Robotic process automation (RPA) is the use of computer software along with artificial intelligence (AI) and machine learning capabilities that is programmed to handle high-volume, repetitive tasks that were earlier done by people. These tasks can include queries, calculations, data collection, maintenance of records and transactions. RPA tools can help businesses improve the efficiency and effectiveness of their operations faster and at a lower cost than other automation approaches.
RPA is different from traditional automation software as it is essentially capable of recognizing and handling deviations in data or exceptions when processing large volumes of data. It can be programmed to analyze large amounts of data from software processes and process them as triggers for new actions, responses, and communication with other systems. RPA is in essence, a software development toolkit that allows non-engineers to rapidly create software robots (known commonly as “bots”) to automate business processes that are rules-driven. An RPA system mimics human interventions with internal IT systems. It is an application that requires minimum integration with the existing IT setup and contributes to productivity by replacing human effort to complete repetitive tasks.
The market size of the world wide robotic process automation pegged at USD 1.1 billion in 2019 and is projected to witness a CAGR of 33.6% from 2020 to 2027. The increasing demand for business process automation (BPA) harnessing artificial intelligence (AI) and software robots is anticipated to be the key growth driver. Few of these technologies are now declining since businesses across the globe are transforming into a dynamic digital environment. However, robotic process automation (RPA) is anticipated to evolve and soar over the forecast period. The modern enterprise needs robotic process automation for faster implementation, execution, and scaling.
Any company which has labour-intensive processes, where people are performing high-volume, highly transactional and repetitive process functions, will boost their capabilities and save money and time with robotic process automation. While RPA is self-triggered when deployed, it requires human intervention for judgment-intensive tasks and robust human governance and to make changes and improvements. RPA also has significant advantages for companies which operate with very few people or that are short of labour. These are opportunities to save on cost as well as to streamline the allocation of resources by deploying automation.
While RPA is an emerging technology, it has been growing steadily and of late, has seen a spurt in demand – especially in areas where enterprises are looking to control costs and optimize resources. There are increasingly more deployments reaching enterprise scale and operating on processes across organizations.
For administrative tasks that are done on an everyday basis, and which follow simple rules that do not involve making decisions or developing strategies, bots and Robots work better than humans. This technology is used across industries, and has a proven track record of helping to make businesses better and boosting growth in the process. Neutrinos Multi-experience Development Platform (MXDP) facilitates RPA tools to work to their highest level of efficiency by enabling the various cross-functional teams to easily connect and collaborate several applications to provide end-to-end solutions.
Benefits of RPA
Robotic process automation technology can help insurers on their digital transformation journeys by :
- Facilitating better customer service;
- Streamlining business processes and operations to enable compliance with regulations and standards;
- Facilitating the rapid completion of processes;
- Enhancing efficiency by digitizing and auditing process data and
- Bringing in cost savings to manual and repetitive tasks…
Considerations in implementation of RPA software
There are a number of critical components that need to be considered before a decision is made to implement RPA software. These include::
- Scalability: Organizations must identify RPA platforms that can be centrally managed and lend themselves to be scaled up in a big way.
- Speed: The process of designing and testing new robotic processes should be possible in a few hours time at the most. Optimisation of the bots to be deployed must be easy and quick as well.
- Reliability: Tools that enable continuous monitoring and regular reporting of the automated systems as they perform their tasks are essential to ensure the reliability of the automated process.
- Simplicity: Products that are simple to build and use are preferable to complex systems that require employees to be given extensive training and practice. Tasks like collection of data and conversion of available content and data into management reports must be a simple and easy process.
- Intelligence: The best RPA tools can be considered to be those that support simple task-based activities, read and write to any data source, and make the best use of more advanced learning to further improve automation.
- Enterprise-class: Companies should look for tools that are built from scratch for enterprise-grade scalability, operational efficiency and accuracy.
With a good RPA tool in place, insurers can focus on tasks like analysis and underwriting that necessitate human intervention, take decisions on complex claims to make approvals or rejections and enhance the experience for the customer while adding value to the organization as well.
The Neutrinos team and their RPA capabilities
The Neutrinos RPA team is one that consists of dedicated and highly experienced professionals working exclusively on RPA technologies. Partnered with leading RPA platform providers and certified and cross-skilled in multiple RPA platforms, Neutrinos is an Intelligent Automation solution provider with end-to-end process automation development and implementation experience. Having worked with many insurers, Neutrinos is in a position to deliver value, not just through the implementation of RPA, but also driven by a results-based approach, tailored to your specific goals. Talk to us to know more!