These days, to keep up with the fast-paced business world, industries are starting to count on robots to achieve their daily tasks. This is known as Robotic Process Automation or RPA and to save time and cost, industries that are relying on repetitive tasks can use RPA instead. However, some industries are more suitable than others when it comes to RPA implementation. Let us run through which industry is capable of going even higher with RPA.

Targeted Industries

Banking and financial services

The report has shown that the banking and financial services industries were the key industries that adopted RPA Robotic Process Automation in 2019. That accounted for a 29% share of the global revenue. This is not surprising since these industries required organized and accurate handling of large volumes of sensitive data. Meaning that human errors have to be avoided at all costs.  Also, many of these business tasks that are related to banking and finance industries can easily be automated such as balance sheets, statement processing, compliance regulations, and data entry. Most of these aforementioned tasks are time-consuming, so using RPA, that will significantly boost their process in terms of speed and efficiency and also get a comprehensive analytical insight.

Insurance

The second industry that is known to have repetitive tasks is Insurance. The daily tasks are usually filled with back-office tasks, claims processing and policy quotes, and updates of underwriting and payouts. When insurance industries apply Robotic Process Automation, that subsidizes this high volume of repetitive admin tasks thus making it more accurate or efficient compared to human work. Legacy systems need regular updates and implementation of RPA can ease this process in the background, while human counterparts can focus on more technical processes.

Also to prevent backlog, insurance businesses are adopting RPA to fasten up the majority of back-office functions to not only retain but also to expand their client base. Overall Robotic Process Automation provides faster claims management, better policy administration, thorough customer insights, and analytics which provides an all-rounder customer experience.

Healthcare

Healthcare is another industry that is arguably the most demanding and regulated and it has severe requirements for accuracy and efficiency for the management of large volumes of sensitive data. When the back-office tasks are reduced, patients can receive more value-based care and attention since the administrative pressures on healthcare workers are being taken care of by the robot counterparts.

 To elaborate, RPA results in shorter waiting times, more thorough insights into patients’ histories and digitization of patient data thus creating a more efficient healthcare process which finally provides improvement for the patient experience. To sum up, for healthcare, Robotic Process Automation improves the healthcare industry’s operational efficiency in a lot of ways which allows them to focus on their primary goal which is patient care.

Utilities

Companies that provide utility services such as water, gas, electric have to face high volumes of monetary transactions regularly thus RPA implementation is needed for their accounts and billing departments. Apart from that, RPA is also being used to assist with meter readings and it can provide accurate and efficient results. When the meter readings are automated, utility companies can get precise bills and numbers accordingly, reducing the involvement of human error.

Conclusion

It is evident by going through this article, that RPA implementation is heavily needed, especially on a global business scale. Apart from its major benefit which is to streamline operational procedures, Robotic process automation’s ability to assist with back-office administrative functionalities and provide overall business process efficiency makes it a must application to implement in main industries today. Visit us to know about what RPA can do for you. Tao.net is the leading software company in Malaysia that offers cost effective IT solutions and contact us today to know about what RPA can do for you.