Digital business transformation or optimization is a leading initiative among CEOs, CIOs and CFOs across all verticals, yet only a small percentage have shown progress on their journey to date. For companies in highly regulated industries such as banking, insurance, and healthcare, the implementation of robotic process automation to their business processes can bring significant financial, compliance, CX and quality impact, typically turning a 30%-200% return on investment in the first year.
However, we have seen sectors like government, manufacturing, retail, legal, logistics, utilities and more finding RPA to be a game changer in their business performance, from increased operational efficiency to freeing employees from boring and repetitive tasks. Explore below to see how RPA can be used to supercharge your business.
Banking and financial organizations have been in the forefront of the digital transformation and cognitive technologies adoption. With an ever more competitive landscape between the new fin-tech companies and the traditional banking/financial institutions, increased regulation, front and back office operations, analytical insights and the continuous need to boost customer experience, businesses in this industry can take significant competitive advantages out of RPA.
Insurance companies today need to cater to the dynamic demands from their customers, work with the vast amount of rigid legacy enterprise applications to operate their key business processes, as well as meet the ever-growing number of regulatory compliance worldwide. To stay resilient to these challenges and outperform their competitors, companies in this industry need to find ways to leverage new technologies that allow them to interact with their legacy systems without the need for a highly invasive and costly integration.
Healthcare providers are faced with a growing number of administrative tasks that take away the focus to their main goal: patient care. Challenges include continuous digitization of patient records, data compliance, budgetary pressures, lack of IT resources, etc. By adopting robotic process automation, healthcare institutions have gained significant operational efficiency and are able to prioritize judgement-based decisions instead of administrative tasks for their clinical staff.
Manufacturing companies are leveraging industrial robots to complement their human workers in the production line. But there are plenty of room for operational processes and back-office work to be automated by software bots. Manufacturing companies that have adopted RPA have already experienced error-free streamlined procedures with significantly higher productivity.
Utility companies can take great advantage of RPA in areas such as billing, meter-reading exception, debt-recovery, and customer service. With troubleshooting bots, businesses in the utilities industry can enjoy a significantly lower number of failed meter-readings without human intervention.
Organizations in transportation, supply chain, and logistics need to differentiate themselves among their competitors by providing a superior customer experience and offering highly efficient end-to-end services. To do that, businesses need to find ways to increase productivity and automate a number of front and back office transactions. RPA has proven to successfully inject agility and improve business performance to these organizations.