Today, digital transformation has become a vital strategic necessity for all businesses. To stay ahead of the curve, businesses have to streamline their operations and constantly improve product/service experiences.
Mr. John Chambers, Former CEO of Cisco said back in 2015 that “At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.”
Digital transformation is all about shifting from traditional methods of business to implementing advanced digital technology at the most fundamental aspect of business. It’s increasingly important for businesses to adopt digital technologies to stay relevant and competitive in the business. Among all the available automation software in the market, RPA is widely renowned as the best software tool to automate business.
Robotic Process Automation (RPA)
RPA uses AI (Artificial Intelligence) in automating repetitive tasks and rule-based tasks across any system, website or applications. This also includes tasks that were previously handled by employees such as form filling, data entry, uploading information to a set system and converting this into informed decision making or processing it. RPA transforms the business by improving the efficiency, it’s less time consuming, and also reduces error and accuracy of information indirectly reducing costs for companies.
Benefits of RPA include cost and time saving, scalability, increased accuracy and efficiency, facilitation of compliance with government regulations, improved customer experience, data insights and informed decision making. This makes it easy to build, deploy and manage tools.
RPA has successfully transformed businesses across various industries. Here are a few real-time uses:
1. Improving customer experience with AI powered chatbots: Chat bots have changed the marketing and customer service scenario. Chat bots have taken the game to an all new level. They have automated support processes by instant and personalized replies, reducing the response time and the need for human interference.
2. Accelerating invoice processing: Manual invoice generation takes time and are prone to errors, but by integrating RPA with business, systems extract information from historical invoice data, cross-check with regulations and initiate payment processes. This decreases the time taken to process the invoice.
3. Fraud detection: RPA with AI powered data analytics process large amounts of financial data drawing patterns and detect irregularity. This is an additional step taken to improve safety and security of both business owners and customers.
4. Risk management: Compliance and risk management are very important in regulated markets. RPA helps in compliance processes by automating data collection, validation, and reporting. This saves time and guarantees compliance with regulations and minimizes the risk of penalties and damage.
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