5 Real-World RPA Examples That Save Time and Money
Automated process control (RPA) has been an important trend in a wide range of industries and has no intention of slowing down.
What exactly is RPA?
RPA is a shorthand in the form of automated robotic processes. It's software for automation that manages repetitive, manual tasks and shifts the work of a human worker into a "digital workforce". RPA solutions can save businesses time and money, while also increasing productivity by allowing employees to concentrate on work that is mission-critical.
To illustrate how widespread RPA's value is (and the reason why many companies are investing in RPA) We've put together an array of real-world instances of RPA aiding businesses in cutting costs and time, remaining ahead of the competition, and accomplishing more.
1. Finance & Accounting (Invoice Processing)
Finance and Accounting are crucial business functions, but the tasks are time-consuming, costly, and do not directly bring in revenue.
This creates RPA the perfect tool for a lot of these tasks.
For instance, in Accounts Payable, the processing of invoices is among the longest-running tasks. Invoices are sent via various channels and are then linked to purchase orders and in most cases, they need to be approved by a variety of parties to pay.
With RPA you can design rules that allow you to send invoices to the appropriate person automatically for approval while your employees concentrate on oddities. It is also possible to automate the process of matching POs to highlight any errors for further scrutiny prior to sending the payment.
This is just one example. Think about all the manual and data entry processing that is required in finance and accounting. There are a lot of applications for RPA which is what makes F&A an extremely common starting point for many businesses starting to use automation.
2. Human Resources (Hiring and Onboarding)
The process of hiring just one person could take weeks, and it can be expensive. Based on the Society For Human Resources Foundation the cost for hiring just one employee is $4129 in 2020.
Fortunately that the process of hiring and onboarding is not without a number of routine and repetitive tasks that RPA can aid in.
For example, a bot can find candidates around the clock, with greater precision and with no bias. After finding applicants, the bot will also review resumes and applicants.
Another example: If a company is hiring an employee an automated system could take care of a lot of all of the "paperwork" which the employee is responsible for filling in and submitting to different applications.
3. retail (Inventory Management)
Retail is full of labor-intensive processes that are perfect for automation. This is particularly the case as businesses adjust to the e-commerce trend.
Particularly retail stores would be wise to consider RPA solution for the I Inventory management. These retailers often must keep track of diverse products in different regions.
They not only have to make sure they have enough inventory to meet the demand however, they must also be able to get insight from the management of their inventory regarding their market demand as well as other developments.
RPA can address these issues with a myriad of automated solutions:
- Automating the notification of inventory shortages (or even automated order processing)
- Maximizing inventory levels in order so that you can maximize your working capital, without being unable to meet the demands
- Reduced inventory errors - Inventory records are in error more than 60 percent of the time.
- Examining the sales figures internationally as well as internationally
4. Payroll
Each month, payroll processing is a time-consuming and repetitive task that each HR department has to deal with. Because of the amount of work involved, errors and mistakes can cause delays and delays in the payment process. Employees aren't a fan of the delay in payments!
An RPA bot can check the data of employees across various systems, and verify the timesheets, wages, and tax deductions. RPA can also manage tax-deductible benefits and reimbursements. In the payroll department, RPA can help with payroll functions like:
- Changes in Payroll Reports
- Attendance Management
- Time Entry Validation
- Resignation Handling
- Deductions from Payroll
5. Customer Support
Nowadays, customers need to receive quick responses and to remain in good hands...right right away.
A lot of customer issues and concerns can be addressed in a regular, standard way, making customer support an ideal candidate for RPA.
RPA can sort out queries and then forward queries to the right department, for example, billing, technical support sales, technical support, etc.
Chatbots are another instance, even though they're in the middle between RPA AI and AI.
As an example, suppose that a client visits the support page of a company. Chatbots could appear, ask the user what they require assistance with, and then offer self-help resources that customers can access.
In many instances, it is possible to resolve the issue of the customer. The robot helps customers resolve their problems faster, while also saving the business money on customer support.
In addition, it reduces waiting times for customers that require human assistance. require human assistance because fewer customers are for an agent to call them.
You can clearly see that by using RPA you can provide faster response times and boost customer satisfaction. If you are planning your career as an RPA developer then consider taking RPA Course to enhance your capabilities.
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