HOW Robotic Process Automation (RPA) DRIVES VALUE FOR BUSINESS

Robotic process automation (RPA) is transforming business, bringing it to the next, more efficient, level.

How does RPA work? It connects an organization’s various systems, and works with them the same way people would, while automating functions. Each process is 100 percent repeatable 24 hours a day, seven days a week, giving organizations what is essentially a non-stop workforce. All steps are happening every time – nothing is ever skipped or forgotten. This automation is ideal for rule-based, repeatable processes that leverage the organization’s key systems. Listed below the main areas of Benefits with RPA.

Cost Down and Revenue Up

According to a new report from Digital Transformation experts reveals that the financial services industry could expect to add up to $512bn to global revenues by 2020 through ‘intelligent automation’, the right combination of robotics process automation (RPA), artificial intelligence (AI), and business process optimization applied cohesively to achieve business objectives. RPA enables eight times the amount of work to be done per minute than could be accomplished manually. Additionally, human error is eliminated, improving the accuracy of data entered. If RPA is deployed, a business can realize a 10-25 percent increase in cost savings, potentially scaling to 30-50 percent with AI-enhanced RPA.

Consistency

RPA also offers the benefit of consistency of process. Even the best scripted, highest educated call center staff can still interpret a process in diverse ways. Depending on which staff member the customer speaks with on a given day, that customer can have a fundamentally unique experience. RPA homogenizes the experience. This is particularly true in areas of high impact, such as risk assessment. One change or improvement can be immediately implemented across the entire organization, regardless of the number of locations, RPA integrates the widest variety of internal and external data types and sources, Easily builds and publishes integrations as web apps for users to explore and take action on data, Integrates data with business systems, processes, databases, data warehouses, and business intelligence tools, Acquire, enhance and deliver large volumes of data on a secure, enterprise platform.?

24/7 workforce

RPA creates a 24/7 workforce, driving efficiency and increasing cash on behalf of clients. RPA helps acquire, enhance and deliver information from any web-based source, automate business processes, connect legacy to cloud applications, integrate with partner and enhance search results—all in near real-time and free from reliance on coding or consulting. RPA also allows you to extend the power of the platform to desktops and mobile devices with ease to run and manage automation and integration projects any time and with any input parameter.?

Increase Collections and Decrease AR Days

Human errors are often to blame for aging receivables. Payers commonly reject claims for insufficient or improper documentation, delaying payment with each denial. For today’s Accounts receivable (AR) departments, AR automation software helps automate collections and payments management with electronic invoice presentment and payment (EIPP) tools. Some solutions even complete the invoice lifecycle by integrating a payments tool with a customer-facing portal. By eliminating paper invoices, these solutions help organizations reduce processing costs and Days Sales Outstanding (DSO) in their AR departments. RPA can eliminate human error and improve the accuracy of data entered, which increases the speed with which payment is collected.

To give customers a “single source of truth”

Data integrity in today’s data-driven world is top-of-mind for companies everywhere. To get the information and then the business insight they need, your customers must create?information causeways?between systems, and that can be a time-consuming process that’s prone to error (and potentially puts them in the hot seat with their customers). Your ability to offer an automated, plug-and-play solution to these problems will give your customers just another reason to say “yes” to your services.

Conclusion

RPA can be a quick win, bringing immediate benefit in business functions. It is likely to stay for longer time and become an integral part of your business processes. It triggers also broader changes in various functions, processes and people, that can maximize value of RPA and bring your business to the next level.

About us

“Your Digital Information Partner.”

ONE ECM is an international organization providing on-premise and in-the-cloud solutions, skills, and expertise to manage the complete information lifecycle to enable successful digital transformation. ONE ECM is an In-Country Value (ICV) and ISO Certified Company: ISO 27001:2013 Information security Management Systems and ISO 9001:2015 Quality Management Systems. It is a dedicated business serving the Enterprise Information Management (EIM) market combined with cognitive intelligence (CI) and robotic process automation (RPA), building on years of experience in the industry, implementation best practices, and support.

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