“The relationship between technology and people has to change in the future for the better, and I think RPA is one of the great tools to enable that change”. – Leslie Willcocks
Robotic Process Automation has become a new normal in the ways business carry out their operations and many organizations around the world have started embedding RPA tools and techniques to transform their operations due to its far-reaching benefits.
RPA works on a set of predefined rules and it’s used structured and unstructured data to handle repetitive tasks that were erstwhile carried out by humans. It frees up the time and space for the digital workforce and has enabled them to focus on delivering value-added services to their customers.
Key businesses where RPA is trending and is set to make sweeping transformations are covered below.
Finance: RPA uses technology like UIPATH and Blue Prism to automate repeat functions like preparation of customer invoices, managing and reconciling vendor payments, account payable processes with limited human supervision. This will result in a reduction of errors, end to end cycle time, adherence to the standard operating model, and enhanced customer experience.
HR: RPA offers tangible solutions in the field of HR and can transform the way organizations, onboard employees. The employee hiring and onboard process involves a set of tasks and undergoes multiple iterative rounds of email exchanges between the hirer and the candidate. Implementation of RPA will transform this process by reducing the onboarding time and manual errors associated with this process resulting in a seamless onboarding experience with minimal lead time. HR functions will also reap the benefits of RPA by extending their capabilities in other HR activities like training, employee engagement, etc.
IT: IT service sector is entrusted in handling critical business activities and any disruption in its activities will result in huge financial loss impacting all stakeholders. RPA will play a significant role in mitigating this risk by ensuring continuity of business through scheduled maintenance of critical infrastructures like server reboot, server configuration resulting in reduced downtime and system outage. RPA will also transform the ways of other IT enabled services like creation of email ID’s, management of security credentials and data backup and archival are handled manually, through automation and standardization.
Insurance: Insurance space is growing rapidly and a lot of its operational activities are still manual which makes it a natural prospect for automation. Repetitive processes like policy servicing, cancellation, and claims management give tremendous automation opportunities with the help of RPA resulting in reducing operational risks and faster TAT. This will also result in providing a robust audit trail and regulatory compliance. RPA will also help in providing scalable solutions to meet the dynamic demands of its clientele.
In future businesses will need to adapt themselves to market dynamics and keep pace with the technological changes like RPA which would enable them to re-invent their core competencies and restructure their modus operandi. This would fit them out with the competitive edge needed to meet the growing demands of their customers resulting in enhanced profitability.
Newlineinfo Corp would look at various options in leveraging RPA techniques and deploying them in its modus operandi in a bid to gain a competitive edge.