The global Coronavirus outbreak has forced mankind to alter our way of living in high magnitude. People have shut themselves in their houses in order to combat the life-threatening disease COVID-19. This has led to many organizations small or large struggling to find a way forwards as an economic crisis is also collateral damage that the pandemic has brought with it. Large enterprises are rethinking their plans and strategies while trying to tailor them according to the situation that the world is dealing with today. Every enterprise needs to make business decisions related to its infrastructure and resources faster while helping its customers maintain their mission-critical systems and processes in the midst of the crisis.
Technology is the key component to optimize and transform public services today. Government & public sector CIOs are using modern technologies to digitally transform the way public goods and services are rendered, maintained, and improved.
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 health-IT 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
You take your car to a mechanic to get the air conditioning fixed and when you get it back, the air conditioning is fixed but the gas tank sensor no longer works.
Something similar can happen to a software in the making. A new feature or update in the code can make the software return to a former or unwanted state, making it affect the rest of the functionalities. This bug in software is a regression.
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.