Asteroids bear massive impact on whatever, wherever and whoever it may collide with, but with these impacts arises a wealth of resources embedded in an asteroid.
The introduction and adoption of a truly revolutionary innovation like Robotic Process Automation (RPA) is tantamount to an asteroid headed towards earth. It’s fast, powerful, and for many, terrifying.
Modern firms are under pressure to accelerate productivity and satisfy ever-increasing customer expectations while boosting operational efficiency. To meet this challenge, companies are looking for ways to implement robotics and help ensure that employees can focus on the most critical and higher-level tasks.
This is where Reeltech Business Solutions come in!
Robotic Process Automation is not a generally new concept, actually, it’s been introduced since the 1960’s, but it remains an amazing and sophisticated technology that can be programmed to trigger responses, automate workflows, manipulate data, and communicate with other digital systems.
RPA uses automation technology to replicate daily office processes that would usually require human intervention, such as processing and posting transactions, extracting and ingesting data, filling and scanning forms.
More examples range from things as basic as generating an auto-reply message to an email that deploys thousands of bots, each of which are pre-programmed to automate ERP tasks.
“RPA is a promising new development in business automation that offers a potential ROI of 30–200 percent—in the first year”. Source: McKinsey White Paper
While RPA is being used in a variety of industries, a select few have led the way in adoption of this technology. RPA is widely used in industries like as banking and finance, insurance, healthcare, and retail. These three industries account for 66% of all RPA spending.
Banking & Finance – Banks and other financial institutions are figuring out how to evolve and stay competitive in today’s highly competitive banking and financial industry. Several banking institutions throughout the world are currently utilizing Robotic Process Automation to provide superior customer service, boost process efficiency, minimize labor expenses, and achieve compliance, among other objectives.
A recent study by KPMG established that Implementing RPA could save up to 50 percent of banks’ operational costs.
Insurance – Because the majority of the paperwork process is still done on paper, insurance companies are submerged in back-office forms. RPA is analyzing these massive amounts of data and turning them into actionable insights. Automation boosts productivity by bringing considerable value to business processes. To streamline their company procedures and accommodate additional consumers, several insurance providers are relying on automation.
