Robotics Process Automation: Use Cases

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Robotics Process Automation Use Cases
After the pandemic hit, the digital
transformation took over the business industry.
RPA has also emerged as a technological
breakthrough for companies. Robotic Process
Automation can help businesses automate their
workflows and operations and increase
productivity. Combining AI and RPA tools empowers
organizations to achieve unprecedented levels of
efficiency and agility in their operations,
driving sustainable growth and resilience in the
face of evolving market dynamics. According to
Forrester Research, the RPA market will be worth
2.9 billion by 2021. By adopting RPA
technology, businesses can increase their
efficiency and stay ahead of their
competitors. RPA can be utilized to streamline
and automate repetitive, mundane, and
time-consuming tasks. All sorts of industries
can implement RPA and eliminate the risks of
human errors. In this blog, we will give you
in-depth information on RPA and its use cases in
different industry verticals. Why is RPA
Important?
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• RPA development services can help businesses
  speed up their work processes and reduce costs.
  There are many benefits of implementing RPA that
  we have discussed below
• RPA can automate simple, tedious, and
  step-by-step work procedures. Boosts
  productivity, as the professionals can focus on
  more critical tasks.
• RPA improves efficiency by fastening up the
  processing time and reducing errors. For
  example, the use of RPA bots in the accounts
  department.
• With RPA, you can achieve data accuracy and
  consistency, as there will be no manual or human
  errors. For example, by automating invoice
  processing
• Robotic process systems can help improve and
  maintain business data security. The businesses
  define RPA parameters therefore, the risk of
  data leaks and breaches reduces.
• RPA data-driven analytics can assist
  organizations in identifying bottlenecks and
  process gaps. These analytics can help businesses
  to optimize their processes.
• RPA Use Cases in Different Industries
• In this section, we will give you more
  information about RPA use cases in various
  industries. RPA can be utilized in different
  business sectors, such as
• Healthcare
• Banking
• Manufacturing
• Information Technology
• Customer Care
• Real Estate
• Retail

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• RPA Use Cases in Banking
• RPA is highly beneficial in the banking sector.
  It can ease many human tasks and reduce
  operational costs.
• Banking automation can reduce the turnaround
  time, and therefore the processing cost is
  lessened up to 30 to 70.
• Enhanced Customer Service
• RPA bots can reduce the banks processing time by
  streamlining customer onboarding and
  cross-checking customer details for loan
  inquiries.
• It can help banks to respond to customers at the
  earliest and retain them for a longer time.
• Automated Accounts Payable
• The accounts payable process involves using OCR
  (Optical Character Recognition) for collecting
  invoices from vendors, data validation, and
  processing data.
• By utilizing RPA bots, the banks can automate
  this full process and credit the approved amount
  automatically to the vendors account.
• Additionally, it can send standardized
  notifications to customers after finishing
  validating their data and processing the closing
  account functions.

• Credit Card Mortgage Processing
• By implementing RPA, banks can speed up their
  credit card processing. Automated verification
  and background checks can increase efficiency.
• For mortgage processing, banks have to perform
  many security checks, such as employer
  confirmation, credit card history, etc. RPA can
  execute this complete process with pre-defined
• algorithms.

• KYC Compliance
• Nowadays, banks have started investing in the KYC
  process. As per the statistics, KYC compliance
  figures are around 384 million every year.
• Banks can leverage RPA to gather customer
  information, and verify process it. Automation
  can reduce FTEs, improve efficiency and accuracy
  of the compliance process.

• Detecting Frauds Potential Threats
• RPA can help banks in detecting frauds and
  potential threats. These software bots can assist
  banks in identifying accounts that have some
  suspicious activities or are likely to cause
  threats. Banks can then immediately close these
  accounts and start fraud investigations against
  them.
• RPA Use Cases in Insurance

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• The insurance sector involves gathering a lot of
  important data and verifying it. RPA has many
  use cases in the insurance industry, such as
• Registration Process
• Automation can fasten up the form registration
  process by 40. This can reduce the workload of
  employees and increase productivity.
• Maintain Compliance Standards
• There are many compliance standards and policies
  that need to be followed in the insurance
  industry. By implementing RPA strategies, banks
  can ensure that they abide by them entirely.
• Claims Processing
• According to a recent study, claims processing
  using RPA bots is 75 faster than the traditional
  approach. RPA removes all the paperwork and
  improves the overall quality and precision of the
  claims processing.
• Reduce Risks
• RPA can process data accurately from internal and
  external websites. This reduces the risks and
  ensures data processing at a faster rate with
  accuracy.
• RPA Use Cases in Healthcare
• The major focus of the healthcare industry is on
  reducing costs and increasing efficiency. RPA
  can tackle these and has many use cases in the
  healthcare industry.
• Saves Time Efforts
• RPA can save the time and effort of healthcare
  individuals by carrying out repetitive and
  tiresome tasks. These healthcare professionals
  can then put more effort into taking care of the
  patients.
• Record Maintenance
• Hospitals have to maintain massive amounts of
  data such as patients medical records, claim
  processing, insurance, etc. RPA execution can
  help in automating this entire process and
  reduce costs.

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• Robotics Process Automation companies can aid you
  in planning and executing data migration
  accurately from traditional to modern systems. It
  can also help you save time and costs.
• RPA Use Cases in BPOs
• RPA can be utilized in the BPO industry to
  increase the output of customer care personnel.
  Below, we have given the different
• RPA use cases in BPOs
• Automated Accurate Workflows
• RPA can undertake distinct repetitive tasks
  without human intervention and with 100
  accuracy. These software bots can help to save
  the time of individuals and reduce costs.
  Customer care executives can focus on providing
  services to customers and maintain customer
  loyalty.
• Automated Data Exchange
• Customer care representatives need to gather and
  maintain data constantly to draw insights from
  it. RPA can automate this process and make it
  easy for representatives to share information
  and keep records.
• Reduce Operational Cost
• According to the Robotic Process Automation
  Institute, the adoption of RPA reduces operating
  costs by 25-50. The RPA bots can easily perform
  monotonous and stepwise defined tasks and reduce
  business costs.
• RPA Use Cases in Information Technology
• Robotics Process Automation future can help in
  executing various tasks in the IT industry, such
  as employee onboarding, task tracking, CRM
  updating, payroll processing, etc.
• The IT sector can extensively benefit from the
  RPA implementation, as it will save the time and
  effort of the IT professionals.

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We have expertise in developing and deploying RPA
bots for different business sectors. Schedule a
call with our experts to get more information on
Robotic Process Automation, or email us at
sales_at_sphinx-solution.com.