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ROBOTICS PROCESS AUTOMATION is an integral part of Digital Transformation. It is the top trending technical Buzz word in today’s world.
What is the meaning of Digital Transformation and technical changes it is bringing?
Digital transformation is the thoughtful conversion of business and organizational task, processes & methodologies/models to fully utilize the changes and opportunities in a mix of digital technologies and their accelerating force across society in a planned and linked way.
Also, we can also term it as conversion of information from analogy to digital form.This digital transformation process has enabled much of the technology trends today, some of the changes are-
1- Internet of Things
2- Big data
3- Intra machine communication
4- Utilization of Cloud based infrastructure
5- Digital currencies etc.
The two terms ROBOTICS PROCESS AUTOMATION and Digital transformation are closely linked, we can better understand it as ROBOTICS PROCESS AUTOMATION as one of the most important pillars in transforming an organization digitally.
Areas where ROBOTICS PROCESS AUTOMATION help organizations-
1- In reducing workforce
2- In improving quality
3- In increasing productivity
4- Lesser time to market
If we consider above areas we can see these are the key objective of a digitally transformed unit.
ROBOTICS PROCESS AUTOMATION has become a deciding factor within organizations, to get ahead in the race. It is being used in various industries backend processes like-
3- Travel etc.
Sample Use cases of Insurance domain
1. Insurance Policy Cancellation
Using ROBOTICS PROCESS AUTOMATION in the insurance companies has made it better the cancellation processes considerably. Cancellation can be done in just one-fourth of the time for the same transactions with ROBOTICS PROCESS AUTOMATION in place.
Some of the common cases of cancellation-
a) Defaulter of premium, which makes policy to get auto cancel
b) Customer chooses to opt-out of existing policy
2. Insurance Form Registration
The form registration process can be enriched well with ROBOTICS PROCESS AUTOMATION implementation and it needs only 30-40% of the time and effort of about half the number of staffs.
There are various backend forms which are required to be filled when a new policy is being purchases, such form filling or registration can be done using ROBOTICS PROCESS AUTOMATION bots. There is minimal to no human intelligence is required for such cases
Sample usecases of Travel domain –
1. Cancellation of Ticket
In travel industry there are various backend office processes are there, there is a complete set-up of back end executive that take care of operations.Cancellation / Refund and reconciliation are major process which happen in a day to day basis, if ROBOTICS PROCESS AUTOMATION is being implemented at such stage.
2. Travel Claims Processing
There is a claim processing processes, which various airlines have introduced for their goods which travellers keep in their bag and baggage, all the checked in bags are falls under such insurance. Although it’s not common but quite a few airlines use to offer such insurance.
Claims raised for such insurance are mostly third party and in order to process it various activities of form filling is required, therefore ROBOTICS PROCESS AUTOMATION bots can play a major role in reducing manual processing
To conclude, optimization is a necessary element we require once after final design of any IT/ITES task, ROBOTICS PROCESS AUTOMATION plays a vital role in optimizing it in terms of time, quality and efficiency.
On the basis of various surveys and reports, ROBOTICS PROCESS AUTOMATION will grow up to 2-3 $ B USD value in next 4-5 years or may be more in value, and will help in the digital transformation of organizations and will help to save the much bigger value($).
Digital transformation requires ROBOTICS PROCESS AUTOMATION to achieve above optimization so that Organisations can add value to their respective businesses.
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