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Which industries should consider RPA for long term and why?

Which industries should consider RPA for long term and why? September 15, 2018
Automating Mundane Tasks

RPA or Robotic process automation is yet another cutting edge technology that help to reduce process turn over time, that is bound to have great benefits for businesses across various industries. RPA is the better alternative to all those repetitive and time-consuming tasks done by manual labor. The back office operations which are tiring and uninteresting can be taken over by AI ready bots so that repetitive tasks that have a high probability of having errors when handled by employees can be accurately and efficiently done through robotic process automation. Employing RPA in business is beneficial in streamlining the massive volumes of data onto a digital platform. It also proves advantageous to business on terms that the automation of such tasks will increase the productivity and efficiency of the business operations.

The benefits of RPA are numerous in a broader sense. It can transform how businesses operate in all aspects. The cost of implementing is relatively low in comparison with the cost of hiring and training a couple of employees, with the added advantage that bots never take rest. For many industries, implementing RPA for the long term is better to gain sustainable and steady growth. Read on to know about the industries which should consider RPA for the long term.

1. RPA for Banking, Financial Services and Insurance (BFSI)

The Banking, Financial Services, and Insurance sector contain a lot of repetitive tasks that are carried out on a day-to-day basis. These include processing of voluminous data, transactions, queries, claims etc. Implementing RPA can ensure the streamlining of the processes such as financial transfers, deposits, credit card processing, fraud detection, mortgage sanctions, policy administration and so on. RPA can reduce the cost of operations and optimize business so as to increase the business growth. This aids in the long-term growth of the business by reducing processing time, which will boost productivity. Reduced processing time means that the business can accommodate more customers and there is a higher level of customer satisfaction. The ability of RPA to adapt to changes will also benefit in the long run depending upon nature of business operations.

2. Legal Process Automation

Another such industry which should consider RPA for long-term is the Legal industry. There is a lot of documentation and record keeping that happen on a daily basis which requires human labor for organizing, sorting, analyzing or filing. The tasks are labor-intensive and time-consuming, and RPA can make a significant contribution towards the transformation of these activities. This enormous paperwork that needs to be digitized can be done RPA bots rather than relying on manual labor, which will speed up the whole process and reduce the chances of errors. The RPA software bots use optical recognition technology to scan the documents, digitize client information and transfer these files into the new system. These bots can be effectively used to locate any missing information which would otherwise be a herculean task for employees.

In the long run, RPA will be able to save a great deal of time and effort put in by the employees. Adopting RPA will result in greater productivity which in turn will save money and ensure the rendering of high-quality services. It would also enable law firms to effectively deal with client issues.

3. Robotic Process Automation in Healthcare Industry

RPA in the healthcare industry is much more than automation of back-office operations and cost savings. It increases the quality of care and time given to the patients. If RPA bots are used it can simple tasks such as filling forms, the organization of data and managing patient details so that more time can be allocated to patient care and meeting their needs. The health-care industry deals with a lot of repetitive tasks such as appointment requests of new patients, patient admission and discharge, claim processing and so on. If these processes are automated, it would save a significant amount of time and money enabling the employees to focus ability in providing quality patient care. The insurance claim requests can also be better managed with the help of RPA since it is a lengthy, complicated and expensive process. If this can be automated, then claim requests can be efficiently managed and decisions processed a lot quicker with reduced human errors.

4. RPA for BPOs (Business Process Outsourcing)

RPA is necessary for BPO to increase efficiency and cut down costs as this is one such industry where huge volumes of tasks are carried out on a daily basis. Human labor cannot match up with the speed of an RPA bot as they are precise and delivers consistency every time. From data entry to validation, automated formatting to UI manipulation, RPA goes on to help in areas such as text mining, workflow acceleration, and reconciliation. They can provide better service and allocate resources to revenue generating functions. Apart from performing the core functions efficiently and accurately, RPA can be used to ensure better security, governance, analytics, and audit. For both outsourcing companies and clients, RPA software can aid in generating revenue. This is achieved by focusing more on value added work while reducing the cost of operation.

RPA has the capacity to transform other sectors too. Taking the proper advantage of RPA can really take the business to new heights by automating business processes, increasing efficiency and productivity, reducing errors and costs and in turn expanding business opportunities and ensuring long term success.

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