Week 45, 2024 - Latin America

Newsletter
The Role of Robotic Process Automation (RPA) in Latin America's Digital TransformationThe adoption of RPA is reshaping business operations across various sectors in Latin America, driving digital transformation and enhancing efficiency. As organizations increasingly turn to automation to streamline processes, reduce costs, and...
Published on
November 21, 2024

“Age, a very relative concept. You can be born old and die young.” - Ricardo Darín (Argentine actor)

MARKETS

November 8, End Of Day

BUSINESS

The Role of Robotic Process Automation (RPA) in Latin America's Digital Transformation

The adoption of RPA is reshaping business operations across various sectors in Latin America, driving digital transformation and enhancing efficiency. As organizations increasingly turn to automation to streamline processes, reduce costs, and improve service delivery, RPA has become a critical tool in this transition. Here are the three main takeaways from the latest report on RPA's impact and applications in the region:

1. Accelerated Digital Transformation Driven by RPA

  • Growth in RPA Adoption: The adoption of RPA in Latin America has seen a notable increase, with companies implementing automation processes growing from 11% to 17% over the past three years.
  • Pandemic-Driven Shift: The COVID-19 pandemic has accelerated the adoption of RPA, shifting the focus from cost reduction to ensuring business continuity, risk management, and operational resilience.
  • Sectoral Focus: The financial and retail sectors have been at the forefront of RPA adoption, using it to enhance operational efficiency and improve customer service.
  • Global Market Development:

2. Significant Operational and Strategic Benefits

  • Efficiency and Cost Savings: RPA enables organizations to automate repetitive tasks, leading to significant time and cost savings. For example, BAC Credomatic and Bancolombia have leveraged RPA to streamline processes, resulting in improved customer experiences and operational efficiency.
  • Enhanced Customer Service: RPA has been instrumental in automating customer service functions, allowing companies to handle routine inquiries efficiently and freeing up staff to focus on more complex interactions, thereby improving customer satisfaction.
  • Public Sector Applications: The Uruguayan government has successfully implemented RPA across various ministries, achieving time savings of up to 75% in certain processes, demonstrating the potential for RPA to transform public service delivery.

3. Best Practices for RPA Implementation

  • Stable Process Selection: Identifying and automating stable processes with minimal changes over time is crucial for maximizing the benefits of RPA.
  • Security and Access Management: Implementing generic user profiles and maintaining strict access controls are essential to safeguard the integrity of automated processes.
  • Strategic Integration of AI: As RPA technology continues to evolve, integrating AI for specific tasks can enhance the capabilities of automation, providing more intelligent and adaptable solutions.

Fundraising picks of the week

Gamefic: Gamefic addresses the challenge of maintaining employee engagement, especially in the era of remote work. They have over 60 clients utilizing their gamification solution and have generated more than 300k in revenue in 2023. Dive deeper into the case here.

GetGloby: GetGloby is connecting businesses with global audiences. Their AI-powered platform enables companies to instantly translate ad campaigns into over 100 languages, opening new markets rapidly and increasing exposure while reducing costs. Dive deeper into the case here.

Cirkula: Their innovative approach focuses on reducing food waste and increasing profits by selling surplus quality food. With a network of over 400 stores and restaurants, Cirkula is actively transforming food waste management. Dive deeper into the case here.

Interested in Latin American businesses? Subscribe here to get business updates in the verticals that interest you the most.

Dive deeper into other fundraising firms in LatAm here.

CURRENT AFFAIRS

Mexico: Following Donald Trump’s US election victory, Mexican President Claudia Sheinbaum called for dialogue. The Mexican peso initially dropped, reflecting concerns over Trump’s stance on tariffs, deportations, and security. Sheinbaum aims to leverage Mexico’s position on migration and US corporate interests in the USMCA trade pact, which is set for review in 2026, to mitigate potential impacts. Analysts highlight possible tensions over Mexico’s ties with China and the urgency of cooperating on fentanyl issues.

Argentina: President Javier Milei’s tax amnesty program has drawn $18 billion in foreign deposits back to local banks, boosting dollar reserves. The program initially allows tax-free deposits up to $100,000, with rates increasing after Nov. 8. The funds aim to expand bank lending and support economic growth, reflecting confidence in Milei’s policies.

Brazil: Brazil’s crypto imports surged 60.7% through September, reaching $12.9 billion and surpassing last year’s total. Stablecoins, pegged to assets like the U.S. dollar, made up nearly 70% of transactions, with demand driven partly by tax evasion concerns. Central bank data shows monthly imports at $1.4 billion in September, with regulations on stablecoins planned for 2025.

FURTHER READING

Check our recently published insights here. Recent post:

🏨 Emerging Trends in Latin America's Hospitality Tech

In 2024, Latin America's hospitality industry shows dynamic growth and increasing digitalization. Travel and tourism in Latin America are on an upward trajectory, with revenues expected to hit $37.78 billion in 2024 and grow to $43.44 billion by 2028.

Key Developments:

  • Digitalization: Adoption of digital solutions for check-in/out processes and guest safety continues, although ICT development still faces challenges.
  • Technology Integration: Rising use of cloud technology and AI is transforming guest engagement and service personalization.
  • Sustainability Focus: Hotels are increasingly implementing green initiatives, aligning with global environmental trends.
  • Data Utilization: Leveraging guest data to tailor experiences and boost loyalty is becoming commonplace.
  • Mobile Expansion: Over 155.9 million individuals are connected via mobile devices, pushing hotels to enhance mobile app functionalities.

🔍 Read more here.

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