According to a study by Deloitte, robotics process automation will reach a near- universal adoption by 2023. This translates to the fact that almost every company will be using RPA in some form or the other. Clearly, RPA is sliding its way through virtual every sector of human business, for the obvious benefits it brings along. Most importantly, the technological advancement frees up humans from mundane tasks, allowing them to focus on real value work. Not only does robotic process automation free up human bandwidth, its return on investment is off the charts. According to Nasscom, RPA could result in cost savings of up to 65% on onshore operations and up to 30% on offshore operations. This leaves not a sliver of doubt that every industry today is accelerating its journey towards RPA adoption owing to the plethora of benefits and savings it brings along.
Let’s have a quick look at how the 7 key industries of the Indian economy are implementing robotics process automation-
RPA in Banking
As it may be obvious to many, RPA in banking will definitely take over the repetitive banking work like opening applications, sending emails, etc. RPA brings along the back- office processing work, which is often labor and cost intensive. Robotic process automation will take this over, enabling cost savings and automating low value add tasks. Amongst many use cases, there are a few that stand out. Firstly, RPA in banking will make loans processing and customer verification a piece of cake. Invariably, by eliminating all the copy pasting and automatically validating customer data, RPA will add efficiency to the entire process. Secondly, RPA can exponentially eliminate the data processing errors, enabling faster processing of requests, especially those dealing with new accounts opening.
RPA in Insurance
It is no secret than the insurance sector comes with the baggage of high volume back- office processing work, which is often repetitive and adds no real value. Studies show that RPA implementation in insurance can free up around 20-30% capacity at an enterprise level. Additionally, the insurance sector thrives on registration and processing of claims, leading to extensive data. RPA in insurance can automate the claims management process, speeding the process up and providing better customer experience. At the same time, the insurance sector is always under regulatory scrutiny. Conventionally, the role of ensuring error free paper trails has been on staffing. However, with RPA, regulatory compliance had been automated. This will not only reducing human intervention, but also the risk of human- error.
RPA in Healthcare
It goes without saying that healthcare is not just about treating the patients. It is as much about maintaining records, processing claims, ensuring medical compliance, among others. While it is true that certain tasks in the healthcare sector will require human intervention, however, there are a plethora of activities that can be transferred to RPA. To begin with managing electronic records is something robotic process automation can definitely take care of. RPA can seamlessly manage all patient records and ensure that patient data from different sources, reaches the right chart, accurately. Healthcare finances and administration seldom receive any importance, even though the task of smooth patient claims processing can be a nightmare. RPA can replace manual processing, automating daily data transfer and process of auditing. This will not only accelerate the processing, but will also ensure that no claim is left behind.
RPA in Retail
The retail sector has been undergoing serious complexities and transformations for almost a decade now, requiring the industry to adapt to the changing consumer expectations and demands for satisfaction. The retail industry comes with added tasks of inventory management, loyalty programs, billing, customer satisfaction etc, if it wants to remain competitive. Robotic process automation has the potential to automate several steps in the retail supply chain, in a cost effective and efficient manner. Let us take inventory management and store planning. Traditionally, this has been a manual process based on little information and factors the store manager has about customer expectations. RPA can enable data processing and analysis to such a scale that store organization and inventory can be transformed to match customer expectations and prompt bet
ter user experience. Additionally, RPA can automate the management of customer satisfaction systems, along with loyalty programs to reduce additional staffing needs and overheads.
RPA in Manufacturing
Use of robots in manufacturing started with their assistance in the assembly line. However, other pain points ensuring customer satisfaction, procurement, inventory management, etc. still persist. Robotic process automation is playing a major role in combating these challenges and helping the manufacturing industry cut down costs and come up with innovative practices. Automation of emails, procurement processes as well as digitizing paperwork, companies in the manufacturing industry can achieve better inventory control. At the same time, RPA in manufacturing reduces the bill of materials (BOM) errors and facilitates data migration, which is a normal affair in the manufacturing sector. Additionally, logistics share a close relationship with the manufacturing sector. Invariably, effective monitoring is often prone to human error. RPA not only eliminates the incidence of such errors. It also prompts about the best options, while giving real time information to all stakeholders about the time and charges.
RPA in BPO
The BPO industry is labor intensive, which we all know. However, the economic forces today are pressing the industry to increase productivity and reduce costs. Robotic process automation can play a major role here by facilitating a virtual workforce and automation of repetitive tasks. To begin with, a virtual workforce, courtesy of RPA can be a major force in reducing operational costs, by eliminating the loss due to wrong hires and attrition. Additionally, it can scale up and down the workforce based on needs and demands. At the same time, RPA allows accurate and real time customer service, boosting the user experience manifold.
RPA in Telecom
Telecom, among the other industries above, is quite ripe for implementation of robotic process automation as many of its tasks are repetitive and high volume. Any company in the telecom industry today has two asks, to reduce costs, while offering better customer experience. Robotic process automation is an answer to both. By automating the billing and application of discounts can be handed over to RPA. This will ensure that large amounts of customer data undergoes quick processing and no glitch appears in the whole process. Additionally, the telecom industry focuses on interactions and providing unique solutions. RPA can effectively consolidate such solutions and reduce the response time, thereby breeding greater customer satisfaction.
Robotic Process Automation: The Way Ahead
If you still feel that RPA will not impact your industry in any way, it might be a good idea to take a step back and look again. Robotic process automation will gradually have a presence across all areas of human existence, whether we like it or not. It is, thus, wise to enable ourselves to make the most of it. After all, the automation it is bringing along is a dream come true!