What is Robotic Process Automation?
Robotic Process Automation is a software-based technology is a bot human has programmed to get rid of redundant human activities involved in executing a business function and optimizing business resources.
Businesses, in turn, gain a competitive advantage; capture data, run a code, an application, and a trigger for better system communications, successfully — all very crucial with Covid-19 having no plans to mutate.
Businesses of all sizes ranging from startups to small, medium, and large enterprises are suitable for deploying RPA if there’s a scope to make a substantial impact with automation.
4 Fundamental Uses of Robotic Process Automation
Whether it is in manufacturing or healthcare, recruitment, supply chain management, finance, or telecommunications, in any industry, the fundamental uses of robotic process automation are as follows-
1. Removal of Redundant Work
Today, RPA is in demand because of its efficient replacement of the human efforts in redundant business activities such as data entry and data manipulation. RPA helps businesses to allocate their human intelligence in more strategic activities where bots can’t participate.
2. Avoiding Costly Human Errors
Anything repetitive gains momentum is speed prone to accidents with humans in the driver’s seat. And accidents are expensive! When smart businesses realize this, they leverage RPA to rule out errors, duplication, and consequential penalties automatically.
3. Cohabit & Improve Infrastructure
RPA interacts with front-end infrastructure and uses the same graphic user interface (GUI) that human workers would use to complete a task. RPA cohabits with legacy infrastructure, ensuring seamless integration and cost control. Businesses simply enjoy improved results.
4. Scalability
Scalability of RPA is its unique selling point— organizations can easily adjust the robotic workforce with minimal to no additional cost. From a training point-of-view, businesses can train an infinite number of robots for delivery consistency.
5. Regulatory Compliance
RPA helps business functions stay in compliance with governing regulations by creating robust and effective compliance programs. Staying compliant helps better retention of employees and customers and improved business operations through real-time risk alerts.
Six Industry-Specific Robotic Process Automation Uses
1. Robotic Process Automation in Manufacturing
Specific to the manufacturing industry, RPA has a vast range of applications. It starts from-
i) order fulfilment management,
ii) processing purchase orders,
iii) invoicing for materials,
iv) inventory report management,
v) transportation management,
vi) adherence to manufacturing regulatory compliance and
vii) customer query management & communication.
2. Robotic Process Automation in Recruitment
The Human Resources (HR) department has a lot to benefit from the implementation of RPA. It is most helpful in automating tasks such as-
i) email and text auto-replies,
ii) collecting, processing, and organizing candidate information in ATS systems,
iii) candidate screening and sourcing,
iv) answering standard applicant queries
v) ensure diversity mapping
3. Robotic Process Automation in Healthcare
Healthcare is an emergency sector, and here the more we embrace automation, the better is the delivery standard of the industry. RPA in RPA helps with-
i) reduction of TAT in claims processing by 50% while 60% and above time efficiency in CGHS & ECHS,
ii) payment recovery,
iii) improve function and process workflow in hospitals,
iv) ensure the safety of critical patient data,
v) develop management visibility and provide greater control, and
vi) accelerate patient experience with a faster and systematic approach and solutions.
4. Robotic Process Automation in Telecommunications
Under the influence of COVID19, there’s a concentrated focus on improving telecommunications around the world. Application of RPA in Telecommunication helps-
i) automate on-boarding and off-boarding of new customers,
ii) manage error-free invoice & debt management and reconciliation,
iii) facilitate knowledge management impacting customer satisfaction & higher profit,
iv) manage flexible network demands, mark events, incidents, and diagnostic issues,
v) extract insightful report from big industry data
5) Robotic Process Automation in Finance
For finance and accounting teams worldwide, RPA is a dream come true
Application of RPA in Finance is not limited to helping-
i) Accounts Payable (AP) and Accounts Receivable (AR) automate countless repetitive, rules-based tasks with consistency, accuracy, and timeliness
ii) Vendor Management maintain separate payment processes and credit rules for its huge supplier base,
iii) Invoice Management monitor receipts, extract data, register invoices, send notifications, and perform reconciliations
iv) Auditors derive meaningful conclusions from the month-end closing process instead of tedious number-crunching,
v) Fraud detectors detect patterns and predict future fraudulent activities,
vi) Management have a clear insight into the company’s financial growth through daily P&L overview
6. Robotic Process Automation in Supply Chain & Logistics
RPA has a significant scope of bettering legacy supply chain and logistics practices. RPA in Supply chain and logistics is not limited to-
i) adapting to demand and scaling operations
ii) reducing maverick overhead and lower staffing costs
iii) realigning the human workforce to the strategic and automate the tactical
iv) tracking inventory needs for timely purchase processing and order supply
v) establishing supply chain transparency &
v) dynamic accounting for distributed small or large scale suppliers.
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