Robotic Process Automation (RPA) will be a game-changer for industries as the technology has a tremendous potential to automate error-prone areas and eliminate the need for human intervention. Scalability, monotonous and repetitive work, productivity and operational cost remain some of the major challenges facing industries today. Industries such as manufacturing, finance and insurance, and healthcare, in particular, are allocating a significant part of their budget to incorporate RPA into their various processes.
Healthcare companies, for instance, are often faced with the challenge of manually feeding data into their databases despite undergoing a digital transformation. Besides, the manual entry of data causes an error, leading to a chaotic situation. On the other hand, maintaining the inventory database and keeping it up-to-date is another uphill task for these companies. RPA can be a boon to address this challenge.
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Another example is the application of RPA in the finance industry where RPA provides convenience to customers during their process of making investments or making a monetary transaction. According to a research report released by BIS Research, BFSI industry is going to generate the highest revenue in RPA industry. The companies that want to thrive will adopt automation technology. Aside from healthcare and BFSI, other industries that are witnessing its entry include Telecom and IT Services, Insurance and more. The advent of RPA may replace several jobs including those of administrators, however, it will create newer jobs in other areas.
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By James Hall, CEO,Genfour
