In the F&A, Robotic Process Automation can be a huge relief, especially during the periods of processing end of close that have traditionally been executed with no efficient methods discomforting FTEs. Huge amounts of manual, bound to errors data entry is taking up most of employees’ time, not allowing for efficient interaction with customers, in a fully competitive environment where customer demands are increasingly evolving. The need to find new ways of cutting costs and freeing up employees from repetitive tasks is essential along with the need of full regulatory compliance. Automating all the manual, rule based tasks can result in significant cost reductions, while the work is executed in no time and error free.
Insurance companies have been long under the belief that their monopoly would not be threatened due to their reputation and complex way of operating. Emerging technologies, big date and predictive analytics leave room to new emerging market players and competition has become fierce. It has become obvious that adoption of automation is valuable for insurance companies that want to maintain their regulatory compliance along with providing customized products for customer needs.
In a vicious battle to acquire customers and with an increasingly demanding customer base, the game is on customer experience.
Speed to client service is essential, like order fulfillment and service activation. Personalized consistent experiences throughout company touch points is what is considered mainstream. Communication between systems is a must have. Companies face the need to re-evaluate infrastructures and operations to support real time changes in demand with no extra resources needed. RPA technology ensures the above and in parallel introduces standard based processes and speed adoption of leading IT and telecom industry standards that will free up employees time.
Robotic process automation can streamline workflows for regulation procedures, provide tracking trails and complete consistency with changing healthcare regulations real time. Rapidly evolving patient trends like mobile adoption require new services, quick time to market and the need of heavy data entry between many not connected devices, a procedure which is error prone and takes up a lot of resources. Communication between different systems is a sweet spot of RPA, as it includes all integration benefits by default. Manual data entry is eliminated and healthcare staff are free to interact with patients and each other, further developing their offerings and enhancing customer satisfaction.
In the age of the customer, value of experience people get from call center communication can form customers’ perception about a brand. People demand speed and are immediately and easily turned away if they need to go through the same process twice, for example repeating their a case to more than one employee of if for example their inefficiently directed to different call center depts. Robotic process automation can automate many parts of this procedure allowing for major cost cutting and consistency of messaging, and eliminating duplication of efforts.
In a sector well known for its back office complexity and need to comply with regulations, banks are striving to be competitive and innovative. All battles are aiming for simplicity of operations and streamlining of procedures so that clean and structure data can be produced in the back office, tracking trace can be applied for best regulatory compliance and more resources can be allocated to innovation and development in the age of customer-centric digitalization. Softomotive RPA automates all complex procedures, frees up employees from their tedious tasks and allows for more time dedicated to engage with customers. Automation is proven to significantly reduce bank processing costs event up to 80% and free up employees from dull and tedious tasks, thereby enabling them to be more proactive in their relationships with customers.