Top 10 RPA Use Cases to Watch Out For in 2021
by Vivek Kumar
March 13, 2021
With the introduction of automation, RPA use cases are growing rapidly
Configuring computer software or a robotic machine that can mimic human actions is a challenging task without robotic process automation. RPA is a bot that runs virtually and relieves human stress by taking on complex, everyday, and repetitive tasks. Unlike traditional IT solutions, RPA streamlines business operations at a fraction of the cost and time. This technology harnesses the power of artificial intelligence and automation and enables companies to minimize human error and personnel costs. Since RPA scenarios range from generating an automatic response to an email to deploying thousands of bots, here are the top 10 RPA use cases to look out for in 2021.
Customer due diligence
Adhering to strict regulations like Know Your Customer (KYC), Anti-Money Laundering (AML), and Customer Due Diligence is critical for financial services providers. However, these regulations are demanding and time-consuming. Many banks are still collecting and integrating critical data and manually verifying identity information. This manual process makes it difficult to keep up with changing regulations. RPA can enhance and automatically provide the exact data that banks must comply with from any internal or external source.
Robotic Process Automation has the potential to provide non-contact business process automation for back office jobs. It could be constructive when it comes to invoice processing and automate the end-to-end process from receipt to payment. RPA automates data entry, matching errors, and even processes certain decisions that are required for invoice processing. Organizations overwhelmed by the volume of invoice processing can implement RPA software to automate invoice processing and accounts payable processes.
Robotic Process Automation is a common and easy-to-implement automation technology that could change numerous routine tasks in the HR industry. Payroll accounting is one of those time-consuming, repetitive tasks for HR managers. Since this process requires speed and accuracy, RPA plays a crucial role here. It can help HR teams check the consistency of employee data across multiple systems, validate timesheets, load earnings and deductions.
Meeting customer expectations and delivering an effective customer service and experience are critical to any modern business. By integrating advanced RPA techniques, business decision makers can easily scale their business growth. Customer care systems supported by RPA can sort customer inquiries and offer relevant responses. Customer service deals with several rule-based processes that can be automated and optimized. While RPA helps automate repetitive tasks to increase efficiency and reduce costs, it also promotes robust customer relationships.
Demand and supply planning
As retailers face constant product demand and supply challenges, RPA technology enables them to streamline data collection, formatting and standardization, schedule simulations, and find exceptions. These processes improve capacity and asset management while increasing productivity. Robotic process automation also enables managers to create more accurate forecasts more efficiently with less time and resources.
Companies of all shapes and sizes around the world know the value of data and analytics. Comprehensive analysis of large amounts of data is critical to growing sales and marketing. Automated analytics help analyze factors that influence the sale of a product, the volume of sales in different geographic locations, gender or age preferences, cultural preferences, and others. Because RPA provides real-time insights, retailers can make effective business decisions that can drive product sales.
Customer relationship management
The robot-controlled process automation takes over the everyday tasks of maintaining a company’s CRM from the hand of a salesperson and automates them to run critical business applications such as an ERP and to check for errors. This technology enables significant high ROI, which enables organizations to quickly scale suitability to address large process obstacles or scalability challenges.
Pricing and Monitoring
Since many companies face challenges in comparing prices to make bulk purchases for the manufacture of products, RPA helps them make an informed decision. It compares prices, product features and quality from different suppliers so that companies can buy the best resources at the best possible prices. RPA-enabled systems can also monitor and alert in real time or proactively re-price according to a company’s specifications. It eliminates business reliance on outdated reports that took days or weeks to produce.
Since companies have a lot of paperwork involved in inventory management, an RPA system can automate emails, dispatch processes, and invoices. It provides inventory managers with real-time data on inventory levels so they can monitor it and make better decisions based on historical data.
The use of technology has become critical to an organization’s compliance measures and efforts. Supervisory authorities themselves use automated workflows to maximize and increase their monitoring effort. It is also imperative for companies to leverage RPA to ensure that they are meeting the required requirements. In addition, automated workflows can identify risks and alert stakeholders to problems before they arise.
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