Robotic process automation is a technology that can realistically be leveraged in just about any organization and in virtually any industry. Generally speaking, RPA is most suited for automating business processes which involve a particularly high volume of manual, repetitive tasks, which makes it ideal in the areas of clerical, rules-based and/or screen-based jobs – something most businesses are familiar with to some degree.
To date, however, there have been 4 industries in particular that are already reaping the many benefits of RPA to keep them competitive and relevant in a rapidly changing IT world. Let’s take a look at each of these industries below.
Business Process Outsourcing (BPO) – In the outsourcing market, the key to success lies in keeping costs as low as possible while also delivering the fastest, most effective service available. With human workers, there are limits to this which simply cannot be overcome. With robotic process automation, on the other hand, output can be maximized at a fraction of the cost, creating competitive advantage in a highly-saturated field.
Insurance – When you think about all the work that goes on behind the scenes in the insurance industry, from managing policies to filing and processing claims to underwriting and the countless other administrative tasks that are a necessary evil, it’s no surprise how well robotic process automation fits within this field. RPA enables insurance providers to manage all the necessary tasks across multiple platforms with ease. It also provides the scalability necessary to deal with the many changes and challenges those in this industry face on a regular basis.
Health Care – The administrative side of health care involves mountains of paperwork, tremendous file and data management and a whole host of other routine, repetitive tasks that used to be handled manually. Enter robotic process automation. This technology has revolutionized an already forward-thinking industry by streamlining the backend of things to maximize efficiency levels, reduce errors and keep costs controllable.
Financial Services – One of the commonalities all financial service providers share is that of dealing with a ton of data and transactions. Take, for example, the banking industry. From simple processes like deposits and transfers, to complex workflows, robotic process automation has effectively transformed this transaction-laden industry into one that is fast, effective and reliable. This has helped to improve customer service levels on top of making the lives of those who work behind the scenes much easier and more efficient.
Of course, these are just four of the countless other industries that are breaking new ground through robotic process automation.