Organizations today begin to work dynamically to attain greater Business Process Automation and deliver advanced customer experiences. However, they need to leverage several automation technologies to streamline several business processes, provide superior customer experiences, and increase efficiency. Robotic Process Automation (RPA) is one of the most vital automation technologies that help enterprises drive seamless Business Process Automation.
RPA acts as an innovative tech solution for enterprises to improve business productivity. RPA solutions implementation helps businesses automate end-to-end business processes and stimulate digital transformation, which establishes the base for constant process enhancement.
What is RPA?
Robotic Process Automation is a software technology that enables business users to build, deploy, and organize software robots that imitate human’s activities interacting with software and digital systems. Just like humans, software bots can perform things like identifying or extracting data, analyzing what’s on a screen, making the right keystrokes, navigating systems, and accomplishing a wide range of defined actions. However, software bots can perform all these processes faster and more precisely than people. It has been estimated that the global RPA development market will touch 13 billion U.S. dollars within 2030.
In simple, RPA bot development helps businesses reproduce the defined actions 24/7 with near-zero error rates. It will require human interference only when bots have to be reprogrammed. By assigning manual and repetitive tasks to software bots, the workforce can concentrate on other core competencies and drive business growth.
Common Features of Bots Built Using RPA Software
- User-Interface Communication – As said before, RPA bots can replicate human interaction on the user interface of an IT system like inputting data into fields, pushing buttons, making pointer jumps, etc. The script of the bots includes rules and conditions to reproduce actual user behavior. Enterprises can write the scripts with help of robot developers or program directly.
- High Volume Data Management – The RPA bots can manage higher volumes of data and perform tasks such as data cleansing, data munging, normalization, and formation or updating of metadata more effectively.
- Learning Ability – Cognitive RPA bots can seamlessly integrate with AI by employing Machine Learning algorithms. These algorithms allow the bots to automatically learn and enhance business operations from experience. The developers don’t need to write any scripts for the execution of cognitive bots.
Types of RPA Software
Traditional RPA Software
This type of software is used for automating simple tasks that don’t require extensive decision-making or cognitive efforts. Traditional RPA software is also called rule-based systems since they require a set of rules to be programmed by users on how to execute a task, where to log in, what information to collect, and where to store it. Though rule-based systems are good for automating several processes, there are lots of limitations present in this category. For instance, traditional RPA software can’t read or interpret graphic or image data, understand human commands, or adapt to modifications in UI automatically.
Cognitive Automation Software
It is the innovative form of RPA software capable of interpreting images, handwritten text, or recognizing human commands. This type of RPA software can be used to automate interaction with customers, digitize documents, or examine unstructured data easily. With robots making cognitive decisions, enterprises can function not only faster, but smarter toward attaining greater cost savings, efficiency, and customer fulfillment objectives. Some of the popular cognitive RPA software vendors are Blue Prism, UiPath, and Automation Anywhere.
Benefits of RPA Implementation
- Reduced Costs – One of the top benefits of RPA implementation is the ability to save money on operational processes. By automating manual repetitive tasks, RPA technology can help businesses reduce manpower and operating costs while improving process accuracy.
- Reduced Operational Risks – RPA solutions can substantially reduce operational risks by providing scalability, reducing errors, and enhancing compliance.
- Improved Analytics – Acquiring access to error-free, accurate data from several sources would enhance the quality of analytics in the process. This leads to enhanced decision-making and overall, to the advancement of the process execution.
- Increased Productivity — RPA eventually facilitates robots and humans to do just what they excel at. Since RPA relieves the employees from their tedious tasks, they can concentrate more on relationship management, client and customer communication, and other such processes which humans typically excel at. Having fulfilled customers and clients only mean better business.
Real-Time Use Cases of RPA
The list of RPA use cases is infinite. Let’s look at the prominent real-time applications of RPA below:
Claims management requires insurance firms to obtain a wide range of data from various sources, resulting in huge data management. The traditional claims systems lack flexibility as well as functionality and make insurance firms undergo time-intensive processes for accomplishing payouts. Consecutively, this highly impacts efficiency and user experience. To overcome this situation, insurance enterprises can partner with the recognized RPA consulting service provider to implement the right RPA software within their infrastructure and modernize claims management.
RPA in insurance makes it possible to synchronize all the crucial claims processing data accessible for the internal workforce from several sources. Besides, RPA software simplifies processes like compound error tracking, data extraction, claims authentication, and others. Overall, RPA software can help insurance providers eliminate manual claims processing and boost the process and customer experience.
Account & Loan Processing
RPA solutions can help automate the manual tasks related to opening and closing customers’ bank accounts. For example, an RPA bot can automatically gather the customer data received in a digital format and subsequently generate an order for bank account creation. Similarly, the closing of customer accounts often involves several processes like manual revocation of direct debits, transferals of funds, etc. The closing accounts procedure can be automated by deploying an RPA bot, which collects information and passes it along to be handled by a human worker.
Moreover, loan processing and validation processes can be automated by implementing RPA bots. RPA bots can capture data from loan application documents electronically, review it for accuracy, and genuineness, and then be directed to the appropriate system. As a result, RPA bots can generate a summary of information to enable bank staff to make appropriate decisions on the loan.
By integrating RPA software with the logistics management system, supply chain teams can get better visibility in tracking both shipments and vehicles. Besides, RPA software can automatically check and report shipment status to the logistics team and customers by tracking flows and extracting shipment information. This integration offers a new level of efficiency and eliminates several supply chain risks by minimizing human error.
Customer service teams can greatly benefit from RPA software bots since it improves customer service by lessening back-office and administrative workloads. RPA bots modernize customer service by gathering and consolidating data across several systems, automatically updating customer records, and executing service requests. By allocating regular, time-consuming customer request processing tasks to RPA bots, enterprises can free up their customer support team to focus on user engagement rather than doing repetitive tasks. Implementing customer service RPA solutions also allows enterprises to launch new service models for their users and enhance productivity.
It is vital for an enterprise to adopt RPA solutions to gain a better insight into what their prime business objectives are. If the present IT infrastructure and business processes are effective, then the enterprises can consider RPA as a supplementary tool to fulfill their automation objectives. Overall, in the era of digital transformation, Robotic Process Automation implementation is highly essential for organizations to nurture a successful working environment.