Covering Disruptive Technology Powering Business in The Digital Age

You may have heard about the benefits of robotic process automation (RPA), the technology that allows companies to use software to handle high-volume, repeatable tasks typically performed by human staff. But to better understand the advantages of RPA, it may be helpful to know how RPA is being implemented and used in the real world. To help you, we list down some of the use cases of RPA in different industries.

Banking & Finance – The FI industry is a perfect example of a business that involves the manual processing of large volumes of sensitive and confidential data on a day to day basis. RPA can be trained to do many of the mundane tasks. For example, when it comes to fraud detection, RPA has the ability to thoroughly and quickly browse through external and internal databases to flag any suspicious activity involving the bank’s client and compile a report for a human fraud prevention analyst.

When it comes to credit card applications, RPA can take over the standard tasks of gathering all the necessary documents and make the required credit checks on applicants and if they are eligible, issue new cards, all without human intervention.

Many banks are already implementing RPA technology to their core operations, such as to update customer data, check validation procedures, perform accounting reconciliations and compile compliance reports.

Human Resources and Payroll – Just like in the other use cases, RPA is not used to replace existing HR or payroll software, but rather to augment human staff in completing labour intensive tasks as well as tasks that involve extensive, multi-step processes and multiple systems.

Data management can be a complex and time-consuming task for HR departments. RPA allows companies to keep a handle on all their data, which typically includes data on employees (past and current) and contractors across different office locations and branches. RPA relieves employees from having to manually add, update or delete the information into the HR system.

In the event of employee onboarding/offboarding, RPA can streamline any relevant information across disparate corporate systems efficiently while taking human error out of the equation. RPA can also automate highly repetitive payroll processes (which often involve large volumes of data entry) to help organisations gain better accuracy while reducing processing times.

Manufacturing – In this industry, for many years physical robots have already been used on the assembly line and production floor to increase the scale of factory automation. Now, robots can also be used to streamline software processes in the back office.

Inventory control, for example, is a labour-intensive manual process that’s often problematic and highly reliant on supplier delivery and customer demand. RPA can automate mundane and repetitive tasks such as manage product inventory, communicate with suppliers, monitor customer demand and process orders and payments. In short, it greatly simplifies complex managerial processes and frees up human employees to focus on tasks that drive the business forward.

Retail – One of the most important goals for retailers is to continually improve the customer experience. In the digital age especially, customers are expecting everything to be quick, responsive and seamless or they will just take their business to a competitor. RPA can be crucial in the sense that it helps retailers to significantly cut out inefficient and mundane processes, improve response times, quickly gather information and transfer data across different platforms, and track trends in supply and demand to better predict how much inventory to keep in stock.

These implementations are just a few examples of how robotic process automation is being used in the real world to improve business efficiency while reducing operational costs. The key takeaway is that RPA can help automate any manual, monotonous task that is rules-based and repeatable, across any environment. So it isn’t surprising that RPA is becoming such a disruptive technology that is gaining a foothold across many industries.

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