Robotic Process Automation is being utilized in a variety of industries that include healthcare, banking, telecom, and business processes, to transform our work practices.
Nowadays, we see boring and dehumanizing factory work as a distant memory, overwhelmed by the vast automation of factories.
However, on the contrary, the repetitive work routine has been shifted to the service industry. In the shadows of their workplaces, millions of employees are working on monotonous and tedious tasks like entering data, invoicing, and managing inventory.
However, the situation is changing due to the growing acceptance of robotic process automation (RPA) across different sectors.
In the end, robotic process automation applications are spread across multiple industries such as healthcare, banking, ng and telecoms, and other business processes, like RPA in HR and accounting.
Robotic Process Automation Use Cases for Industry
- A list of frequently used RPA uses is lengthy. To make it easier to understand, we can break the use cases according to the field where they are used.
- It is estimated that the BFSI sector alone was responsible for over 29% of the world’s RPA market.
- This macro-sized groupcomprisesf the financial services, banking, and insurance industries.
- As per Grand View Research, the BFSI sector alone is responsible for more than 29 percent ofthe total RPA market, placing as No. 1 of all major industries by 2021.
In the most popular RPA usage cases in BFSI, we could list:
- KYC Know Your Customer: (KYC) is a demanding procedure regarding FTEs as well as financial resources. However, it is essential to validate and check the information of customers. RPA in banking can cut the cost and time required to verify customer information.
- Payable Accounts: RPA can automate the AP process, which involves the collection of invoices from suppliers along with validation and data processing to transfer the appropriate amount of money to the account of the supplier.
- Processing of Credit Cards and Mortgages: The credit or mortgage loan approval procedure is highly controlled and requires many steps to confirm a customer’s eligibility. RPA could reduce verification time by a few minutes to days, which can reduce the time required to wait.
- Claim Verification and Processing: RPA in the insurance industry is typically used to speed up complaint processing. It helps with more efficient data verification, which reduces the risk of fraudulent complaints.
The Fastest-Growing Sector of the World RPA Market
Healthcare is predicted to grow at the fastest rate of CAGR over the next few years. It’s not surprising, considering the requirement for hospitals that are smart to efficiently, swiftly, and securely manage the huge amount of personal information.
A few of the Most Notable Instances of RPA in Healthcare Include:
- Scheduling Appointments for Patients: Coordinating appointment requests with the availability of doctors can be a lengthy and time-consuming procedure that must consider the health of the patient as well as the schedules of specialists. This process can be simplified by using healthcare BPM solutions that use RPA.
- Monitoring of the Treatment: Cycle by automating the process of collecting and processing the patient’s data, RPA tools keep the records up-to-date and swiftly extract them from databases. This data is vital in aiding doctors to determine the most effective treatment options.
- Guidelines for Post-discharge: Computerized solutions could aid patients in assisting them after hospitalization, when they can no longer be directly monitored by their doctor. For instance, RPA can automate the periodic sending of personal reminders regarding treatments, withdrawals of prescriptions, and upcoming lab tests.
The Telecoms Industry is among the top in the Implementation of RPA.
Some of the most pertinent Robotic Process Automation use cases in this field include:
- Resolution of Tickets: Accordingto McKinsey’s estimates of 40 to 80 percent of the process of resolving tickets for service desks could be automated with RPA, particularly for login and password reset tickets. There are a lot of easy tasks to handle with bots.
- Porting and Checking Accounts: Companies in telecom are moving from manual processing to automated processing of customers’ information to accomplish a variety of tasks. They include controlling accounts to authorize deferred payments, reporting connectivity issues, and also transferring telephone numbers when they switch operators.
- Resolution of Dispute: Bots are an essential tool for automating customer service. They can, for instance, automatically categorize various customer complaints, such as a malfunctioning service line. They can also then assign them to the correct support team to speed up resolution.
Retail has Hugely Denefited from RPA
The retail industry can greatly benefited by robotic process automation implementation. This advanced automation system can be successfully utilized for the following reasons:
- Customer Satisfaction and Analytics for Product: RPA helps collect sales information and automate certain aspects of business intelligence for retail. This information is crucial for deciding on the most effective merchandise and promotions to boost the retention of customers.
- Management of Stock: A further benefit that is provided through RPA for warehouse administration is its capability to automate monitoring of inventory tracking and any shifts in real-time. Bots can request the restocking of inventory autonomously if it falls below a threshold that is critical, which significantly reduces the possibility of stock shortages.
- Classification of Products, Manual Categorization of: SKUs, can be time-consuming and vulnerable to errors. RPA can play acrucial rolel in enhancing the accuracy of categorizing products by 98.5 percent, according to Everest Group’s study.
Robotic Process Automation can improve the Productivity of Manufacturing.
In the case of automation of the manufacturing sector, RPA can provide technicians with useful insights that can help improve productivity, improve maintenance efficiency, and ensure safety for workers. RPA is also a great tool for manufacturing. It can be used to:
- Purchase orders: Processing purchases isan challenging task that must be completed for each product and raw material that is purchased. RPA is typically used to speed up the process, as well as reduce the risk of mistakes and make it easier to send notifications to the departments that are responsible for approving the purchase.
- Administrative and accounting jobs: RPA is a common tool that can generate and send invoices for sales to customers in a way that is autonomous, efficient, speedy, and precise. It is also able to create precise production reports to aid in making decisions based on data.
- Bills of Materials: A second long and laborious task that can be automated using RPA is the creation and updating of bills of materials that provide details about the components of the product, their materials, and sub-assemblies needed to make the product.
It’s not Ideal; However, we can make it Better.
As per Stephen Hawking and a long list of other characters,s both fictional and real, “perfection just doesn’t exist.” The robotic process of automation is no different.
It’s an efficient instrument that can be utilized to support a wide range of tasks, but it does have certain disadvantages. It is not able to analyze and has difficulty interpreting events that are out ofthe norml. Additionally, it is at risk of major social disruption and resistance.
So, any strategy for implementation should be focused on the integration of RPA with AI, deciding on the most efficient scenarios, and putting money into workforce retraining when needed. While there is a machine, it’s still an issue for humans.