RPA and cognitive technologies are industry agnostic. However, implementations require specific skill sets including business process expertise, RPA tools knowledge, and an ability to quantify the ROI.
The Banking and Financial Services industry is the largest consumer of Information Technology Products and Services to the tune of $487 Billion globally (according to Gartner). Even at these levels of spending, there is tremendous amount of manual and repetitive work that continues to drive down productivity. Rapidly evolving automation technologies including Robotic Process Automation and Machine Learning can challenge existing “people” based business models. In most cases, Robots can be trained to do many of the BPO jobs of today without data and process knowledge ever leaving the “physical” boundaries of your business.
From Claims Administration at a MHC to Patient On Boarding for a Provider, RPA can add efficiency and accuracy to processes within the Healthcare Industry. In a fast evolving industry that has seen a significant increase in number of patients, as well as a rapid shift to digital transformation in the past few years, the need for fast, efficient and accurate execution of processes. Billing, Claims, Scheduling, Patient On Boarding, and Provider Credentialing are all areas where RPA can assist.
P&C Insurance Industry is navigating through many disruptive technology trends. Mobility, Social Media, AI, Advanced Analytics, and a rapid proliferation of shared economy services which fundamentally change how an Insurer operates. RPA can be used to automate highly repetitive transactional processes in Rating/Quoting/Issuance, Underwriting, Policy & Claims Administration.
Most accounting and finance tasks are by their very nature rules based. Many F&A tasks are prime candidates for RPA. Accounts payable, Accounts Receivable, Travel and Expense Management, Journal Entries and Month End book closings are all areas that can benefit from robotic process automation
Robotic Software Technology can be used to automate most swivel chair activities in any Business. Finance and Accounting Divisions in most businesses can achieve much greater accuracy and throughput by adopting RPA. From the Hospitality to the Managed IT Services, Pharma to Legal, there are countless areas rife with manual tasks that can be automated using RPA and AI Technologies.