs of its customers Additionally, the bank provides credit cards with cashback, reward points, and discounts on shopping and dining.

Insurance products offered by TPBank include life insurance, health insurance, and property insurance The bank provides convenient and secure online banking services, such as fund transfers, bill payments, account management, and more TPBank's mobile app also allows customers to access their accounts, transfer funds, pay bills, and perform other banking transactions on their mobile devices The bank offers foreign exchange services for individuals and businesses, allowing customers to buy and sell different currencies Furthermore, TPBank provides investment advisory services to assist customers in making informed investment decisions based on their financial goals and risk appetite Overall, TPBank offers a comprehensive range of financial products and services to meet the needs of its customers in Vietnam.

2.2.SWOT/ Market analysis/ Competitor research

The strength of TPBank is divided into 2 main parts: Product Differentiation and the powerful shareholder base:

Livebank is one of the most uniquely competitive strategies of TPBank: convenience, quick action, reducing such complicated procedures.

Successfully and effectively apply many advanced technologies: RPA, eKYC on Ebank, face ID,

Having many amazing projects: card upgrading, virtual account, payment hub, process-digitizing, ACH, infrastructure-upgrading,

TPBank has a huge shareholder base relating to various fields: DOJI, FPT, SBI Holdings, IFC, VINARE, and PYN Elite Fund => getting a huge capital.

The lack of branches and ATMs led to a situation where TPBank could not approach many potential customers in some provinces such as Dien Bien, Cao Ban, and Son La,

Although LiveBank was announced in 2017, it has just appeared in 19 cities nowadays => and the range of operation and development is still limited

TPBank is considered not to have such seniority in banking Many unique projects related to IT are still behind schedule

Taking advantage of the fast pace of urbanization, TPBank can attract numerous customers and expand the scope of business.

A cashless policy from the Government can boost the development of TPBank since the devices that it provides are more practical for those who are asked to cooperate with banks.

Fierce competition among merchants, especially when rating systems of financial institutions appeared.

Another threat is that TPBank must have transparent strategies in business (since people always pay attention to transparency in operations and management in the banking sector )

TPBank’s target market and target customers

“Retailer Banking” is the target market that TPBank has followed:

“Retailer Banking” is believed to be a potential market with many profitable prospects Moreover, it can maintain a growth rate higher than the industry average Some comments about the “Retailer Banking” market:

Mirae Asset: “ Due to the macroeconomic context as well as inflationary pressures, a large number of presidents will tend to limit spending and increase savings as well as seek long-term save investment channels In addition, banks are also making efforts to reduce concentration risk Therefore, the retail credit channel is still expected to be the main growth driver in 2023”

VNDirect: “Retail lending will be prioritized in 2023 and this will be a big advantage for banks focusing on this segment”

TPBank has separately classified its target customer market into three groups: Individual customer market: including Y ( 1980-1994 ) and Z ( 1995-2015 ) generations, these kinds of customers are becoming the growth drivers for TPBank because they are considered young, energetic, tech-savvy individuals Moreover, they need to use modern and convenient financial products and services.

=> TPBank has provided a variety of personal finance services and products such as credit cards, consumer loans, deposits, insurance, investments

=> TPBank has also launched many marketing strategies to reach this new and potential customer market: TPBank’s concert held in dormitory A attracted a large number of students.

Corporate customer market: For this group, TPBank mostly focuses on small and medium enterprises (SME), and large enterprises (FDI),.