5 Use Cases of RPA in IT that have changed the face of business

According to a research report by Forrester, Robotic Process Automation(RPA) is projected to grow and reach USD 2.3B in 2021. RPA is nothing but simple bots that can execute predefined rule-based tasks with 100% accuracy at all times.

RPA has come to the limelight mainly in the last couple of years even though it has been in existence for many years now. RPA not only reduces errors but also saves a lot of time for the business which in turn leads to an enhanced bottom-line.

A well-planned RPA will reduce the costs of a business and free up time for employees which can be utilized for more productive responsibilities.

1. Chat Bot

Talk about the process of customer service. The traditional approach is whenever a customer calls, the representative has to load the customer data, verify it, then find answers to his query. The RPA solution is two-fold, a chatbot with a predefined set of queries and answers which will reduce the customer’s wait time.

The chatbot can display a possible list of queries to the customer and he can select the question of his choice. Based on the selection, the pre-defined solution will be displayed to the customer. If the customer’s query is not listed, then the call can be routed to the respective customer care executive. This helps in reducing the wait time of the customer to a large extent.

The second solution is to develop a Frequently Asked Questions{FAQs] section on the customer dashboard or website where customers can search and find answers to their questions immediately.

Use case: AIG Israel

AIG is one of the leading insurance service providers globally which offers a wide suite of services like life insurance, health insurance, property insurance, investment insurance, etc. AIG Israel is a successful venture which was servicing a large clientele.

AIG’s customer service team was struggling to provide fast and efficient customer service since their customer base kept increasing. To keep up with the growing needs, AIG Israel implemented an RPA system that automated 12 customer service processes that are repetitive in nature.

This resulted in a reduced customer wait time and also helped the company to hire fewer resources for customer care services thus saving money for the company.

2. Financial institutions

Be it investment banking or lending, it requires a lot of documentation which involves reconciling statements and records from various sources into one. The finance executives have to manually find and match the invoice with the supporting documents and send it for further approval.

A well-calibrated RPA can generate invoices instantly and send them to various departments for approvals and further allow the client to make payment online. Since RPA is fully automated, it reduces human intervention and is error-free.

Use case: Bank of America

Bank of America is one of the largest reputed banks in the USA. They were using meta robots already to handle financial transactions. To further increase the efficiency and transparency they partnered with Pegasystems to implement the Pega Robotic Automation solution.

This RPA made use of Artificial Intelligence and Machine learning to streamline the finance process. The robots deployed by Bank of America were able to track and record data-intensive processes like transaction execution, response triggering, and exception handling. Read more