30 Jan, 2020 | Blogs
The robotic apocalypse is here, or is it? Can a cutting-edge, new technology like RPA change the way we work and be used for old processes? According to industry experts and RPA early organizational adopters, the answer is yes! That’s because RPA automates repetitive routine work and allows humans to focus on more strategic assignments.
How RPA Can Change Our Workplace?
Despite several benefits of this technology, many people wonder if robots will take their job and will there be an unemployment Armageddon. Fortunately, no! Most of the early RPA adopters have not laid-off workers but reallocated them to knowledge-based, strategic tasks. RPA takes the bot out of the human and relieves employees from their mundane repetitive work. Let’s look at some of the other ways RPA is changing the way we work:
Manage Data
RPA lets you automate a variety of tasks, including data cleansing for effective marketing and sales. With an RPA bot, companies can identify and monitor client activities to identify upselling opportunities. These bots can segment campaign data and prepare it for renewals and subscriptions. RPA is also changing the way we work for collecting data since it can assist in information gathering through web scraping and disseminate it for effective sales and marketing activities.
Monitor Data
RPA bots can help organizations monitor the policy status of their client database. With the large volume of data scanned within seconds, bots can identify opportunities and gaps for discounts. This can help the sales and marketing team to send highly targeted emails to prospects for maximum conversion. In insurance, it can speed up claims processing for enhanced customer experience. Read more about claims processing here.
Proactive Issue Identification
Bots can proactively identify issues and replace reactive troubleshooting associated with bulk shipments. It can reduce cycle time by automating the packaging process, tracking shipments status, and recording price quotes into an application.
Mitigate Risk
With stringent data privacy regulations, RPA can play a crucial role in alleviating a huge administrative burden of ensuring data privacy. RPA can capture relevant information, interpret it, perform assigned tasks, and provide a quick result regardless of data center and format. This, in return, helps in providing speedy responses to incoming requests and keeping an audit trail without human intervention.
New Technology for Old Processes
For all the rules-driven business processes, RPA has been pivotal in improving accuracy, turnaround time and productivity. For such processes, RPA is changing the way we work by providing consistency and quality output. When it comes to departments like IT, Marketing, Human Resources, and Accounting, robotics-based applications can offer a competitive edge to early adopters. However, this technology’s implementation is often met with resistance, especially when the common perception is that robots will usurp people’s jobs. Other roadblocks in implementation of this technology include automating non-suitable processes, unable to get executive buy-in, unrealistic goals, employee on-boarding, unable to achieve ROI target, lack of infrastructure, security concerns, etc. To overcome these challenges and drive adoption, leaders will have to work with internal departments to propel grassroots empowerment of its users.
RPA in Different Industries
The adoption of RPA is increasingly becoming popular in several industries such as Medicare, Insurance, Retail, Finance, etc. Let’s have a look at some of the ways RPA is changing how things are done in these industries.
Healthcare: Bots are being used to fill and retrieve patient medical history, organize records, process claims, and prepare reports for the top management. Click here to learn more about RPA’s role in the Healthcare industry.
Insurance: Robotics-based applications are used in claims processing, archiving customer information and pull relevant data for issuing and renewing new policies.
Finance: Over and above the end to end processing of financial transactions, RPA is making a mark in the area of foreign exchange management and currency transfers. RPA is also streamlining the auditing system for promoting transparency to deter fraud.
Retail: Customers are getting real-time information about their product’s journey from processing, shipping, and delivery through RPA. This brings more accuracy and control in managing the logistics for any company. With RPA handling logistics, employees can focus on more strategic assignments, offer better customer experience and avert fire-fighting situations.
Law: Any legal practice requires in-depth research of case-relate information and handling voluminous paperwork. This work can, at times, be repetitive and tedious. That is why RPA is gaining popularity within law firms to take care of their mundane research, allowing staff to the idea and do more value-enriched tasks.
Final Thoughts
RPA has a huge potential to fundamentally change the way we work. In times when digital transformation is taking the center stage, RPA and other cognitive technologies are here to stay. Not only does RPA automate the old, rule-based processes, but it increases efficiency, saves costs and optimize business processes. In other words, it takes the sting out of tedious, repetitive tasks to streamline back-office assignments.
If you are looking for ways to let RPA change the way you work, then book a free consultation now!