Automatization is playing a crucial role in the digitization of business processes. Robotic Process Automation (RPA) is an emerging technology that promises streamlined enterprise operations and reduced costs. Therefore, business departments from customer service, via HR to finance in many industries have started to implement RPA systems to automate repetitive back-office tasks. This post summarizes the key points, benefits and use cases of RPA.
As repetitive, monotonous activities are increasingly performed by robots in the manufacturing industry, software robots are taking over these types of routine tasks in the office. Such tasks include reading an e-mail or form, opening an attachment, pasting data from a file into an application, checking that a form has been completed, sending a reply message, performing calculations, and so on.
Robotic Process Automation (RPA) is the implementation of standardizable processes with software robots. These software robots can replace people in administrative jobs. It is a software technology that makes it easy to build, deploy, and manage these bots that emulate human actions by interacting with digital systems.
Software robots can do the routine work faster and more consistently than people, without the need to get up and stretch or take a coffee break. Automating repetitive and simple tasks frees up capacity, allowing resources to be reallocated to more complex, value-added activities. Robotic process automation eliminates human errors and reduces lead times to even zero, all of which improves the customer experience.
Among others, RPA can process legal documents, review and approve template contracts. Machine learning algorithms can use, for example, image recognition, which allows you to identify patterns in written agreements. Industry experience shows that using these technologies can reduce hundreds of thousands of hours per year to just a few hours, resulting in extremely large cost savings and significantly faster customer service.
Let’s see the business benefits of RPA in a bit more detail:
A large telecommunication provider has a plethora of customers who perform millions of transactions a day. The chance of human error in processing these transactions was therefore relatively high. The implementation of Robotic Process Automation simplified the execution of these high-volume, repetitive, and rule-based operations, such as data recording, billing, and order processing. By automating time-consuming processes, RPA freed up employees enabling them to change roles which deliver higher value.
In another scenario, an oil-and-gas multinational handles 15,000 change-of-address requests every month. Robots came to the rescue. RPA bots now handle the creation of new accounts in the CRM system and the average time for a change request has dropped from 11 minutes to just one.
In a banking scenario, a bank’s existing customer is interested in obtaining financing for her first home. She can easily go online, investigate rates and begin her journey with the bank’s information chatbot or by calling in to speak with a bank associate, and chooses to start with the bot. This bot can determine the cause for her inquiry and authenticate who she is.
It can build an inquiry profile by pulling together information on her various accounts and checking her credit score, which provides it with information on payment history, length of time she has had credit accounts, the amount of usage and any negative marks on her credit. The bot can then present her with a link to a pre-populated form to start the loan application process.
RPA bots and intelligent automation solutions have recently become critical for survival and growth. Organizations must adjust to the scenario that arises during and after the pandemic. RPA will open new doors for any business and generate new potential to your organization to provide a superior and tailored client experience.
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