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RPA services boost enterprise productivity – Explore the 8 different ways

October 17, 2022 - Team EdgeVerve

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Table of Contents

As per predictions, we can expect the RPA market value will cross USD 43.52 billion in 2029, exhibiting a CAGR of 23.4% from 2021-2029. During the COVID pandemic, RPA was used extensively to speed up the manufacturing of vaccines. Today, its use cases have touched every industry around the world.

RPA industry use cases – a few examples

As stated earlier, RPA services have benefitted every industry worldwide. A few examples of industry-wide use cases would be:

RPA in telecommunications

With RPA tools as leverage, telecom companies can connect disparate data and systems via a digital workforce. It gives enough bandwidth to workers to focus more on customer servicing while keeping operational costs down. Speed, cost, and technology are critical success factors, and RPA services provide just that. The bots improve productivity and scalability, ensure faster call resolution, and reduce overhead costs.

RPA in banking

RPA helps banks automate repetitive manual processes, freeing employees to focus on other critical areas to stay competitive in the market. For example, it helps improve customer service, enables faster KYC and compliance, scales up credit card processing and mortgage loans, and detects fraudulent acts quickly.

RPA in customer care

RPA robots gather insights from various systems to handle service requests and provide personalized experiences to customers. In addition, it updates customer records and automates administrative and back-office tasks.

RPA in insurance

RPA services are meant to augment and extend human capabilities beyond rule-based recurring tasks. But the insurance sector comprises many repetitive long-haul tasks that prevent employees from focusing their talent elsewhere. RPA in insurance eliminates manual work so that claims can be processed faster, with utmost quality and accuracy.

RPA in healthcare

RPA bots remove friction, time, and cost from healthcare processes to elevate patients’ experience from scheduling visits and treatments to billing. Further, it automates mundane tasks like data entry and provides the required insights on time for optimal care decisions.

RPA in manufacturing

The manufacturing industry is quite familiar with robotics. Now it is embracing automation as a key enabler to complete its digital transformation journey. RPA services are leveraged effectively to handle administrative tasks like accounts payable, invoice processing, and supply chain, among many others. RPA optimizes core operations to improve tasks’ speed, agility, and quality. Assembling of products, quality checking, packaging, and back-end processes stand to benefit from RPA bots to obtain cost-effective operations.

RPA in retail

Lastly, RPA in retail automates various tasks such as inventory, supply chain, returns processing, invoice and contract management, and store planning management. Further, software bots also take care of multiple office tasks, including onboarding, staff selection, payroll, training, health, and safety.

Robotic Process Automation: Definition and purpose

Robotic process automation (RPA) is easy to build, deploy, and manage software technology emulating human-machine interactions as closely as possible. They are designed to execute the most basic tasks like understanding what’s on a screen, completing the right keystrokes, navigating systems, identifying and extracting data, and performing a wide range of rule-based actions. Contrary to humans, RPA bots can perform the above-mentioned tasks faster and more consistently without the need for any downtime.

RPA services are leveraged to execute recurring business processes that require lesser human intervention. The software bots are used to process data and information using specific rules. Its main objective is to improve the team’s productivity and enable process efficiency. These bots take the time, labor, and error-intensive factors out of the process, making it more streamlined and cost-effective.

Benefits of RPA services for enterprises

RPA services can improve team productivity, as was justified by one of the leading aerospace suppliers. By deploying RPA bots to key operational areas, the aerospace supplier could save over 35,714 hours of manual handling time. This contributed positively by allowing employees to focus on more important tasks after delivering objectives in less time.

However, elevating performance and productivity is just one fraction of what RPA can do. Here is a list of the top benefits of RPA services for enterprises to consider:

Increase process efficiency: RPA bots are designed to work faster than average human speed, twenty-four hours round the clock. Humans can work so much before they need downtime to recharge their energy; hence, their efficiency level varies. Contrarily, software bots can operate continuously at a stretch, with identical levels of speed and efficiency, completing more tasks in lesser time. Therefore, business processes become more efficient when software bots are in the loop.

Enhance accuracy: To err is human. Humans can make mistakes and take more time to rectify those earlier made. This back-and-forth process can exceed deadlines and gives rise to process inefficiencies. On the other hand, software bots like RPA are programmed to function exactly how the command says. Unless the information fed into its system is filled with errors, the bots will execute the tasks without committing one. Studies show that 85% of organizations surveyed agree that RPA exceeded their expectations for benefits such as accuracy, timeliness, and flexibility.

Increase security: RPA bots perform specific rule-based tasks, operating on a granular level. Hence, there are lesser chances of data leakage from one process to another. Data accesses are fully controlled and documented, which prevents any plausible security breach.

Provide scalable opportunities: During business expansion, owners often find themselves at crossroads due to a lack of process, operations, and team flexibility to adjust to the increasing number of tasks. But they can get all the support from RPA services for handling essential rule-based functions while the rest of the team focuses on core objectives.

Improve data and analytics: RPA can gather and differentiate data in separate fields. These bots can easily extract information regarding cycle times, work volume patterns, errors, and exceptions. Such insights prove major differentiators in decision-making to achieve optimum efficiency.

Elevate customer service: Simply put, employees can redirect their attention to addressing customer queries by hiring RPA services to handle recurring tasks. Customer is king, and this statement applies to every business, regardless of their industries. But winning them is no easy feat. Hence, proficient customer service skills are required to solve customer problems. This is something that bots cannot cater to effectively. Here, businesses need humans-in-the-loop to offer the human touch in their services, as most customers prefer.

Effective resource optimization: Obviously, when employees are freed from recurring tasks that are time and labor-intensive, the former can contribute better to the organization. Hence, their skills are optimally utilized beyond primary data entry roles.

Automate responses and triggers: Every RPA system comes with automated/semi-automated scheduling capabilities, assisting managers with the proactive management of certain events.

Improve communication: RPA bots can automate document creation and modification. And end users can easily access the latest information regardless of their physical location.

How does RPA boost productivity for enterprises – 8 different ways

Every objective of RPA solutions is directed toward improving productivity and operational efficiency. These bots work alongside your team as digital workers, assisting them in every possible way. Here are different ways RPA services offer productivity enhancement for your organization:

Automating recurring tasks
RPA bots automate repetitive tasks, as stated earlier. Contrarily, when company staff is assigned the same task, an interruption in production occurs and slows down the entire process. But bots can quickly fill the gap of shouldering non-revenue generating recurring workload. This frees employees to focus on critical roles that add value to their organization.

Providing uninterrupted service
Unlike humans, software bots can work relentlessly for hours without needing any downtime. Hence, such bots can be better utilized for providing uninterrupted service. And in-house talents can cater to roles for which they were hired and generate better results by leveraging outputs from recurring tasks handled by the bots.

Accelerating workflows
The customer support team can work effortlessly, handling queries with real-time insights and creating an incredible user experience. This is possibly done by leveraging RPA services. The bots provide the insights needed to accelerate workflows and handle customer queries faster and more efficiently.

Eliminating time spent on each task
Marketing and sales team often spend a lot of time attending to unqualified leads. Automating leads nurture with RPA helps teams to segment the leads appropriately. This maximizes the team’s output and productivity.

Supporting reconciliation
In a trade lifecycle, an immense amount of data captured are reconciled in various phases. Harness the power of RPA tools to reconcile data and identify mismatches across datasets. This particular benefit will also increase your team’s accuracy and productivity.

Preventing costly errors
Again, as stated earlier, unlike their human counterparts, RPA bots do not make mistakes while performing mundane tasks. They are programmed to follow the rules; hence, the data extracted by them are accurate. Therefore, teams can leverage accurate, error-free data to perform tasks more efficiently and with the utmost accuracy.

Processing complex documents
Companies resort to the assistance of RPA services to process complex documents and untapped unstructured/semi-structured data without missing out on granular information. By using deep learning algorithms, documents are processed, classified, and insights extracted faster, which is beyond the capacity of any human employee.

Conclusion

Employees can automate everyday tasks with contextual assistance captured by RPA bots. The latter work as a digital assistant for employees, helping them improve their work speed, productivity, and efficiency.

In order for organizations to complete their digital transformation journey, they need automation support in some form or other. They can take the first strategic step towards the common objective by leveraging RPA services and implementing basic automation in time-intensive processes. Once employees are freed from tasks that consume most of their productive hours, they can contribute better to chasing more ambitious automation goals for their organization.

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