With the technologies evolving every few years, most of the companies have made it a mandatory norm to implement these technology solutions to address the existing loopholes within their business processes for fast-tracking their flow of activities and enhance productivity and efficiency. This is where the role of a solution like rpa Robotic Process Automation comes into play.
What is RPA?
RPA is a technology used for Business Process Automation by applying Artificial Intelligence (AI) in different domains of Business Processing. It is developed by listing the repetitive actions of conventional business processes tasks on observing through graphical user interface and conversion of the same actions step by step protocols or process mapping into software bots with AI using Internal processing interfaces which can be termed as Bot Integration.
Why do you need for RPA in businesses?
RPA Business Process Automation is a cost-effective strategy which not only reduces the costs but also improves the productivity, quality, safety, and flexibility by streamlining the workflow and converting the manual mundane tasks to automated functions.
Adopting this technology into wide range business operations helps organizations utilize their manpower focus on more creative and intellectual work. Thus, it channelizes the human brain power to more innovative projects rather than spending their valuable and precious time in repetitive tasks like handling big data and simple routine work.
This enables human workforce to develop new strategies and decision making that enables rapid growth of the business. Business Process Automation can be used in optimized protocols, ensuring precision operations and hands-free comfort with high speed ultimately resulting in less turn-around time and enhanced productivity. Bulk operations and strenuous jobs are made easy with consistent process and quality appropriation achieved welcoming this technology into the processes.
Benefits of RPA in different industries
RPA can be implemented in all domains of business allocating low value and high-volume works. Hence, handling from bulk activities of manufacturing, heavy data of finance, long transaction processing of banking, customer care, Insurance to precision tasks of healthcare and quality can be outperformed easily by these bots.
Day to day activities like employee attendance, leaves, field visits are simplified for seamless payrolls, compensation, bonus, travel expenses calculations helping the team avoid delays in payment process. Resume filtering, application process, reference verification, skill search enabling to find the best talent and scheduling the interview major steps of recruitment process can also be streamlined. Tasks from on-board to off-board can be automated in RPA which saves lot of time by focusing on other tasks like designing employee engagement activities and welfare strategies.
Finance & Accounting
‘Finance and Accounting’ has simple tasks like general accounting, invoicing, payments, receivables, ledger maintenance, transactional processing, margin analysis, foreign exchange payments to complex tasks of cost accounting, budgeting and managing audits. All these activities can be automated to steer clear human error and avail accuracy in less time with more speed.
RPA in Banking sector is helpful in automation of application process, accounts generation, updating the account holder information, transaction processing, cards activation, customer alerts, loan procedures, complaint categorization etc. Thus, it helps the banking personnel and customers to resolve issues faster, thereby improving the customer satisfaction.
As insurance is service oriented product most of the functions in this sector are similar, simple and tedious. Business Process Automation enables application processing and integrate the data from different sources based on the criteria and provisions available to the client to process the claims. It is also helpful in identifying the fraudulent cases and false calms.
Manufacturing sector has partially automated some processes in assembly units. However, there is more to implement this technology into backend processing. Rule-based tasks conventionally handled by manpower can be converted to software bots which enhances the productivity, circumvent human error achieving high quality and faster production, reduce wastage, address labour shortage which eventually contributes to significant cost saving.
RPA in this sector also helps running the operational sequence scheduled late hours without manual intervention. Manufacturing has sub-domains like supply chain management, inventory management, logistics etc. Automating procurement, tracking inventory levels and shipment status will add up the effective use of resource and achieve deadlines.
RPA in healthcare can reduce the operational costs of medical organizations which contributes a major part of the total cost thus lessening the patient medical expenses although robotic surgery is in place for performing less invasive and critical surgeries. Other functions like patient monitoring and data entry can be automated which eventually reduce the human error.
Lab Information Management System is integration of diagnostic instruments to avail pathology data hands-on is partial automation. Apart from this other clinical management tasks, automation can free the healthcare workers focus more on diagnostic procedures and patient interaction.
Food & Beverage Industry
Process Automation in food industry used in making and packaging the food. This enables to prolong shelf life and improving quality and safety. From critical operations like processing, storage and shipping to logistic functions like tracking the food distribution channels, consumer stores. With regards to the advent of food apps, RPA is very useful in food delivery process from order booking to payments to delivery.
E-Commerce & Retailing
Automation Process implementation helps e-commerce giants to optimize the transaction process. Bots automatically handle customer, products most efficiently 24X7. Functions like order processing, customer support, payment processing, marketing. Unlike other industries, ecommerce functions in retail industry are at the highest point bringing the marketplace to the homes. Examples of such cases are handling large data like extract, storage, retrieve; personalization of customers, other processes customer interaction, swift and superior user experience.
It also pushes the promotional campaigns in regular intervals by updating the discount plans to customers besides addressing the issues like complaints handling, return & exchange policies, tracking the orders, monitoring the inventory and shipments.
RPA is the virtue of human artificial intelligence and a boon to business operations that handles variety of tedious tasks by utilizing human efficiency for better innovations and creation, improving the standard of living of work force. Deploying RPA in hazardous work situations like mining, manual scavenging and life risks process can provide safety and avoid health issues of human work force.
In situations like the recent pandemic, RPA solutions can handle the clinical management of the business processes with instructions, facilitating the organizations in their business processes without the intervention of human labour. Thus, it is obvious that RPA is the biggest supportive system for the companies, provided RPA is implemented in business with well-formulated strategies.