Robotic process automation (RPA) is a preferred solution for automation across organizations of all sizes. Deployed successfully, RPA technology streamlines existing processes and integrates easily with legacy systems.
Well-strategized RPA implementations facilitate automated, data-driven insights with seamless data distribution. As a result, the benefit of using RPA becomes evident in reduced manual interventions and cohesive operational structure.
Industry insight into the benefits of RPA
Organizational leaders use RPA technology to reduce manual work and advance their digital transformation. To meet growing demands, RPA tools have matured from traditional desktop automations to enterprise-wide solutions. Considering the efficiency-boosting benefits of RPA, leaders are continually realizing the potential of RPA implementations.
RPA helps organizations stay focused on core business objectives, such as delivering value to customers and business expansion, rather than deploying staff towards repetitive tasks.
“RPA is inevitable. The growth can be attributed to integration ease, user-friendliness, and applicability to mundane tasks across various business units. Recently, companies are using RPA coupled with machine learning and artificial intelligence to add value to data-driven decision-making.”
What are the industry-specific benefits of using RPA?
RPA adoption is evident across many industries and the use cases are being explored and expanded. Since the RPA technology application spectrum is ubiquitous, this article outlines industry-specific RPA use cases and their outcomes across a few important global sectors.
The finance industry
The finance industry runs complex applications, involving tasks such as transactions and loan processing. There is a massive amount of data generated across various departments, requiring effective collaboration and communication. An RPA initiative deployed in finance helps at various levels of the institutions’ workflows. For example, RPA can automatically calculate a loan and its potential interest for prospective customers and artificial intelligence can help screen incoming loan applications.
RPA use cases in finance:
- Accounts payable invoice vouchering
- Payment and dispute reconciliation
- New client onboarding and data validation
- Loan origination and underwriting
The benefits of RPA in finance have been proven time and again. The quick response and swift turnaround time helps financial institutions reduce operating expenditures and improve customer satisfaction.
The healthcare and life sciences industry
The healthcare and life sciences industry benefits at multiple levels from adopting RPA technology. RPA implementations automate and streamline mundane, repetitive tasks such as data management, transaction handling, and patient care. The benefit of RPA is gained in reduced errors and improved accuracy.
RPA use cases in healthcare:
- Patient data migration and processing
- Data collection from multiple sources and systems
- Medical bill processing and insurance data automation
- Automation of claims processing, claim status, and claim eligibility
Implementing RPA allows the healthcare industry to focus more on core functionalities by minimizing reliance on human intervention.
Key advantages of using RPA
Seamless integration with an external system for data capture and entry
Real-time data visibility and transparency across the process for all stakeholders
Automation of transaction, repetitive and routine tasks
Relocate and encourage employees to focus on core functions
Streamlines execution of the automated rule-based framework
Increased productivity and reduced cost
Real-time, cross-platform work with reduced overlap and miscommunication
Chatbots used for problem solving
The services and utilities industries
The services and utilities industries are massive, considering their vast infrastructure and large user base. Utility companies face cost-related challenges and additional requirements to cater to fast-growing demand.
RPA use cases in services and utilities:
- Automatic processing of transactions, bill generation, and technical support management
- Energy conservation program enrollment and demand response
- Demand and load forecasting and outage management
- Inventory management, permitting, and crew management
RPA technology helps services and utility companies create a better customer experience and deliver targeted messages to customers regularly.
The insurance sector
The insurance sector must adhere to strict standards regarding regulatory compliance, due diligence, and client data security. This is complicated by limited human resource availability and the chance of human error. It’s important to automate processes to remove the clerical workload from humans and deliver data-driven solutions in real time.
The insurance industry leverages the advantages of RPA technology by providing faster claims processing, improved data accuracy, simplified new business onboarding, and client assistance. For a CAI client, RPA tools helped in reducing work amounting to 26.5 hours to just around 8 hours with a single automation.
RPA use case in the insurance sector:
- Supported manual data entry
- Supported claims processing with real-time extraction of customer data and mapping with current requirements
- Multi-source data evaluation and extraction to reduce risks associated with underwriting, including data extraction from various Acord forms
- Easy-to-integrate automation solutions with legacy systems and other artificial intelligence (AI)/machine learning (ML) solutions
Our research indicates a 3x ROI for third-party claims post-adoption of RPA solutions. Adopting RPA technology streamlines the entire claims cycle, including intake, assessment, processing, and settlements.
The manufacturing industry
In manufacturing, the benefits of RPA are clear across all levels of a business. RPA implementations streamline manual processes, freeing up human resources to do more high-value work. For manufacturing companies, this impacts production times, employee productivity, supply chain efficiency, and more.
RPA use cases in manufacturing:
- Streamlined supply chain planning and logistics
- Automated procurement processes
- Data extraction from various purchase orders and creation of sales orders quickly around the clock in multiple languages around the globe
- Supply chain scheduling automated across the enterprise, keeping everyone up to date on delivery timelines and expected delays
- Automated research and new product development
- Improved quality assurance, execution, and error detection
RPA technology can greatly improve process efficiency for manufacturers, and this makes for greater production and a better consumer experience. With higher-quality products being made faster, manufacturers can free up additional resources dedicated to high-value projects and activities.
Conclusion:
RPA offers a smarter and more effective way to achieve operational efficiency without disrupting existing IT infrastructure or requiring a complete dismantling of legacy systems. The user-friendliness and ease of integration help organizations remain competitive and reap the benefits of RPA, including process efficiency and a better customer experience.
CAI helps organizations prepare for and implement intelligent RPA solutions to achieve business goals. Contact us to find out how we can help you with our customized solutions.
