May 6, 2020
Nowadays, managers and business owners have increasingly begun to explore automation projects and unlocking the power of RPA thanks to the many benefits of this emerging technology.
Aside from cost reduction and a rapid return on investment averaging 6 months, accuracy and increased productivity along with employee satisfaction are even more important. This is the case when we discuss of automation because repeatable and potentially tedious tasks are no longer performed by human operators. This can also lead to lower employee attrition rates. In fact, 66% of organizations where RPA was implemented said that automation helped employees to have more time to invest in human interactions and to be more engaged in their work. Additionally, 60% responded that RPA helps employees to be focused on more meaningful and strategic tasks (source: UiPath research).
There are hundreds, or maybe thousands of repeatable tasks that could be performed by software robots.
For example, some of the quick wins can be demonstrated within the insurance industry. A robot that handles claims processing can process claim forms received via e-mail or any other digital channel from customers, extract data using optical character recognition (OCR), validate it with internal applications followed by an approval process and end with the claims settlement step. Processing time is decreased to a few minutes or even seconds and manual errors are reduced down to zero, everything while robots have the capability to operate 24/7/365.
As automations are not limited to an industry, the Finance & Accounting function is another segment that can take advantage of such technology by automating the processing of invoices. Robots have the capability to monitor emails or folders in order to detect the invoices saved by employees or received through various digital channels and, once new invoices are identified, they can extract data data from PDFs, scans, images and input data into an ERP system, match it with its purchase order (PO), send it to the approval, if necessary, and then follow up with the payment. Everything can be verified with reports created by the robot on a regular basis.
On average, RPA can improve productivity by 86%, compliance by 92% and can reduce overall costs by 59%. Therefore, 78% of managers who already implemented it will significantly increase investment in RPA in the following years according to reports and surveys by major consultant Deloitte.
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