RPA and Cognitive Technologies are industry agnostic. However, implementations require specific skill sets including business process expertise, RPA tool knowledge, and an ability to quantify the ROI.
The Banking and Financial Services industry is the largest consumer of Information Technology products and services to the tune of $487 Billion globally, according to Gartner Inc. Even at these levels of spending, there is a tremendous amount of manual and repetitive work that continues to drive down productivity. Rapidly evolving automation technologies, including Robotic Process Automation and Machine Learning, can challenge existing people-based business models. In most cases, Robots can be trained to do many of the BPO jobs of today without the data and process knowledge ever leaving the ‘physical’ boundaries of your business.
From Claims Administration at a MHC to Patient On Boarding for a Provider, RPA can add efficiency and accuracy to processes within the Healthcare Industry. In a fast evolving industry that has seen a significant increase in the number of patients, as well as a rapid shift to digital transformation in the past few years, the need for fast, efficient, and accurate execution of processes like: Billing, Claims, Scheduling, Patient On Boarding, and Provider Credentialing are all areas where RPA can assist.
Most accounting and finance tasks are, by their very nature, rules-based. Many F&A tasks are prime candidates for RPA. Accounts payable, Accounts Receivable, Travel and Expense Management, Journal Entries, and Month-End book closings are all areas that can benefit from robotic process automation.
The Property and Casualty Insurance Industry is navigating through many disruptive technology trends. Mobility, Social Media, AI, Advanced Analytics, and a rapid proliferation of shared economy services which fundamentally change how an Insurer operates. RPA can be used to automate highly repetitive transactional processes in Rating/Quoting/Issuance, Underwriting, Policy, and Claims Administration.
In the hospitality industry it is common to interact with 100’s of people a day, and it is common that most of the people an employee will encounter are new faces, that have several questions and concerns about the facility and it’s processes. Hotels guests, for example, stay at an exact hotel location once in their life, they are usually travelers and it’s unlikely that they will be back again to that exact place. This means dozens of times a day hotel employees are asked questions like: “Do you have availability?”, “What time is breakfast?”, “Can I bring my pet?”, “Is there a refrigerator in my room?”, these inquiries, and more, become frustrating to workers and bog them down, keeping them from completing other tasks. Robotic Process Automation (RPA) and Chatbots that use Natural Language Processing.
Robotic Process Automation is quickly becoming the most disruptive technology and is currently receiving wide acceptance across many industries. When it comes to manufacturing, physical robots are already used to package, assemble, and test products, so why not see where else robots can be of help? And as a Retailer your first and foremost concern is for your customers. You know that a positive experience for the customer, whether you are a brick-and-mortar, eCommerce or a hybrid company, stems from the ease in which the customer can search, try, buy or return goods. Retaining customers and earning their loyalty are the keys to a successful retail company. RPA can free-up human employees to focus more on other things like the customer’s needs, new product ideas, and so on. It saves precious time and money, delivering a real ROI to the business.
Oil, gas, and energy companies have primarily been focusing on applying automation technology to equipment and operations in the field and have seen great success with this method on the bottom line. But if the industry is turning to automation to save time and money out in the field, then why not implement similar technologies in back-office operations?