Increase Work Accuracy, Achieve Scalability and Lower Operational Costs with RPA bots
My career smiths RPA consulting and development services enable companies to automate and expedite high-volume routine tasks. We help reinvent operations for a variety of workloads, boost efficiency, increase compliance, lower error rates, and reduce operational costs through robotic process automation (RPA).
What is Robotic Process Automation and How You Can Benefit from It?
In the financial services sector, it’s estimated that RPA can cut up to 80% of costs and 90% of time spent on repetitive, manual tasks such as cash applications, invoicing, overall ledger reconciliation, revenue assurance, reporting, etc. By applying RPA, your organization can also drive efficiency and bring engaging experiences to clients at a low cost.
There are certain principles we use to help our clients get the most out of their RPA projects.
Extending the value of existing RPA bots by integrating them with other business tools.
Creating dashboards that allow monitoring and extracting insights from the bots’ performance.
Here’s how RPA drives value:
With RPA, you’ll be able to inject workflows into individual tasks and large-scale systems. The bots can record and replay human-computer interactions even with the most cumbersome, outdated platforms that don’t support API automation.
RPA is non-invasive; the technology can be overlaid on top of existing platforms without causing disruptions in how your processes and IT architecture function.
Since bots literally mimic human actions when performing tedious and repetitive tasks, they also follow the same security guidelines as your employees do. RPA is safe.
Bots offer a predictability of results and eliminate completely the possibility of manual errors.
Bots reduce the execution time of structured and logical tasks from minutes to seconds.
They’re simple in terms of implementation. They free up human employees to deal with more involved, value-adding tasks which are more stimulating to the staff.
Software bots run in the user interface environment of your IT architecture. They’re governed by scripts and emulate human actions; they can be replicated and adjusted with various input parameters.
The bots don’t come pre-coded and pre-configured. They can be trained in a highly customized way to your specific business procedures.
In finance, software robots are typically used for:
- Bank reconciliation – extraction of relevant ledgers, cross-referencing between balances, rapid preparation of reconciliation statements in commonly used formats, etc.
- Inventory management – three-way matching processes, calculation of price variances based on the quantities of goods, generation of detailed and highly structured reports.
- Receivables and payables – receivables monitoring, doubtful debts provision calculation, checking payments, creation of payables listings.
- Financial statements closing – exchange gains and loss valuation estimations, comparative figure updates, fair value adjustments.
In healthcare, bots can help with:
- Registration documents and health records processing (intake, filling, etc.)
- Prior-authorization monitoring
- Retrieval of clients’ copay and deductibles information.
- Handling clients’ enrollments into new payer’s plans
- Conducting validation procedures and capturing data for credentialing and claim management processes.
Want to empower your business with RPA? We’ll help you!
Contact our experts right now for a free consultation.