Quite similar to the software development cycle, robotic process automation (RPA) is a strategic approach to automation. It requires thorough planning, defining timelines, managing resources, understanding compliances, and a lot more. That is why, RPA is considered as a journey, which comprises of 4 major steps for its successful implementation.
The insurance industry is overwhelmed with tedious clerical tasks that adversely impact routine operations, such as claim processing, underwriting, policy servicing, etc. As a result, there are delays, inaccuracies, and backlog, which needs to be settled timely, without violating the business regulations.
The healthcare industry is adopting technology for prevention, diagnosis, and treatment. Artificial Intelligence (AI), Blockchain, Internet of Things (IoT), Robotic Process Automation (RPA) are some of the technologies that are making waves in the healthIT sector, enabling stakeholders to refine the quality of health.
Robotic Process Automation (RPA) is making waves for introducing significant improvements in tasks, operations, and processes. While RPA technology brings tons of benefits for the businesses to improve efficiency and ROI, it is important to realize its best use cases to make the most out of it. For example, RPA can be used to automate a number of business operations but which activity to start with and how to proceed is critical when defining RPA roadmap.
Robotic Process Automation market is expected to have a revenue of $1.5 billion worldwide in 2019. Forecasts predict continued growth in the coming years with the market value set to reach three billion by 2022. - Statista
According to Deloitte, “RPA continues to meet and exceed expectations across multiple dimensions including improved compliance (92%), improved quality/accuracy (90%), improved productivity (86%) and cost reduction (59%).” RPA is being used in many ways across multiple business sectors such as banking, retail, transportation, government and so on. RPA has advanced considerably in the last couple of years and is expected to manage customer-oriented processes along with internal processes, in the coming years.
According to Gartner, “The Robotic Process Automation software market will grow by 41% year over year to 2020”. The big tech companies like Google, Amazon, Apple and Microsoft are investing heavily into machine learning and RPA. Thus, for the last couple of years, robotic process automation has been deployed extensively across many industries such as retail, utilities, finance, government etc. Despite of this growth, RPA is still shrouded with many myths around its potential and working. But before busting these myths, let’s first understand-