How Robotic Process Automation Is Shaping the Future of Different Businesses?
According to the prediction by Deloitte, a leading Consulting and Advisory firm, Robotic Process Automation (RPA) technology will be used by almost all the companies in some or the other form in the next five years.
This technology has been a game-changer for several industries leading to reduced risks in processes, higher efficiency and increased profits. It has transformed tedious and complex business processes into simple and easy ones. Whether recording data or transferring files or sending automated replies, RPA allows the organizations to streamline critical processes. It minimizes human errors to a large extent while managing numerous tasks at the same time.
What is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is a revolutionary technology that uses software with machine learning capabilities and artificial intelligence (AI) to automate critical tasks in organizations. The mundane tasks which need significant human intervention can be automated using this technology.
Today, businesses are advancing and looking for solutions that enhance operational efficiencies while saving cost and time. RPA has come up as an ultimate solution to this, providing the following benefits:
- Streamlined and standardized processes
- Efficient resource management
- Operational flexibility and scalability
- Better visibility into process performance
- Minimization of human errors
- Better compliance with standards and regulations
- Enhanced customer experience
- Increased workforce optimization and satisfaction
- Cost optimization
- Low-maintenance of the tools
It shows how powerful this technology is. So, for succeeding in today’s fast-paced market, many companies are integrating RPA solutions in their work processes.
How Robotic Process Automation is transforming different business domains?
All around the world, RPA has been influencing businesses in an unbelievable way with the artificial workforce or software bots. It has impacted different industrial sectors like healthcare, transportation and logistics, finance, human resource, education, etc.
RPA in Healthcare
RPA technology helps to automate administrative tasks for hospitals, clinics, and individual practitioners as well. It significantly contributes to improving the patient experience in the following ways:
- Automation in claims management leads to faster and error-free processing which saves time for healthcare administrators.
- Billing efficiency is improved as the bots perform data entry tasks with high accuracy. RPA bots can calculate billing amounts, payment delays, send updates of bill amount to the patients.
- Digital recording of contact forms of the patients, audit procedure, etc. is possible.
- Automatically notify discharge instructions to the patients like upcoming appointments, precautions to be taken for certain medical conditions, etc.
RPA in Transportation and Logistics
Transportation and logistics industry is being affected by many challenges like trucks traveling empty on the way back after delivery of load, driver shortage, and retention, etc. However, RPA is providing several solutions to tackle such challenges. Let’s see how.
- RPA automates shipment tracking and scheduling.
- It helps in eliminating manual processes like copying of data from load boards, extract shipment details from emails, etc.
- It helps in speeding up invoicing by the integration of systems with customer portals.
- RPA allows gathering of important insights that help in improving the forecasting and planning of logistics.
- RPA bots help in giving faster responses to customer inquiries.
- It automates order processing and payments
RPA in Finance
Processes in finance companies require lots of searching, comparing, matching and filing of data. Endless forms, applications, endorsements, and declarations need to be recorded, reviewed and processed. Manual intervention can be time-consuming and lead to mistakes. However, RPA software solution helps in faster and accurate business processes in the following ways:
- RPA helps the finance firms to enter data into ERP systems and create standard journal entities.
- It helps in financial planning and analysis.
- Collect and manipulate information to support regulatory reports.
- RPA bots help in sending reminders and notifications of late payments to concerned individuals and organizations.
RPA in Human Resource
Human resource departments include several manual processes and repetitive administrative tasks that can be automated. RPA software solutions free the employees from the burden of such tasks and make the workplace more human-centric. These solutions can be implemented in HR processes like payroll, on-boarding, tracking feedback forms during recruitment, tracking in-out timings, etc. in the ways mentioned below:
- RPA bots handle tedious processes like resume screening, candidate shortlisting, etc. while recruiting. Bots transcribe new hire data from different systems and record it at a centralized system with accuracy.
- RPA solutions help in tracking and validating the employee data, in-out timings, etc. and document it in multiple systems.
- Adopting RPA in payroll processes helps in salary data collection, benefits disbursal, payslip generation, etc., while adhering to regulatory payroll norms and standards.
- Robotic solutions manage workforce planning, employee performance, compensation and benefits, report generation, employee health and safety, labor and employee relations, etc.
RPA in Education Industry
Today, modern education systems are applying automation in various tasks that are rule-based, time-consuming and frustrating. RPA solutions improve the efficiency of processes like admissions, attendance, emailing, scheduling meetings, grades, assignments, admin, and finance, etc. Let’s explore how.
- RPA solutions help in managing students’ and staff’s attendance, schedule meetings, timetables, etc.
- It automates tasks like sending notifications, exam updates, event updates, and progress reports to students and parents.
- In the enrolment process, RPA tools can check application forms, student’s eligibility criteria, validate the documents and shortlist the candidates.
- RPA chatbots help in replying to general queries related to the admission process, admission schedules, course information, contact person, etc. to the students, staff members, website visitors, etc.
To stay competitive, all businesses need to boost their operational efficiency. If the tasks are partly or entirely automated, the workforce can be well-utilized to increase productivity and reduce service costs. RPA software solutions have potential to make this possible. They also enable proper documentation of the processes which help in tracking data insights for smart decision making. Needless to say, RPA has a huge potential and many organizations are implementing it at a fast pace.