There are numerous duties in any business that are repetitive and time-consuming. Because of the repetition involved in these types of jobs, there is always a high risk of making an error. As a result, a variety of RPA Software is available in the market to help avoid these errors and save time. The bot automates employee tasks that are performed on the program on a daily basis. Below we have listed the benefits of RPA and how Robotic Process Automation helps businesses grow.
Business Aspects For RPA
Because of the significant influence of RPA on business, the adoption rate has increased rapidly in recent years. Robotic Process Automation is having a beneficial impact on a variety of industries, including healthcare, retail, telecommunications, manufacturing, financial services, and banking.
The following are the key sectors that have benefited from this remarkable technology:
RPA in banking and financial services – Banks and financial organizations are among the first to adopt smart technology. They already provide full-service online portals and account information in real-time. RPA deployment may also assist businesses in automating a variety of processes, including loan processing, anti-money laundering, client request processing, account opening and know-your-customer (KYC), account closure, card activation, and audits.RPA can assist in providing more consistent services at a reduced cost while also increasing regulatory compliance.
RPA in Insurance – RPA enables insurers to easily automate high-volume, unstructured procedures. The insurance industry has been swamped by outdated models, discrete legacy systems, and paper-intensive procedures. RPA may be used to automate time-consuming and laborious operations like customer onboarding, claims processing, policy administration, underwriting, regulatory compliance, and client support.
RPA in Healthcare – RPA can help healthcare workers improve front-office assistance, increase data confidentiality, and link rigid systems. Some of the RPA-eligible operations include appointment scheduling, insurance claims processing, revenue cycle management, report automation, and patient record management. RPA allows healthcare organizations to reduce process complexity and eliminate redundancies.
RPA in Manufacturing – RPA is being used by forward-thinking manufacturing businesses to increase operational agility, process quality and efficiency, and overall business development. RPA enables firms to modernize their manufacturing processes and business activities, resulting in considerable labor savings. Some of the major areas where RPA may be successfully used include procurement, inventory management, and simplifying customer interactions. Some of the major benefits of RPA in manufacturing are improved process visibility, real-time auditing, and better decision-making.
Also Check – Strategy For RPA Implementation
RPA STATISTICS THAT PROVE ITS WORTH
Here are some interesting statistics on Robotic Process Automation (RPA):-
- According to Gartner, more than 70% of financial firms have experimented or are actively employing RPA. Some major names are taking notice; Ernst & Young, for example, has a white paper on RPA in finance and accounting.
- More than half of respondents to Deloitte’s third annual RPA study, 53 percent, have begun their RPA journey. According to Deloitte, that percentage will rise to 72 percent in the following two years.
- Forrester estimates that the RPA services market would reach US $ 12 billion by 2023, up from its earlier prediction of US $ 2.9 billion by 2021. That is, growth has been substantially higher than projected in recent years.
- According to a Deloitte poll, RPA met or surpassed 92 percent of respondents’ expectations. This was followed by increased quality/accuracy (90%), increased production (86%), and cost savings (59 percent ).
- According to a survey of more than 300 firms in different countries done by Practia, 54 percent of the biggest corporations in Latin America have already begun some RPA effort. The retail and technology sectors appear to be further along, with 64 percent of firms currently implementing RPA.