What is RPA? – How it works and why it needs to be a part of your organization?
Published : December 10th, 2020
Robotic Process Automation (RPA), as the name states, involves the use of technology to automate repetitive, rule-based business processes which involves filling in the same information in multiple places, reentering data, or copying and pasting. This preconfigured software system uses predefined activity choreography and business logic to automatically execute transactions, complete tasks, share information, or do a combination of these actions.
It enables organizations to achieve cost efficiencies by streamlining processes and enhancing accuracy. By handing over mundane tasks to machines it enables humans to focus on work that requires judgment, creativity, and interpersonal skills rather than on routine processes. Since RPA is a preconfigured software application, it can be used ‘straight out of the box’. However, it can also be customized to suit business requirements. So how does this one-stop-solution work?
RPA solutions are designed to complete activities based on the predefined steps so the basic algorithm and code used to build an RPA application are based on business logic. It has autonomous execution, which means that once the rules are defined, the RPA bots automatically start executing them. So, whether you want to check invoices or scrap data from the web, the bots will start working when the predefined settings are activated.
How to Get Started with RPA?
According to Forrester, “RPA has proven its value as a strong and direct mechanism to support an enterprise’s tactical and strategic goals.” But getting it right is important!
If you are looking to take the first steps towards digital transformation, RPA provides a fast, low risk starting point. Below is a checklist you would need to get started on RPA transformation:
- Step 1: Check for RPA readiness
- Step 2: Identify leaders to guide and manage the digital transformation process
- Step 3: Bring in a vendor with expertise in RPA
- Step 4: Identify the processes where RPA can be implemented
- Step 5: Run pilot projects
- Step 6: Develop your Center of Excellence
- Step 7: Monitor and maintain the performance of the RPA bots
Applications of RPA in various industries
RPA in Banks and Credit Unions – Robotic bots can be used in financial institutes to process customer inquiries, open accounts, process KYC documents, and evaluate compliance. Bots can also be used to generate reports and check into money laundering.
RPA in Insurance – RPA solutions can be used to process claims and check for regulatory compliance. They can also be used for underwriting and policy management.
RPA in Healthcare – In the healthcare sector, the robotic process automation tool can be used to streamline patient management, appointment scheduling, prescription management, insurance processing, payment cycles, and lots more.
RPA in Retail – RPAs can be used in warehouse and inventory management, order management, customer feedback processing, and customer relationship management. It can also be used for fraud detection.
RPA in Mortgage banks – Mortgage banks can use the robotic process automation tool to check credit, verify loan applications, and evaluate compliance to speed up the process.
Cross-industry RPA Use Cases
Human resources – HR teams can use RPA tools to manage information of the employees and standardize it across the enterprise.
Finance and Accounting – Finance and accounting teams can use RPA solutions in billing, invoice management, reconciliation, and accounting.
Sales & Marketing – Sales and marketing teams can use RPA tools to gather customer sentiment and other data from social media platforms to create marketing strategies.
Apart from business process automation, RPA also has many creative applications such as:
Benefits of RPA
The benefits of RPA are multi-fold, regardless of the industry. In many organizations, good talent is wasted on mundane and repetitive tasks that don’t involve any critical or creative thinking. Robotic bots can take over these mundane tasks so that the talent is free to focus on process and business development. The second benefit is that RPA bots deliver high levels of productivity as they can work round the clock. Plus, they deliver 100% accurate results as there are no chances of manual errors. The best thing about robotic process automation tools is that they can be integrated into existing systems without too many changes making transformation, seamless and effective.
What is the future of RPA?
The growth of RPA software has exploded across industries and functions—from healthcare to retail and financial services to human resources and call center automation. Opportunities for automation exist virtually everywhere throughout the business, enabling greater organizational performance and efficiency. When we look at the extensive applications of RPA across various domains, we can predict a great future for RPA.
With the progression in machine learning (ML) and artificial intelligence, businesses can expect intelligent automation (IA) or Cognitive Automation, a more brilliant brand of RPA that figures out how to execute entire business processes with context, instead of just streamlining routine tasks. Because of the advancements that intelligent automation will bring, RPA technology will continue playing an increasingly pivotal role in automating and integrating all possible business processes to drive lasting value for the organization.
Why Choose Opteamix for RPA Solutions?
When you look at it, all RPA tools are similar in their structure and function. However, the key differentiator lies in the implementation of RPA solutions. This is where Opteamix comes in. Our bespoke RPA solutions are tailored to the needs of your business and designed to deliver maximum efficiency with minimum disruption to the existing system. We have deep expertise in automation technologies and leverage a combination of the best RPA tools to give you the best-fit solutions. Our team is led by experts who have more than 20 years of experience in delivering customized technological solutions to organizations across all industries. Contact us to implement digital transformation leveraging RPA with maximum efficiency and minimal investment.Tags: Applications of RPA, Benefits of RPA, Future of RPA, How RPA Works, Robotic Process Automation, robotic process automation tool, RPA, RPA digital transformation, RPA solutions, What Is RPA