The RPA technology is currently believed by the experts to have the economic impact of over 6 trillion by the year 2025. With only a little systematic and strategic planning, implementation of RPA has the potential to drastically improve efficiency, by streamlining the repetitive process and cutting down on human errors. While almost all the industries have begun at least partial automation of their enterprise activities, some industries can make better use of RPA than others. Below is a short list of such industries that can make the most of this latest technological marvel.
One of the industries that possibly stands to gain the most from the strategic implementation of RPA is definitely the banking industry. This sector handles a massive number of transactions, account-based documents and files on a day to day basis, requiring a huge amount of time and attention and of course faces significant incurrence of loss from human errors.
Implementation of RPA would speed up processing by a huge margin while also cutting down human errors and allowing easy access to information at fingertips, quite literally.
Another huge advantage that the banking industry might draw from RPA is cutting down on the time it takes the human employees to make sure that all the documents and transactions are in compliance with the constantly updated laws and regulations laid out by the government. This maintains a certain standard of service.
Mergers and acquisitions being one of the major functions of a bank bringing many new systems and applications together. Banks may at times spend millions on integrating disparate applications to provide a seamless experience. Automation provides the same solution at a fraction of a cost.
Next in line is the healthcare industry. The administrative concerns like scheduling, processing of claims, billing and so on are obviously going to be executed with a lot more ease with RPA implementation. It would also result in efficiency and a huge improvement in patient experience.
Effective RPA implementation would translate into a shorter wait time for the patients and less number of last-minute cancellations or overlap in scheduling. Management of patient data such as eligibility, enrollment and billing would become a lot more manageable with RPA, resulting in a significant increase in profitability.
This is another industry bogged down with a huge number of back-office processes and data handling that can benefit from RPA. Insurance companies must focus on profits while keeping in mind the factor of cost reduction and risks at the very same time, and handle a lot of repetitive business procedures such as claims processing and providing policy quotes on a regular basis.
Effective RPA implementation would streamline processes such as manual data entry and compliance regulation for individual scenarios, providing faster services and resulting in an increase in ability to take on more clients while maintaining high standards for the existing clients.
Record keeping and documentation are vital in the legal industry. However, it is surprising to see that even in this digital era it is still done on paper. This means the files must be manually organized, searched, and analyzed. The time-consuming and labour-intensive nature of these tasks make the legal sectors one of the industries with the highest potential to make a significant and transformative contribution with RPA.
The last one in a list of many is the telecommunications industry. While the customer service aspect of the industry must retain the human touch to counter different customer grievances, strategic use of automation would improve data communication, transmission and operational efficiency significantly, cutting down costs that would allow the space for more capital to be further invested in the form of upgraded services and products.
RPA implantation across all industries require effective collaboration between technological and human resources. At Botstatz, we have a collaborative experience of setting up the RPA Centre of Excellence (CoE) and successfully implementing RPA in various industries.
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