Many companies will continuously seek strategic steps to boost productivity and cost-effectiveness. This need is also driven by the COVID-19 pandemic, which puts the company in a defensive position. Boosting productivity and cost-effectiveness can be done by implementing advanced robotics technology and computer systems controlled by “robots” called robotic process automation. This technology is capable of developing applications that can imitate human actions.

Robotic Process Automation Overview

Robotic process automation (RPA) is a technology capable of automating high-volume processes so that software robots or bots can perform repetitive digital and manual work. Typically, bots perform simple and structurally repetitive tasks at a much higher complexity that exceeds the capabilities of the average human. Besides, RPA also increases the speed and accuracy of business processes. For example, when updating employee contacts, revenue data, transferring one program to another, and transferring customer data from spreadsheets to a CRM (Customer Relationship Management) system. According to Gartner, RPA is currently the fastest-growing enterprise software market segment.

What Can Bots Do for You?

RPA bots are as skilled as humans in the digital world. RPA bots will become a digital workforce for your company that can interact with any system or application. Bots can copy and retrieve data from websites, perform computations, access and move files, extract information from emails, log into programs, connect to APIs, and extract unstructured data. Using bots does not require changing existing business systems, applications, or processes, as bots can adapt to any interface or workflow. RPA bots are easy to implement, operate, and distribute. They can be scheduled, cloned, customized, and shared across the enterprise organization when executing business processes.

Industries in Need of Robotic Process Automation

When an RPA bot is programmed correctly, it will be able to produce a 100% accuracy rate and can work around the clock. This automation will be suitable to be applied to various industries such as:

  1. Insurance

RPA can reduce costs and improve customer experience in the insurance industry by automating the administration of claims, reports, audit management, updating customer information, registration and customer eligibility assessment, and much more.

  1. Banking

The banking industry has become a vast industry that can create its own “world.” The innovation of super apps mobile banking has created a new era in financial services. RPA can support this innovation for the banking industry by automating new applications, data migration, credit decisions, customer onboarding, regulatory compliance, mortgage and loan origination, and customer service.

  1. Health

The health industry has many health documents that are being exchanged between divisions. Robotic process automation can improve patient experience and increase compliance by automating medical record and data management, patient pre-authorization, operational analysis, and claims processing.

  1. Manufacturing

Alleviate your manufacturing processes by automating shipping costs, ERP processes, inventory management, transportation management, shipping costs, purchase order processing, invoice verification, receipt confirmation using RPA.

  1. Public sector

Robotic process automation facilitates connectivity and performance in the public sector by automating procurement, human resources, and financial processes.

  1. Life science

RPA can support fuel innovation and operational agility in science by automating back-office productivity, lifecycle management, product safety issue tracking, supply chain management, clinical trial data handling, and complaint handling.

RPA is very useful for compliance because it can ensure the reporting is done correctly every time. Another benefit of RPA is that it can create greater ROI by facilitating digital transformation, enabling additional income opportunities, and allowing employees to focus on improving work focused on business processes.

Consult the implementation of robotic process automation for your company with PhinCon, a subsidiary of the Phintraco Group that serves many IT consultations, and RPA solution is one of them.

Find out more information about robotic process automation by contacting us at [email protected].

 

References:

https://www.gartner.com/en/newsroom/press-releases/2019-06-24-gartner-says-worldwide-robotic-process-automation-sof

https://www.automationanywhere.com/company/blog/rpa-thought-leadership/robotic-process-automation-at-a-glance

 

Related article:

Benefits of Robotic Process Automation for Business