Everything you need to know about ROBOTIC PROCESS AUTOMATION
ROBOTIC PROCESS AUTOMATION
Robotic
Process Automation is the technology that allows anyone today to configure
computer software, or a “robot” to
emulate and integrate the actions of human interacting with digital
systems to execute a business process.
RPA robot
utilize the user interface to capture data and manipulate applications just
like humans do. They communicate with other systems in order to perform large
number of different repeated tasks. The best thing about RPA robot is that it
never sleeps and makes zero mistakes.
WHY RPA IS AN UNIQUE AUTOMATION TOOL AMONG THE OTHERS?
In
comparison to other IT solutions , RPA allows a organizations to automate at a
fraction of the cost time previously encountered. RPA is also non-intrusive in
nature and leverages the existing infrastructure without causing disruption to
underlying systems, which would be difficult and costly to replace. With RPA,
cost efficiency and compliance are no longer an operating cost but a byproduct
of the automation.
HOW IT WORKS?
RPA robots
are capable of mimicking many–if not all–human user actions. They log into
applications, move files and folders, copy and paste data, fill in forms,
extract structured and semi-structured data from documents, scrape browsers,
and more.
Reduce effort in the back office
A global
retailer was using its store closing reports to validate closing information
for each of its registers across hundreds of stores. The store’s employees used
a manual and sluggish process to pull up these reports. By automating the
process the store freed up its employees to now focus on more customer-centric
activities. The RPA robots now move the closing reports to one server, then
read and consolidate the needed information for the store’s closing reports.
Improve customer service in the front
office
A trade
credit insurance company with over 50,000 clients worldwide automated the
credit limit request underwriting process. Underwriters were previously
gathering information manually, from internal (Risk & Policy) to external
(Customer Site, Google News) sources. With RPA, they saved 2,440 hours of human
work a month. Employees now use that time to work directly with customers.
WHAT ARE THE BENEFITS OF RPA?
Source: Google
Robots are
here to stay. The faster you harvest their potential, the faster you create a
competitive edge for your business. Robotic Process Automation delivers direct
profitability while improving accuracy across organizations and industries.
Enabling RPA to handle any processes will not only transform and streamline
your organization’s workflow. It will allow superior scalability and
flexibility within the enterprise, doubled by fast, tailored response to
specific needs. Software robots are easy to train and they integrate seamlessly
into any system. Multiply them, and instantly deploy more as you go. They
constantly report on their progress so you can go even bigger and better by
using operational and business predictability, while improving strategically.
APPLICATIONS OF RPA
There are
several examples of Robotic Process Automation in our day to day tasks. In the
present time, many multinational companies are using this technology to
automate their day to day tasks.By implementing RPA, these companies are
getting accurate, reliable, and consistent outputs with high productivity
rates.
One of the
most important tasks in the Robotic Process Automation program is the right
selection of business processes and activities. It ensures positive results by
automating the tasks that are repetitive and rule-based.
The following list is categorized
into five different sections that display the RPA use cases:
1.Common business processes and
activities
2.Activities in commercial functions
->Sales
->Customer
Relationship Management
3.Activities in support functions
->Tech
Support
->Technology
->Finance
->HR
->Operations ->Procurement
4.Industry-specific activities
Banking,
Insurance, Telecom, Retail.
5.Robotic Process applications for
personal use such as digital assistants
->There are several applications of RPA, but here, we are listing some
of the common application areas:
Quote-to-Cash
It is
considered as an important business process, which is responsible for
increasing revenue for any organization. Organizations are usually dependant on
selling. If there is any issue in the operations side of selling, then it can
lead to customer's complaints.Sometimes, organizations end up selling at
reduced prices due to clerical errors. Automating such sales processes reduces
errors and provides fast service to the customers.
Procure-to-Pay
It is the
process that includes the extraction of invoices and payment data from various
networks such as banks, vendors, logistics companies, etc. These networks
usually do not provide easy integration methods. They generally involve manual
labor to complete the tasks, which can be replaced by the RPA bots. It is the
best way to fill integration gaps with a fully automated procure-to-pay.
Customer On boarding
Most of the
B2C (Business-to-Consumer) organizations are following a customer on boarding
process. They must maintain good relations with their customers so that
customers start using their products. Using cognitive automation and OCR
(Optical Character Reader), most of the customer on boarding tasks can be
easily done. It can be applied even in companies that rely on legacy systems,
which will help in improving the customer experience.
Employee On boarding
The process
of setting up and on boarding new employees is labor-intensive and time-taking
for HR and IT analysts. It includes a series of tasks such as creating new
accounts, email addresses, access rights, etc. Because of the rule-based and
repetitive nature of employee onboard activities, it can be automated to apply
pre-defined workflow once the new user account is created. RPA bots can be
assigned to send notifications and documents via email to new employees.
Data Entry
Most
companies are still using legacy systems to perform critical functions. A
legacy billing system is an example of such systems. It needs to interact with
other systems that may not have the capability to get required data from APIs.
In such cases, employees manually perform tasks to migrate the data using
formats like CSV. With the implementation of RPA, manual labor, and unexpected
clerical errors, can be reduced to the minimum
level. Organizations can also automate
entire workflows of data entries, which can maximize productivity by reducing
the time.
Data Validation
RPA is more
suitable than any other tools to perform data validation tasks such as checking
the accuracy and quality of source data before using, importing, or processing the
data. The primary aim is to create data that is consistent, accurate, and
complete, so there will not be any data loss and errors during a transfer.
Extracting Data from PDFs, Scanned
Documents and other Formats
With
technologies like Screen Scraping, OCR, and basic pattern recognition, data can
be easily extracted from different formats, which will help to reduce the
requirement of inputting the data manually.
Periodic Report Preparation
In every
business, employees need to prepare regular reports to inform managers about
their work and progress. Preparing such reports and sending them to the
managers may distract employees. RPA solutions can be applied to auto-generate
reports, analyze their contents, and further email them to relevant managers.
Creating and Developing Invoices
Since
automation is faster than manual processes, customers will get the invoices
earlier, including earlier payments and improved cash-flow. The process of
generating invoices and sending it to the customers can also be automated.
Price Comparison
With the
implementation of RPA, it is possible to keep track of the fluctuating prices.
Software bots can easily create a summary of prices and also extract data for
the best pricing.
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