What is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is a technology that involves defining a set of instructions for a robot or ‘bot’ to imitate the way humans interact with software and perform repetitive high-volume tasks. Robotic Process Automation gives rise to these bots or software programs capable of logging into applications, entering data, calculating and completing tasks, and copying data between applications or workflow.
There are really no robots involved in robotic process automation, as the automation software does not require a physical or mechanical robot. Robotic process automation (RPA) bots imitate most human-computer interactions and successfully achieve a lot of error-free tasks at high speed and volume.
Robotic process automation is mostly about automating some of the most tedious and repetitive computer-based tasks and operations in the workplace. RPA software is devised to lessen the burden of conducting repetitive and simple tasks for employees.
How does RPA work?
RPA has the ability to mimic the way humans execute a computer-based process. These RPA bots can be made by recording the clicks and use of keys as a user interacts with an app. Then the user can monitor how the bot connects with the app and perfect the errors. These recordings are also used to create more complex bots that can adapt to changes.
The benefits of Robotic process automation | Why should it be implemented?
- Provides greater productivity: RPA improves the productivity of employees by executing processes independently, thereby, speeding up the workflow and enhancing the rate at which more work is done.
- Provides greater accuracy: Industries like finance and healthcare take advantage of robotic process automation and rely on these bots to accomplish strict compliance standards.
- Improved customer experience: Robotic process automation bots help interact with customers, leading to a reduced call handling time and a 50% improvement in customer experience. Some industries utilize these bots in customer inquiry handling.
- Scalability and flexibility: Robotic process automation helps high-volume business operations to be more flexible in handling planned or unplanned workloads and also enables them to adapt in unsteady times and changing environments.
- Improved employee morale: Employees are able to focus on more human tasks and fewer robotic tasks with the help of robotic process automation (RPA).
Applications of Robotic Process Automation (RPA) in different industries
Robotic process automation in the accounting sector is used for various accounting processes like operational accounting, general accounting, budgeting and transactional reporting.
2. Customer service
RPA offers better customer service for companies mostly by automating contact center duties e.g. uploading scanned documents, verifying e-signatures, automatically verifying information for approvals or rejections, etc.
Robotic process automation in healthcare can be used to improve patient experience and increase compliance by automating the management of patients’ records and data, customer support, account management, claims processing, reporting, patient pre-authorization, billings and operational analytics.
4. Human resources
RPA can be useful in automating HR duties like updating employee information, onboarding and offboarding, timesheet submission processes, etc.
5. Banking/Financial services
Robotic process automation is used by organizations in the financial service industry for operations like automating the opening and closing of accounts, data migration, foreign exchange payment, credit decisions, customer service, regulatory compliance, managing audit demands, processing new applications, mortgage and loan origination, etc.
6. Supply chain management
In supply chain management, RPA can be used for tracking shipments, monitoring inventory statuses, automating order processing and payment, procurement, etc.
Robotic process automation in insurance helps to reduce costs and improve customer experience by automating audits management, client enrollment and eligibility, adjudication process, processing insurance claims and administration, updating client information, assigning and prioritizing claims, report automation, etc.
Utilizing RPA in the manufacturing industry can help ease tough processes like inventory management, regulatory compliance, invoice verification, confirmation of receipts, processing purchase orders, freight costing, transportation management and ERP processes.
9. Public sector
Performance can be enhanced by robotic process automation in the public sector by automating mission processes, human resources, procurement, financial processes, etc.
10. Life sciences
RPA can be used to support innovations and operations by automating regulatory compliance, supply chain management, product safety issue tracking, back-office productivity, lifecycle management, clinical trial data management, pharmacovigilance (PV) and compliant management, etc.