Robotic Process Automation (RPA) solutions for digitalizing industries.

Robotic Process Automation has become the fastest growing technology in the global enterprise software market. RPA solutions are helping the industries to increase their ROI, speed, accuracy, and to reduce costs, it also helps to maintain high-quality service and provide better employer experience. Recent researches show that the organizations leveraging RPA solutions have almost doubled their revenues. Also, the market is expected to reach approximately $2.5 billion growing at a compound annual growth rate of 70-85% by 2020.

RPA solutions have wide applications in almost all industries; the biggest adopters are telecom, supply chain, banks, insurance. RPA technology helps organizations to digitally transform their services at an accelerated rate.

Industries leveraging RPA Solutions:

1. RPA in the banking industry

For more than a decade banks and financial institutions have been spending a lot on compliance operations. The study shows that the $270 billion is the rough estimate that banks disburse yearly on the process. Applying RPA solutions to the banking system can reduce compliance processing costs resulting in increased processing speed and reduced manual efforts. It will enhance the overall customer satisfaction. Also, the Banks & financial institutions leverage RPA solutions to increase their productivity by engaging customers in real-time. RPA in banking helps in automating:

• Verification and auditing process
• Loan processing
• Customer account management
• Payment cancellations, and much more

Because of its wide application, it can be applied to every process at a bank that requires routine work.

2. RPA for manufacturing industries

With Robotic Process Automation manufacturers can automate significant backend office processes. RPA solutions in manufacturing industries help to strengthen the supply chain and also reduce the repetitive workload. Research shows that using RPA solutions companies were able to save 40% cost on various backend processes. Robotic process automation helps manufacturers:

• To optimize routine processes
• To minimize human errors
• To reduce operational cost
• And, Increases agility in operations

3. RPA in the telecom industry

The telecom industry lies within the list of industries that have seen the highest adoption of Robotic Process Automation technology in the past few years. According to Market Research, it is forecasted that the telecom and IT sector appear to be leading the automation trend in business processes, with a growth rate of CAGR 60% until 2024. Using RPA solutions, telecom companies can streamline their business processes and boost their workforce. RPA solutions help the telecom industry in:

• Reducing customer on boarding time

• Reducing the time taken for the ticketing system

• The increased pace of sim card activation

• Automating KYC process

Robotic Process Automation appears to be a perfect fit for the telecom industry because of its flexibility to adapt various processes and the telecom front.

4. RPA in Healthcare

Like other industries healthcare also have possibilities for automation. Healthcare providers carry out multiple tasks such as billing, claims management, patient appointment scheduling, collecting patient reports and data, etc. RPA solutions help automate these processes resulting in:

• Reduced customer onboarding time
• Data extraction accuracy
• Improved healthcare cycle
• Reduces patients wait for list

In a survey conducted by the American Medical Association, 30% of the providers reported having a waiting list of at least three business days for responses from insurance companies. As a result, this delay causes the patients to wait longer for care. Leveraging Robotic process automation (RPA) technology solutions in healthcare can save time for both patients and healthcare management.

Final words

RPA is the missing piece needed for any organization to achieve accelerated transformation and automation in routine work. Also, Robotic Process Automation solutions are a perfect fit for every industry you just have to name it and you can find n number of used cases for reference.

About the Author:

A passionate technology writer currently working with PureSoftware. I have been a technology writer for the past 3 years & I have written for many firms related to this field, I have been fascinated with technology all my life. My keen interest lies in the emerging technologies that can change the future like RPA, IoT, Machine Learning & much more. I am a Techno-freak, who loves to explore and write about Information Technology.