Robotic Process Automation: Little Moves Make Big Money

Robotic Process Automation: Little Moves Make Big Money

By Emily

May 12, 2022
robotic process automation

Robotic Process Automation can increase efficiency while saving valuable time and money

Robotic Process Automation (RPA) is the use of software to automate the processing of specific tasks through programming. This differs from traditional forms of software in that it focuses on automating single repetitive tasks, rather than handling more complex functions.

RPA and AI (artificial intelligence) have the potential to enhance an organization’s performance in terms of productivity and efficiency by freeing up company resources for other projects.

It is also relatively inexpensive in comparison to many other enhancement options, making it an attractive option for companies with potentially limited budgets.
Robotic process automation software can be used to carry out repetitive tasks more quickly and accurately than human workers in a wide range of industries, including financial services.

RPA and AI (artificial intelligence) have the potential to enhance an organization's performance in terms of productivity and efficiency by freeing up company resources for other projects.
vertical farming with robotics

Benefits of RPA include:

  • Enables you to create quick and accurate processes quickly
  • Decrease the number of manual steps involved in repetitive tasks by programming them automatically, often without the need for user input
  • Improved data quality due to reduced human error
  • Quick return on investment (ROI) if implemented correctly
  • Reduces cost associated with labor

Potential disadvantages include:

  • The development of RPA can take time
  • Good integration tools are required
  • RPA only works on structured processes. If your process requires handling exceptions or fuzzy situations, then RPA may not be suitable
  • Although most existing software is compatible with RPA, some applications may not be
  • There is a potential for error when coding rules

Types of Robotic Process Automation include:

  • Knowledge automation
  • Cognitive robotic process automation (cognitive RPA or CRPA)
  • End effector-based robotics, also known as ‘industrial’ or ‘blue collar’ robotics
  • Business process robotization
  • Business process automation
  • Perceptual robotic process automation (PRA)
  • Customer service robot

Perceptual Robotic Process Automation (PRA)

Perceptual-Robotic-Process-Automation

Perceptual robotic process automation uses artificial intelligence to mimic human perception and interpretation of information collected by sensors.

This type of approach is used in the first generation of service robots: PR2, Pepper and Nao, among others.

They use cameras and microphones to perceive their environment and extract data from it. However, since they cannot interact intelligently with this information, they are not considered cognitive systems, but rather intelligent data handling devices that can cooperate with human workers.

Customer Service Robot

A customer service robot interacts with customers over the phone via speech recognition and/or text-to-speech processing to automate various types of customer service or technical support processes. Examples include password resets and order status inquiries. These robots perform data collection activities such as question comprehension, intent extraction, and information gathering through interaction with users to accomplish targeted goals.

Machine Learning

robotic process automation machine learning

The machine age is here, this means that machines are increasingly doing the work done by humans.

Machine Learning (ML) is one of the machine’s capabilities, which reduces manual labor. This machine learning capability makes it possible to quickly derive insight from big data to act with little human involvement.  Two examples of machine learning are self-driving cars and voice recognition software Siri.

One method for automating business processes is RPA. It works with digital files, records them when humans interact with the documents, and turn what was human error possibility into machine error possibility.

The machine age is already giving rise to benefits such as increased productivity and improved work efficiency, but this will likely become even more apparent shortly as machine learning becomes a larger part of what machines are capable of.

As machine learning becomes an increasingly common feature that machine’s capabilities, we will be seeing devices becoming smarter and more automated daily.

Soon we might notice how we no longer must wait for our search engine request to be answered and instead see it being immediately fulfilled on-screen before even getting the chance to comment on or complain about it.

An Example of how RPA can be beneficial

The claims process is a laborious one. That’s why the claims process should be automated with robotic process automation.
The claims process should be automated to increase productivity and decrease costs.

The claims process typically consists of gathering information, making calculations, and preparing reports – all tasks that robocalling technology can do more quickly and accurately than humans can.

In today’s fast-paced business world, claims representatives simply cannot spend their time on repetitive tasks when they could be working to meet customers’ needs instead. Furthermore, claims representatives must provide excellent service every time they interact with an adjuster. That means remembering what has been discussed in past interactions and staying focused despite distractions such as multiple simultaneous phone calls. Automating claims processes will help companies achieve claims optimization, which ensures claims are handled quickly and accurately.

Robotic process automation claims that companies can achieve claims optimization by streamlining claims handling, implementing regular claims reviews to ensure claims are addressed promptly, and incorporating quality management processes to minimize the number of errors in claims processing. Making these changes will allow claims representatives at insurance companies to work on higher-level tasks like evaluating new policy applications instead of crunching the numbers for each claim submission.

The implementation of robotic process automation is still in its early stages; however, there are many benefits that come with it.
For example, robocalling technology allows insurance claims representatives to focus their energies on other areas that need their attention while still fulfilling maximum productivity requirements.

This leads to improved customer service as claims representatives can work ceaselessly to serve claims and applicants without any breaks.

Additionally, claims companies that implement robotic process automation see a decrease in claims processing time, an increase in the number of claims processed per hour, and fewer claims-related errors.

The Future of RPA Software & RPA Technology

A decade ago, the idea of a robot delegating tasks to humans was pure science fiction. Today, thanks to rapidly evolving RPA technology and increasing automation of business processes, RPA is on the tips of tongues of businesspeople around the world as an effective way to handle many routine manual computing labor tasks.

Human resource departments are always looking for ways to cut costs without cutting human resources.  So, when new robotic process automation technology started making waves in corporate boardrooms, human resources wondered if it could be the answer to their financial woes.

Companies worldwide are seeing drastic increases in productivity by using RPA. According to a recent study conducted by Narrative Science, more than half (56%) saw a 50% or higher improvement over their previous methodologies. And some see even greater returns: 63% of respondents said their organizations had realized gains over 75%.

Depending on your company’s needs, you can choose from a variety of RPA tools that offer different functionalities. For example, there are tools available with pre-built connectors or platforms that allow customers to build their own connectors, which can then be shared across multiple users.

As more companies start using RPA technology each day, it seems clear that this new approach to handling routine tasks will soon become standard practice for many organizations worldwide. In the past, automation tools such as rules-based machine learning, software robots, and digital transformation were seemingly out of reach, but now, they are at our fingertips as many organizations are incorporating them to enhance customer experiences.

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About Russell Conveyor & Equipment

Russell Conveyor and Equipment has been in business for over 20 years. We specialize in conveyor systems and material handling solutions. Russell is a family-owned business, and we take pride in our customer service and quality products.

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