COVID has brought many industries to a standstill and has a few others on their toes. For instance, while there is a pause in fashion retail, there is a high demand for essentials and its deliveries. While Insurance might see a decrease in new policies or customers, claim processing has taken a high.
With this sudden surge in certain markets in different domains, companies are having to coupe and look for solutions. Considering the current WFH and immediate responses needed for handling the situation, elaborate implementations and integrations might be too time-consuming. This is where RPA is a savior. Processes that need to be done repetitively without much decision making could be handed off to RPA.
Download Case Study: Automating AR process with RPA at Logistics Company saved $300K annually
Where to start?
Though Robotic Process Automation(RPA) has myriad advantages, the success of RPA lies in selecting the right set of processes that can be automated for the best ROI with the quickest turnaround time. Right ways to go about this is,
1) Start small with processes that could be automated at the earliest and as you see the benefit, it could be carried forward to other processes as well.
2) Another approach is to choose a high business value and high ease of implementation type processes.
3) Processes that heavily involve operations like opening email and attachments, filling in forms, reading from and writing to databases, making calculations, collecting social media statistics, and extracting data from documents are other places where RPA proves best.
4) Intelligent automation can be employed when there is decision making or AI is required. Automation Anywhere has even implemented a bot to be able to read the doctor’s handwriting!
Try our Intelligent Automation finder for free: Automated Business Process Discovery
Advantage of RPA during COVID-19 situation
- Minimal Implementation time:
Setting up a bot can be done as quickly as 2-3 weeks turn-around, depending on the complexity of the process. But most of the straight forward ‘low-hanging fruit’ type of processes can be set up in 3 weeks. So the overall implementation of the process is accelerated.
- Low barriers to getting started:
Since RPA is a layer on top of your existing framework or application, there is Nil change needed to be done to any existing workflows. RPA will just be an additional layer running on top of your existing workflows. Hence starting with RPA requires no integration or anything as such.
- Freeing up employees:
For industries that have seen a surge in their operations, freeing up employees from mundane repetitive tasks means, they can concentrate on operations that require decision making and cognitive skills which puts their time to better use.
Use-cases where RPA can be employed during COVID-19
- Insurance and Claim processes:
With the health conditions taking a toll, the number of applicants for claim processing has hit a new high. Automating this process, reduce the works for the insurance employees and also increases customer service and quicker disbursement time. To know more: RPA in Insurance and Claims processing automation
- Retail and Stock management:
Vendors selling essential goods on various e-commerce portals can employ bots to keep up on the stock details by gathering information from different sources.
- Financial services and Loan origination:
With many countries announcing stimulus package, Financial institutions are overwhelmed to enquires and loan processing. Bots can be used here to both automate the inquiry handling as well as expediting the loan processes
- HR and Request processing:
With most of the employees working from home, the number of queries to the HR department regarding the new norms has drastically increased. Bots can be used to automate replies to frequently asked questions and ease the process.
Still not convinced? Here are some quick over-the-top facts on how RPA is gaining traction, from our leading researchers of the world.
1) McKinsey Global Institute estimates that 69 percent of data processing and 64 percent of data-collection activities could feasibly be automated. This implies that these processes can be handed off to bots.
2) Forrester predicts it will grow from $250 million in 2016 to $2.9 billion in 2021. This is one industry that is growing at a lightning speed. It was already worth $1.7 billion in 2018.
3) Robotic Process Automation (RPA) software revenue grew 63.1% in 2018 to $846 million, making it the fastest-growing segment of the global enterprise software market, says Gartner. It further expects the RPA software revenue to reach $1.3 billion in 2019.
Aspire has been solving problems for global companies for over a decade. We have developed and implemented solutions that have helped our clients transform and adapt to the new market reality. We can help you in these times of crisis as well.
How do we plan on doing it?
We understand that more than anything, agility, quality, and scalability are the primary focus. So we have put together some of our best automation and technical experts to create SWAT teams to tackle the current challenging scenarios. Our SWAT team comprises of:
- Business consultants – Solid understanding of old business processes and come up with quick automation solutions
- RPA Developers & Testers –Worked on a wide variety of platforms and can give you quick results.
We are offering a free POC to automate a process that can deliver better customer experience and can ease your operations. Reach us for more details:[email protected]