Impact of Robotic Process Automation

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Impact Of Robotic Process Automation Across
Industries
Automating tasks and cost-cutting at the same
time, is one of the main concerns for any
enterprise. Besides this, freeing up staff for
value-added activities must be considered while
planning to implement any new technology on
existing workflow. RPA not just a buzz word
anymore. It is beyond what you have read and
known. Gartner estimated that by the end of
2022, 85 of large and huge enterprises will
deploy some form of RPA in their work process.
Robotic Process automation software works best
when an organization requires structured data to
automate existing tasks. How is RPA impacting
business? Every organizations seek ways to
increase profit margins and productivity, here
RPA can assist. Currently, the typical
deployment of RPA would be for tasks that are
consistent with the same steps done repeatedly.
Also, when the process is rules-based and
template-driven, with data repetitively recorded
into a specific field RPA can guide the
workflow. This software can also be used to
check human work (or vice versa) to find an error
and migrate data between systems. RPA is
increasingly becoming an enterprise-level
opportunity. Many companies that started with
function-specific RPA initiatives have grown to
take advantage of the broader opportunities. On
the other hand, companies must make the right
strategic choices- selecting the right approach
to enable the best digital workforce that
supports their drive for competitive advantage.
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Though RPA maturity stage varies by industry, yet
the global RPA market size was valued at USD
597.5 million in 2018. How has RPA transformed
industries? While RPA is adopted across
industries, a few industries have taken the lead.
Industries like Banking and Finance, Insurance,
Healthcare and Retail are top on using RPA.
Together these industries account for 66 of the
RPA spend. Banking and Finance Banks need to
deal with multiple queries every day. From
application status to balance inquiry, it gets
difficult for banks to respond with low
turnaround time. RPA in support with NLP AI
can provide better customer service and respond
like a human employee in lesser time. RPA
improves the quality of the compliance process
and increases productivity with 24/7
working. RPA, along with optical character
recognition, solves the account payable process.
Also, RPA can manage multiple systems
simultaneously required for credit card
processing. Be it KYC process, fraud detection,
or general ledger robotic process automation
reduces a huge amount of data handling and
time. Insurance Insurance companies are
immersed in back-office forms as most of the
documentation process is still paper-based. RPA
is analyzing these vast volumes of data and
translate them into insights to work on it.
Automation is increasing efficiency by adding
significant value to enterprise processes.
Numerous insurance agencies are focusing on
automation to streamline their business
procedures and attend new customers. For 100
application processing, RPA cuts the time from
3hrs to 3 mins. Similarly, works like policy
administration servicing, underwriting
pricing and claims fraud detection are all
effortlessly handled by RPA. As chatbot provides
better service 24/7 without any break, it
increases the customer experience. From policy,
the RPA can analyze claim history and furnish
insights based on records. In the process of
fraud detection, RPA can detect the correct data
to avoid fraud or suspicious data. Healthcare
Outdated systems that make healthcare workers do
needlessly repetitive tasks are being advanced
to help the process run faster. For example, many
healthcare companies struggle to verify health
insurance eligibility for potential customers due
to highly manual processes. With RPA, the
medical supply distributors can verify thousands
of patients insurance eligibility daily while
saving time and cost. A report by the Institute
of health technology transformation says that
Automation makes population health management
feasible, scalable and sustainable. It supports
utilization management, case management, care
coordination and remote monitoring of patients
with the healthcare system.
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Retail RPA has become one of the best ways of
improving service delivery in the retail sector.
Operations like taxation, auditing, or HR are
some of the areas where RPA is best suited. One
of the challenges for retail stores is the back
office file report. Reports from hundreds of
stores, gathered together to validate the cash
register. These reports are now recorded in
individual file transfer protocol server with
the help of RPA. Possible impacts of RPA The
global spending and acceptance of RPA are
increasing. A report by Gartner, Inc revealed
that RPA software spending is on pace to total
2.4 billion in 2022. RPA has a direct impact on
job satisfaction. It comes with all the
potential to cut repetitive jobs and free
employees for value- added work. Well, its
impact stretches across the enterprise and
industries. Uipath revealed that 80 of
accounts payable and accounts receivable
processes are automated today with the help of
RPA. Benefits like increased efficiency,
improved accuracy and dramatic cost savings are
for all. A lot of departments and types of work
have proved to be good fits for RPA. According
to a global RPA survey by Protiviti, most
employees working with RPA are happy that
mundane tasks have been automated. Read How big
companies are utilizing RPA for data
entry? Benefits of Robotic Process
Automation Increased productivity, better quality
work and stronger market position are some of the
top benefits besides cost savings. Relatively
inexpensive and disruption free-solution allows
companies to take advantage of RPA solutions
quickly. Also, companies are trying firsthand to
ensure that their RPA investments offer benefits
beyond cost savings. Check other potential
benefits here.
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The above representation from Protivitis survey
shows that prominent industries have cut costs
with RPA usage over the past 2 years. Other
mentioned benefits are all related to the and
hence, increased productivity majorly helps in
cost reduction resulting in a better return on
investment. How to implement RPA on your
existing work process? A successful RPA
initiative requires a sound business strategy,
backed by sufficient finance and ongoing scaling
of performance results. It is enabling the
companies to realign resources that require
focus on high-value customers and strategic roles.
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Before approaching any top RPA service providers,
know that Ernst Young has revealed that as
many as 30-50 of RPA projects fail in the
initial stage. To avoid that, you must create
your checklist. Read the top 10 tips for a
successful RPA implementation here.

• Overall glimpse
• According to a 2018 report by KPMG in the US, 32
  of industry leaders expect to increase RPA
  investment by 20 or more, and 32 said they
  would be upping investment in RPA by 20 or
  more.
• RPA is becoming increasingly an enterprise-level
  opportunity. RPA, along with other technology
  like Machine learning, Big Data, utilizing cloud
  and, etc. can do more.
• It has touched different industries and fits much
  for repetitive tasks.
• Companies consider a wide range of benefits. From
  improving productivity to accelerating time and
  generating venue, businesses are leveraging RPAs
  benefits to the fullest.
• RPA programs often begin with a proof of concept
  (POC).
• When deployed rightly, RPA can provide both
  operational and strategic benefits.
• However, RPA is not the only solution there are
  cases where alternative automation solutions
  achieved better results than RPA.
• Its time to take the lower pricing and higher
  ROI trends, go to RPA service company to get
  started.

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