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SOFTWARE BOTS THAT NEVER GET BORED, RPA DEVELOPMENT GOES CROSS-INDUSTRY

Written by Prem Khatri Posted June 07, 2018

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 an inherent part of every operation, there are two sides to every coin, and while decision-making and analytical thinking require a human mind, there is a growing number of repetitive, manual processes no longer need a workforce to see through.

The answer? Robotic Process Automation. An automated replacement for simple tasks, where software bots replace workers, freeing datasets from the corruption caused by miscalculations and faulty entries. For individuals with average industry knowledge, deploying routine tasks, there will always be extraneous factors impacting their performance—drowsiness, readiness, agility. The thing about robotic process automation software, it never wears thin or gets lulled by repetition. The administrator defines inputs and the algorithm that computes outputs, and the system contextualizes all inputs thereafter.

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. With its utilization on the rise, its potential impact could be a whopping $6.7 trillion by 2025, giving it enough of a boost to become the second largest economic impact of technologies. RPA's three predecessors—screen scraping, workflow automation and management tools, and artificial intelligence (AI)—have paved the way for it 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 seeking to streamline their daily processes, allowing their employees to do more "human-based" duties (face to face interaction with customers). That leaves technology like RPA to do the more repetitive, long-running and high volume tasks, and it requires no human intervention. This is rules-based, and the cost comparison between a full-time employee and RPA shows a stark difference – the technology is approximately 65 percent less expensive when implemented. In reality, RPA has the power to replace all tasks that do not 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.

Table Of Contents

Insurance: Revolutionizing Claims Processing

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 record of all calculations.

Banking: Regulatory Compliance and Fraud Detection

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 accessibility 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.

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 record of all calculations.

Healthcare: Fixing the Billing System

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 nuture 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 cancelled 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.

Telecommunications: Automating Customer Service

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 preform the necessary troubleshooting.

  • 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 cancelled 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.

Manufacturing: Simplifying Order Fulfillment

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 preforming 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 servers as a data migration assistant, making the transition to a new system painless.

Robotic Process Automation Software

What can Chetu do for you?

Chetu is a custom software development firm headquartered in South Florida, and, generally, there is no software request we cannot handle. For 18 years, our engineers have prepared cutting-edge solutions for a diverse client base, servicing businesses from startups to Fortune 500s. In the past couple years, we have experienced an influx of RPA requests, and as we have indicated in this article, these requests are not limited to a single industry.

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 PRA software can also integrate with the following:

  • Enterprise Resource Planning systems

  • Customer Relationship Management platforms

  • Content Management Systems

Or, your preferred platform. In preforming 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.

Disclaimer:

Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.

Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu’s expertise spans across the entire IT spectrum.

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