Today more and more CIOS are looking into robotic process automation as a way to eliminate repeated tasks, as well as reduce response time and operational cost. This article will explain what is RPA and why it is beneficial for the enterprises.
RPA is the emerging form of business process automation applying artificial intelligence technologies, to handle high-volume, repeatable tasks that previously required humans to perform. With RPA, businesses can automate rules-based business processes, enabling workers to devote more time to serving customers or supporting higher-value work.
A classic candidate for RPA would be one where three key characteristics are fulfilled, normally within an end-to-end process that crosses multiple applications:
- That the actions are consistent, with the same step being performed repeatedly;
- That it is template driven, with data being entered into specific fields in a repetitive manner;
- That it is rules-based, to allow decision flows to alter dynamically.
What are the benefits of RPA?
1. Reduce cost
RPA provides businesses with the ability to reduce operational costs and human error. One example case is quoted by Deloitte in a bank applying RPA. The bank redesigned its claims process by deploying 85 bots to run 13 processes, handling 1.5 million requests per year. This capacity is equivalent to more than 200 full-time employees but the cost is approximately only 30 percent of the human cost.
Businesses can also apply cognitive technologies such as ML, speech recognition, and natural language processing, together with their RPA implementation in cases that require the perceptual and judgment capabilities of humans.
By 2020, automation and artificial intelligence will reduce employee requirements in business shared-service centers by 65 percent, according to Gartner, which says the RPA market will top $1 billion by 202
2. Improve customer satisfaction and employee satisfaction
Applying RPA allows business to focus their employees on higher value-added activities improving both business results and employee satisfaction.
RPA also enable processes to be completed much more rapidly than before thus help the overall service quality and customer satisfaction.
3. Reduce business risks
RPA help reduce manual data updates, thus increasing quality of data, and reducing compliance risks for corporate. RPA can simplify the audit process thanks to the fact that the bots leave digital log files of all their activities. The data is also digitized helps the audits easier and more efficient.
Applications of RPA
- Accounting: Companies can use RPA for general accounting, operational accounting, transactional reporting and budget controlling.
- Customer service: RPA can be used in contact center to reduce response time and increase customer experience. The examples of implementing RPA are using robot to verify e-signatures, verify scanned documents for automatic approvals or rejections.
- Fin-Tech: fin-tech companies, bank or finacial companiscan can use RPA for foreign exchange payments, automating new customer enrollement, account closing, handling audit requests and processing insurance claims.
- Healthcare: Hospitals and medical organizations can use RPA for processing patient records, claims, customer support, billing, reporting and data analytics.
- Human resources and administrative: RPA can automate HR tasks, including recuitment, training management, performance appraise, meeting booking, expense approval and tracking.
- Hospitality: RPA can be used to automate booking process, customer service request, customer complain process, customer data validation…
- Supply chain management: RPA can be used for procurement, automating order processing and payments, monitoring inventory levels and tracking shipments.
- Telecommunications: For the telco companies, RPA can will help in monitoring, fraud data management and updating the customer data. It can also be deployed in contact center to improve customer experience.
Top RPA tools
Following are some popular RPA tools:
- Blue Prism: https://www.blueprism.com/
- UiPath: https://www.uipath.com/
- AutomationAnywhere: https://www.automationanywhere.com/
- Pega: https://www.pega.com/
- Contextor (now part of SAP): https://www.sap.com/products/robotic-process-automation.html
IMT has offered a comprehensive suit of digital transformation services inclduing Automation and RPA, please contact us on how we can make your digital transformation journey a success: firstname.lastname@example.org