RPA: Paving Way To New Territories By Boosting Revenue And Efficiencies

by | Sep 30, 2021 | Process Automation | 0 comments

By : Oracle

Process Automation

September 30, 2021

Technology integration and the use of automation tools have always been unavoidable. To reduce costs by the pandemic, organizations had to rapidly switch to advanced technology for automation, especially robotic process automation (RPA). In a recent Deloitte inquiry, over 53 percent of organizations began to embrace RPA for administrative and manual processes. Early RPA adopters have already benefited from reduced operating costs, improved turnaround time, and improved work efficiency.

RPA, one of the best automation capabilities, simulates repetitive human tasks, such as application logging, data entry, and sending e-mails. As demonstrated above, RPA will be one of the larger (if not the biggest) technological signs of progress by 2021. It will redefine how organizations operate in combination with hyper-automation. Let us examine in more detail how RPA transforms business in sectors:


The proliferation of RPA across various Sectors

IT companies were among the first to adopt and benefit from the RPA. The RPA will see a massive proliferation in various non-technology sectors now that the transformation value has been set. In fact, while RPA is already being used to increase healthcare, government, banking, and other sectors in a limited capacity, the scope of the technology will increase in 2021 and reach it. The inclusion of RPA in company operations saves expensive manual errors and helps companies remain compliant.


Retail Sector

Whether it is brick-and-mortar stores or e-commerce, time consumption and the extent of human errors are grave concerns in the retail industry. However, automation can more effectively facilitate administrative processes, such as the allocation of shifts, time and attendance monitoring, auditing sales, and leave management. In addition, RPA supports office tasks such as payroll, training, onboarding, selection of staff, healthcare, and safety in retail.

Retail is primarily a human-driven industry and is manually completed through customer interaction to demand-supply planning. Retailers can automate demand-driven planning with automation in the retail sector and make data-driven decisions rapidly. Customer service now forms an important part of the retail sector in the eCommerce category. Retailers must offer 24/7 customer assistance and send updates in real-time to guarantee consumer pleasure. Companies can ensure an effective customer support service by implementing an RPA bot. The software bot can also be configured to answer user queries and to provide feedback to the sales team.


Healthcare sector

The digital operations now include healthcare technologies with the highest focus on efficiency and accuracy. Robotic Process Automation can be of immense help to achieve this acceleration in operations. Besides simplification of procedures, hospitals can leverage automation to improve patient care by simplifying the scheduling of patient appointments, streamlining the instructions on discharge, and improving treatment cycling.

Health organizations can more easily extract and optimize patient information by using automationsoftware. When communicating with other digital systems, the software can handle this data so that analytics can provide hospitals with valuable insights. The RPA not only improves clinical workflows but returns time for employees and allows patients to receive customized care.


Insurance Sector

The insurance sector relies heavily on huge electronic and paper-based data. The implementation of automation opens up a host of business advantages, including manual process automation, reclamations verification, data extraction, and integration of the reclamation sources. It thus speeds up the process and lowers the workloads of employees.

Furthermore, insurance companies use RPA to design customer travel from scratch rather than replicating existing ones with greater processing efficiency. RPA enhances customer experience and leads to a better workforce. An insurance firm can effectively track its processes easily by implementing RPA. All automation-handling processes can be tracked and recorded at any stage. This provides the company with details, such as processed transactions, exceptions, etc. Then RPA can empower insurers while optimizing their costs to build a highly competitive and responsive business.


RPA Merging with Other Technologies

In 2021 companies will be taking a more diverse approach and will be merging with other technologies for enhanced productivity and efficiencies. The automation will be merged with several advanced developments, such as Blockchain, OCR, Advanced Data Analytics, and others, to enhance automation further.


Final Thoughts

RPA is expanding its roots across retail, healthcare, or financial sectors exponentially. The CAGR is expected to be 29 percent for the robotics process automation market by 2023.

The growing use of RPA paved the way for many new jobs. This technology has great growth potential in India. Education providers and companies will soon work together to establish the knowledge pool needed to meet the industry’s requirements.