Robotics process automation is driving the 4th industrial revolution. Together with artificial intelligence and machine learning, the technologies are creating opportunities for increasing scalability, reducing errors, improving compliance and cost savings.
The cloud can connect disconnected or discrete systems, virtualize resources and crunch big data at fast speeds. The technologies free employees from repetitive tasks, empowering them to be more strategic and innovative in the workplace.
In addition to routine process automation of repetitive tasks, robotic process automation tools can provide actionable insights into what has occurred, what’s happening and what’s yet to take place.
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By 2025, the robotic process automation (RPA) market is expected to hit $3.97 billion, growing at a 31.1% CAGR rate within the duration. With the technologies, companies are able to overcome various challenges and meet the expectations of their consumers.
Instead of replacing employees, robotic process automation implementation improves the employee experience. It enables businesses to focus on more critical business functions.
Businesses and the environments where they operate continuously change. Therefore, it’s important for enterprises to evolve their sales, product, marketing, and other business processes to keep up with the changes. Continuous evolution keeps the business relevant and ensures it continues to grow.
Most businesses use many standalone (disconnected) IT systems to perform their operations. When a change occurs in business processes, updating the disconnected systems becomes difficult due to time, budget and deployment complexity constraints. Therefore, the enterprise processes don’t map the IT system technical processes.
Companies hire human workers to fill in the gap between business processes and IT systems to help overcome the organization and technology gap. For example, the introduction of a 50% advance payments in the sale process to book products or services means a human worker has to confirm invoices and payment details manually if the change isn’t reflected in the IT system.
Whenever a change occurs in a business process, it becomes necessary to either train existing employees or hires new ones to map the business process and the IT system. Although the solution is viable, it’s time-consuming and costly. The same applies to succeed changes in the business process.
So, what’s the importance or benefits of robotic process automation?
Robotic process automation implementation can benefit various businesses in the following ways:
Despite the many benefits of RPA robots, they’re limited to application speed. Moreover, every change that occurs in the automation application, even the smallest, requires reconfiguration of the robot.
Robotic process automation use cases differ in industries across the globe. Here’re a few examples of robotic process automation application in various industries:
It’s used for:
RPA has been adopted in various industries, such as insurance and healthcare, as explained above. Here’re a couple of RPA use cases in the life sciences and insurance industries.
Life sciences’ operational areas feature rules-based tasks such as sales force operations and trials of clinical drugs. Therefore, the industry can benefit from robotic process automation implementation to reduce costs and improve productivity.
However, most companies in the industry are yet to adopt robotic process automation tools. This has been attributed to the stringent requirements for validation in the highly regulated industry. The few businesses that have adopted the technology are using it in the earliest phases of robotic process automation implementation.
A good example of RPA adoption in the industry is the AstraZeneca initiative that automates the “adverse event” reporting associated with tiresome manual tasks. The Patient Safety Teams of AstraZeneca manage over 100,000 similar cases across the world on a yearly basis.
The manual work involves extensive paperwork and constant communication between the company and its patients, staff, and doctors. As such, AstraZeneca has automated all follow-up activities associated with communications to reduce manual employee workloads.
The automation has also enabled it to manage pending workloads and concentrate on activities that add value to the business. As a result, it has reduced costs and improved compliance without compromising on process quality.
RPA is a transformative driver that’s fueling growth in the insurance at 60.5% compound growth rate every year. The technology is being adopted in the industry at a rate of 93%. It has become a standard in the industry, unlike in other industries where it’s still perceived as a new innovation.
It helps insurance companies to reduce costs, enhance efficiencies and assess risks in better ways. Insurance companies are also better placed to identify and mitigate frauds.
RPA use cases in insurance range from policy cancellations to automation of claims forms and onboarding, among other functions.
A good example of robotic process automation in insurance is Switzerland’s Zurich Insurance Group, the largest insurer in the country. It automated about 48 workflows using robotic process automation tools and reported cost savings of up to $1 billion.
The technology lowered costs related to processing claims by up to 30%. It also reduced the payment window from the industry standard of 50 days to less than 7 days.
RPA robots help automate industries and more countries are adopting the technology with the Republic of Korea taking the lead.
Robotic process automation trends have led to increased implementation of the technology. As a result, there are increased robotic process automation jobs in the USA and other western countries.
Although Australia doesn’t appear in the top 10 most automated countries worldwide, the robotic process automation in Australia will hit $5 billion by 2024. Here’re some nations that have made it in the top 5 automated countries worldwide.
Contact us for more information on robotic process automation tools and how they can benefit your small or large business.
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