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 a human interacting within digital systems to execute a business process. RPA robots utilize the user interface to capture data and manipulate applications just like humans do. They interpret, trigger responses and communicate with other systems in order to perform on a vast variety of repetitive tasks. In other words it is the use of software with artificial intelligence (AI) and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. These tasks can include queries, calculations and maintenance of records and transactions.

Need for RPA

RPA improves business outcomes like customer satisfaction and enables competitive advantages by freeing humans to do what they do best—solving problems, improving processes, conducting analysis, and other value-added work—resulting in higher employee engagement and new revenue opportunities.

Benefits of RPA

Robotic process automation technology can help organizations on their digital transformation journeys by doing the following:

• enabling better customer service;
• ensuring business operations and processes comply with regulations and standards;
• allowing processes to be completed much more rapidly;
• providing improved efficiency by digitizing and auditing process data;
• creating cost savings for manual and repetitive tasks; and
• enabling employees to be more productive.

Application of RPA

Some of the top applications of RPA include the following:

·        Customer service: RPA can help companies offer better customer service by automating contact center tasks, including verifying e-signatures, uploading scanned documents and verifying information for automatic approvals or rejections.

·        Accounting: Organizations can use RPA for general accounting, operational accounting, transactional reporting and budgeting.

·        Financial services: Companies in the financial services industry can use RPA for foreign exchange payments, automating account openings and closings, managing audit requests and processing insurance claims.

·        Healthcare: Medical organizations can use RPA for handling patient records, claims, customer support, account management, billing, reporting and analytics.

·        Human resources: RPA can automate HR tasks, including onboarding and offboarding, updating employee information and time sheet submission processes.

·        Supply chain management: RPA can be used for procurement, automating order processing and payments, monitoring inventory levels and tracking shipments.

What to look for in RPA software

·        When enterprise leaders look for RPA technologies, they should consider a number of things:

·        Scalability: Organizations shouldn't select RPA software that requires them to deploy software robots to desktops or virtualized environments. They should look for RPA platforms that can be centrally managed and scale massively.

·        Speed: Enterprises should be able to design and test new robotic processes in a few hours or less, as well as optimize the bots to work quickly.

·        Reliability: As companies launch robots to automate hundreds or even thousands of tasks, they should look for tools with built-in monitoring and analytics that enable them to monitor the health of their systems.

·        Simplicity: Organizations should look for products that are simple enough that any employee in the business can build and use them to handle various kinds of work, including collecting data and turning content into information that enables leaders to make the best business decisions.

·        Intelligence: The best RPA tools can support simple task-based activities, read and write to any data source, and take advantage of more advanced learning to further improve automation.

·        Enterprise-class: Companies should look for tools that are built from the ground up for enterprise-grade scalability, reliability and manageability.

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