Automation technologies help firms to optimise resources, elevate performance and maintain a competitive advantage. In industries where growing regulatory pressures, data volumes and customer expectations are a challenge, robotic process automation (RPA) can lighten the load. RPA solutions can be configured to automate routine, repetitive and time-consuming processes. The software ‘bot’ operates on application user interfaces (UI) in the same way a human would – only much faster and more accurately.
Will bots make people redundant?
Could RPA lead to job losses by creating a digital workforce that works tirelessly around the clock?
Before panicking, it’s important to understand that (current) RPA solutions have their limits. Bots can only fulfil digitally-driven, easily definable processes. Roles involving exception handling, complex customer interactions and reasoning are best left to human employees.
Many business processes waste resources. By delegating this work to bots, the firm benefits from improved process speed, accuracy and efficiency; while its employees are free to focus on more fulfilling workloads.
Why invest in RPA?
According to research by Accenture, RPA can free up to 30% of capacity within an enterprise, cut operational risk and enhance the customer experience.
Business benefits for insurance firms include:
- Less human error – This can cause downtime, customer churn, security breaches and compliance violations. Automating manual processes alleviates this risk.
- Seamless integration – RPA software works with existing systems to minimise disruption and maintain a return on current IT investments.
- Code-free – RPA tools require minimal software programming skills, making them more accessible to users and less burdensome for IT.
- Supports compliance – Automation boosts data accuracy and creates a digital log of all actions, which is ideal for internal and external audit, as well as regulatory compliance.
- Enhances agility – RPA capacity can be easily and securely scaled to suit fluctuating business needs.
Rolling out RPA – some recommendations
- Identify processes that would benefit from automation. Where are people wasting time on rules-based work?
- Partner with a process automation expert for guidance on whether RPA is the best automation approach.
- Model each RPA configuration to ensure all stakeholders’ expectations are understood and met.