The role of robotic process automation in enterprise businesses will continue to expand as technology companies continue to innovate, and more enterprises adopt the new wave of automation.
Since Robotic Process Automation (RPA) is versatile enough to work well with almost any type of digital-based business, it is expected to impact every industry. At present, many key corporate decision-makers are weighing the cost of adoption, waiting for more proof of concept.
If you’re on the fence, seeking deeper insights before adopting RPA solutions, then you may wonder about the benefits, the industries that have already implemented this technology, and the key players leading this new software movement.
What Can Robotic Process Automation Do For Your Business?
Software robots are cost-effective, efficient, and productive. After you deploy them, your business will notice a quick and significant drop in costs and a substantial spike in profitability.
Here is a shortlist of the ways they can improve your business:
1. Employees can only work during a business day, but robots can work 24 hours a day at the same rate, and at a lower cost without compromising quality.
2. Even the most competent employees can make errors, and the longer an employee works on a tedious task, the more mistakes you can expect. Robots, on the other hand, can continue to deliver accurate work from the beginning to the end of a project.
3. Although a well-trained, experienced employee may be able to perform a specific task quickly and thoroughly, but robots can either match or outperform their efforts.
4. Employees who can include a robotic process in various tasks will be able to improve the quality and speed of their work.
5. Every business improves its processes based on learning from what worked in the past. Robotics can speed up this learning process by gathering, organizing, and analyzing an operation. Employees can then use these reports to enhance business operations.
What Industries Work Well with Robotic Process Automation?
Software robots play a significant role in rule-based record-keeping or documentation tasks that require accuracy, compliance, speed, cost reduction, or scalability.
Five industries that are leaning on software robots to get more work done faster and better are banking, utilities, healthcare, insurance, telecommunications, and manufacturing.
Human errors in banking can cost banks or their customers a considerable amount of money. Since banking involves the tedious processing of account documents, withdrawals, deposits, and many other types of transactional files, software robots make it far easier to quickly and accurately handle daily banking processes.
Electric, gas, and water companies rely on the accuracy of meter-readings to bill customers. By deploying RPA software for troubleshooting, a company can identify and fix inaccurate meters.
Besides performing administrative tasks like scheduling patients, data entry, processing claims, and billing, software robots also provide patients with more positive experiences.
RPA robots not only automate appointment scheduling but also send reminders. Since patients receive better administrative care for appointments and wait times, they are now less likely to cancel appointments or not show up as scheduled.
Insurance companies have to maintain a state of equilibrium between helping customers control risks and maintaining a profitable business. Software robots make back-office processes for property, travel, health, or car insurance far less overwhelming, smoothly handling accurate policy quotes, underwriting, and claims processing without errors.
Since automation in telecommunications has improved data communication and transmission and operational efficiency, telecom companies can pass the savings on to customers and offer them a better product bundle.
When people think of robots in manufacturing, they often imagine physical robots doing mechanical labor. But software robots also do their part with heavy lifting—although in a more abstract way, such as improving logistics and supply chain management procedures.
So, Who’s Leading the RPA Software Movement?
Unlike, say, the computer revolution ushered in by a recognizable group of pioneers, entrepreneurs, programmers, and innovative tech companies, the RPA software movement has hundreds of people and companies behind it.
There is a considerable list of chief strategists, marketing officers, executive presidents, data scientists, executive advisors, and analysts who are evangelizing this technology. There are also many globally recognized computer companies wanting to be in on the action.
A wide range of projects like data entry, project management, and administration require employees to do tedious, repetitive tasks quicker, faster, and more accurately with robotics. Since software robots can outperform humans when it comes to rule-based tasks, this frees up employees in numerous industries to do more creative work.