Welcome to 2020! The age of technology, the age of innovation. We all have read about a number of emerging technologies in the past decade.
However, the latest of them all, and the most prominent of them all, RPA – Robotic Process Automation) is all set to take this decade by storm!
Let’s begin with understanding what is rpa – robotic process automation?
Robotic Process Automation is one of the most promising technologies enabling the configuration of computer software/robot to mimic and deliver human actions and interactions, with the intent of successfully executing a business process.
What do the robotic process automation robots essentially do?
RPA powered robots primarily make use of the user interface in order to record and control various applications, exactly the way humans do. These robots effectively understand, respond and communicate to successfully perform multiple tasks.
Did you know – an RPA powered robot never sleeps? And makes no mistakes? The benefits of rpa are unimaginable!
Now, RPA being relatively new in the market raises, a valid question, i.e., How is RPA different from Traditional IT Solutions? Compared to traditional IT solutions, robotic process automation is so powerful that it takes just a snippet of cost and time to automate!
RPA is completely free of any interference, while it effectively leverages the existing infrastructure, with no effect on any working systems, which otherwise would be expensive to replace.
So what I am essentially trying to say here is that with the advent of RPA, cost efficiency and compliance become byproducts of automation.
Are you an entrepreneur looking to scale up your business using this phenomenal technology? Now that you know the benefits of rpa – robotic process automation it’s time to hire an RPA Developer now!
Benefits of Robotic Process Automation in Business and Various Sectors
RPA in Insurance – Claims Processing
Out of all the industries, Insurance has the most to make from automation. We all know, insurance companies deal with huge numbers of claims every single day!
With time, it has become the need of the hour to deliver quicker and savvier services. This is one sector that enjoys the benefits of rpa – robotic process automation to the fullest!
The majority of processes in an insurance company is repetitive. With this as a challenge, the insurance industry has drifted towards process automation in order to support the automation of multiple operational activities and workflow. These activities are inclusive of manual data input, disparate systems, compliances, and regulations.
Robotic process automation in insurance has the potential to double the output of such companies while effectively reducing time in forms registrations, claim updates and policy cancellations.
RPA effectively cuts down on the dependency of labor while increasing productivity. Sounds so right, isn’t it? RPA, in an insurance company, keeps a record of all the calculations.
RPA in Banking – Fraud Detection and Compliance
We all have bank accounts, don’t we? RPA was the need of the hour when it comes to the banking sector. Imagine dealing with so many bank accounts, withdrawals, deposits, and whatnot, every single day!
Today, with the aid of RPA, the banking sector has successfully found an effective and secure way to manage their everyday processes. With the integration of RPA in banks, the processing time has drastically gone down surpassing all human errors.
RPA also endorses easy access to information, making the process transparent. Out of the many processes that the RPA has streamlined in the banking sector, streamlining of regulatory compliance is the most important.
Before the advent of RPA ( rpa automation anywhere ) struck the industry, employees had to look for information manually and then had to make sure that the information did not contradict any government or industry regulations. Wow! That’s quite a daunting task! Isn’t it?
Moreover, RPA is also successfully making its benefits felt in the bank’s defense mechanisms against frauds. Bots, powered by RPA software are developed in a way that they can slide through credit transactions, shortlisting abnormalities for further investigations.
Today, RPA has become the fraud deterrent that the banking sector needs in order to prevent irrevocable loss.
RPA in Healthcare – The Billing System
As of yet, it is Blockchain that has successfully made its mark in the healthcare industry. However, RPA is on its way to making a place in the healthcare sector! The main benefits of robotic process automation in business (healthcare sector) are –
a) Reduced costs
b) Increased efficiency (for the provider and the patient)
Healthcare is one of the most demanding, as well as the most in-demand industry across continents. Why? Because no matter who you are, it’s only natural to fall sick! RPA’s amalgamation with the healthcare industry has benefited the industry in terms of data entry, patient scheduling, claim processing and billing.
Robotic process automation in healthcare has effectively enabled medical institutions to reduce the time spent on monotonous administrative tasks while increasing relationships with the patients.
For your better understanding, let me put out some pointers, explaining how RPA is changing the healthcare sector.
Less of Labor
Most of the tedious and monotonous tasks have been taken over by RPA solutions. With the integration of RPA in the healthcare sector, employees have been able to usher into high functioning positions, enabling them to move ahead, professionally as well as personally.
Billing and Revenue
Billing and revenue are some of the most challenging counterparts of the healthcare industry. With the advent of RPA in medical billing, there is a huge difference in the number of audits and mistakes.
RPA autonomously matches procedures and their consequent billing codes, making billing and revenue much more streamlined.
RPA in Manufacturing Industry – Order Fulfillment
Now that we have answered the question, “what is rpa – robotic process automation,” It is absolutely correct to say that the manufacturing industry today is enjoying the best of both worlds.
Whether it is physical robots or RPA powered software, the industry has made the most use of technology.
The amalgamation of RPA within the manufacturing industry has successfully streamlined the industry’s supply chains and their everyday functioning, such as invoicing, quoting and accounting activities.
We all know that manufacturing is one industry that is inherently monotonous and repetitive, which makes RPA fit in the missing puzzle! For this industry, consistency is the key.
With the advent of RPA in this industry, order requests are constructively scaled to the projected numbers.
RPA majorly takes care of the billings in accordance with the production, while effectively minimizing errors and steering manufacturers through every evaluation in every process.
Today, in the 21st century, RPA is serving as an assistant for data migration where the transition from old school systems has been made easy and painless while reducing costs and improving operations.
RPA in Telecommunication – Automating Customer Service
Customer servicing is one of the most important parts of any business. Of course, the customer is the king!
Today, Eateries like McDonald’s and Shopping marts like Walmart have already implemented autonomous kiosks for food ordering and billing.
Today, customer service companies are actively working towards coming up with chatbots with the potential of harnessing natural language learning through ML, with the intention of developing user-friendly robots.
RPA in itself is such a powerful technology that it has the potential to read and understand common inputs and providing known outputs to solve grievances.
The advent of RPA in the telecommunications industry has actively made it possible to resolve simple and basic queries through automation solutions.
With the implementation of RPA in this sector, you give time to working human employees to focus on real concerns while performing relevant troubleshooting.
Read More – Is the Big RPA Bubble here to Stay
Conclusion: RPA in Industrial Sectors
Are the Robots taking over? We have seen across industries that RPA and robots are constantly taking over traditional technologies, leading towards a more autonomous way of life.
Not just that, after understanding rpa – robotic process automation, it’s safe to say that these emerging technologies are creating new kinds of jobs for people, like supplying digital services.
The CEO of ServiceNow, John Donahoe quoted, “Technology replaces and creates. It replaces manual work and creates new opportunities—new tasks if you will. And productivity creates growth, which creates new kinds of work. It is a virtuous cycle.”
If we are looking to survive and move forward in this era, it is absolutely imperative to adapt to these rpa trends, develop new and relevant skills and stay competitive in the market. All the best!