The number of businesses that have a need for RPA in the US has grown exponentially as customers come to expect the speed and ease of technology-assisted transactions.
Robotic process automation offers massive advantages for businesses in everything from labor costs to speed of sales to quality customer service. But not all businesses can use RPA to their advantage…yet.
It’s only a matter of time and creativity before RPA filters through every part of the business world and even helps out consumers in their daily lives.
For now, let’s take a look at the industries that can immediately take advantage of what robotic process automation has to offer.
What RPA Excels At
There’s a lot of concern about RPA taking away jobs. It replaces the human labor involved in data entry. But it’s providing more skilled, high-income opportunities for workers. It also frees skilled employees from their time-consuming, repetitive tasks.
RPA, not to be confused with AI or machine learning, does what it’s told. Machine learning/AI does the thinking. RPA executes the plan. The differences between the two are similar to building a model train set. The train (RPA) can only follow the track laid out for it. It needs a person (or AI in our example) to decide where the track goes.
RPA, in its current form, excels at several things: user interface interaction, high volume data and data management, and imitating repetitive, tedious human tasks.
Let’s say, for example, you run a company in the insurance industry. Your business likely uses several different software applications during the course of a sale. Someone in the back office may need to take a prospect’s information, run quotes through several carrier software systems, add info into your CRM, and choose any additional marketing funnels before heading over to an underwriting system.
RPA can do all of those tasks, minimizing data entry errors along the way. If anything can be taught to an employee with an “If A, then do B” thought process, then RPA can do faster and with fewer (if any) errors.
If you want to build on the advantages of robotic process automation, layering on its more intelligent cousin, Hyper-automation, can start streamlining business operations to improve profits further.
So what industries have the best position to take advantage of this right now?
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Businesses that Have Need for RPA in the US
The industries that need RPA the most right now are the ones that handle large volumes of data. More importantly, businesses that need to process large volumes of data accurately are the ones that will benefit most from RPA software.
Remember the days when you had to wait a week for your primary care physician to send your records to the specialist, then wait another week for the specialist to send the results back? That doesn’t have to happen anymore.
RPA can improve efficiency in healthcare, not just in the records department. Medical centers can benefit from the increased speed and accuracy when handling health insurance claims.
A sizeable percentage of hospital staff dedicate their time to administration. Making their jobs easier by automating data entry tasks and improving accuracy will improve patient care too.
Sifting through a volume of job applications can feel daunting to even the most seasoned hiring manager.
RPA software and quickly sift through candidates, looking for keywords, years of experience, education, or any other factor your business might use to narrow down the potential hires.
Stepping beyond hiring, RPA can assist in everything from approving vacation time, benefits packages, scheduling, and even payroll.
Insurance, as an industry, has the advantage of being an arena where competing on customer service offers the biggest competitive advantage.
20 years ago, when Progressive started their national ad campaign showing that someone looking for car insurance could get quotes from several different insurers by entering their information only one time let them absorb an enormous market share. Customers loved it because it saved time, and they didn’t get birthday cards from companies wanting to sell them insurance for the next several years.
Convenience proved key when providing something for customers that they don’t necessarily want but know they need.
Now, RPA can handle straightforward claims in less than a day – sometimes minutes. Independent agencies and general agencies can enter information once and immediately have a beautiful apples-to-apples comparison between insurers for clients to choose from. Naturally, the data there can easily transfer into binding and underwriting.
In many sectors of insurance, RPA also allows for instant underwriting decisions. Waiting two months to get a life insurance policy can be a thing of the past for smaller, low-risk policies. When faced between the choice of a policy that can check “get life insurance” off of a client’s to-do list in less than a day versus a policy that requires full underwriting complete with a medical exam that checks off the task in six or eight weeks, you can guess which company will get more business.
Explore more ways that robotic process automation can transform an insurance business.
Arguably even more regulated than insurance is the finance industry.
Accounting, compliance, reporting, and endless data updates as people move and their situations change makes the accuracy and speed of robotic process automation a necessity.
Other financial businesses that have need for RPA in the US include banking, retirement planners, CPAs, and investment services. All of those industries require rigorous recordkeeping, attention to detail, and strict adherence to compliance measures.
RPA can automate the process, validating data for opening accounts or comparing assets – all saving time for the client while increasing customer service satisfaction. It can also speed up the loan approval process, a helpful advantage in sellers’ markets for vehicles and housing.
Other advantages in this sector include data migration and quality reporting.
It can reduce the labor hours involved in data entry and improve employee job satisfaction by eliminating the less desirable tasks in their workflow process.
Other Industries That Can Use RPA
These four industries have begun taking advantage of the labor-saving and customer service advantages that RPA has to offer. But that doesn’t mean the usefulness stops there.
Other industries are beginning to implement customer systems, too, such as:
- Food Service
The uses of robotic process automation only slow when imagination does. As businesses talk to their employees about redundant processes, time-consuming tasks, and low-value tasks, it’s easy to see what can be quickly and easily automated.
Whether it’s an out-of-the-box system or custom-built software, automating the tasks better left to the precision of robotic software can reduce payroll costs, increase productivity, improve customer satisfaction, and give your company a competitive advantage over your competitors.
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At RD Global, we provide businesses in insurance and healthcare with the digital solutions they need to take their business into the digital age of on-demand convenience. Our in-house team of automation specialists build custom insurtech to fit a company’s culture and smooth the digital transition.
Schedule a discovery call today to see if RD Global can solve your company’s automation challenges and improve the metrics that matter to you.