Robotic Process Automation (RPA) is a form of business process automation (BPA) used to streamline workflows. RPA software uses artificial intelligence and machine learning to replicate high-volume, repetitive tasks.
Here's where we're going if you want to jump ahead:
There's a myth around RPA that's become a growing concern in the workforce: Can Robotic Process Automation (RPA) really replace human employees?
When business owners zoom out to gain perspective on a macro level, the number one inefficiency comes into focus: human error. Although human capital is the heart of every operation, there are a growing number of repetitive and monotonous tasks traditionally handled by employees that are now able to be automated thanks to RPA technology.
Robotic Process Automation involves learning from and replicating users' behavior when operating a program or handling a particular process. RPA improves the integrity of datasets by reducing miscalculations and faulty entries caused by human error. For individuals with average industry knowledge, handling routine tasks will always be complicated by extraneous factors that impact their performance. The thing about Robotic Process Automation is that it never wears thin or gets lulled by repetition.
Robotic Process Automation (RPA) has been emerging in top industries during the last few years, with an increasing amount of reliance on the technology to improve work efficiency and profitability. Its potential impact could be a whopping $6.7 trillion by 2025. RPA's three predecessors—screen scraping, workflow automation and management tools, and artificial intelligence (AI)—have paved the way for RPA to be a major contributor to business efficiency.
"I would not say it is a matter of if for automation solutions but more so a question of when, when will RPA become an imperative" –states Nikhil Koranne, Project Manager at Chetu. "RPA has a rapidly growing consumer base because it does not limit itself to a single industry."
As this technology evolves, industry leaders have been refocusing their employees to complete more "human-based" duties (face-to-face customer interactions, for instance). The cost comparison between a full-time employee and RPA handling clerical tasks shows a stark difference – RPA technology is approximately 65 percent less expensive when implemented. In reality, RPA has the power to replace all tasks that don't require "human" capacities such as emotional intelligence and compartmentalization. At this point, most industries are hoping to harvest the evolving capacities of RPA.
Our clients continue to surprise us in their application of robotic process automation software, stretching the limits to reach new, operational highs. Here we discuss some of the ways our clients are using Chetu's custom RPA solutions.
The insurance industry, arguably, has the most to gain from automation, considering the immense volume of claims requests the average insurance company must navigate through. They have a balance to maintain: create a highly profitable business while controlling risks and reducing costs. Although processing speed is not necessarily on the forefront of insurance marketing campaigns, leveraging a quick turnover rate is the key to client retention. Competitive pricing initially draws business in, but from that point on, fast claims processing is what keeps clients from leaving.
With today's customers wanting faster and savvier service, old systems have to be updated in order to meet those expectations. No matter the type of insurance company, there is an overwhelming amount of repetitive processes. That's why the industry has turned to process automation software that provides added support in automating a vast number of workflows and operational activities. These activities include manual data input, legacy applications and disparate systems, and regulation and compliance maintenance.
Each claim is entered into a database, indicating details and formulating quotes to relay to the client. These repetitious entries are predisposed to error and inaccuracies. Manual entries debilitate the claims process, requiring additional error-checking protocols before finalization.
Even with a safety net in place, discrepancies slip through regularly, falsifying records and resulting in a loss for either the insurance company or the claim's holder. Robotic process automation software has the chance to more than double output, reducing time spent on forms registration process, claims updates, and policy cancelations. Inevitably, by adding a new solution, you decrease the labor pool. RPA cuts overheard for this reason, rendering many of those manual entry workers obsolete.
Regulation compliance is paramount to every insurance company's future, and. the way you guarantee complete compliance is through meticulous record-keeping standards. RPA automatically keeps a record of all calculations.
With a massive number of account documents – deposits, withdrawals, and other transactional files – the banking industry needed to find a way to effectively and securely manage the day to day processes. Slower processing times are cut short when RPA software is integrated, eliminating human error, and easy access to information promotes a more transparent environment.
One of the most important processes that robotic process automation software streamlines, though, is regulatory compliance. The banking industry constantly sees changes in compliance. Usually, employees would have to manually check information, making sure it is in agreement with industry and government regulations. With the process automation software, all documents can be easily handled, making audits less inconvenient.
Additionally, Chetu is seeing clients in the banking sector apply RPA as a defense mechanism against fraud. RPA bots have the ability to comb through credit card transactions in real-time, pinpointing abnormalities and issuing alerts for further investigation. Through pattern recognition, RPA leverages consumer profiles to conduct risk assessments to gain insights into vulnerabilities. As the system is currently, banks are on the losing end of their battle against credit card fraud. Still, billions are lost to deception, indicating a clear need for a superior deterrent. RPA is the fraud deterrent banking institutions need to prevent irrevocable loss.
Maybe RPA has not seen mass adoption within the healthcare industry, but it is certainly in the conversation. RPA attacks the two major goals of this high-cost industry: increase efficiency, reduce costs for both the provider and the patient. The healthcare machine exists as one of the largest institutions worldwide, filtering trillions of dollars globally each year.
As one of the most demanding industries, healthcare benefits from RPA technology with tasks such as patient scheduling, claims processing, data entry and billing. When we reduce the time spent on administrative tasks, we increase the time available to nurture patient-provider relationships. Here are some ways healthcare systems can leverage RPA to accomplish significantly more in the average workday:
Labor Savings: Exporting those tedious tasks—medical records, order entry, reference material-to automation technologies alleviates employees from rote tasks and ushers them into high-functioning positions that allow them to achieve greater levels of personal and professional fulfillment.
Patient Management: A growing population=a growing number of individuals in need of medical care. Which, in turn, translates into an influx of data. RPA helps keep this data organized and accessible by remaining scalable to whatever the future brings. We also see fewer canceled appointments with RPA, considering the software automates scheduling and appointment reminders. With the automation of repetitive processes, patients can get more value-based care. There will also be shorter wait times for appointments.
Revenue and Billing: The, greatest pain point for healthcare, mostly because of how many moving parts marry in the billing process. RPA gives these moving parts a platform to converse and merge without conflict. If we turn medical billing over to RPA, we reduce the number of audits and mistakes. Rather than manually matching procedures with the proper billing codes, RPA automatically matches the two.
There are some aspects of the telecommunications industry that would never be able to be automated by RPA. A prime example is customer service. But while customer service has to remain "human-based", the industry's other parts are taking full advantage of robotic process automation software. Automation improves data communication, while improving operational efficiency and, of course, cuts costs and improves data communication and transmission.
And though telecom, by nature, is a human-based dialogue, the new question is: how much of that dialogue truly requires two humans? RPA has the capacity to read common inputs and provide the known outputs to resolve simple inquiries, which most calls to customer service are. If simple questions are resolved through automation technologies, this gives human representatives the time to address real concerns and perform the necessary troubleshooting.
Unlike the physical robots that can be found in the manufacturing industry, the software-based RPA system helps it in a different way. The implementation helps to strengthen their supply chain procedures, bridging the gap with day-to-day activities such as quoting and invoicing for certain suppliers, as well as accounts receivable/payable and general ledger operations. Manufacturing is the most obvious match to RPA solutions because it is inherently repetitive. Most outcomes are known outcomes, and a solid manufacturing infrastructure thrives on consistency.
In order to produce anything, manufacturers require the materials to do so. Order requests are scaled to their projected quotas and performing the necessary calculations by hand is a time-consumer and tedious task, but an inescapable one. RPA tailors billing to production goals, reducing mistakes and guiding manufacturers through each period of evolution.
Manufacturing is evolving on every front to keep pace with the digital age. This means abandoning legacy systems for new software solutions that improve operations and cut costs. RPA serves as a data migration assistant, making the transition to a new system painless.
Chetu's RPA solutions are completely scalable, using rule-based technologies to alleviate some of the manual workload for our clients. No matter the task volume, robotic process automation software executes with accuracy and with consistency, virtually eliminating the need for quality control. Chetu's custom RPA software easily integrates with Blue Prism, UiPath, and Automation Anywhere.
In terms of integrations, our RPA software can also integrate with the following:
Enterprise Resource Planning systems
Customer Relationship Management platforms
Content Management Systems
Or, your preferred platform. In performing these integrations, we streamline our clients' operations, uniting their multi-channel systems to function as one engine. To accommodate all RPA needs, we include document capture, image processing, document recognition, and extraction protocols, bringing the most intelligent platform possible to market and ushering our clients toward a new, enlightened era of business.
Chetu does not affect the opinion of this article. Any mention of a specific software, company or individual does not constitute an endorsement from either party unless otherwise specified. This blog should not be construed as legal advice.
Founded in 2000, Chetu is a global provider of software development services, solutions and support services. Chetu's specialized technology and industry experts serve startups, SMBs, and Fortune 500 companies with an unparalleled software delivery model suited to the needs of the client. Chetu's one-stop-shop model spans the entire software technology spectrum. Headquartered in Plantation, Florida, Chetu has fourteen locations throughout the U.S. and abroad.