Is Your AI and Automation Strategy Right for You?
RPA is headed to be one of the fastest adopted technologies . Often our customers are excited about taking-on the technology but struggle to identify the right use case for it. We commonly get asked – what are the best use cases for RPA and RPA bots? Where should we apply RPA in the business to get the quickest returns? Which function in the business would benefit most from RPA – Finance, Accounts, HR, Operations, IT?
When looking for processes to automate with RPA, we recommend looking for processes that meet the following criteria -
- Manual – any process which requires data entry, collection of data from various systems or even validating information across various internal or external websites. These processes could really throttle a company’s growth as other high value processes are dependent on the completion of these processes.
- Repetitive – data entry and consolidation type processes involve doing the same tasks repeatedly. This causes employee fatigue and are often categorized as boring tasks.
- Mature – If the process doesn’t follow an efficient path already, the return on investment will be diminished.
- High volume – Any high-volume processes that requires multiple transactions and is a big cost to the company could be good candidate for automation.
Convedo has a lot of experience in the automation space. We have helped various public sector and financial services companies achieve drastic cost savings, improve process efficiency and achieve their digital transformation goals using RPA.
Here are some of the use cases where we have seen the greatest returns of RPA investment -
- Know your Customer (KYC) – Conducting KYC checks is a big overhead for financial companies and at the same time a must for compliance. RPA can automate the collection and verification of customer data against internal databases and external systems such DVLA and other criminal record checks. This can help reduce the time for verifying each customer’s identity and improve customer service.
- Insurance claim validation - Validating a claim ticks all the above criteria of choosing a process suitable for Robotic Process Automation. It is manual, involves collection and consolidation of data and is quite a manual, repetitive task. You also receive a high volume of insurance claims to process each month. That makes insurance claim validation one of the best use cases for RPA.
- Invoice processing – some of the most successful use cases of Robotic Process Automation have been implemented in the finance function. For example, invoice processing. Convedo has implemented combination of Optical Character Recognition (OCR) and RPA technology to automate the end to end invoice processing. Robotics can also be used to manage exceptions and human assistance can be brought in as optional if you still wanted some exceptions to be dealt by humans. For example, you can set an exception to verify all invoices over a million pounds.
- RPA enables digital transformation in the public sector – Various high-volume processes underpin citizen services in the public sector. RPA can be used to automate processes that require processing documents received from people and processing the information, such as councils processing change of address forms. Robots can be trained to read the information from the documents received and change the information in internal customer databases. This can significantly reduce the time taken to respond to people’s queries, hence improve customer service.
- Ensure compliance, regulations and security: All data handling can be automated so sensitive information is not vulnerable to a data breach. In addition, all activities enabled by the bot are traceable and audit-able for compliance purposes.
- Data migration – Some public sector organizations still operate on legacy systems which are often difficult to integrate with some of the newer technologies. RPA can help migrate the data from legacy systems without having to pay a high consultancy and services fee.
Talk to our specialists to discuss your business use case for RPA or if you need help in selecting a process that's best suited for automation !
