Robotic Process Automation is Revolutionizing Industry

Sophisticated RPA Technology is Changing the Way Businesses Operate

Robotic Process Automation (RPA) continues its unprecedented growth in the worldwide software market. Thanks to RPA technology, digital transformation can be facilitated across the board. While RPA software can be adopted in many different types of industries, it is particularly useful with respect to logistics companies, banks, and insurance corporations. Wherever manual information technology processes are used vis-a-vis legacy systems, RPA technology can be implemented as an enhancement, or an overlay system, to existing infrastructure.

It comes as no surprise that the rapid advances in IT have facilitated software that can easily perform the functions of a human worker with greater speed, precision, and cost effectiveness. RPA is not designed to replace the entire workforce; it is a targeted technology for routine activity, thereby allowing human workers to perform higher-level functions such as problem- solving, interacting with customers, and coordination of strategic objectives with co-workers.

The bedrock upon which RPA technology is built comprises a set of predefined rules. Once these instructions have been set, the robotic element a.k.a. the bot or robot is given a set of parameters within which to operate. Robotic Process Automation can certainly drive business growth, and that’s why it has been deemed intelligent automation in many circles. A 2018 study by Forrester Research found that RPA technology can perform 87.5% of activities on its own, in a timely fashion. In the same year, RPA technology grew at a steady clip of 63%. The broad ranging appeal of this technology is that it can interact with systems and processes just as easily as a human worker in the same role.

Barriers to Implementing RPA Technology in Industry
Resistance to change is an indelible human characteristic. Human nature serves as the biggest obstacle to RPA adoption. However, this reluctance to implement new technology is often rendered null and void when the industry understands the merits of implementing it. In order to succeed with RPA, business stakeholders must first identify and assess the way that this technology can be of benefit. Next, employees must be engaged and the merits of RPA must be communicated to all. Internal stakeholders have an integral part to play in this process. The third step requires crafting a framework – a plan – for meeting tactical and strategic objectives. Finally, the RPA system should be implemented and its effectiveness evaluated to determine any discrepancies from the pre-stated objectives.

RPA Revolutionizes the Banking Industry in a Big Way
In the banking industry, many tasks can easily be carried out with Robotic Process Automation. Since so many things are process driven, there is always the probability of error. With RPA tech, it is entirely possible to avoid many of the costly human mistakes that are typically made. An in-depth report conducted by KPMG found that banks will be saving substantial sums of money by largely replacing existing offshore jobs with RPA tech. This will be evident in the areas of customer service, risk management, compliance, and mortgage lending.

RPA Technology in Logistics Management
Whether it’s business to customer, or business to business, the logistics industry can benefit greatly from robotic process automation. For starters, RPA can ensure that unsafe work environments are made safe by way of automated machines. This reduces unnecessary stress on employees and cuts down on injury / compensation/sickness in the workplace. This naturally leads to higher employee satisfaction rates and greater job retention. Cost-cutting is a byproduct of reduced need for human workers. This means more profits, fewer expenses, and greater margins. Logistics companies will be able to invest heavily in increasing company efficiency, focusing on employee loyalty and employee satisfaction.

RPA Dramatically Revolutionizes the Insurance Industry
The insurance industry is a clear example of process-driven activities. It is an arduous undertaking receiving claims, processing claims, and auditing claims on a daily basis. Each receipt can take several days to process, costing companies substantial sums of money and making tremendous use of human resources. Not only do these delays eat into the insurance company’s bottom line and ultimately raise premiums, they also run the risk of the insurance company losing customers in the process.

By implementing scalable RPA technology in insurance companies, dramatic reductions in processing time are a natural byproduct. With RPA technology on deck, insurance company employees can focus on the dual objectives of client acquisition, and customer satisfaction. Top-quality RPA technology like Kryon can substantially improve accuracy with repetitive tasks and routine activities, guarantee reduced errors, and support reductions in processing times.

More broadly speaking, RPA implementation is transforming the way that companies perform back-office functions. This serves to stabilize the department activities, reduce costs, and decrease the time necessary to complete activities. Whether it’s digital marketing, retail management, finance and accounting, transportation, health care, or manufacturing, RPA can turn the tide in a big way. The objective in all cases is clear: revolutionize business processes to increase organizational efficiency, reduce costs, and increase profitability.

The creation of additional workforce systems can certainly be meritorious in and of itself, but RPA also allows companies to divert employees towards significant activities, rather than the performance of routine tasks. This is precisely the revolution that digital transformation brings to companies via RPA. To be successful, RPA technology needs to be scalable, and easily implementable in companies. The workforce must be receptive to the new technology in order for the benefits to be realized.

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