The Premise: To any work that is definable, repeatable and rule-based, RPA assigns a software robot to manage its execution.
RPA tools do not disturb the underlying computer systems. Rather, they access the computer systems, just as a human would. E.g. Via User Interface (UI) or an established control mechanism – Logon ID and password.
This is an important point, because no re-engineering of the existing system is required. Thus, RPA is not a part of a business’ IT, but rather sits on top of it and augments it.
Robotic Process Automation (RPA) Vs. Traditional Automation (TA):
- TA is long drawn and requires considerable time, effort and substantial costs. RPA is a quick fix to instantly generate improvements.
- While both TA and RPA need a solid planning, RPA implementation is quicker.
- While both are aimed towards the common goal of Automation, RPA is faster, better and cheaper than TA. Therefore TA is a strategic move and RPA is a tactical move.
- In short, if you have abundant time and budget, go for TA. But if you have business pressures on time and money, go for RPA.
Common Processes that can be automated by RPA: Tweet this!
- Financial Services: Exception processing (overrides for high-value customers or low-risk transactions), Statement reconciliation, Credit card applications, Dispute resolution, etc.
- Insurance: Client profile updates, Generating renewal premiums, Claims processing, Underwriting processes, Policy administration and servicing, etc.
- Healthcare: Patient registration, Credential verification, Member billing, etc.
- Human Resources: W4 management, Benefits administration, Onboarding, System access and setup, Compliance reporting, etc.
- Miscellaneous: Change of address processing, Fraudulent account closing, Customer complaints processing, Data cleansing, Straight-through processing (STP) of customer orders, Order updates, Shipping notifications, etc.
Wrap Up: RPA allows a company to implement the automation technology – quickly and efficiently, without altering the existing infrastructure and systems. Just as robots have and continue to revolutionize the industry by creating higher production rates and improved quality, RPA is overhauling the way we think about administrative processes, support processes, workflow processes, remote infrastructure and back-office work.
Recommended Reads:
