After the pandemic hit, the digital transformation took over the business industry. RPA has also emerged as a technological breakthrough for companies.
Robotic Process Automation can help businesses automate their workflows and operations and increase productivity. Combining AI and RPA tools empowers organizations to achieve unprecedented levels of efficiency and agility in their operations, driving sustainable growth and resilience in the face of evolving market dynamics.
According to Forrester Research, the RPA market will be worth $2.9 billion by 2021. By adopting RPA technology, businesses can increase their efficiency and stay ahead of their competitors.
RPA can be utilized to streamline and automate repetitive, mundane, and time-consuming tasks. All sorts of industries can implement RPA and eliminate the risks of human errors.
In this blog, we will give you in-depth information on RPA and its use cases in different industry verticals.
Why is RPA Important?
RPA development services can help businesses speed up their work processes and reduce costs. There are many benefits of implementing RPA that we have discussed below:
- RPA can automate simple, tedious, and step-by-step work procedures. Boosts productivity, as the professionals can focus on more critical tasks.
- RPA improves efficiency by fastening up the processing time and reducing errors. For example, the use of RPA bots in the accounts department.
- With RPA, you can achieve data accuracy and consistency, as there will be no manual or human errors. For example, by automating invoice processing
- Robotic process systems can help improve and maintain business data security. The businesses define RPA parameters; therefore, the risk of data leaks and breaches reduces.
- RPA data-driven analytics can assist organizations in identifying bottlenecks and process gaps. These analytics can help businesses to optimize their processes.
RPA Use Cases in Different Industries
In this section, we will give you more information about RPA use cases in various industries. RPA can be utilized in different business sectors, such as
- Healthcare
- Banking
- Manufacturing
- Information Technology
- Customer Care
- Real Estate
- Retail
Now, we will explain you in detail some of the best use cases of RPA in different lines of business.
RPA Use Cases in Telecom
For telecommunication companies, the speed of the service, the technologies deployed, and the overall cost are the most important factors. Robotic business automation can help telecom companies as follows:
- Automate Back-office Processes
RPA can handle a large amount of data and automate various back-end processes. This will reduce the workload of employees and aid them in focusing on more important tasks.
- Quick Resolution
RPA bots can help telecom agents to quickly access data and answer customer queries in the first call itself. Providing good customer service will aid in keeping customers for a long time and increase loyalty.
- Cost Savings
By deploying RPA, several processes can be automated, and this leads to cost reduction. The cost of business process management execution is not high compared to the benefits it provides.
RPA Use Cases in Banking
RPA is highly beneficial in the banking sector. It can ease many human tasks and reduce operational costs.
Banking automation can reduce the turnaround time, and therefore the processing cost is lessened up to 30% to 70%.
- Enhanced Customer Service
RPA bots can reduce the bank’s processing time by streamlining customer onboarding and cross-checking customer details for loan inquiries.
It can help banks to respond to customers at the earliest and retain them for a longer time.
- Automated Accounts Payable
The accounts payable process involves using OCR (Optical Character Recognition) for collecting invoices from vendors, data validation, and processing data.
By utilizing RPA bots, the banks can automate this full process and credit the approved amount automatically to the vendor’s account.
Additionally, it can send standardized notifications to customers after finishing validating their data and processing the closing account functions.
- Credit Card & Mortgage Processing
By implementing RPA, banks can speed up their credit card processing. Automated verification and background checks can increase efficiency.
For mortgage processing, banks have to perform many security checks, such as employer confirmation, credit card history, etc. RPA can execute this complete process with pre-defined algorithms.
- KYC Compliance
Nowadays, banks have started investing in the KYC process. As per the statistics, KYC compliance figures are around $384 million every year.
Banks can leverage RPA to gather customer information, and verify & process it. Automation can reduce FTEs, improve efficiency and accuracy of the compliance process.
- Detecting Frauds & Potential Threats
RPA can help banks in detecting frauds and potential threats. These software bots can assist banks in identifying accounts that have some suspicious activities or are likely to cause threats.
Banks can then immediately close these accounts and start fraud investigations against them.
RPA Use Cases in Insurance
The insurance sector involves gathering a lot of important data and verifying it. RPA has many use cases in the insurance industry, such as
- Registration Process
Automation can fasten up the form registration process by 40%. This can reduce the workload of employees and increase productivity.
- Maintain Compliance Standards
There are many compliance standards and policies that need to be followed in the insurance industry. By implementing RPA strategies, banks can ensure that they abide by them entirely.
- Claims Processing
According to a recent study, claims processing using RPA bots is 75% faster than the traditional approach. RPA removes all the paperwork and improves the overall quality and precision of the claims processing.
- Reduce Risks
RPA can process data accurately from internal and external websites. This reduces the risks and ensures data processing at a faster rate with accuracy.
RPA Use Cases in Healthcare
The major focus of the healthcare industry is on reducing costs and increasing efficiency. RPA can tackle these and has many use cases in the healthcare industry.
- Saves Time & Efforts
RPA can save the time and effort of healthcare individuals by carrying out repetitive and tiresome tasks. These healthcare professionals can then put more effort into taking care of the patients.
- Record Maintenance
Hospitals have to maintain massive amounts of data such as patients’ medical records, claim processing, insurance, etc. RPA execution can help in automating this entire process and reduce costs.
RPA Use Cases in Manufacturing
Different types of process automation can help the manufacturing industry perform diverse tasks easily and efficiently.
Automation can reduce up to 40% of the operational costs by streamlining quality checking & packaging and backend processes.
We have mentioned below some major use cases of RPA in the manufacturing industry:
- Enterprise Resource Planning
RPA can help in ERP by generating automated reports for managing inventory, accounts payable & receivable, and other key areas.
- Easy Bill of Materials
The bill of materials includes the required raw materials with detailed information for developing a new product. Putting RPA into practice can help in the easy and quick creation of BOM with accuracy.
- Data Migration
Robotics Process Automation companies can aid you in planning and executing data migration accurately from traditional to modern systems. It can also help you save time and costs.
RPA Use Cases in BPOs
RPA can be utilized in the BPO industry to increase the output of customer care personnel. Below, we have given the different
RPA use cases in BPOs:
- Automated & Accurate Workflows
RPA can undertake distinct repetitive tasks without human intervention and with 100% accuracy. These software bots can help to save the time of individuals and reduce costs.
Customer care executives can focus on providing services to customers and maintain customer loyalty.
- Automated Data Exchange
Customer care representatives need to gather and maintain data constantly to draw insights from it. RPA can automate this process and make it easy for representatives to share information and keep records.
- Reduce Operational Cost
According to the Robotic Process Automation Institute, the adoption of RPA reduces operating costs by 25-50%. The RPA bots can easily perform monotonous and stepwise defined tasks and reduce business costs.
RPA Use Cases in Information Technology
Robotics Process Automation future can help in executing various tasks in the IT industry, such as employee onboarding, task tracking, CRM updating, payroll processing, etc.
The IT sector can extensively benefit from the RPA implementation, as it will save the time and effort of the IT professionals.
Conclusion
Deploying Robotic Process Automation can help businesses in several ways. Over the next few years, professionals will adapt automation to work more efficiently and productively.
In the automation in insurance sector is becoming increasingly crucial for enhancing operational efficiency and delivering better customer experiences. As insurers face mounting pressure to streamline processes and reduce administrative burdens, deploying automation solutions becomes imperative.
Sphinx Solutions is one of the top RPA companies that can help you automate your business processes and streamline workflows.
We have expertise in developing and deploying RPA bots for different business sectors. Schedule a call with our experts to get more information on Robotic Process Automation, or email us at sales@sphinx-solution.com.
