Imagine you own a large enterprise that manages a plethora of operations with extremely complex, interlinked systems. Since these systems require human intervention at every stage of operation, it would only be wise to implement a technology that could ease the efforts of the employees. Such business operations in an organization need to be leveraged with technological advancements to stay competitive in the industry. What your organization needs is a technology that can streamline business tasks efficiently, so the employees don’t fret about performing menial and redundant tasks daily. The beneficial fusion of Artificial Intelligence (AI) and Robotic Process Automation (RPA) is the solution for your organization to concentrate only on core business activities. It helps you add value to your organization and achieve faster business outcomes.
Ab-initio on RPA
Robotic Process Automation is the use of software that enables a metaphorical software robot to mimic human activities whenever complex and redundant tasks are automated. It can navigate through enterprise software such as ERP systems, CRM, or any other service management tools to capture and interpret applications for creating a transaction, triggering responses, manipulating data, and communicating with other digital systems. RPA does not necessarily require code development, nor does it need access to the database of the applications. RPA’s competitive edge hails from its agile structure. You can implement RPA without making any customizations to IT systems or processes. The software bots can also be integrated to the legacy IT systems, while they replace the need for time consuming and labor-intensive work arounds.
So, what could be automated using RPA? Well, any business task that involves users, data, and system such as feeding information to multiple systems, invoice creation, or application handling is a perfect match for RPA. The technology has a bigger role especially when it comes to integration, mergers, or outsourcing.
Why Robotic Process Automation?
The technology has been instrumental in complex business environment due to the history of several mergers and acquisitions, poor integration, multiple tech platforms and high dependence on human workforce.
Key Features of RPA:
- Does not require specialized skills or consulting to operate
- Warrants out of the box capabilities that provide faster, intuitive, and informative process transparency
- Scalable process metrics and measurements predefined without programming
- Ensures immediate visibility and access to process metrics
- Employees can focus on high-value tasks and improving processes rather than customizing in-house tools
- Employees can import existing data since RPA doesn’t require data consolidation
RPA also guarantees:
- 24×7 Availability
- 100% Accuracy Execution
- 40% Costs take out
- 80% faster than humans and scalable bots
Top RPA Solutions:
Due to its success factors, RPA has expertise across various industries such as manufacturing and logistics, healthcare, hospitality, banking and financial services, retail, insurance, and e-commerce. Let’s dwell into some of the above industries where RPA has brought a drastic difference.
1. RPA in Banks
Customers prioritize personalization in all lifestyles and banking is no different. From a bank’s perspective, the onboarding process sets the foundation to start a fruitful journey with the customer. Onboarding should not only include excellent customer service but also provide a seamless KYC in compliance with all the regulations. RPA has emerged in recent times to help neglect the manual process associated with KYC thus minimizing human errors and compliance failures. Executives are switching to RPA to not only reduce the burden but also to boost the overall effectiveness. The RPA bots assist with the account opening process by monitoring credit limits and implementing new rules and regulations set by the staff. RPA reduces the burden of the bank staff since it’s impossible for managers to have more than hundreds of accounts assigned to them. RPA also helps in compiling customer data for proper screening from different sources. The account data and transaction history can be quickly obtained, helping the banker getting a complete picture of the client’s financial activities.
A leading international bank automated their customer onboarding process and registered a growth in the number of accounts from 3000 to 15000 with the same workforce and reduced the processing time from 12 to 3 minutes per case.
2. RPA in Manufacturing
Order processing and payments play an integral part of the supply chain that includes various sections such as manufacturers, distributors, and retailers. The firms that are dependent on paperwork and manual labor face inaccuracy and high time consumption. RPA can automate these back-office tasks and reduce the energy of manual labor. With the help of robotic process automation, autonomous bots render manual processes like request preparation, document verification, vendor credits evaluation, and communication with vendors. Another core part of SCM is logistics management. In logistics, quite a few products and services need to be executed and managed to meet customer’s needs. The process involves many documents such as the bill of lading, invoices, and proof of delivery. RPA will be able to manage these tasks and ensures accurate tracking of deliveries.
A global logistics company achieved around 43% reduction in resources needed for order-to-cash processes, 34% for invoicing, and 32% for vendor management.
Learn More: RPA Use Cases in Supply Chain & Logistics
3. RPA in Insurance Operations
The insurance industry handles large amounts of monotonous clerical jobs every day. During managing day-to-day insurance operations, insurers are engrossed with higher levels of repetitive and operational tasks. Automation in insurance industry takes over transactional and clerical tasks, which are rules-based and does not require decision making and strategizing.
By deploying RPA, a leading consultancy firm was able to save 4500 hours of monthly productivity while reaching almost 85% accuracy improvement.
Learn More: RPA Use Cases in Insurance Industry
4. RPA in HR
The HR tasks that can be automated are payroll administration, employee onboarding and off-boarding, and data management. RPA ensures a fast update of relevant files with accurate information about current and past employees, contractors, job applicants, and payroll, allowing the staff to focus on other value-added activities.
An HR service provider achieved its ROI in just 4 months by automating their payroll processing with staff costs reduced by 60%, processing time reduced by 85%, and 0% error-rate.
As you can see, RPA is exactly the technology you need especially if you look forward to building a better work culture. Although it requires some practice, employees can quickly adapt to the technology and focus on core business activities.
At Aspire, we leverage businesses to implement RPA to achieve scalable results and faster business outcomes. There’s no hurry in establishing an enterprise-wide automation solution from the beginning. We encourage you to start small and automate one business process at a time to see if it’s the perfect match for your organization.
Thrilled to learn more? Check out our blog on 5-step approach for successful RPA Implementation