What is Robotic Process Automation?
Robotic Process Automation is a software robot that mimics and integrates human actions within digital systems to run a business process. It is a type of business process automation that uses a set of instructions to execute error-free tasks at high speed and volume. The biggest competitive advantage of RPA is that it can be implemented without making changes to existing systems. It is faster, scalable, more reliable, and works without the need for any complicated IT integrations.
Why Robotic Process Automation?
- The global robotic process automation market size is expected to reach $11 billion by 2027, expanding at a CAGR of 34% from 2020 to 2027 (Grand View Research).
- 50% of companies spend between $5- $25 for manual invoice processing (Automation Anywhere)
- McKinsey and Co. suggest that around 45% of the tasks in a business can be automated.
- Organizations that implement RPA can reduce costs from 35-65% for onshore process operations and 10-30% for offshore delivery (NASSCOM).
Robotic Process Automation Vs. Traditional IT
Unlike other traditional IT solutions, RPA doesn’t require modifying existing IT infrastructure and can automate repetitive, rule-based tasks. Since it doesn’t require knowledge of programming skills to execute tasks, it is quick to implement and can be integrated with several applications for a seamless flow of information.
Key Highlights
-
Doesn’t disrupt existing systems
-
Highly scalable
-
Doesn’t directly involve IT
-
Less upfront investment
-
Quick benefit realization
How to Evaluate Process For RPA?
Here are four basic checkoffs when identifying a process for RPA:
- The process must be rule-based.
- The process must be repetitive or have a pre-defined trigger.
- The process needs to have defined inputs and outputs.
- The process should have a high volume of tasks.
Process discovery can be a challenging task, and when done incorrectly, can lead to RPA implementation failure. Let us help you get started with your digital transformation journey. Schedule a consulting session to know more.
Contact UsHow does Robotic Process Automation work?
Robotic Process Automation bots are capable of mimicking human actions, such as logging into the system, copy-pasting data, moving files and folders, etc.
Watch the video to see the RPA bot in action
Watch VideoApplication of Robotic Process Automation
RPA can be deployed in nearly every sector for notable, positive effects on the return on investment. Here are some of the applications of this game-changing technology in various industries:
- Financial and Banking
- Healthcare
- Telecommunications
- Manufacturing
- Hospitality
- Retail and Consumer Goods
- Insurance
- Government
- Streamline accounting
- Automate reconciliations
- Reduce data entry costs by up to 70%
- Ensure higher compliance
- Patient appointment and scheduling
- Revenue cycle management
- Internal audit procedures
- Patient engagement and satisfaction initiatives
- Invoice and purchase order processing
- Network management
- Customer onboarding and offboarding
- Expense control
- Ordering supplies
- Creating and filing invoices
- Customer Support and Service Desk
- Inventory management
- Claims processing and complaints handling
- Room booking
- Competitor pricing analysis
- Enhanced analytics and reporting
- Store planning and inventory management
- Marketing planning
- ERP and work order management
- Customer support and returns processing
- New Business & Underwriting
- Claims Processing
- Form registration and other manual data entry
- Regulatory Compliance
- Document handling and validation
- Reconciliation and reporting
- Form processing
- Financial management and audit trail
Benefits of Implementing Robotic Process Automation
Increase Productivity
Increase Efficiency
Enhance Accuracy
Higher Security
Highly Scalable
Better Analytics
Superior Customer Service
Non-disruptive
Read more about
Robotic Process Automation?
How Nuummite Consulting Can Help You?
Get an unmatched RPA implementation experience with our RPA experts. Contact us today to see how the robot revolution can help you save costs and be more productive and efficient.