Robotics Process Automation has quickly escalated to being a pre-requisite for global corporations to solve redundancies in processes, regardless of the industry – Its implementation and adoption is the new battleground for companies looking to march ahead of the pack and reap the opportunities that lie within it.
Take the guesswork out of process implementation by partnering with Opteamix – Let us help you build innovative solutions that are tailor-made for your company. Check out our video that showcases how we at Opteamix leverage Automation to solve loopholes in your business. Discover benefits, a typical RPA implementation journey, and our 3-step Assessment program that puts you on the right track towards efficient processes.
Errors in accounting, legacy system snags, overriding budgets can create operational bottlenecks. Check out this Infographic exploring the potential RPA holds for your business – expounding key market Insights, benefits, top drivers for implementation and success factors.
The current scenario within the banking sector ensures that financial institutions step up their game, lest they are outmaneuvered by competition. With the advent of virtual banking, financial institutions need to find the most effective way to deliver the best possible user experience to their customers, all while keeping costs to a minimum – Think Robotic Process Automation.
With automation, banking and financial institutions can stay relevant and at the same time, live up to customers expectation in terms of timeliness, and more importantly, accuracy.
RPA doesn’t only showcase its prowess when it comes to impressing clients, the benefits that it brings to the organization itself are plentiful. Especially in the banking sector where a large number of documents are generated on an hourly basis, not to mention archives of applications and KYCs that render legacy systems outdated and extremely difficult to handle. With the introduction of RPA, the collection, extraction, and processing of information promise to be a walk in the park. One of the best aspects of the integration of RPA is its ability to seamlessly bridge the gap between technology and legacy systems, without having to wipe out archives and start from scratch manually.
Now that documentation and archives are taken care of adequately, what does the integration of RPA mean for an employer? Owing to the shifting of mundane back-office processes from employees to machine, employers will see a reduction in the need for human involvement – this brings about a drastic change for two major aspects. The first one being the very nature of a employee, no longer is an employee required to put in hours of mind-numbing manual work, that is prone to error due to either negligence or in most cases, fatigue. This brings about a revolutionary concept where employees can be used for much more important tasks, ones that require cognitive skills rather than assembly line rote work. Since all processes are automated, it is also easier to keep control of all transactions, all of which are recorded, categorized and stored for easy retrieval and review at any time.
The second aspect is cost – With the obvious shift in the way employees are positioned in the company due to the involvement of RPA the cost can be kept to a minimum. Less number of employees are required, and error-free documentation only means that expensive quick fixes are avoided.
Another great benefit of RPA that often gets overlooked is its ability to handle compliance seamlessly. Periodical changes in industry and government regulations are often, if not always, the most cumbersome to implement. With RPA, auditing is a breeze as it capable of undergoing alterations rapidly, making it ideal for dealing with regulations that evolve constantly.
It is no wonder why companies all over the world are enthusiastic about investing in this revolutionary concept. However, the usage of RPA is deemed impractical if used unwisely. A banking or financial firm would be steered towards automating usual processes such as account management, loans attribution, cards operations, or reconciliation. All of which will contribute considerably to reducing workload, but to realize the full potential of RPA, one must broaden avenues of its usage. Apart from the processes mentioned above that can be automated, RPA is now receiving increased traction in other areas such as risk management, cyber risk and resilience, sourcing and procurement, and finance and accounting.
With all the benefits that RPA promises, it is obvious that inculcation of the same is the way forward. However as with any technology, in order to attain much more than just ROI and far beyond it is essential to use the product to its full potential. The benefits of RPA usage may outnumber the ones listed above, and that can only happen if legacy system processes and support requirements are studied thoroughly, and RPA is applied. For example, in the case of insurance companies, RPA can be leveraged not only to the processing of claims but can also be used in the capacity of chatbots & robot advisors.
With all the pros stacking up in its favor, it is a wonder why companies are still on the fence regarding RPA. A simple survey pointed out that the main hurdle that RPA faces merely is, perception. A significant number of people consider automation as a threat to jobs, completely disregarding the fact one of the main reasons that RPA exists is to free employees from the constraints of low-level, mind-numbing work to focus on higher-level tasks. RPA will eliminate the stress associated with laborious task-management responsibilities and enable employees to use their effort in problem-solving and ironing out the kinks in the organization.
RPA has emerged as an integral building block for any industry looking to digitize its processes – an innovative powerful technology that is indisputable in terms of saving time, cost and resources.
The current scenario shows BFSI and BPOs forming a large chunk of RPA users, leaving healthcare far behind. Healthcare organizations constantly face challenges in sourcing and integrating information from various internal and external sources – such as clinical applications, lab systems, insurance portals, and many other disparate systems. Why then, are healthcare providers unsure about switching to RPA? As with any new technology, there are misconceptions that arise due to the lack of knowledge about its usage and the bouquet of benefits a business can derive by switching to RPA. In this article, we aim to shed light on the applications and benefits automation brings to the table.
Our previous articles on the subject of RPA elucidate the applications and subsequently the benefits of its usage in various industries. However, when it comes to the healthcare industry, things become a little complicated. The healthcare industry is a large playing field with a number of players that contribute overall to the value chain, this renders it highly complex but also increases the scope of the industry in general. Apart from eliminating paperwork or reducing processing time, RPA enables Healthcare providers with some very interesting industry-specific applications that have proven to make a world of difference in overall output.
Listed below are some healthcare-specific processes that can be streamlined by using RPA –
Compliance – The Healthcare industry is an everchanging one – undergoing constant modifications with technology upgrades and fluctuations in government regulations and mandates. To emerge unscathed, switching to RPA is the only option. With RPA, healthcare providers are able to digitize new information and ensure that it is readily available and is easily accessed by doctors, administrative staff, and patients. As for existing records, RPA coupled with AI, can be programmed to automate the transfer of data between paper files and legacy systems to the new system.
Patient registration – Registration and updating records of patients is another main pain point for healthcare providers. Setting up accounts, verifying histories, processing enrolments, managing benefits, billing and customer service are all very time-consuming if performed manually. This contributes highly to the overall dissatisfaction of patients and declining new patient registration. Once automated these processes will be quicker, waiting time will be reduced and customer delight is assured.
Scheduling and managing doctor appointments – Appointment cancellation and no-shows are a significant drain on health providers, however, it is also part and parcel of being a service provider. In legacy systems, RPA can be used to automate scheduling and send appointment reminders to patients, doctors will be able to maximize the number of patients they see each day, increasing productivity and saving millions. Automation of appointment scheduling not only benefits the hospital but also positively impacts patients who will now be able to schedule appointments sooner. This will also foster increased levels of customer service to the patient through transparency and ease of access to their medical histories.
Accounts payable & receivable – RPA can prove to be instrumental in achieving higher efficiency in Accounts Payable & receivable, by orchestrating processes and eliminating errors. With RPA in place, Healthcare providers can transform their current processes by eliminating all the manual repeatable tasks to achieve up-to-date and accurate records. The efficiency of RPA in data migration or the digitization of paper records will allow healthcare providers to easily access a patient’s medical information and history consulted during the course of treatment.
Elimination of Waste – Hospitals tend to generate a lot of paper wastage in maintaining records, these may be in the form of manual entries in registers, sheets as well as entries made in the electronically maintained databases. RPA adoption will help to cut down the usage of stationery and help organizations rely less on paper.
Customer satisfaction – Once RPA is properly integrated, the entire time-consuming and repetitive process of integrating information, such as appointment scheduling, data digitization, and inventory tracking will become simpler, leaving the medical staff and admin staff with more time to focus on providing best healthcare facilities to the patients. In addition, patients will benefit from having a shorter wait time for appointments and will have the ability to easily access their health records and bills online.
Claims processing and reconciliation – Billing and claims processing are of particular importance for the healthcare sector, however, when this tedious task carried out traditionally, it renders the process slow, costly, highly prone to errors and focused on business hours only. Introducing RPA into the mix eliminates all the problems associated with claims processing – and works brilliantly with legacy systems as it functions on a ‘presentation’ layer uploading new data as well as reconciliation of existing records.
The above-mentioned benefits illustrate the importance of RPA plays in a continuously evolving industry like Healthcare. Frequent policy changes, political & societal shifts, technological innovations coupled with the need for great customer service are all very important aspects of healthcare that can be easily managed by automation. RPA is simply the grease that keeps the gears rolling.
Innovation Driven by Competition
The future success of BSFI firms will directly reflect their willingness to embrace technology. In a world where customers are habituated to real-time interactions, high levels of proactive business and tech innovation, it is only natural to expect the same from banking and financial firms. BFSI firms must recognize this and have a depth and clarity of vision, backed by cognizant investments in software and technology, to set themselves apart from the competitors. In doing so, they will be future-ready to combat new threats from online-only institutions and global competitor infiltration of domestic markets.
At Opteamix, we have partnered with our BFSI clients to create disruptive and innovative technologies as part of their digital transformation journey. Digital Transformation is no longer just the adoption of social, digital and mobile channels to expand markets, but a complete transformation in the enterprise to improve efficiency, reduce costs and outperform competitors.
Robotic Process Automation and the Digital Transformation Journey
Robotic Process Automation is no longer an experimental technology; it is rapidly becoming an asset that is generating business value in every industry. Adopters of RPA are benefitting from cost reductions, error-free processes to improved regulatory compliance. Banking, Financial Services and Insurance (BFSI) firms that have been the vanguard of the digital revolution have demonstrated that RPA has led to lower costs, improved processing time and a reduction in reliance on external BPO providers for repetitive lower-skilled work.
TOP 5 APPLICATIONS OF RPA IN FINANCE
At Opteamix, we have been helping our customers achieve digital transformation with RPA in a variety of applications. However, there are common use cases that have been observed that would be beneficial to any firm looking to undertake their first steps toward RPA.
Accounts Payable and Accounts Receivable automation – Bots are configured to capture and interpret information from invoices, recognize patterns and run business processes across multiple applications to execute activities, including data entry and validation of information.
Underwriting Assessment – Business agility is increased by using bots that collect, assemble and present data for easy assessment of data by underwriters. When coupled with the speed in which these reports are generated, underwriters can review cases within an hour of receiving the information - offering a 40% – 50% reduction in processing time.
End of Month Accounting – The financial monthly close and reporting process encompasses a number of tedious tasks and processes which includes salary accounting, closing out sub-ledgers, importing and exporting data between software and creating and delivering financial filings to regulatory bodies. The process involves many systems, departments, and individuals and requires posting data from sources such as Excel to these sub-ledgers, a tedious undertaking carried out seamlessly by bots.
Credit Report Automation – By digitalizing credit management, banks reduce the risk of losing creditworthy clients to competitors as a result of slow approval processes. In addition, it complies with constantly evolving changes in regulations and governance, saving time and cutting cost by 50%. Our bots generate reports on command and present them to analysts in specified formats.
Audit and Compliance – Gathering and analyzing financial and operational performance is a business-critical function, however, processing and delivering this information is a tedious task and is often prone to delays and worse, errors. Bots are programmed to carry out the task of checking and recalculating balance sheets for any discrepancies. Once completed, reports are generated and emailed to the users.
Future of Automation in BFSI
Initial RPA users focused on trying RPA out on pilot projects – ones that would help reveal value and process without radically altering business processes. Processes such as reconciliation, account opening, and data remediation were readily turned into automated processes as businesses were keen to cut down costs that were being borne by offshoring.
These early adopters of automation, armed with the knowledge of the value that RPA delivers, are now focused on wider deployment of automation through the integration of RPA into their core systems – automating middle and back-office functions such as Risk Management, HR, and Compliance.
At Opteamix, we believe in using our experience to guide companies on the intricacies of digitalization. Our assessment program is designed to help our clients gather information about the unique characteristics of each process, to help drive the decision to automate. This approach aims to identify processes and sub-process activity steps that can be automated.
To meet today’s increasingly high customer expectations, companies must accelerate the digitization of their business processes through RPA – The P&C insurance industry is no exception to this rule.
The benefits of RPA are plenty, emphasis on cost optimization, better customer experience, faster and error-free processing, regulatory compliance, and its non-invasive nature makes it the perfect tool to drive the P&C insurance industry to the next level.