Some Industrial sectors are becoming increasingly active with Robotic Process Automation to make their standard business workflows highly efficient and autonomous.
A social economy report by McKinsey states that almost 61% of an average employee’s workweek is being spent on doing daily repetitive tasks. Such tasks are not high-impact tasks that drive growth but redundant drudgery. Intelligent automation can be quickly integrated to carry them out without human involvement. The scope of such automation is beyond the IT sector and for various recurring functions across different sectors.
Here are five sectors that are actively recruiting the resources of Robotic Process Automation
1. Financial services
The fuel of automation is data. There is one sector that runs on an enormous amount of daily data through billions of transactions. Given that the banking and financial services sector is a centuries-old infrastructure, we must leverage automation to digitally transforms the archaic sector into a marvel of seamless financials.
A few services of the BFSI sector that customers and users avail daily; various customer payment operations, verification of financial documents, simultaneously, can be integrated with intelligent automation. It will be to prevent manual intervention that will remove all needless and redundant operations.
Insurance is another sector with a lot of paperwork and depends heavily on customer experience. A lot of compliance errors and breaches take place due to minute details in the paperwork. Plus, the sheer volume of claims involved contains enormous data prediction and pattern recognition opportunities.
Currently, employees manually examine policies to determine the validity of any claim. Eliminating such manual processes will require the integration of Robotic Process Automation. It will save insurance companies time, money, effort, resources and reduce errors. The insurance sector also includes functions. For example, name screening, background research, claim attern detection, customer data verification, KYC forms, etc.
Retail, especially e-retail, has a lot of different types of business operations. The business workflow in the warehouse, supply chain, delivery, invoicing, returns, and exchanges are quickly getting automated to assist the retailers in making their business more efficient.
Integrating RPA has led to a drastic reduction in retail expenses. The retailers also enjoy seamless supply chain management and acceleration in business workflow. Robotic Process Automation has empowered retailers to delight their customers more consistently.
Automotive is the sector that managed to transform the industry the most in comparison to others. It has changed more today than it did in the last five decades. The change is more present in the foundations of the manufacturing workflow rather than the models or engines systems. Automotive manufacturing deals with a lot of testing and customer feedback. The assembly line is prone to inconsistencies and accidents.
Data-driven automation is penetrating various stages of the automotive manufacturing process. The testing procedure is becoming safer and highly efficient. It has led to reduced manual errors and negligible assembly accidents. In terms of the supply chain, estimating raw materials, market demands, production time, online bookings are being done with more precision than ever before.
The manufacturing industry is at the peak of advanced technology with the latest IoT devices and Robotic Process Automation. Manufacturing has always been an industry with high-end machines and a large amount of workforce deployed to assist.
The integration of intelligent automation is a logical move to reduce the manufacturing cost and increase production. The IoT devices store data and transmit it to a centralized server for analysis and prediction purposes. AI and machine learning tools use the data to make the manufacturing process more efficient.