The worldwide market for Robotic Process Automation (RPA) services will reach $7.7 billion next year and will grow to $12 billion in 2023, “propelled by a need to establish governance and operating models around RPA platforms,” says Forrester.
Organizations today are increasingly adopting new age technologies such as IoT, cognitive computing and task-level Robotic Process Automation (RPA) to overcome challenges faced such as reducing Total Cost of Ownership (TCO), increasing workforce efficiency, minimizing human error and so on. RPA can automate repetitive tasks that previously required human effort.
Where can RPA be applied?
Why Automate Repetitive Tasks?
Automating mundane tasks saves time and money. However, the benefits are not limited to saving time or money. Automation also improves reliability and remove human error from the equation.
Benefits of RPA
Analytical Capabilities
Whenever a process is executed through RPA, a process log is generated. This log contains wealth of operational Information which can be further analyzed to derive insights and accelerate decision-making. It will also enable businesses to improve processes and optimize their operations.
Regulatory Adherence
Regulatory compliance is a crucial aspect for companies that are going global. A fully RPA-enabled process would empower organizations to keep track of every operational aspect and also ensure thorough documentation. This would result in organizations being better compliant with industry and regional regulations.
Better Efficiency
With RPA, a business can have automated processes functioning 24x7x365. Along with high availability, it also ensures a lesser TAT, zero errors and 100% efficiency. Certainly, a dream employee that every business wants.
Employee Productivity
Customer Delight
Where can RPA be applied?
Quote Generation, Invoice Creation and Distribution etc.
Registering new accounts and contacts, querying information from CRM, help desk and case management
Tech support, HR and mundane tasks in day-to-day operations
• Account details retrieval • Product & Services Information • Requests & Services
• Tour Enquiries
• Ticket Booking
• Fetching Passengers Details
• Intake of Vendor Invoices
• Auto-assign Invoices
• Premium and Policy Information
• Claim Processing
• Policy Clearance
• Order Tracking & Status
• Payment Status
• Inventory Updates
Latest Trends in RPA
Hyperautomation
The year 2020 marks the beginning of the era of something new, which takes automation to another level, infusing more intelligence to automation – Gartner calls it Hyperautomation
Hyperautomation permits organizations to automate more complex work. Where automation can be the simple optimization of task processes (where you set up a bot to perform a series of tasks) hyperautomation has an extra layer of robotic ‘intelligence’ that makes the processes even smarter.
Cognitive Automation
Cognitive automation, unlike other types of artificial intelligence, is designed to imitate the way humans think. Cognitive automation mimics human behavior, which is in many ways more complex than the actions and tasks mimicked by RPA processes.
Why Clover Infotech as an RPA service provider?
The automation helped in 65% reduction in man-hours on data validation for a leading bank.
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The automation facilitated faster and seamless account opening for a leading bank.
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The automation enabled faster resolution of queries and enhanced customer ratings for a leading general insurance company.
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