Benefits of Robotic Process Automation (RPA) Across Industries

Robotic Process Automation has become a synonym for convenience and catalyst for digital revolution in many industries changing working pattern. The actual workforce is a combination of humans and robotics bots which carry out tasks simultaneously. This is a reality in many industries. Check out the statistics.

53% of organizations have already started their RPA journey – Deloitte Survey Statistics.

Therefore, it’s crucial to understand the fundamental benefits of RPA in a bigger picture. Let’s see what those benefits are and how does it help the organizations in its overall growth aspect.

RPA is a versatile tool that enhances scalability, efficiency, data accessibility, analytics, and customer service, all contributing to operational optimization and business success.

Universal Benefits of RPA

1. 2x Production Performance

Every growing industry wants to be a part of digital transformation to untie their employees from repetitive, mundane day-to-day tasks. Human brains have more potential to equip with more intellect-involved tasks which can significantly contribute to the organization’s growth.

Imagine every day dealing with huge piles of reports which need to be sent across various departments. Yes, it sounds like a laborious process that drains energy and breeds monotony. Also, there is a large probability of human errors which may affect the quality of your product service.

This is where Robotic Process Automation (RPA) replaces hard work with smart work, as one of our clients reclaimed 80% of employee time and effort with RPA implementation. Therefore, by distributing low-level and back-office tasks between humans and robots, you can achieve increased productivity within the same timeframe.

2. Amplified Operational Efficiency Leading to Savings

Apart from replacing human hands with RPA bots, gaining productive results is among of the prime goals. While humans manage high-intellectual tasks and RPA bots complete mundane tasks, there will be a significant shift in efficiency range.

To add on, software bots can function without breaks continually when compared to humans. According to Everest Group RPA report, RPA has the potential to increase operational efficiency by 20-40%, allowing employees to focus on higher-value tasks.

Take a look at how RPA made a big difference for one of our clients:

3. Error-Free Data Accuracy

Achieving impeccable data accuracy is no small feat, particularly when human involvement increases the likelihood of errors. But there are situations where there is no room for mistakes, especially if your organization happens to be a financial institution. Thousands of transactions happen per day, even the slightest oversight or miscalculation can have substantial financial repercussions.

Why burn up your head where you can solve this with RPA implementation. RPA bots can be trusted for data accuracy. From our clientele’s experience, we were able to achieve 100% data accuracy in all our business outcomes.

4. Adaptive Scalability

Daily chores in an office room fluctuates, so what about your employee’s scalability? Imagine a company expanding its entrepreneurship across the globe, will the existing workforce manage the present load seamlessly?

Of course, no. This is where RPA bot comes as rescuers. These digital assistants possess the unique ability to scale up and down in direct response to varying work volumes. Instead of recruiting new employees, the existing RPA bots can adeptly manage the workload.

5. Provide Data for Critical Analytics

With the RPA bots provided data, you can distinctly identify work volume patterns, cycle times of tasks, exceptional cases etc. This comes handy when it comes to decision making at micro and macro levels, and process execution. Also, helps to give insights on gaps that we often overlook, where you need something beyond human hands or RPA bots, which is intelligence automation.

This can be understood with simple examples, consider a financial institution where RPA bots extract data from invoices, capturing details such as vendor information, invoice amounts, and due dates. This data subsequently serves as the foundation for financial analysis, expense tracking, and forecasting.

6. Boosts Up Customer Service Experience

As mentioned earlier, RPA replacement of human intervention gives employees enough time to tend complex customer queries with personalized solutions. As a result, the number of dispute cases will decrease and earn customer satisfaction with immediate solutions.

On the other hand, RPA bots have the potential to interact with customer queries with the help of AI-powered natural language processing. Quick response and 24*7 access to customer service together cultivate customer satisfaction to a great extent.

7. Effortless Integration with Legacy Systems

Companies which have come a long way would have legacy systems, which contain data that are precious to their business needs. Often at times, companies encounter difficulties in managing or adapting to the evolving needs of their customers. Replacement might cost a fortune and is time consuming but that’s where RPA shines.

Here is a pictorial illustration:

For implementing RPA as an enhancer to your legacy systems, you do not need to dismantle the entire system. Robotic process automation bots are user friendly and can integrate seamlessly with your existing system without the need for manual coding. This code-less approach ensures a hassle-free integration process and enables the smooth incorporation of RPA.

Industries with Significant Potential for RPA Implementation

The ease in which RPA can be implemented made it flexible to deploy in various industries. The above graphical illustration depicts how different sectors have welcomed RPA. But it is essential to understand that RPA can be applied to certain types of tasks fitting in with certain criteria, that is, repetitive, mundane, rule-based tasks.

Let’s see some of the best RPA use cases in various industries:

1. Financial Services and Banking

• Ensure compliance with Anti-Money Laundering (AML) Regulations
• Validation of account transactions for accuracy
• Identification and mitigation of fraudulent activities
• Automation of compliance report
• Customer Verification through KYC (Know Your Customer)
• Closure of accounts via electronic forms
• Process and validation of loan applications
• Settling card-related queries
• Process credit card applications

Want a deeper understanding of RPA use cases in banking sector, read our blog here, RPA In Banking Compliance: Detailed Guide | Zuci Systems

2. Information Technology

• Enhance IT Operations with Bot-Assisted Account Management
• Effective server data backup
• Continuous Network Support and Monitoring
• Automate user notifications
• Hassle-free installment of complex software
• Aids smooth customer experience with quick solutions
• Checks server status automatically
• Helps in password reset procedures
• Takes care LAN connectivity without human intervention

3. Human Resources

• Seamless employee onboarding and offboarding
• Automated leave and attendance management
• Assists in resume screening and candidate shortlisting
• Ensures accurate payroll processes
• Maintains employee data updates and record maintenance
• Facilitates employee surveys and feedback collection
• Manages grievance handling and issue escalation

4. Manufacturing

• Assists in quality control and inspection
• Optimizes production schedules and planning
• Automates data entry and order processing
• Aids in quick production line changeovers
• Automates batch record creation and compliance
• Analyze root cause analysis for defects
• Generates work orders details and maintains updates
• Automates the order-to-delivery process with real time order status

5. Healthcare

• Automates appointment schedule and patient registration
• Accelerates claims processing and billing
• Regularize medical reports updates and maintenance
• Automates medical coding and documentation
• Sends automated reminders for appointments an follow-ups
• Validates patient insurance coverage and eligibility
• Streamlines prior authorization processing
• Assists in claims denial management
• Ensures compliance and regulatory reporting
• Responsible for managing virtual appointments

Wrapping up

Robotic automation is expanding its wing across various industries providing different helps in managing repetitive tasks. If your organization is wondering on how to utilize RPA bots in your organization, reach out Zuci Systems to know more.