In this digital era, almost more than half of the businesses and sectors are automating their operations. Regarding certain businesses that believe automation is an expensive endeavor, they are seeing early adopters of robotic process automation (RPA) surpass the competition with a higher ROI and 24/7 work at lower prices.
A recent Forrester report predicts that RPA has increased in value to about $2.9 billion while according to Statista, this figure is more likely to be around $4.9 billion. RPA is a technical advancement for industries since it effectively automates all repetitive business activities. Industries can automate activities across different systems thanks to this technology. In this article, we shall explore the various RPA use cases to understand what makes this technology so viable for businesses.
What Is RPA?
Robotic process automation or RPA is software that makes it simple to create, use, and manage software robots that mimic how people interact with computers and software. Software robots are capable of performing a broad range of predefined tasks, including understanding what is on a screen, making the appropriate keystrokes, navigating systems, and extracting and identifying data.
According to TechTarget, RPA is becoming more and more popular as a result of its ability to save costs, streamline processes, and improve customer experiences. Hence, businesses are realizing the need to include RPA process automation in their IT systems.
What Are The Various RPA Use Cases?
As per the claysys, Robotic process automation, which entirely removes the danger of human mistakes, can be used to automate processes in industries of all sizes. Let’s go through some of the major uses of RPA in different industry sectors:
RPA In Banking:
Banks may cut labor and operational expenses by implementing RPA. Additionally, it drastically lowers mistakes and human chores. Following are some ways that the banking industry can benefit from RPA:
Automated Closure And Accounts Payable Procedures:
Using OCR (Optical Character Recognition), the traditional AP process is receiving vendor invoices, checking the data in the fields that are subsequently given, and processing it. This entire procedure is automated using RPA, and the money is automatically credited to the vendor’s account. Additionally, RPA handles account closing tasks with 100% accuracy and automatically notifies consumers to provide required papers.
KYC And Compliance Facilitation For Banks:
According to statistics, some banks spend close to $384 million annually on KYC compliance. RPA is used to collect, verify, and process customer information. The quality of the compliance process and productivity are both enhanced by fewer FTEs and 24-hour operations. Using RPA, organizations can more easily manage the challenges of obtaining and maintaining compliance in the continually changing regulatory landscape.
RPA In Insurance:
For the insurance sector, gathering crucial data and automating tedious activities are crucial. According to software testing help, RPA is used by insurance companies to manage labor-intensive processes, enter client data, and create apps. The insurance sector uses the following RPA use cases to guarantee a better client experience:
According to studies, RPA processes claim 75% more quickly than the conventional method. RPA enhances the quality and accuracy of the whole process by doing away with paper-based procedures.
Registration Process For Forms:
RPA insurance automation accelerates form registration by 40% and when RPA is used in combination with AI technologies, it can greatly decrease the workload for the staff and consequently ensure customer satisfaction. The use of RPA tools like chatbots allows customers to get personalized policy recommendations. RPA may also be used to develop new company concepts like on-demand property insurance and fast life insurance.
RPA in the Healthcare Sector:
Healthcare businesses are emphasizing cost reduction and efficiency as two primary advantages of RPA adoption in healthcare services due to the increasing patient load. The following are the main RPA use cases in healthcare:
Cost Savings On Human Labor:
RPA may be used by healthcare administrators to automate time- and resource-intensive repetitive manual procedures, which will lower healthcare administration expenses. By automating repetitive procedures, processes like triage may be completed more quickly.
Growth With Quality Improvement:
A huge number of patients can now be managed by the medical staff, especially when it comes to delivering individualized treatment. RPA adoption automates processes including maintaining patient medical records, processing entry-level data, processing insurance claims, scheduling appointments, rescheduling appointments, updating invoice payments, and more at a cheaper cost.
RPA In Property Management:
With RPA, property owners can methodically manage each of their individual units. Automation streamlines corporate operations increases productivity and lowers expenses for property owners. Property management is by its very nature process-centric. Particularly in situations like paying out tenants’ deposits when they vacate the property, manual data processing might result in mistakes and potentially take a lot of time. With the use of robotic process automation (RPA), property management organizations may streamline operations, speed up time-sensitive tasks like financial reporting, and, most crucially, cut costs associated with employee recruiting.
RPA In the Retail Sector:
Solutions like automatic inventory monitoring, email sales, the extraction of crucial data from manufacturer websites, etc. are provided to the retail industry by RPA. RPA enhances product availability to satisfy consumer demand by using cleverer marketing and reduces operational mistakes in business. By automating data management, operational efficiency is increased.
You can also sneak a peek at our blog on How is RPA transforming IT operations?
Why Choose Intone For Your RPA Requirements?
As customer experience is the number one brand differentiator in today’s market, providing excellent customer service is essential to the success of your company. Intone leads the market in RPA solutions and our partnership with Enterprise Bot enables us to provide proven solutions with 2x more features in use-case and mapping and 3x times more features in intelligent routing than that of Google Dialogflow. We are proud of our expertise and innovative solutions that can help businesses to embrace the future that is coming.
- Our advanced NLP understands customer requests and responds conversationally with a minimum accuracy of 85%.
- Our State-of-the-art front-end RPA ensures your customers a superior experience for which they start to see your brand in a whole new light.
- We offer efficient omnichannel support through easy integration with commonly used customer support channels like Gmail, Outlook 365, etc.
- Our back-end RPA can automate the most mundane, repetitive, and labor-intensive tasks easily. This frees up your employees to help them focus on higher-order tasks.
- At Intone, we offer end-to-end hyper-automation with our low-code engine.
- We also offer top-of-the-line enterprise-grade security with a minimum of 256-bit encryption at both transmission and rest.
- We have higher accuracy than our competitors and we also offer multilingual solutions as compared to the market standard of English only.
- Intone’s RPA will anonymize your data to ensure greater protection of sensitive data and information.