The COVID-19 outbreak has impacted industries and economies across the world. With strict restrictions imposed and work-from-home, the new reality, RPA, comes to the rescue of many organizations.
RPA technology automate repetitive, rules-based tasks by mimicking human interactions, thus relieving the human worker to focus on higher-value work. No longer a buzzword, RPA is now gradually finding its application across many industries and functions. Whether you’re looking to process invoice collections or claims, automation has got you covered. It offers a range of benefits, from streamlining business processes to improving efficiency and accuracy. The bots perform a wide variety of tasks and contribute to making digital transformation a reality. If you’re in retail, banking, manufacturing, telecom, and healthcare, among others and are looking for ways to get through these uncertain times, Robotic Process Automation can help in multiple ways.
Let’s take a look at RPA and its applications in three key industries during the COVID-19 pandemic.
Banking
The banking and insurance industries are considered the biggest consumers of RPA. With automation capabilities, the banking sector can bid goodbye to lengthy, tedious, and time-consuming processes. Not only can RPA help with back-office tasks but also help in the smooth operations in front-office, where client-facing is critical.
- Use cases of automation in banking include:
- Processing of loan applications
- Audit reports
- Accounts payable and closure processes
- KYC and compliance
- Fraud detection
- Credit card processing
- Mortgage processing
With a reduced staff and a majority of employees working remotely, robotic process automation helps automate repetitive tasks, improving productivity and efficiency of the employees. As automation removes the need for human involvement, its application during the crisis is seen as a boon.
Major banks and financial institutions across the world are reaping the benefits of implementing RPA in these tough times. As banks deal with a humungous volume of data and customer information, RPA bots remove manual processing, avoiding errors and freeing up the manpower to focus on critical tasks. It’s also a challenge to manage and respond to multiple queries from customers related to application status and account information. With automation-led bots, banks can respond to customer queries in real-time as quickly as possible. By leveraging RPA, banks can save costs, expedite operational efficiency, reduce the turnaround time, and errors.
Retail
COVID-19 has impacted the retail industry in many ways — with challenges such as managing the supply chain, rising labor costs, demanding customer expectations, product demand, and logistics services taking a huge hit.
RPA helps in many ways, including:
- Updating order and shipping statuses
- Processing shipping notifications
- Monitoring inventory
- Managing out-of-stock situations
- Extracting critical information from manufacturer websites
In these challenging times, managing supply chain, order management, and fulfillment, and network infrastructure is crucial. Automation in retail not only helps improve speed and accuracy but also maximizes profits and reduces costs. The shift to digital has brought about a new normal that is poised to change the way the retail industry operates. From realigning supply chains to connecting better with customers, RPA is filling in the gaps by helping retailers meet the fluctuating demands, assess risks, identify threats, and create contingency plans.
With the new economic reality, consumers are adopting new behaviors — primarily the shift to digital shopping. Major retailers across the world are leveraging RPA to provide customers with a digital experience that is most likely predicted to continue post-pandemic. Robotic Process Automation helps retailers streamline data, forecast accurate sales, understand the market better, and improve customer relationships.
Telecommunications
Robotic Process Automation plays a crucial role in transforming the telecom industry, from supply chain to customer care. With remote working the new normal, the demand for faster connectivity and networking infrastructure is high. The increasing demand for mobile communications and other communication tools is helping businesses address the challenges of the COVID-19 pandemic.
Few use cases of automation in telecom:
- Fraud management
- Customer data updates/data entry
- Customer experience
- Invoice processing
- First call resolution
Conclusion
These are unprecedented times for every industry. RPA helps address the challenges industries are currently facing, augmenting human capabilities, and allowing employees to focus on revenue generation and customer experience. The impact of COVID-19 on the economy is bringing in rapid shifts in nearly every industry. Companies like UiPath, Automation Anywhere, and EdgeVerve are providing RPA solutions to help businesses tide over the crisis.
