What is Robotic Process Automation RPA ARP Use Cases

ARP: 

This is the new acronym for knowing. Robotic process automation, a technology that promises to grow exponentially, aims to automate repetitive tasks. Your purpose? Allow workers more time to focus on value-added actions. Discover everything you need to know about ARP: definition, benefits, limitations and use cases.

Robotic Process Automation RPA ARP Use Cases

Definition of ARP: what is it?

ARP, or Robotic Process Automation, is a technology to automate business processes that previously required the intervention of a human being. It is capable of dealing with repetitive and slow tasks by using artificial intelligence software or machine learning capable of imitating a human worker.

How does this technology work? Imagine a digital robot connected to systems and using the graphical interface of a user, like a human, but at incredible speeds, without errors and without the need for interruptions. Now you have an idea of   how an ARP software works!

Retyping something, copying and pasting data from one application to another, comparing data, ... All these tasks that humans usually perform repetitively now become automatic.

It is not surprising that this new functional area is promised a bright future. According to Gartner, the ARP could represent a turnover of 1,000 million dollars in 2020. And, on that date, 40% of large companies will have adopted an ARP software tool, compared to the current 10%.

Benefits of ARP: What is it for?

According to Leslie Willcoks, a professor at the London School of Economics, “ARP can perform these repetitive actions faster and more accurately than humans, and 24 hours a day. Its use, therefore, allows employees to devote free time and focus on missions with real added value. As a result, this technology allows a company to reduce costs and human errors. Therefore, the return on investment (ROI) would vary between 30 and 200% the first year.

Short-term financial gains are not the only benefits of ARP. Robotic Process Automation helps increase customer satisfaction with better data quality, faster problem resolution, etc. It is a true lever to transform the customer experience and optimize a Customer Relationship strategy.

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Robotic Process Automation also has benefits for employees. The increase in bureaucracy carries an additional workload, not very rewarding. The robot takes care of what humans don't like to do. Thus, automation relieves negative stress.

Efficiency, speed, quality, compliance, savings, availability; Those are the benefits of ARP.

ARP limitations: towards companies without humans?

Like any automation technology, it has the potential to eliminate jobs. Forrester Research estimates that 9% of the global workforce will be threatened by these cuts. Worrying, ... or not?

Robotic Process Automation RPA ARP Use Cases

The ARP must lead companies to completely rethink their business model. Technology should push them to build centers of excellence that are the source of new techniques and processes necessary for their development. You have to think in the long term: the trades that have disappeared will be the least interesting for man. The ARP means that employees will have a more rewarding job.

At the same time, the economic results of ARP implementations are not yet proven. Although it is possible to automate a certain percentage of tasks, this does not necessarily translate into cost reductions of the same magnitude. The future will tell us.

 “It is likely that the widespread dissemination of robotics is more arduous than many experts say. The impact is defined as sudden, transformative, overwhelming and irreversible, ”warns Leslie Willocks, a professor at the London School of Economics.

Use case: how is ARP used?

Initially reserved for some commercial sectors, the ARP can now be applied to all: “ARP solutions can handle any given data by executing, such as a macro, a series of pre-programmed actions and the following predefined professions rules. Its scope is wide, as they potentially apply to any type of process (banking, insurance, administration, etc.) and support functions (finance, human resources, purchasing, IT, etc.), ”explains Deloitte.

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Robotic Process Automation RPA ARP Use Cases

ARP scenarios are varied. Some companies use it to provide better customer service by automating processes such as information verification, claims management and automatic email response. Others use it to automate accounting tasks, optimize their billing process or create compliance tests. For example, American Express has adopted the ARP to handle the cancellation of a ticket and its refund. Deutsch Bank has automated its validation process for the creditworthiness of an adherent client.

What to remember
As you can see, process automation by robot is rapidly approaching the business world and altering current methods. We are on the threshold of a change in organizations, and the sooner companies adapt, the more they will gain a competitive advantage in their market. However, the ARP must be perfectly integrated into the company's strategy, as it poses human resources problems. Finally, by relying on artificial intelligence and machine learning, automation tools will have the ability to adapt to a context, to a particular problem, by activating the adapted process. ARP 2.0 still has a viable future ahead.

Use Cases in Robotic Process Automation

While automation promises cost savings and high efficiency, it is not always easy to obtain these benefits. For companies in the financial services sector, all the advantages of robotic process automation (RPA) seem to be available to all sectors; however, the theory does not necessarily equate to reality, a FinanceTNT report said.

"Without knowing their true weaknesses or their support requirements, companies will miss ways to scale profits and leave money at the table." Many financial institutions do not see the results they expect, however, many seem to be achieving them. A PriceWaterhouseCoopers (PwC) report highlights the problem in question.

Fortunately, due to their implementations some companies in the financial industry are proving that this is not the case. For example, "the insurance industry at all times, from claims processing, to the issuance of policies, has also found a large number of applications for RPA." Likewise, banks are succeeding with, for example, from chatbots, theft-advisors and accounts receivable automation.

To illustrate what some cases of use in the Industry may be, FinanceTNT compiled a series of cases of Banks, Insurance Companies and other industries to show how automation has been applied in the operations in any company in its step to digital transformation.

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The implementation of the RPA in the insurance company ‘Zurich’

Among the benefits that the company highlights are: “the ability to free its commercials to devote their time to more complex policies, while the simple and repetitive are managed with intelligent software. The company says its local policy issuance processes, for example, have been automated by RPA. ”

The initial deployment of RPA covered the complexities of issuing policies in 5 separate countries, highlighting the versatility of automated delivery. However, the company expresses that its results were not obtained from good to first, but rather, “there were many times that we looked at each other and thought‘ will this really work? ’; However, through "determination, passion and patience," the work of the two companies "proves that hard work and collaboration are worthwhile."

Likewise, it is easy to see why in their pilot programs, within their life and pension insurance division in the United Kingdom, 50% cost reduction was being carried out in several processes. Less than two months later, the company got hooked and began expanding the implementation.

Automation of accounts receivable in KeyBank
Some organizations have successfully adopted Robotic Process Automation, within which the financial sector has started to implement them.

This is the case of 'The Royal Bank of Canada (RBC)', “the largest financial institution in the country that has been using Smart Chatbots for more than a year to improve customer service, while Scotiabank is incorporating innovation into its largest digital transformation, ”according to FinanceTNT.

For example, in the United States the KeyBank Bank is also looking for improvements in efficiency and automating the delivery of invoices and accounts receivable services. "According to KeyBank, through electronic billing on a cloud-based platform, the bank can incorporate RPA principles to supply an" end-to-end solution to optimize assets . "

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The RPA, as we have talked about before, eliminates the need for employees to perform "repetitive manual tasks." And with its machine learning capabilities, the entire process will continue to expand and improve over time. Eye, in this way, its adoption improves over time.

Bancolombia brings Bots to the investment portfolio
Around the world, automation is being implemented and that is why Latin America is not far behind. The largest bank in our country has recently added to its products InvesBot, which tracks daily the behavior of its clients' portfolio.

This product is reserved for a certain group of clients that have a specific sum of investments. For them, "it provides real-time information about the portfolio's performance and can offer advice on whether current market conditions suggest changes should be made." Its launch was due to the construction of a robot that communicates with the largest Bancolombia network and in real time with the Colombian Stock Exchange.

“A crucial element for the bank is the potential it has to expand its client base for consulting. While the group of Colombians seeking professional advisory services remains limited, this ‘Robo-Adviser’ is the first of its kind in a company in the country. This will allow more people to experience and learn how to invest in the stock market. And more people seeking financial advice, either in digital or face-to-face terms; which can only mean good news for a company like Bancolombia. ”

As with the previous case, Zurich, this innovation is paying off in recognition of Bancolombia. In previous days, the financial institution received the "Digital Transformation Award", in the category of the best large company in Colombia, by the four large auditors PricewaterhouseCooper and the Telecommunications Research Center (CINTEL).

A final look at the RPA
According to FinanceTNT, “an obstacle that companies still face, in the world of financial services and beyond, is one of perception. While increasing efficiency, improved accuracy and processing speed are advantages that all companies want, the general public sees headlines about automation as a threat. ”

That is why it is necessary that you see why we have dedicated numerous articles so that you understand that, in all cases, in all sectors, including the insurer and financial, the adoption of RPA is releasing high value operations. Jones said. "These benefits are available to companies that adopt workplace automation rather than resist it," Finance concluded.