“Smart” changes in the modern world didn't bypass the manufacturing industry too. Today`s smart factories are unimaginable without 3D smart printers or Internet of Things (IoT) machinery. These modern systems help companies accelerate process orders, manufacture products, and ship to customers faster. Through them, managers and leaders can improve core business processes and stay ahead of competitors.
Companies across industries and over the world are implementing Robotic Process Automation software at an unprecedented rate. According to Gartner, this industry is about to hit a staggering €7-billion in 2020 alone and by the end of 2021, there will be an estimated 4 million robots in business environments.
Robotic Process Automation(RPA) is a non-invasive, ruled-based software that automates repetitive tasks and processes, which was previously done by humans. Considering the high number of transactions that take place in the E&U sector which are handled by humans, it is not hard to conclude that more transactions handled by humans, the greater chance for human error.
In a company, there are various processes spread out through departments. Same is true for a Telco company. How many processes are you aware of? Normally, we are limited to the workflows that we do personally. According to one of the most influential speakers and developers of enterprise standards, Mark von Rosing, there are 3 types of processes; operational, management and supporting processes, which can be further divided into numerous subcategories, amounting to tens of processes within a single organization.
It goes without saying that every major bank or other finance company strives to reduce its operational costs while simultaneously remain compliant, drive greater efficiency and productivity.
Robotic process automation or RPA (also called smart or intelligent automation) is a hot commodity for enterprises and a much talked about topic for every company, which strives to take first step towards digital transformation. Introducing RPA means allowing technology to drive higher efficiency in a shorter amount of time at a reduced cost. All that, while your employees focus on other tasks and your customers benefit from a better experience.
Banks need to stay competitive and in step with modernization and customer’s needs, especially since Fin-tech competitors are entering the market, eroding revenue and margins from mainstream banks.
The wave of digital transformation and automation is happening now and it will take over the world in years to come. More and more enterprises recognized the importance of intelligent automation as a way to be more competitive on the market. According to KPMG, enterprise investment in intelligent automation will reach $231.9 billion in 2025 and a key driver in this growth is predicted to be Robotic Process Automation (RPA).
We prepared a short RPA infographics, where we explain what RPA is all about, what are some of the possible use cases, benefits and facts.
We live in a world where the future is becoming less and less predictable every day. If insurers want to meet tomorrow’s needs, they will need to transform and become more agile in day-to-day business. According to experts, changing customer behavior, new technologies and business models are going to change the insurance industry in the next 5-10 years and it is already happening.