What is Business Process Automation?
Modern enterprises strive to increase efficiency and productivity. However, managing repetitive tasks and optimizing business processes are necessary to achieve this objective. There, business process automation (BPA) comes into the picture. It is defined as the use of software to automate repetitive business processes. BPA has become a new norm for all companies across different industry sectors, and RPA services can assist companies to adopt it effectively.
In this post, we will dig deep into the role of RPA bot implementation in core industry sectors and top processes that can be automated using RPA solutions. Let’s start with some interesting facts that show the importance of business process automation.
Why Should You Automate Business Processes?
Business process automation aims at streamlining and automating mundane, rule-based, and repetitive tasks. It can save time, money, and effort for your company. Gartner has predicted that around 69 percent of all managerial work and routine activities will be fully automated by 2024. RPA services can play a pivotal role in automating core business processes.
Here are some interesting facts related to the importance of RPA adoption in enterprises.
About 66% of businesses have automated at least one process
About 50% of business leaders believe that they can automate up to 30% of their workload successfully
50% of enterprises are of the opinion that automation reduces the chances of human error
Automation can sustain industrial growth by 1.4% of GDP across the world every year
Simply put, RPA service providers can assist enterprises to pave the way for digital transformation through business process automation. Irrespective of the size and industry sector, your company can leverage the benefits of RPA solutions.
Let’s have a glimpse of processes that RPA implementation can automate in core industry sectors.
Core Sectors that Leverage the Business Benefits of RPA Implementation
Here we cover BFSI, manufacturing, insurance, and retail sectors. You can contact a reputed RPA consulting services provider to get more information.
Banking and financial services
It is one of the biggest beneficiary sectors of RPA services. Be it EMI registration or debit/credit card issuance, SIP registration, or loan application validation, RPA solutions can automate all the processes effectively. Other usages of custom RPA software for banking is refund processing and statement reconciliation. The BFSI sector can automate tasks in brokerage processing and other financial activities including tax compliance and data entry for new customers.
An RPA services provider can make customized solutions for order booking and ERP reporting. Compliance reporting, supply chain supervision, and invoice processing are other functions in which RPA can bring automation. The thriving manufacturing sector can utilize RPA technology in managing inventory and supply chain also.
Medical billing and insurance claiming are two major departments where RPA solutions can play a vital role in bringing automation. Apart from these two areas, RPA facilitates patient registration and staff onboarding. It is also possible to automate the schedule of appointments and treatment cycles in the healthcare sector using RPA.
Retail and E-commerce
The retail and eCommerce sector is another big beneficiary of RPA services. Retailers can automate customer support and improve their services with the help of customized RPA software. Apart from these tasks, RPA is useful for managing the supply chain, inventory, product categorization, and loyalty programs for brick-and-mortar and online retail stores.
It is better to contact a renowned business process automation consulting partner to know the scope of RPA for your company. Here we mention the top business processes that RPA can handle.
Top 5 BUSINESS PROCESSES YOU CAN AUTOMATE WITH RPA
RPA solutions are designed to manage routine processes or rule-based activities. Here are some of the key processes that you can automate by integrating RPA into your business system.
It is the most critical operation for the finance departments of all companies. It can be a time-consuming task, especially when invoices are in different formats like paper or PDF formats. Even when invoices are received in a consistent format, there is a need for manual intervention for extracting and entering the data. This process is often prone to human errors.
Robotic Process Automation (RPA) solutions can be used to automate invoice processing. RPA software robots can extract data from invoices in different formats, validate the data, and enter it into the company's financial system. This can help to reduce errors and free up human resources for other tasks.
RPA in Onboarding/Account Opening
Employee onboarding, device registration, or account opening is the process of adding a new employee, device, or customer to an organization. It includes tasks such as creating new user accounts, email addresses, and profiles and granting access to systems and resources. The onboarding process can be time-consuming, error-prone, and labor-intensive for HR and IT professionals.
Robotic Process Automation (RPA) is useful in automating many tasks related to employee onboarding and device registration including profile creation and granting access to systems. It can free up human resources to focus on other priorities and reduce the chances of human errors. As a result, the HR department can be more efficient.
As a time-consuming and error-prone task, payroll processing can be a headache for the HR department. It is essential to maintain accuracy in data and save time to ensure timely completion of payroll-related activities. In this scenario, data entry errors are common that lead to payment issues.
RPA can automate many of the tasks involved in this process with high data accuracy and meeting compliance. Be it validation, calculation, compliance checks, or reporting- RPA services can build solutions for all processes and ensure accuracy. A custom RPA solution also help the HR department focus on other priorities.
Upgrade legacy systems
One of the most revolutionary uses of RPA software is in upgrading legacy systems. Legacy systems are difficult to integrate with newer systems, and they can be prone to errors. Other challenges are complexity and cost for legacy systems. Companies can get rid of these challenges by upgrading their systems.
RPA can help organizations automate tasks in legacy systems, making them more efficient and accurate. It makes it possible to automate tasks that are currently performed manually, freeing up human resources to focus on other tasks. RPA consulting services can suggest ways to upgrade your legacy business systems.
Sales operations are capable of taking any business to a new level. They involve tasks such as data entry into CRM systems, ERP accounting updates, etc. These tasks can waste valuable time that sales reps should be spending on prospecting and generating new business. As a result, companies may face low productivity and poor customer experience.
Robotic Process Automation (RPA) can automate sales operations. RPA software robots perform tasks such as data entry, report generation, and customer service. This can help to reduce data duplication and errors, improve productivity, and provide a better customer experience.
RPA services can reshape the future of businesses through automation. It is fair to mention that RPA has the capability to transform processes digitally and become a top choice in an automation-first strategy. If you are looking for a robust and reliable RPA solution for maximizing the value of your business and gaining a higher return on your investments, don’t look further!
At Silver Touch Technologies, we offer you the best-in-class RPA services in Canada at competitive rates. Want to know more? Just send us an email at firstname.lastname@example.org and we will be happy to help you.
Enterprises can automate various business processes across different departments including invoice and payroll processing, sales orders, onboarding and account opening, etc.
Business process automation (BPA) is the use of technology to automate processes throughout an organization with the help of RPA solutions.
No, it can automate repetitive and rule-based routine processes only.
Six steps in business process automation are-Identify automation potential
Analyze and optimize your processes
Define the executable process
Create the required forms/input masks
Prepare for the rollout
Run the process automation
Monitor the results
5 core business processes include marketing, sales, production, distribution, and customer service.