The number of businesses that have a need for
RPA in the US has grown exponentially as customers come to expect the speed and
ease of technology-assisted transactions.
Robotic process automation offers massive
advantages for businesses in everything from labor costs to speed of sales to
quality customer service.
But not all businesses can use RPA to their
advantage…yet.
It’s only a matter of time and creativity
before RPA filters through every part of the business world and even helps out
consumers in their daily lives.
For now, let’s take a look at the industries
that can immediately take advantage of what robotic process automation has to
offer.
What RPA Excels At
There’s a lot of concern about RPA taking away
jobs. It replaces the human labor involved in data entry. But it’s providing
more skilled, high-income opportunities for workers. It also frees skilled
employees from their time-consuming, repetitive tasks.
RPA, not to be confused with AI or machine
learning, does what it’s told. Machine learning/AI does the thinking. RPA
executes the plan. The differences between the two are similar to building a
model train set. The train (RPA) can only follow the track laid out for it. It
needs a person (or AI in our example) to decide where the track goes.
RPA, in its current form, excels at several
things: user interface interaction, high volume data and data management, and
imitating repetitive, tedious human tasks.
Let’s say, for example, you run a company in
the insurance industry. Your business likely uses several different software
applications during the course of a sale. Someone in the back office may need
to take a prospect’s information, run quotes through several carrier software
systems, add info into your CRM, and choose any additional marketing funnels
before heading over to an underwriting system.
RPA can do all of those tasks, minimizing data
entry errors along the way. If anything can be taught to an employee with an
“If A, then do B” thought process, then RPA can do faster and with fewer (if
any) errors.
If you want to build on the advantages of
robotic process automation, layering on its more intelligent cousin, Hyper-automation, can start streamlining business
operations to improve profits further.
So what industries have the best position to
take advantage of this right now?
Businesses that Have Need for RPA
in the US
The industries that need RPA the most right
now are the ones that handle large volumes of data. More importantly,
businesses that need to process large volumes of data accurately are the ones
that will benefit most from RPA software.
Healthcare
Remember the days when you had to wait a week
for your primary care physician to send your records to the specialist, then
wait another week for the specialist to send the results back? That doesn't
have to happen anymore.
RPA can improve efficiency in healthcare, not
just in the records department. Medical centers can benefit from increased
speed and accuracy when handling health insurance claims.
A sizeable percentage of hospital staff
dedicate their time to administration. Making their jobs easier by automating
data entry tasks and improving accuracy will improve patient care too.
Human Resources
Sifting through a volume of job applications
can feel daunting to even the most seasoned hiring manager.
RPA software and quickly sift through
candidates, looking for keywords, years of experience, education, or any other
factor your business might use to narrow down the potential hires.
Stepping beyond hiring, RPA can assist in
everything from approving vacation time, benefits packages, scheduling, and
even payroll.
Insurance
Insurance, as an industry, has the advantage
of being an arena where competing on customer service offers the biggest
competitive advantage.
20 years ago, when Progressive started their
national ad campaign showing that someone looking for car insurance could get
quotes from several different insurers by entering their information only one
time let them absorb an enormous market share. Customers loved it because it
saved time, and they didn’t get birthday cards from companies wanting to sell
them insurance for the next several years.
Convenience proved key when providing
something for customers that they don’t necessarily want but know they need.
Now, RPA can handle straightforward claims in
less than a day - sometimes minutes. Independent agencies and general agencies
can enter information once and immediately have a beautiful apples-to-apples
comparison between insurers for clients to choose from. Naturally, the data
there can easily transfer into binding and underwriting.
In many sectors of insurance, RPA also allows
for instant underwriting decisions. Waiting two months to get a life insurance
policy can be a thing of the past for smaller, low-risk policies. When faced
between the choice of a policy that can check “get life insurance” off of a client’s
to-do list in less than a day versus a policy that requires full underwriting
complete with a medical exam that checks off the task in six or eight weeks,
you can guess which company will get more business.
Explore more ways that robotic process automation can
transform an insurance business.
Financial Services
Arguably even more regulated than insurance is
the finance industry.
Accounting, compliance, reporting, and endless
data updates as people move and their situations change makes the accuracy and
speed of robotic process automation a necessity.
Other financial businesses that have need for
RPA in the US include banking, retirement planners, CPAs, and investment
services. All of those industries require rigorous recordkeeping, attention to
detail, and strict adherence to compliance measures.
RPA can automate the process, validating data
for opening accounts or comparing assets - all saving time for the client while
increasing customer service satisfaction. It can also speed up the loan
approval process, a helpful advantage in sellers' markets for vehicles and
housing.
Other advantages in this sector include data
migration and quality reporting.
It can reduce the labor hours involved in data
entry and improve employee job satisfaction by eliminating the less desirable
tasks in their workflow process.
Other Industries That Can Use RPA
These four industries have begun taking
advantage of the labor-saving and customer service advantages that RPA has to
offer. But that doesn’t mean the usefulness stops there.
Other industries are beginning to implement
customer systems, too, such as:
●
Retail
●
Telecom
●
Manufacturing
●
Fashion
●
Utilities
●
Food Service
●
Marketing
●
Law
●
E-commerce
The uses of robotic process automation only
slow when imagination does. As businesses talk to their employees about
redundant processes, time-consuming tasks, and low-value tasks, it’s easy to
see what can be quickly and easily automated.
Whether it’s an out-of-the-box system or
custom-built software, automating the tasks better left to the precision of
robotic software can reduce payroll costs, increase productivity, improve
customer satisfaction, and give your company a competitive advantage over your
competitors.
At RD Global, we provide businesses in
insurance and healthcare with the digital solutions they need to take their
business into the digital age of on-demand convenience. Our in-house team of
automation specialists builds custom insurtech to fit a company’s culture and
smooth the digital transition.
Schedule a discovery call today to see if RD
Global can solve your company’s automation challenges and improve the metrics
that matter to you.
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