5 Benefits of RPA Software
The digital transformation of industries, such as healthcare management and banking, has changed the expectations of their customers. Companies who haven’t embraced newer technologies, such as RPA software (robotic process automation) may find themselves struggling to keep up with other, more innovative companies.
Results have shown that the use of RPA software can increase capacity and efficiency, allowing a company a competitive edge over those with legacy systems. By automating repetitive and rule-based processes, robotic process automation increases accuracy and speed, all the while, reducing costs.
What is robotic process automation?
RPA software does not replace human beings, rather, it aids them in their work by automating multi-step, repetitive, rule-based tasks. All business units have these types of repetitive tasks.
- Accounting – Invoicing, overdue notices, reporting, month-end closing
- Purchasing – Management of suppliers and contracts
- Treasury – Account reconciliation and reporting
- Human Resources – Recruiting and employee onboarding
- Operations – Business process automation and data management
When you automate these kinds of transactions, you free up employees to focus on more complex, higher-level issues.
According to UiPath,
“External experts have estimated that up to 36% of healthcare has the potential for automation With RPA unattended robots, UiPath estimates up to 60% of tasks completed by healthcare professionals can be automated…Up to 95% of claims management tasks for healthcare payers can move faster and be completed more accurately with RPA.”
How does RPA software work?
Customization of a company’s automation tools depends on a number of things. Typically, the RPA software must be integrated with other digital technology being used. For example –
- Enterprise Content Management (ECM)
- Business Process Management (BPM)
- Intelligent Classification and Capture
Tasks can be managed at many different levels, including desktop, web, or even by command lines. The user interface can also be customized according to the process.
RPA software can be customized to meet the needs of your specific application and processes.
What are the benefits of RPA?
1. Reduction of Human Error
Prime industries that are optimizing their business processes using RPA include banks, financial services, healthcare, and insurance, to name a few. These types of data-intensive sectors rely on accuracy. For example, the Bank of Tokyo-Mitsubishi UFJ plans to replace legacy systems with RPA software to automate over 2000 manual processes within the bank. This eliminates the possibility of error due to human oversight or just plain boredom, due to the high volume of repetitive mundane tasks.
2. Flexibility in Scheduling
Processes that don’t require human intervention do not need to be scheduled during regular work hours. Robotic process automation gives companies the flexibility to run lengthy reports or processes outside of peak operating times. This optimization of resource allocation maximizes the efficiency of time and can speed up processes overall.
3. Reduction in Costs
According to the latest Gartner RPA Analyst Report, “By 2024, organizations will lower operational costs by 30% by combining hyper-automation technologies with redesigned operational processes.”(1) Plainly speaking, RPA can reduce costs by freeing employee work hours that can be repurposed for higher-value initiatives.
4. Faster Processing Times
The number of transactions that RPA can get through in an hour is several times more than that of a human leading to happier customers. RPA collects data on every process and reports it as key analytics. RPA data will help you smooth out bottlenecks in the overall process to ensure everything flows quickly and smoothly.
5. Improved Customer Service
Many customer service requests have predictable and repetitive outcomes. For example, a robot can track shipments or change order information. RPA implementations can give your customers a quick and easy way to get what they need without having to interact with staff. Customer satisfaction is one more return on investment besides the cost savings of having to employ additional staff.
Integrating Robotic Process Automation with Other Systems
Computer SI was recently contracted by a health management company that needed to automate its billing and Revenue Cycle Management (RCM) processes and business flows.
The Future of RPA Software
Thanks to robotic process automation, companies have been able to reduce the negative effects of “human error” and better utilize their workforce. This has led to greater productivity and both tangible and intangible benefits. Even though RPA software is looked upon as innovative, it won’t be long before legacy companies will have to adopt this technology just to remain competitive with other innovative businesses in their markets.
As a UiPath silver partner, Computer SI is able to rapidly deliver reliable, robust and productivity-focused solutions, tailored to meet customer’s specific needs.
Sources:
- https://www.uipath.com/lp/company/rpa-analyst-reports/2020-gartner-rpa-hyperautomation-predictions