Industry Solutions

Banking & Financial Services

The Banking and Financial Services industry is the largest consumer of Information Technology Products and Services to the tune of $487 Billion globally (according to Gartner). Even at these levels of spending where new products and services are introduced every day, there is tremendous amount of manual and repetitive work that continues to drive down productivity. The reality is that even the most sophisticated software whether its Marketing Automation (MAS), Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Accounting G/L or SAAS based systems etc. creates challenges where disparate internal and external systems are not integrated and create lots of manual business processes around them.

The challenges outlined above also created the $63 Billion Business Process Outsourcing Industry, where in many cases BPO providers primarily use the offshore labor arbitrage to drive the costs down. Any labor arbitrage-based model has its limits. As the industry hits the maturity cycle, wage inflation combined with productivity loss due to time zone and cultural issues, erodes the cost benefits gained. A similar trend can be seen in the China based manufacturing industry, where we see some of the manufacturing jobs moving back to the US.

Rapidly evolving automation technologies including Robotic Process Automation and Machine Learning can challenge existing “people” based business models. In most cases, Robots can be trained to do many of the BPO jobs of today without data and process knowledge ever leaving the “physical” boundaries of your business.

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Healthcare

While it might not be one of the first industries talked about when considering the implementation of process automation, the healthcare industry is one where RPA has the potential for great transformation. From Claims Administration at a MHC to Patient On-Boarding for a Provider, RPA can add efficiency and accuracy to processes within the Healthcare Industry. Healthcare, particularly in emerging or previously underserved markets, is an evolving and growth-oriented field, and as the number of patients increases, the need for more efficient and accurate back offices processes for healthcare providers has seen significant increases in recent years. In a fast-evolving industry that has seen a significant increase in number of patients, as well as a rapid shift to digital transformation in the past few years, the need for fast, efficient and accurate execution of processes is becoming crucial. Billing, Claims, Scheduling, Patient On-Boarding, and Provider Credentialing are all areas where RPA can assist.

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Insurance

The focus for the last 10 years in insurance has been around how to streamline business processes to increase efficiency and create better experiences for customers and employees. New technologies including Robotic Process Automation (RPA) have become one of the next big things, not just in this industry but across many. For insurance, promising to automate processes and customer interactions that currently require lots of human involvement, primarily due to so many applications to swivel in and out of to deal with customer and broker requests – often add little value and distract the insurer from the most important person in the journey, dealing with the customer.

Now organizations are beginning to take it a step further, coupling RPA with cognitive technologies including Machine Learning and speech recognition that can give these bots new power to learn and increase their ability to communicate intelligently. This is especially useful for those tasks that aren’t just routine, but that require judgment and perception.

These new technologies will increasingly help firms gain customer loyalty, making the mastery of these cognitive capabilities a key differentiator when competing with customer centric insurtechs.

In fact, 83% of technology professionals believe there will be a cognitive tipping point in the next five years. While the RPA market today is still relatively small, the technology is gaining traction as a cost-effective alternative to traditional systems integration and is projected to become a $5 billion market globally by 2020, with a CAGR of over 60 percent.

Platforms including Microsoft Azure and IBM Watson have made these cognitive services more readily available and easier to consume, meaning that these technologies are no longer in our future, but they are very much in the here and now.

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FMCG & Retail

Your industry is experiencing rapid change, limited resources, greater business competition and more complexity in every aspect of your business operations. Across manufacturing, warehousing, order management, logistics and finance, operational efficiency is paramount. We can help you to deliver efficiency through the automation of processes across your organization. Working together we can help you to improve your output while making you substantial savings. When aided with machine learning, RPA can mirror human capabilities of perception and reasoning. RPA is receiving wide acceptance in many industries as it can be applied in many structured, repetitive and rule-based tasks. For instance, the Retail / FMCG companies can adopt RPA into their existing processes such as:

  • Order processing and payments
  • Procurement and inventory management processes: monitor inventory, generate notifications
  • Regular communication between manufacturers, suppliers, transportation service providers, and customers.
  • Gather information about business patterns to reveal potential supply chain disruptions.

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Energy & Utilities

Utilities strategize to improve customer service and reduce costs that the usual enterprise ramp-up demands. Public utilities providers have one of the most mature, well-structured, well-oiled, and well regarded Robotic Process Automation (RPA) capabilities among automation advocates.

It has been enormously valuable in delivering process efficiencies that could be passed on to customers with limited upfront investments. Within the organization, it allows employees to focus on value-adding front-office activities, including working directly with customers as opposed to mundane back office tasks.

Electric, gas and water companies can leverage RPA to automate a wide variety of routine tasks, from billing and debt recovery to meter-readings and even customer service. Additionally, instead of humans having to handle time-consuming duties like trouble-shooting failed readings, robotic process automation can tackle the majority of the work, drastically improving productivity.

RPA Bots have dramatically changed the manufacturing industry and a similar transformation is now underway in the utilities industry, starting with administrative-heavy and repetitive back-office processes. There are a variety of benefits including improved quality, scalability, increased productivity/speed, agility, cost efficiency, enhanced employee experience, streamlined processes, and employee health and safety, which can all ultimately lead to a reduction in Opex. For utilities, opportunity lies in refocusing the workforce toward more skilled work and leaving the repetitive and human error-prone business processes in the hands of Bots.

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Manufacturing

The Robotics revolution has attracted recent innovations in factories in various sectors. Significantly, the manufacturing sector is experiencing error-free and streamlined procedures without completing full performance to give the best productivity using RPA. Wrong replication processes dramatically increase the risky productivity of manufacturing companies and the smart leaders of these companies embrace the Robotics Process Automation to increase their output and good productivity. Manufacturing companies are changing their production units from human resources to physical industry robots for their products to assemble, checking the quality and packing it. Though these robots help to repair the assembly line, the manufacturing companies are still struggling to manage their operational processes and back-office work. They have started using RPA to reduce the human errors and reducing the Human resources and the ability to increase the productivity. Using Robotics Process Automation technologies in their back-end operations, they are able to attain up to 40% cost savings in the various areas of work.

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