RPA Benefits in The Different Industries

1. How RPA is Beneficiary for The Different Industries Significance of Robotic Process Automation in Banking Industry RPA is growing exponentially. Recent RPA trends and forecasts report shows that by 2021, RPA will be $2.9 billion industry. That’s a huge increase from $250 million in 2016. To remain competitive in an increasingly saturated market, especially with the more extensive adoption of virtual banking, it is must for banking firms to find a better way to deliver a satisfactory user experience to their customers. Apart from this, the most common challenge that banking industry face is to maximize efficiency and that too by keeping costs as low as possible while also maintaining security levels. The one-stop solution for all these requirements is Robotic Process Automation (RPA). Let’s looks at some of the many benefits of RPA in banking

2. Cost Savings: -According to various business experts, RPA is helpful in providing value to the overall organizational benefits and efficiency. But, the actual state is a bit different from what the experts say. RPA is also helpful in reducing costs. Banks are always looking to cut costs to stay competitive and up to the expectations of consumers. Thanks to Robotic Process Automation. Research shows that RPA not only drives 25% to 50% cost savings but also improves the output of applied functions. Advances the Operational Efficiency: - Banks are a crucial part of the economy and they also play an imperative role in influencing the economy, therefore, it is necessary for all the banks to become more efficient with each passing day. RPA is an extensive solution and requires training, governance, and comprehensive setup. But, once it is done, research shows that banks can save 40-60% in the first year of its implementation along with making the processes faster and much more efficient. Agile Businesses: - With the rapid technological development and globalization, banks are required to be more flexible as well as agile than ever. The things are happening so fast that the world can see its effect within hours instead of days and their banks have the opportunity to use RPA to stay active and responsive for such situations. Also, by freeing up the human resources from paper-intensive jobs, more focus can be given to more cognitive tasks to grow the business. Reduced Business Response Time: - For process execution and operational efficiency, banks are actively incorporating RPA and according to a research, banks will be able to save 75% of the cost while retaining the quality output. With the help of RPA, banks can bring down process execution time by around 60% and is disrupting the way banks are operating along with an increasing CAGR of 65%. With so many advantages, banks must consider RPA as the crucial way to change. RPA can help banks to stay competitive as well as gain competitive edge over others with reduced costs and improved efficiency. This ultimately results in the overall development and sustainable growth for the businesses. Source: https://blog.vertexplus.com/significance-of-robotic-process- automation-in-banking-industry/

3. Role of RPA in Data Management Integration of RPA with the existing processes helps in automating repetitive and tedious tasks. It makes the business advance and sufficient enough to gain a competitive edge over others. Modern RPA is an adequate option to make a lean business process. It is an essential part of future technologies that have highlighted service automation. Many technology experts are convinced with the potential of the RPA tools and many businesses have gained multi-faceted outcomes using this technology, while many are planning to get it on the board. It is necessary to focus on data management for an organization to grow because data is the most crucial element for the modern business processes. Therefore, you need to take utmost care of it either by introducing new measures or by advancing existing ones. According to a survey, approximately 10-20% of human work hours are spent on repetitive and mundane tasks that can be easily automated using RPA. PWC’s Big Decision Survey stated that 92% of business worldwide are somewhere data-driven and because RPA solutions are cross-functional, the working environment has become so encouraging where both human, as well as robotic tasks, complement each other. On the other hand, RPA is considered a vital option for efficiently handling data-driven tasks and a cost-effective option for automating tedious business processes without modifying the existing processes. How Companies are Utilizing RPA in Data Management? RPA tools like Kapow, UiPath and Blueprism are the most used by companies to enhance the efficiency of their internal business processes. RPA tools help

4. automating rule-based tasks, therefore, these are the perfect and reliable option to deal and manage a huge volume of unstructured data. Big and dominating players of the international market like Google, Amazon, Microsoft, etc. are also using RPA tools to effectively manage data entry and other rule-based tasks. As these companies go through a huge volume data transactions regularly, it is quite difficult to generate 100% accurate outcomes manually and there RPA tools replace humans and bring many benefits like accuracy and speed with effective data management. Apart from these behemoth conglomerates, other large-scale, mid-sized as well as small scale enterprises are also enjoying the benefits of RPA tools by integrating them with the existing business processes and software. This has streamlined data migration, extraction and other actions related to data. Even banks are using RPA tools, not only to yield or increase ROI but to generate results from examining the data like consumer behaviour, their requirements, changing trends as per market conditions, etc. This helps them to stay relevant according to their customer’s rapidly changing demands and help them stand out from their competitors. How RPA can help your business? RPA can help any business from any industry because every business somewhere struggles with the rule-based and repetitive tasks that require huge cost and are time-consuming. Therefore, if you are also looking for automating data management strategy, RPA can help you implement solutions for end-to-end automation. Some benefits that RPA tools can offer your business: Filling forms Extraction of crucial information from forms Scraping data from web Consumer footfall calculation using social media platforms statistics RPA tools like UiPath and Blueprism play a vital role in managing data along with automating various other business processes that ultimately result in improving workflow and increasing revenue. But, it is necessary to keep fair expectations from implementing RPA because it will still require humans to utilize their potential for acquiring objectives like overall development and sustainable growth for the business. RPA help businesses to eliminate their pain areas in the existing business processes and bring a lot more benefits like –

5. Considering all these benefits, you should do an analysis of your existing business processes and identify which processes can be automated. Integration of Robotic Process Automation with the existing processes helps in automating repetitive and tedious tasks. It makes the business advance and sufficient enough to gain a competitive edge over others. Source: https://blog.vertexplus.com/role-of-rpa-in-data-management/ How RPA is Helpful in Finance Industry? While the big scale companies in this industry are gaining the benefits of RPA, midmarket enterprises are also investing in it for their overall development. The RPA has helped mid-scale enterprises to boost their efficiency, gain a competitive edge, and stand aside the behemoth players of the industry. In the last few years, RPA has gained much popularity in midmarket enterprises and today, we will explore other industries that have become leaders by using digital labour technology. One such industry is finance, where RPA has helped streamlining multiple processes, resulting in highproductivity. Here is the breakdown of how Robotic Process Automation is helping companies of all sizes in the finance industry.

6. Benefits of RPA in the Finance Industry Automation of manual tasks: - In financial sector, there are many paper- intensive jobs like reviewing, editing, comparing and matching customer’s data from one document to another and all these processes require a huge amount of time and manual efforts. Moreover, this disguises the talent of employees, as they continuously invest their whole time in doing tedious tasks – filling application forms, deeds, declarations, and endorsements. Manual processing of these tasks does not assure error-free outcomes, which ultimately become potentially dangerous for the growth of an organization. RPA is the most suitable technology for rule-based tasks and thus, it makes the appropriate option for the finance industry, as there are a lot of paper-intensive and time-consuming jobs. RPA has streamlined the processes of finance industry that has ultimately made data retrieval easy. It also reduces mistakes, time consumption, cost and improves overall efficiency. RPA is faster and cheaper:-RPA reduces operational costs by replacing human efforts, repeatable tasks while reducing the processing time. RPA is useful for doing many things better, faster and cheaper in comparison to human workforce. Regardless of the company size, RPA reduces approximately 50-70% cost and also releases employees from the burden of doing repetitive tasks and let them focus on more cognitive organizational processes. Accuracy is a crucial aspect for finance industry and expecting 100% accuracy from human efforts is not realistic because extracting, filling and comparing a huge amount of data without any error is not possible for humans. There you require a bot who could perform all these tasks without consuming much time and generating 100% genuine results.

7. Manage risk and improve compliance: - RPA is very helpful in managing risks and meeting compliance requirements, which is very necessary for the finance industry. RPA’s efficiencies and cost savings over outsourcing may also enable companies to keep their data in house and under their direct control. The consistent RPA operations help in reducing risk and error that ultimately increase company’s credibility and authenticity in the market. Embrace change and complexity: - Robotic Process Automation enables midsize financial enterprises to embrace change and deal with complex situations easily. Due to the highly competitive scenarios in the financial industry, every enterprise needs to evolve as per the market conditions and bring something new regularly to gain a competitive edge over others. RPA is that new technology that can consistently bring new to the organization and help acquire desired outcomes. Source: https://blog.vertexplus.com/what-are-the-benefits-of-implementing-rpa- in-finance/