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Companies across all industries have started to transfer their repetitive job to an automated environment. Industries like banking, healthcare, supply-chains, retail, and many others have already begun to comprehensively use robotic process automation for most of its repetitive task to reduce human intervention. This has helped companies to reduce their operational cost and increase the efficiency of the process. According to Gartner, RPA’s share in operations can increase up to 40 percent by the end of 2020. According to estimation by Accenture, an end-to-end RPA implementation for a repetitive process can result in a 80 percent reduction in processing time and more than 40 percent reduction in processing cost. A brief description of the AI-powered RPA system is given below:
Compliance to Regulations: RPA systems always comply with the set of standards and regulations that are followed by the company with utmost precision. The AI-driven RPA system can update any new regulations or standards automatically.
Fraud Detection: The AI-powered robots can help to detect any fraudulent customer or transaction. It can raise an alert before any malpractices could affect the company adversely.
Underwriting and Claim Processing: Underwriting is a process by which a company measures the risk. This process is very tedious as it requires a lot of data collection from different sources and analyzes the data. AI-powered robots can streamline the process and finish the task in a very short span of time. Similarly, RPA could automate the claim processing which can sometimes annoy the customers and can cause loss of business to the company. The AI-powered robots can automatically communicate the amount which a claimant can get without any hassles.
Order Processing: AI-powered robots can streamline the entire process of ordering. It can take care of all the logistics from locating the product in the warehouse to delivering the product to the customers. IT also helps the customers to be updated with their product’s location.
Cost effective: RPA system provides 24/7 support to the companies with very little or no human intervention. This helps the companies to use their workforce efficiently. It also helps to automate all the repetitive tasks, saving the companies a lot of money.
