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The benefits of applying Robotic Automation to business processes has gathered all the attention of many organizations as they require seamless operations. Therefore Robotic Process Automation(RPA) is growing exponentially.
RPA delivers significant benefits by automating well-defined tasks and operating with structured data. Expansion to Artificial Intelligence is the next step of a faster form of transformation from manual tasks to intelligent automation which efficiently operates on unstructured data giving more significant productivity gains.
Recent RPA trends and forecasts report shows that by 2021, RPA will be $29 billion industry. That is a huge increase from $250 million in 2016.
Through experiences, we have developed a standard process to curate RPA work-flow for various business processes which will reduce the risk of project failure and giving more productivity from automation.
1. Map the processes: Map the end to end activities for all processes which identify volume, time for each activity.
2. Examine the nature of the activity: Examining tasks into rules based tasks that don’t require complex decision making, high or low frequency.
3. Deriving the benefits: Identifying error prone area, design, risk factor and Cost severity to capture the benefits from the processes.
4. Determining RPA type: Whether solution requires cognitive AI automation or rule based approach depending on data resource.
5. Write Use-case: Documenting RPA flow for that particular business process with detail finding of every task.
6. Implementation of RPA solution: Implementing use case in the test environment to sort bugs, to build the learning curve for that activity.
Several processes within a bank have benefited from RPA technology, allowing the teams to focus more on customer engagement and growing business. Some of these processes include Customer Service, Credit card processing, KYC process, etc.
Due to rapid technology advancement, e-commerce is undergoing a major transformation and is steadily becoming more efficient and customer-centric than ever. One more technology that contributes to e-commerce development is RPA or Robotic Process Automation.
Robotic process automation in healthcare: Software bots represent a powerful digital workforce that can work tirelessly in the background supporting doctors and administrators. RPA can provide analysis and data from a patient’s condition and their progression.
RPA solutions will enable telcos to improve workforce productivity and save cost. It can use in automate back-end activities such as data entry, validation, and reconciliation, Streamline customer support, ticket management, call handling, and so on.
The Retail companies can adopt RPA into their existing processes such as: Order processing and payments, Procurement and inventory management processes, Gather information about business patterns to reveal potential supply chain disruptions.
RPA can be used in sales and marketing departments in a variety of ways like competitive pricing & monitoring, business intelligence reporting, data aggregation & management, monitoring RFP & bid sites for new opportunities.
1. Incorporating RPA for faster process execution and reduced business response time resulting in great customer satisfaction.
2. Cost savings providing more value additions to the overall organizational benefits.
3. RPA is an extensive solution which requires employee training, governance, comprehensive setup. But once it is in place, research says that banks will save 40-60% in the first year of implementation making processes faster and much more efficient.
4. Implementing Robotic Process Automation does not require setting up a new infrastructure. The unique quality of RPA technology allows it to integrate with any system irrespective of the development technology making it applicable enterprise wide.
5. AI and RPA have made it possible to leverage any type of data; be it an image, textual or voice which has created more unique use cases to derive the insights.
