In 2018, Gartner reported that RPA or Robotic Process Automation was all set to cross $680 million that year and projected to go beyond $2.4 billion by 2022.
The boon called Robotic Process Automation-
Typically, RPA Robots are programmed to carry out organizational tasks and business processes that are repetitive, structure, and rule-based. The robots capture data and communicate with other digitized systems to process a transaction. The pace to embrace RPA has been dynamically fast because of the advantages of reducing labor costs and preventing manual errors.
Take this example – a large bank used around 85 bots that together ran about 13 processes. All of these processes were able to 1.5 million requests annually. Doing so gave the bank the added advantage of reducing recruitment costs by about 30%. The 85 bots equalled about the capacity of about 230 full-time bank employees.
No doubt, financial institutions, and banks were the first to adopt RPA. But, the competitive edge of the software technology compelled other industries like insurance, logistics, healthcare, manufacturing, and publication to adopt RPA, too, especially now that the technology is being combined with ML and AI to make the entire ecosystem robust and powerful as digitization is the way to go for business post-pandemic.
The automation required in Industry 4.0
Industry 4.0 is powered by automation, where systems and processes are run using the Industrial Internet of Things (IIoT), aligning machines, robots, devices, and the cloud to offer real-time data and information. This kind of automation is helping optimize production and reducing the need for human intervention.
Automation offers flexibility, helping improve production quality, reduces margins of errors in tasks – processes where human intervention is responsible for 10% human error and reduces error margins to 0.00001% when using automated means.
Automation in Industry 4.0 helps reduce labor costs bringing about cost efficiency and competitive advantage for the organization. It reduces execution and response times and makes processes flexible, scalable, and safer with enhanced control processes in place.
Various Industries that can leverage RPA and Processes that can be automated
- Banking: RPA improves end-to-end working, helps reduce compliance backlogs and manual errors, improves the risk profile of banks, and streamline the core functional processes of banks.
- Insurance: one report on RPA by Accenture points out that automation technology can help free about 20% to 30% of enterprises’ human resources. In the insurance sector, RPA can help streamline a lot of the manually driven processes like claim processing and be made compatible with existing IT infrastructure.
- Logistics: a lot of the back-end jobs in the shipping and logistics industry can now be handled by RPA technology, reducing operational costs. Processes like delivery schedules, updating current status, and tracking shipments can be automated with RPA. The advantage can be passed onto end customers who are constantly looking for reduced prices.
- Healthcare: RPA can make a crucial difference to mundane healthcare tasks like claim settlement, billing, or even patient management. Effective software can help handle data management and make the functioning effective making the process error-free.
- Manufacturing: RPA can help optimize assembly line processes, improve efficiency and reduce errors in a manufacturing unit. The speed of such processes can be improved while minimizing costs. Hence, repetitive processes like invoice processing can be automated with RPA.
Banking and Insurance
Report creation, claim processing, data migration, automated data validation, customer account management
Bill processing, data migration, claim status, data storage, claim to process
Extracting and uploading data, consolidating data,
Product pricing comparison, ERP Automation
Payment processing, analysis of competitor pricing
Updating information, extracting data from manufacturing sites, and more.
Potential benefits of RPA to these businesses
– Improve productivity
– Improves efficiency because it can work 24*7
– Improve security and accuracy of processes
– Makes processes scalable.
– Improves customer service
– Help gather accurate data for improved analytics
– Non-disruptive, RPA can help improve the life of legacy systems
How iBoss can help?
iBoss RPA tools make it easy for the business to get started on the automation journey.
The hi-tech digital-savvy team is an expert at automating processes that are made for businesses helping them automate manual processes with a user-friendly interface and plug-and-play features. The advantages of zero waiting time and availability in multiple languages add value to the business of all kinds.
Connect TODAY at firstname.lastname@example.org to discuss the automation opportunities one–on–one!