According to the Grand View Research, the global Robotics Automation Process (RPA) Market size was valued at $1.4 billion in 2019 and is expected to reach $11 billion by 2027, expanding at a CAGR of 34% from 2020 to 2027.
With RPA, businesses don’t have to make significant investments to automate processes. They come with features for functionality, easy integration into existing IT infrastructure, and flexibility because they can be used across different platforms and applications. RPA is efficient and scalable – which means it’s flexible enough to handle a growing need for automation at an affordable cost.
It boosts the organization’s productivity by cutting down on manual work often done by employees, who can be redirected elsewhere or given more creative tasks.
RPA in Telecommunications
According to AB Newswire, the telecommunications industry has the highest adoption rates of RPA technology. A Market Research Report includes the forecast for the RPA market until 2024, during which period, telecom automation will be increasing at a phenomenal rate of 60% CAGR.
UiPath, a leading RPA platform, moved ahead with a large Australian telecommunications and media company to automate their order build process and service provider activity to better deal with a massive volume of transactional data. Within four weeks, UiPath provided:
- Four robots
- Running 24/7 on the client’s CRM system, which was able to process 480-600 daily orders
- Automating around 90% of the transactions
Thus, RPA in Telecommunications is bringing benefits to the telecommunications industry as it supports high-frequency manual, repetitive, rules-based processes critical for proper service delivery—using RPA processes in telecom results in various benefits for the service providers.
- Reduces error rates
- Efficient data flow
- Ability to scale operations
- Improves Data Quality
- Boosts customer service
- UPS Operational efficiency
- Significant cost reduction
- Customer Retention and Loyalty
RPA in Banking
In the financial sector, human errors result in 25000 hours of avoidable rework per enterprise and cost $878,000 annually. Moreover, according to Mckinsey, general accounting operations have the most significant potential for automation in finance.
Thus, RPA in banking helps the banking and the accounting departments automate the repetitive manual processes, allowing the employees to focus more on critical tasks and the firm to gain a competitive advantage. Moreover, to enhance RPA, banks implement intelligent automation by adding artificial intelligence technologies like ML and NLP capabilities. This enables the RPA to handle complex processes, understand human language, recognize emotions and adapt to real-time data.
Moreover, RPA in banking and finance help in
- Scaling operations seamlessly when needed
- Saving time as RPA can reduce the time required for specific tasks by up to 90%.
- According to Deloitte, 30% of costs can be reduced while deploying the RPA in banking and finance.
- Implementing RPA does not require significant changes to the infrastructure.
- Financial RPA increases the output quality by eliminating human errors.
One of the most common use cases where the banking sector can utilize the RPA is during the KYC process. This time-consuming process that the banks need to perform takes up to 1000 full-time employees and $384 million per year to complete the process. 85% of alerts in the alert investigation are false positives, and around 25% need review by level two senior analysts. This digs up approximately €50 million per year.
Using RPA automates this entire process, minimizes errors, accelerates customer onboarding, and enhances customer experience.
RPA in manufacturing industries
A study by Information Services Groups suggests that around 72% of companies are expected to adopt robotic process automation to minimize costs, reduce average transaction handling time, increase productivity and improve compliance management which will result in a 43% reduction in the required resources for order-to-cash processes, 34% for invoice processing and 32% for vendor management.
Various manufacturing companies receive hundreds of invoices from multiple vendors.
Nividous Bots have embedded machine learning, computer vision, and OCR capabilities to read several unstructured data sets and feed them into SAO with very high security. The bots transcribe the extracted data with a confidence score using an intuitive interface, allowing the user to locate, review and annotate the corrections.
Thus, RPA is a crucial enabler for digital transformation initiatives within the manufacturing industry. Accounts payable process automation, invoice processing automation, and supply chain automation are just a few examples where RPA can optimize the manufacturing industry’s core operation and improve agility, speed, and quality.
- Up to 40% reduction in operational costs
- Increased control and visibility into end-to-end processes
- Freed up resources that can be directed toward more productive tasks
- Significantly lower downtime and improved quality
RPA in Healthcare industries
According to Gartner, “50% of the US healthcare providers will invest in RPA in the coming three years.” As the healthcare industries are caught in the storm of shrinking payments, improving outcomes, enhancing the experience, and bolstering the credentials, it has become necessary to automate their operations and transfer the working towards the automated world.
GAM, a distributor of medicine and perfumery based in the United States, automated the repetitive administrative tasks that caused data errors due to the manual entry and delayed the customer quotes. The institution leveraged the RPA to automate the 22 rule base processes across different business platforms, saving BR$120k per year in manual tasks and increasing the responding speed of customer requests.
RPA scenarios in the healthcare industries can help automate claims processing, payment processing, Appointment scheduling, Compliance management, etc. As it is a viable solution for healthcare organizations, various benefits can be reaped from the RPA incorporation in healthcare systems.
- Healthcare organizations can facilitate the processes without increasing the labor costs, accounting for 60% of the hospital operating expenses.
- Human errors can be reduced as manual data entry can be transferred to automated robots.
- RPA bots are low-cost and can be easily implemented.
- The RPA bots can perform the labor-intensive tasks 60% faster and reduce the associated costs by 80%.
When utilizing RPA, we encourage companies to go with the flow and give the process a chance! It isn’t always easy at first to incorporate the required changes into your system of operations, but once you allow your employees to get used to the changes, they’re sure to be working productively.
SanchiConnect encourages you not to shy away from trying out RPA for one reason or another. You don’t need to automate every operation in your business from the beginning completely; instead, jump in and see if this process might be proper for you by looking into automating just one aspect of your business at a time!