A Detailed Guide on How Automation Can Aid Different Industries
RPA
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October 26, 2020
Rushabh Sheth
A Detailed Guide on How Automation Can Aid Different Industries

Business process automation is speedily manifesting into an eminently strategic enabler of business control and agility. It can help youspeed up processes, improve service quality - all while cutting operational costs. 

Technological advancements and the success of cloud computing have accelerated the evolution of business processes from 're-engineering' to 'automation'. 

In the mainframe computing ecosystem that uses automation solutions, companies can achieve greater productivity, reliability, enhanced performance, availability, all while enjoying the benefit of reduced operating costs.

A recent survey of IT operators conducted revealed that about 43%have identified and placed operations automation projects in their schedule.

Automation Solutions - Streamlining Tasks in Various Industries

The implementation of automation in various industries has proliferated over the years, with over 2 million new industrial robots expected to enter service by 2021.

As per a survey conducted by the International Federation of Robotics, about 70% of workers believe that automation will be the harbinger of opportunities to qualify for higher-skilled jobs.

Automation has witnessed significant growth in implementation in the mainstream industries that include -

  1. Healthcare
  2. Logistics
  3. Lending
  4. Insurance
  5. Finances

1. Healthcare 

Automation is gaining momentum in healthcare because of ease of work with apps, greater flexibility, well-defined operations, staffing projects, cutting down budgets, and many more.

80% of healthcare professionals have observed substantial cost reduction and time savings by using electronic prescriptions. 

Here are some benefits that healthcare facilities can realize after implementing automation -

  • Cut-Down Labor Expenses by 50-60% by Automating Manual Tasks

Automation can perform manually demanding tasks with greater accuracy and help you save up to 60%on salaries and benefits spent on labor and divert them towards core operations.

  • Boost Quality by Eliminating Human-Error

Automation tools are unaffected by human error or fatigue, providing a consistent basis of care activities. 

A Texas hospital study concluded that higher automation in the domain of medical records, order entry, as-well-as decision support reduced deaths, complications, and cost to the healthcare facility. 

  • Reduce Wastage by Automating Traditional Paperwork Tasks 

Automation can help nurses and patients interact efficiently and eliminate paperwork, so they can file daily diagnoses reports and maintain records of patients digitally. 

Paperwork is susceptible to getting misplaced or tampered with, while digital records can be stored safely on computers with security encryption for ease-of-access and data protection.

 

2. Logistics

Logistics automation helps you save the extra bucks spent on labor and inventory via real-time fleet tracking and boosting the efficiency of mundane tasks. 

It is estimated that out of every $100 in e-commerce sales in the US, logistics companies are gaining $12 to $20 because of automation incorporated in shopping, a substantial increase from the $3 to $5 spent on logistics in a brick-and-mortar-retail operation. 

Here are some benefits that can be realized by logistics operators upon implementing automation -

  • Mitigate Errors With Digitized Data Input

Automation helps businesses integrate all records and data into logistics management software. 

This integration eliminates high delivery costs, improper planning & coordination, future penalties for errors in documentation by maintaining a digitized record.

  • Boost Customer Service by Real-Time Monitoring of Supply Chain

Automation enables real-time goods tracking, automated accounting, transaction tracking, automatic document generation, and many more.

Your customers will know the final shipping cost, live location of the package, as-well-as the delivery date. 

  • Improved Organizational Control Via Automation

With automation, you can reduce miscellaneous costs and offer amore competitive price by reducing the risk of uncertainty of the status of your in-transit products.

Automated software provides cost-effective delivery of the shipment, generates the desired information any time, and suggests efficient ways to counter redundant financial expenditures.

 

3. Lending

Loan process automation has introduced data entry via a virtual keyboard and reproduced human thinking to control applications using pre-existing commands. 

Be it pulling data from multiple sites, consolidating rule-based and checklist-driven tasks, or validating data from an external source, RPA(Robotic Process Automation) causes no disruption to your existing operations.

Some benefits that the lending industry can enjoy by automating processes include -

  • Automation Enhances Productivity and Accuracy

According to the IRPA, amongst every 100 steps in loan processing, humans commit ten errors while performing even redundant tasks. 

Automating mortgage loan processes can help lenders recover the time lost in filling paperwork, enabling them to be more productive while closing more applications swiftly.

  • Better Fraud Detection Using Advanced Predictive Analysis

By implementing RPA for mortgage services, lenders can leverage LOS (Loss Origination Systems) that employ advanced predictive analytics to calculate the risks associated with lending capital to a particular buyer.

  • Enhanced Customer Experience by Uninterrupted Operation 

Processing documents during lending and closing can take up to two weeks or a month, as per the speed and accuracy of your employees.

RPA systems work 24x7x365 off of the existing cloud infrastructure to streamline loan sanctioning and closing processes and enable borrowers to include other plans around their closing date.

 

4. Insurance

A UiPath case study concluded that automation reduced processing time for insurances by 80%.

Automation can promote claims processing, customer risk analysis, along with any process relying on unstructured data while lowering costs.

Here are some benefits of automating insurance processing -

  • Streamlining of Data Processes by Producing Error-free 

RPA streamlines data processes by enabling faster execution times and producing error-proof reports. 

Automation can process massive chunks of data within seconds while minimizing errors and significantly reducing labour and miscellaneous costs.

  • Multiple Software Integration Accompanied and Constant Innovation in     Insurance 

RPA handles the demands of system updates and streamlines integration of the latest technologies because it maintains consistency with the legacy systems. 

Thus, it can lower the costs and the personnel expenditures required in system and software updates.

  • Enhanced Compliance by Keeping Detailed Logs of all Transactions

Robotic process automation produces detailed logs of all transactions, making it easier to track mundane processes and ensure compliance with the regulations. 

External audits become much less of a deterrent for insurance companies that effectively use automation.

 

5. Finance

Finance processes involve paper forms, emails, spreadsheets, or siloed software that regresses progress and comprises of manual errors.

AS per an EY study,65% of the surveyed businesses believe that finance process automation will get prioritized significantly in the coming years.

The finance sector can realize certain benefits by automating tasks such as -

  • Eliminated Human Error and Improve Data Integrity

By automating finance processes, you can eliminate human errors and the time devoted to tedious tasks. Automation helps fill up data in forms automatically and boosts efficiency.

  • Automation Facilitates Swift Approvals 

Despite it being a budget approval or a reimbursement claim, finance automation software helps you save about eight hours a workweek. You can also get rid of cumbersome email threads checking on every status request. 

  • 360-degree Visibility

Automation software integrates thoroughly with other system software to provide you with a detailed picture of your financials. You can figure out the logic behind your fluctuating financials to help you execute faster and wiser business decisions. 

 

Final Words : Benefits  of Automation for Your Business

 Automation is gradually receiving widespread acceptance and implementation in different industries. Various sectors have begun to harness the immense capabilities offered by automation.

RPA (Robotic Process Automation) can potentially rise at a CAGR of 60.5% globally by the end of 2020. The total market size can hit values up to US$ 5 billion by the year's end. 

 

Here are a few universal benefits of automating mundane tasks in any domain -

  • Reduced operational and labor costs by automation

Automation can execute tasks that would otherwise take up three to five people with greater efficiency and no break-time required.

Besides savings on labor costs, energy savings can also be substantial because of reduced heating requirements in automated operations. 

  • Increased competitiveness and higher output yield because of uninterrupted working

Automation reduces cost-per-piece while elevating product quality and lets you retool a component to surmount your competition. 

You can send new products more swiftly into the production process with the ability to conduct the latest product programming offline with no disruption to consistent workflow.

  • Automation yields a smaller environmental footprint 

Automation uses lower energy by streamlining equipment and processes, cutting scrap, and taking up less space. Cutting-down your environmental footprint can save substantial capital.

  • Reduced need for outsourcing via automation

Automated units have massive potential capacity integrated into one compact system. This potency enables shops to manufacture parts in-house that previously required outsourcing.

Automation has aided various industries in the market, as mentioned above. It continues to replace labor for manually demanding tasks to truncate the time taken for execution while improving accuracy and precision.

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