Home » Blog » Blog » Driving Business Acceleration with Robotic Process Automation (RPA)
| |

Driving Business Acceleration with Robotic Process Automation (RPA)

ByToral Mevada
In today’s rapidly changing technological landscape, organizations are continuously looking for methods to improve operations and promote development. The McKinsey Global Institute estimates that, using robotic automation, more than 81 percent of predictable physical work, 69 percent of data processing, and 64 percent of data-collection activities could feasibly be automated. Robotic Process Automation (RPA) is a game-changing technology that significantly accelerates businesses by automating mundane tasks, allowing organizations to enhance productivity and streamline operations. RPA has gained significant traction as organizations increasingly seek to enhance efficiency, reduce operational costs, and streamline workflows. Businesses have started realizing high Return on Investment with automation and hence have started prioritizing automation through RPA in their business strategies. Numerous business challenges like large data management, compliance, talent acquisition, customer demands, operational efficiency, market competition can be benefited by RPA in various industries like insurance, banking & finance, healthcare, manufacturing, transport and logistics etc. According to Fortune Business Insights, the global robotic process automation market size was USD 10.01 billion in 2022 and is expected to reach USD 50.50 billion by 2030 from USD 13.86 billion in 2023, with a CAGR of 20.3%. Moreover, RPA’s ability to seamlessly integrate with existing systems facilitates a smoother digital transformation, making it easier for businesses to adapt and thrive in a rapidly changing environment.

Understanding RPA

At the core of RPA are several key components that facilitate its operation. Primarily are software bots, which are designed to perform specific tasks through scripted instructions. These bots may function in a variety of applications and platforms, exactly like a person. RPA also known as Digital Process Automation (DPA) benefits through RPA Automation characteristics like rule-based and standardized, structured data, high volume, repetitive in nature, stable, not subjected to frequent changes which perform error-free and time-consuming processes easily. RPA utilizes software bots designed to emulate human interactions with digital systems, allowing for quick deployment and minimal disruption to existing processes since it operates at the user interface level.

Industrial Use Cases of RPA 

Insurance: Automating the First Notice of Loss (FNOL)

When a policyholder reports a loss, an RPA bot collects and enters the information, verifies policy details, and sends an acknowledgment. It also assesses the claim’s severity and assigns it to the appropriate adjuster. This accelerates the insurance claim process and eliminates errors.

Healthcare: Automating patient appointment scheduling

When a patient needs to schedule an appointment, an RPA bot can manage the entire process. The bot collects patient information, checks doctor availability, and schedules the appointment. It also provides alerts and notifications to the patient. This automation reduces administrative workload, minimizes scheduling errors, and enhances patient satisfaction by providing a seamless and efficient scheduling experience.

Banking: Automating loan processing

When a customer applies for a loan, an RPA bot can manage the entire process. The bot collects and verifies customer information, extracts data from documents, and inputs it into the loan processing system. It also performs credit checks and initial risk assessments. This automation speeds up loan approvals, reduces errors.

Ecommerce: Inventory management automation

RPA enhances inventory management by monitoring stock levels in real-time and automating replenishment when inventory is low. It integrates with AI to predict demand and conducts regular audits to ensure accuracy. RPA also automates supplier communication for orders and delivery tracking, and efficiently manages returns by updating records and processing refunds

RPA Tools and Technology for Business Acceleration

The basic component of RPA is called bots or robots, a software that automates the process. For bots’ development, several programming languages and scripts are commonly used. Python is favored for its simplicity and versatility, particularly in AI and machine learning integrations. C# is popular in RPA tools like UiPath and Automation Anywhere due to its robust features and .NET compatibility. VBScript is often utilized in UiPath for scripting tasks, while JavaScript is handy for web-based automation and integrations. Java is employed in some RPA tools for its cross-platform capabilities, and VBA (Visual Basic for Applications) is commonly used for automating tasks in Microsoft Office applications. Additionally, many RPA platforms have their proprietary scripting languages designed to enhance ease of use and integration.

RPA utilizes several key technologies to automate tasks. These include Optical Character Recognition (OCR) for converting documents into editable data, Natural Language Processing (NLP) for understanding human language, and User Interface (UI) Interaction for mimicking human interactions with software. APIs facilitate integration between different systems, while Artificial Intelligence (AI) and Machine Learning (ML) enhance RPA by enabling bots to handle more complex tasks and improve over time. Together, these technologies create efficient automation solutions, allowing human workers to focus on more strategic activities.

There are different types of tools available for RPA development and management. Low code/ No Code tools are preferable for users with no coding experience, these tools empower business users, often referred to as “citizen developers,” to create and manage automation solutions without needing deep technical skills, it allows for easy drag-and-drop automation. Some notable companies include UiPath, Automation Anywhere, Microsoft Power Automate, Blue Prism, NICE, and WorkFusion. On the contrary, tools are also available for developers with advanced programming knowledge e.g. BotCity, pythonrpa, Robocorp, TagUI. Some low code tools like UIPath supports Python scripting, enabling advanced users to incorporate custom Python scripts into their automation processes.

Most of the RPA tools have these basic components that collectively enable the creation, execution, and management of automated processes, making RPA a powerful tool for improving efficiency and productivity; Orchestrator is central management tool that schedules, deploys, monitors, and manages the bots. Development Studio, an environment where users can create automation workflows.

To summarize, the integration of Robotic Process Automation (RPA) into business operations serves as a powerful catalyst for acceleration, enabling organizations to enhance efficiency, optimize operational costs, and improve overall productivity. By automating tedious tasks, RPA frees employees to concentrate on more strategic and value-driven activities, driving innovation and fostering a culture of continuous improvement. MosChip has expertise in creating standalone RPA solutions, AI/ML and GenAI-enabled automation, using no-code/low-code RPA tools, and working with businesses to understand the current process and assisting them to develop RPA based PoC till actual RPA development and deployment.

Toral Mevada

Toral is a manager at Softnautics and has total of 11+ years of experience in quality engineering of Embedded Systems and DSP software platforms. In her career, she has worked on numerous QA and Automation projects, test framework development, and DevOps projects. She is passionate about achieving optimum process automation and developing productivity improvement tools. While not working she likes to travel and read.

Similar Posts

MOSCHIP joins TSMC Design Center Alliance

MOSCHIP joins TSMC Design Center Alliance

ByPrasad Varanasi

MosChip Technologies, a semiconductor and system design services, and IP company, announced today that DVR Murthy has joined as “Vice President of Strategic Initiatives”. Mr. DVR will lead the execution of MosChip’s strategic programs for SerDes IP, ASIC platforms for RISC V and Edge Artificial Intelligence ( AI ), and other emerging technologies. MosChip has over a twenty-year track record in designing semiconductor IP, products, and SoCs for IoT, networking, storage, and consumer applications.