Yarra Lane, VBP unveil robotic consulting service to address advice skills gap

Financial advisory services firm Yarra Lane is leveraging automation technology to help accounting and advice businesses address a longstanding industry skills shortage, announcing the launch of new robotic process automation (RPA) consulting service.

Co-developed with outsourcing specialist Vital Business Partners (VBP), the RPA solution, which also makes use of artificial intelligence (AI), is designed to be readily implemented by advice and accounting firms of all sizes to automate repeatable, manual tasks.

The solution is delivered and managed by VBP’s local and offshore stuff, which deploys the technology for client businesses.

Through the consulting service, Yarra Lane chief executive Nick Perrett said client firms could conceivably design and develop RPA solutions in just a few months and start seeing tangible, measurable results soon after.

“Software robots can do a lot of the heavy lifting for advisers,” he said.

“In a sense, advisers can work through the day and their bots can go to work at night so the next morning, advisers can focus on higher value activities like spending time with clients,” he added.

VBP chief executive Nathan Jacobsen notes the existing use of RPA within advice firms for such tasks as diarising meetings, sending calendar invitations, gathering information and reports, and using templates to draft client emails.

Recognising the complexity of RPA deployments, particularly as the technology advances at exponential place, Jacobsen said outsourced partners are ideally suited to support their implementation within advice and accounting firms.

“There are hundreds of accountants and advisers grappling with how to use technology and AI in their business but it’s not as simple as running an RFP [Request for Proposal] process and selecting a solution anymore because technology is advancing so quickly, which is why partnering with an outsourcing specialist is an optimal solution.”

VBP said it prepares client businesses for its RPA deployments by first mapping out and breaking down their processes into parts. From there, the outsourcing specialist identifies tasks that can be automated, and deploys its tailored RPA solution.