RPA, or Robotic Process Automation, is the system that assists organizations in automating their workflows in several departments and platforms. It is different from other automation solutions as it comprises programming language, the bot, orchestration modules, and interaction capabilities.
RPA helps automate the manual process and reduces human workload and operational costs. According to a study, it can reduce back-office operations by 70%.
In this article, you will learn several sectors where RPA has improved the business.
Best RPA Use Cases
We have tried to compile the industries and sectors where RPA can be utilized. It has proved to be beneficial for industries of all sizes, including banking, healthcare, customer care, finance, retail, IT, and many more.
1. Banking
To streamline the process efficiency and reduce operational costs, banks use the RPA approach. With excessive consumer data from customers and manual workflow, the chances of errors are high.
RPA, thus, helps the Banking industry in many ways:
It credits the payable amount automatically to the vendor’s account.
Sends notifications to the customer for any transaction done on their account or for prompting any document required for any other related process.
Many applications like opening accounts, KYC, mortgage loans, credit card payments, etc, can be done much faster with RPA.
Manages multiple records from multiple sources at the same time.
It is easier for banks to identify fraud accounts and investigate further with RPA.
2. Customer Care
Managing customer care is a challenging task for any organization. That’s why customer care industries rely upon RPA in several ways:
RPA bots automatically extract customer information from records for verification and create their accounts.
Automatically notifies customers of the latest updates through emails and messages.
Regularly updates the CRM data.
Analyzes customer complaints and updates them on the sheets.
3. Information Technology
RPA serves countless purposes in information technology environments. Incorporating artificial intelligence, natural language processing, and machine learning, simplifies the procedures of IT administration.
It strengthens the audit functions.
Manages user and infrastructure.
Helps in security orchestration and responses.
Reduces compute and operational costs.
4. Retail
The retail industry involves massive consumer engagements, stock handling, supply chain management, and market analysis. RPA helps this industry in several ways:
It facilitates return processing by managing returns and altering database and billing automatically.
With RPA, companies can provide 24/7, quick, and responsive customer support.
It effectively manages the workflow, including audits, sales, payroll, and leave management.
RPA-based ERP management helps easy tracking of billing, price changes, sales, etc.
This technology helps assess the market, ascertain the campaign budget, and analyze consumer behavior.
Manages assets by automating demand and supply processes and increases consumer satisfaction.
5. Manufacturing
The manufacturing industry is also improving by implementing RPA in its processes.
It helps organize the data and eliminate human errors.
RPA bots quickly generate multiple purchase order requests.
Monitors inventory levels with real-time information.
Ensures seamless conversation between different stages of the supply chain.
Automizes other administrative tasks like creating and filling invoices, documentation of transactions, setting meeting schedules, etc.
6. Healthcare
RPA contributes to the efficiency of healthcare providers. This allows them to devote more time to patient care.
Automates the process of maintaining multiple medical records of patients, entries, and billing.
Reduces paperwork and human error.
Provides better healthcare monitoring.
Reduction in operational cost, so the money is utilized in improving patient care facilities.
7. Property Management
Property management or real estate companies also improve efficiency by implying RPA in their environment. It helps property managers in several ways:
It automatically uploads the downloaded bank statements for comparison and reconciliation with the general ledger.
Creates new requests and processes them.
Easily compares the GL codes with the budget and indicates any mismatches.
Updates the bank information and sends it to GL for correction.
Fixes all the incorrect payment transfers.
Improves security and reduces errors.
RPA has proven significant in automating property management processes in the real estate business. Some of its other benefits are-
Tenant Onboarding- RPA handles the tenant onboarding process as it can easily create tenant applications and verify the details mentioned in the forms.
Manages Assets’ Portfolio- With RPA, property managers can easily select the sold or rented properties from ERP and update it on several sites to offer better visibility into their properties.
Simplifies NAV Calculations- RAP facilitates calculating the net assets value without the risk of errors.
Better Compliance- Real estate firms can improve AML/KYC compliance by automatically extracting customer data from ERP sources, sending emails to customers, and minimizing human contact with confidential data.
8. Finance
Many enterprises use RPA to automate their financial tasks. To improve the accuracy of financial forecasts, finance robotic automation is required.
RPA bots can handle massive financial data with speed and precision.
It covers all the time-consuming tasks like data entry, invoice processing, and reconciliation.
Automates data gathering and validation process.
RPA also optimizes the accounts payable and receivable processes.
With the effective use of AI, finance companies can improve cash flow management, reduce late payments, and strengthen customer relationships.
Conclusion
With the increasing use of technology and implementation of RPA in various organizations, the potential for productivity gains and innovation is constantly growing.
RPA bots systematically collect, analyze, and report data and provide a comprehensive of the organization’s status. It’s improving the accuracy and overall efficiency of organizations.
It is now applicable to almost every sphere of business. Integrating RPA technology into existing workflows is crucial in shaping the future of your business.