Quick Wins in Enterprise Digital Transformation (yet often ignored) – Intelligent Automation

The modern workplace is seeing widespread usage of machines and automation. Enterprise digital transformation, Artificial intelligence (AI), and automation are changing the tide for businesses globally. This means a significant change in the work culture as employees will have to acquire new skills and adapt to the advanced capabilities of machines. 

As per a recent study1 involving over 600 business leaders from 13 countries, more than 50 percent of respondents confessed to having already invested over $10 Million in intelligent automation projects. The AI market globally is presently growing at a CAGR of 40%, all set to touch $26.4 Billion by 2023.

AI,  along with robotic process automation (RPA), voice recognition, natural language processing (NLP), and machine learning (ML), is allowing businesses to blend automation with human capabilities successfully to create intelligent working environments. 

Automation is driving agility for businesses giving them the much-needed competitive edge over others with quick decision-making powers. Clearly, decision velocity powered by AI-driven insights gives you data supremacy to lead in a highly volatile market.

Making a case for Intelligent Process Automation (IPA)

When automation meets artificial intelligence, you get intelligent process automation to scale up your business. While it allows you to off-load routine, repetitive tasks, it empowers better guardrails for all your automation initiatives. It takes the uncertainty out of the picture and enables more personalized execution and processes.

Intelligent automation enhances the overall customer experience. The speed of response has often been a critical consideration while evaluating the customer experience. Intelligent automation is helping organizations meet customer expectations with personalization. Through customized offers, services, and content, businesses are acquiring and retaining customers.

What do the right IPA endeavors ensure?

  • Agile services due to a significant reduction in processing time
  • Greater flexibility and scalability for being able to operate round the clock with capabilities to scale up and down as required
  • Improved quality control due to greater traceability of events and instances and checks at different levels
  • Increased savings and productivity due to a high level of automation
  • Clear, actionable insights to predict and improve drivers of performance

While there is unanimous agreement on the benefits of intelligent automation, not everyone has leveraged these benefits across the organization. What you need is an enterprise-wide approach that promotes a new way of working.

Adding intelligence to the digital mix

A highly automated world does not focus on reducing the headcount but increasing its potential to do more in an agile manner to solve the business challenges of tomorrow. It relies on structured and unstructured data the company collects from the public domain and other stakeholders rather than depending on traditional methods.

Intelligent automation compels you to rethink key business processes. The sales and marketing team gets deeper segmentation to target and sell through advanced analytics. Those working to strengthen the supply chain get to improve production and distribution by leveraging technologies like cloud and analytics across the value chain. Planning and development teams, on the other hand, rely on data-driven insights to integrate them into product performance and boost innovation.

Alibaba Group2 is a classic example of what you can achieve with intelligent automation.

After making significant strides in eCommerce and retail, it has further revolutionized its business processes with its ‘Industrial Vision AI‘ solution for manufacturing and production. It allows the company to inspect raw materials thoroughly to detect minute defects, resulting in a 5X increase in production efficiency. Its automated warehouse is managed entirely by robots taking precision and efficiency to a whole new level.

Regardless of your goal, you need to create a strategic roadmap to align it with your business priorities. This is not possible unless you assess your digital maturity.

What is the role of IT in successful IPA transformation?

Intelligent process automation (IPA) is a melting pot of technologies enabling significant gains for businesses worldwide. IPA should not be confused with robotic process automation (RPA) as unlike RPA that performs repetitive, automated tasks based on predefined rules and inputs, IPA can understand the context, learn, and iterate to support informed decision-making using unstructured and structured data.

Those who have been able to get the full value of IPA have been the ones who have put IT leaders at the helm of their IPA endeavors. CIOs need to strengthen their core with IPA programs to support automation.

Here’s what we recommend:

  1. Assess the high-level value potential

You may start with help-desk requests since that’s where a significant amount of incidents originate. While tickets with low difficulty levels are resolved immediately, those with more complexity are often escalated to specialized teams. Determine how many such requests were handled the previous year, and by multiplying them by the average handling time (AHT) required, you can evaluate the value of this whole exercise.

For instance, an organization with a significant number of requests for password reset or access can leverage RPA bots that work across multiple applications via the user interface to automate ticket resolution and free up employee capacity. Reducing resolution times and a drop in costs associated with outsourcing help-desk support will thus improve performance and profits.

The effort required for these activities often varies. Everything needs to be evaluated critically from backups and patching to security audits and upgrades to understand the effort involved and the value you can garner by planning activities for automation.

  1. Identify the use cases best suited for IPA

Let’s consider the same example mentioned above. In order to automate incidents, organizations need to first identify the ones ideal for automation. An organization may be effectively logging incidents in detail, but due to the large numbers and complexities, support teams may not respond quickly and effectively.

AI can make sense of the chaos and understand the reasons behind the alerts. It may be trained to make appropriate recommendations or even make better decisions to ensure suitable responses.

  1. Elevate customer experiences with better service

AI and automation are changing the customer service landscape for every industry, from retail to aviation. Boeing has a fleet of passenger service robots that operate via sensors installed in their bodies. They are doing their best to reduce the manual work of cabin crews. Though experts argue a human perspective is required for these robots to do what humans can.

The key is to understand the power of automation and integrate it seamlessly into processes and workflows to complement human efforts and endeavors perfectly, as we did in the case of one of our clients Surge Transportation.

The company links shippers and carriers and has an automated tracking and monitoring system to assign loads. But the pricing and quotation were being done manually. This drained their resources, led to a huge turnaround time, and left a long log of emails, calls, and paper trails.

Trigent critically evaluated the complexities in its pricing mechanism to bring down the turnaround time to less than a second. Apart from 100% pricing accuracy, the company improved profits by 25%, revenue by 40%, and reduced the load processing time by 91%. With seamless carrier integration, the company now processes 4000 more loads per day.

Other use cases where AI and Automation are driving value

Cashier-less stores

Amazon is popularizing the concept of cashier-less stores with Amazon Go and Just Walk Out. Robotization of stores helps save operational expenses and gives shoppers a smart shopping experience.

Automated medical appointment scheduling

No-shows have been the cause of losses of over $150 billion a year for the U.S. healthcare system with every unused time slot costing individual physicians $200 on an average. No-shows also impact the health of patients since continuity of care is interrupted. IPA challenges traditional scheduling methods by ensuring error-free appointment scheduling based on the nature of the illness, the convenience of patients, and the availability of doctors and healthcare facilities. While patients get to choose a date and time for different health issues, follow-up appointments can be scheduled automatically along with reminders.

Automated supply chains

The ideal supply chain is where there is neither wastage nor out-of-stock scenarios. In tandem with machine learning, AI predicts demand based on location, weather, trends, promotions, and other factors. Revenue losses of up to $4Trillion have been caused due to supply chain disruptions following the pandemic with 33% attributed to commodity pricing fluctuations as per a report.

The automobile giant Toyota is using AI in its manufacturing environment to address waste control with its ability to predict when excess parts, products, and practices threaten to impede work.

Intelligent Automation is clearly the Winner streak!

The potential value of AI and automation is immense for different sectors and will vary depending on the type of industry, availability of abundant and complex data, use cases, and other factors. To get the most out of your automation initiatives, it is however important to tide over organizational challenges with the right mindset and approach.

Create impact and value with Trigent

Trigent with its team of technology experts empowers you to stay relevant and competitive. It is equipped with insights and intelligent solutions to dramatically boost your bottom line and improve customer engagement.

Allow us to help you grow your business and increase revenue with strategies and solutions that are perfect for you.

Call us today for a business consultation

References
1. https://www.analyticsinsight.net/intelligent-automation-accelerating-speed-and-accuracy-in-business-operations/
2. https://datacentremagazine.com/technology-and-ai/alibaba-group-adopts-ai-and-automation-singles-day

Transportation and Logistics Go Places with RPA at the Helm

Tedious, repetitive tasks can put quite a drain on your time, especially when you would rather spend it on more meaningful activities. Take emails, for instance, you cannot do without them, you cannot ignore them, and there will be quite a few that will require you to prioritize and take action.

Sifting through the entire information to take only the necessary data to the operating system for crafting a response can be overwhelming especially when you would want to focus on important activities such as building relationships with customers or planning for business growth. Thankfully, after a successful run across industries including financial services, healthcare, and hospitality, Robotics Process Automation (RPA) has now made its debut in transportation and logistics.

RPA bots are easy to use and you can integrate them with your existing technology infrastructure even if the systems they work with do not integrate with one another. The fact that the global robotic process automation market size is expected to touch $13.74 billion by 2028 at a CAGR of 32.8% over the forecast period only makes it evident how eager enterprises are to adopt RPA.

Enterprises have always been on the lookout for ways and means to monitor costs and resources. RPA offers them just that, making its way across business departments and processes reducing human error, and amplifying throughput.

Some organizations have been hesitant to adopt RPA because they weren’t sure if their scale could support this technology. The capabilities that RPA brings along are however helping them realize its value and potential. No matter which industry we speak about, transportation and logistics form an integral part of their supply chain. Any improvement in business processes thus has a positive impact on all others.

It’s time we delved deeper into the benefits and use cases that make RPA the smartest solution out there for streamlining processes in transportation and logistics.

The RPA benefits

RPA offers several benefits when you put RPA at the helm of business processes. Jaguar Freight recently announced its decision of choosing RPA Labs for the documentation of its document processes.

Speaking about its decision, Simon Kaye, President, and CEO of Jaguar Freight elaborated, “We recently partnered with RPA Labs, who does a tremendous job automating a lot of the heavy lifting within our organization. They helped us in two areas – one is taking a lot of raw data from client documentation, commercial invoices, and packing lists, and populating that automatically in our system, where previously there was a fair amount of data entry, which caused a lot of errors and delays.”
Not just big enterprises, but even startups are now eagerly embracing the power of RPA to streamline their operations.

Some of the top benefits of leveraging RPA solutions include:

  • Time – Automation has always saved enterprises a lot of time, but RPA tools streamline tasks helping them further bring down the process cycle time significantly.
  • Accuracy – Due to the absence of manual intervention, RPA ensures high accuracy. Tasks performed are usually error-free and in the rare event that an error occurs, it can be found and fixed easily. This is possible because RPA-driven processes are recorded and easily retrieved.
  • Productivity – Higher accuracy ensures better work management. It helps enterprises align processes with their business goals ensuring productivity is at an all-time high.
  • Revenue – With reduced process cycle times and increased accuracy and productivity, enterprises are able to devote their time to grow their business and increase revenue.

To take a closer look at the different processes that benefit from RPA and understand how RPA plays a role in enhancing organizational efficiencies, let’s look at its applications.

Order processing and tracking

The one area that involves endless manual data entries and can improve significantly is order processing and tracking. It’s not just tedious and time-consuming but also very resource-intensive. Manual errors can prove to be extremely costly at this stage. RPA enables organizations to process orders efficiently. PRO numbers of shipments are picked up from a carrier’s website automatically via bots and loads are closed out in no time.

Tracking continues with the help of IoT sensors even after orders are processed and shipped. IoT sensors also ensure that products can be traced based on their last known location in case they get misplaced during transit. The rationale is to keep both employees and customers in the loop so that the status of shipments is known to all concerned at all times.

The RPA tool also sends out updates in the form of emails at regular intervals. This feature comes in handy when the transit period is too long. Customers also get plenty of time to schedule pick-up times based on the location of the product.

Inventory management

Another important task that comes under the domain of RPA in supply chain and logistics is that of inventory monitoring. After all, supply needs to be aligned with the demand for products and the expectations can be met only when you know exactly how many products are left and when new shipments are going to be needed.

RPA tools look into this aspect and send a notification to concerned employees about the number of products remaining and even order new products as required. Supply and demand planning is possible only when you are able to analyze diverse data from suppliers, customers, distributors, and your workforce. RPA can gather, store, and analyze data to help you tide over these challenges and maintain a steady supply.

Invoice management

Like order processing, invoice management also involves entering and processing a huge amount of data. With RPA tools, you can substantially reduce the stress of going through invoice documents and ensure error-free processing. In a typical business scenario in transport and logistics, orders are received, processed, and shipped in large numbers every day.

While it took days in the pre-RPA era to process invoices, RPA ensures that invoices are processed quickly and accurately, extracting only pertinent information to enable automatic payments. This helps businesses reduce the average handling time by 89% with 100% accuracy and achieve a resource utilization of 36%.

Report generation

You need reports for just about everything; be it for processing payments, gathering customer feedback, or managing shipments. When it comes to transportation, report generation assumes a whole new level especially when you are tracking movements from city to city, port to port. Often, it can get tiresome and challenging.

RPA helps you manage all your report-related chores with ease thanks to its ability to screen information. Minus the human intervention, RPA-generated reports are highly accurate. Modern enterprises combine the capabilities of RPA with Artificial Intelligence to generate precise reports and even make sense of them to offer actionable insights.

Communication and customer satisfaction

In a sector as busy and extensive as transportation, communication is the key to better relations and customer satisfaction. Customers need timely updates and the fact that multiple vendors and partners are divided by distance and time zones can sometimes pose challenges in communication. This is where RPA tools such as chatbots and auto-responders come into play.

They communicate, interact, and answer customer queries. They also push notifications as often as required to inform concerned authorities about order status or shipment delays or other related matters. This in turn ensures a high level of customer satisfaction. Given the stiff competition, it is the only way customers are going to keep coming back for more.

While old customers are happy to hang around, new customers will look forward to a long association thanks to RPA-enabled services. The best part about RPA tools is that they allow you to link information across stages and processes to have the right information necessary for providing efficient customer service and 24X7 support.

Take your business to new heights with Trigent

Trigent with its highly experienced team of technology experts is helping enterprises improve process cycle times and create new opportunities for increasing revenue. They can help you too with the right RPA tools and solutions to enhance process efficiencies and create better customer experiences.


Allow us to help you manage your workflows and add value with RPA. Call us today to book a business consultation.

Top 3 Insurance Industry Trends in 2021

According to a recent poll, 54% of CIOs believe that insurance companies are resilient and will continue to remain so if they move quickly and decisively. Although this is not big breaking news, we have all witnessed how insurers have evolved in the last few years, to meet the changing requirements of policyholders. Several new trends have emerged as more insurers adapt to these changes. Leading insurers like Allianz, Munich Re, Nationwide, and Liberty Mutual are pouring in money to find the next best thing in insurance.

3 key pillars defining the strategy for the insurance industry trends

As the business dynamic has changed in the last few months, insurance organizations continuously anticipate, adapt to, and manage risks and assess the appropriateness and completeness of their strategy during and post-pandemic. The following three pillars have defined insurers’ core value proposition, go-to-market, and technology adoption:

Redefine purpose: “There’s never been an era where the world was more in need of a high-performing insurance industry. But to meet the moment and return to growth, insurers must rationalize and rethink their core strategies — from what products they offer, to how they operate, to which markets they serve”, stated EY in their Global Insurance Outlook 2021.

Agile and customer-centric approach: Everything insurers started doing -product portfolios, organization structures, and technology reflected deep insights into market needs. Right products delivered through the proper channels earn customer loyalty and enhances operational efficiency.

American Family Insurance started by implementing Agile within their digital experience team to aid informed decisions in 3-6 days. Today they use Agile CX Sprints for Marketing and Innovation programs as well.

Value-based services: As the pandemic changed the customer needs, the insurer in the health and auto sector shifted towards ‘usage-based insurance.’ This approach optimized the cost structures, strategically prioritizing investments for insurers.

Key insurance industry trends

Leading carriers worldwide have reimagined their insurance products and offerings to thrive in the new reality with these guidelines. Here are three insurance industry trends you cannot miss in the insurance sector

Becoming more human with automation: 79% of insurance executives believe collaboration between humans and machines will be critical to innovation in the future. Intelligent process automation helped insurers transform their business, become more human, and better adjust to market volatility.

As per a report by Juniper, “Intelligent automation adoption will boom over the next five years, with more than 65 percent of carriers adopting the technology by 2024. The study found that they’ll do so to cut operational costs and remain competitive as they counter flat premium growth”.

Intelligent Automation helps in delivering significant benefits such as:

  • Efficiency, by automating the mundane tasks and minimizing manual data handling.
  • Customer satisfaction, by reducing the turn-around time and improving speed and accuracy.
  • Scalability, by enabling faster decision-making processes and new business generation.

Tailored solution for the customer: Millennials and Gen Z, who are used to stellar online services by Amazon and Apple, expect every company and industry to offer the same level of personalized services. Your customers want immediate access to payments, claims status, and policy information.

Allianz uses five steps to offer personalized policies:

  • Listen to customer
  • Figure out their stated needs and latent needs
  • Review current scene of system and process
  • Re-align them to customer’s requirement and
  • Deploy the right technology

Other insurance brands like Lemonade, Allstate, Nationwide allow full customization, which can be achieved through their app or their company website, within a fraction of a second.

Another category of personalized insurance products that are in high demand in 2021 is Switch-on and Switch-off insurance. An excellent example is Usage-based car insurance. It allows car owners to insure their vehicles for kilometers; they tend to drive instead of the run-of-the-mill full year.
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Auto-insurer Metromile Insurance Co.’s revenue grew from $4 million in 2017 to a massive $106.4 million in the last quarter of 2018. Metromile tapered its services by providing personalized suggestions depending on miles driven.

Pro-active fraud and risk management: Insurance frauds are not new but have now been amplified. The Federal Bureau of Investigation (FBI) estimates that the total cost of insurance fraud in the United States alone is more than $40 billion per year. Gartner developed the CARTA approach that goes beyond single-point risk assessments to encompass continuous fraud prevention and detection across a customer’s journey on all channels.

The CARTA strategic approach specifies that effective fraud and risk management require:

  • 100% device visibility and automated control
  • Continuous monitoring, assessment, and remediation of operational risk
  • Micro-segmentation to contain breaches and limit lateral movement/damage
  • Technologies and products from several vendors
  • Detection, posture assessment, and control of physical and virtual devices as well as cloud infrastructure

Technologies to boost digital trends in insurance industry

While Insurance organizations are tracking these trends, their key enablers are technological innovations to become an agile, customer-centric, and data-driven organization. In 2019, insurers spent nearly $225 billion on InsurTech and the number grew in 2020.

Here are the technologies that are driving transformation in the industry:

Robotic Process Automation (RPA) to overcome operational roadblocks

Insurers adopting process automation in areas ranging from underwriting and claims management to fraud detection and customer service have witnessed significant changes. Early adopters of Robotic Process Automation (RPA) have noticed reduced labor and claims processing costs and increased efficiencies in document and data management.

MetLife conducted a value stream analysis within its U.S. to determine how to minimize the mundane, rote tasks employees need to do, enabling them to focus on more value-added, customer-facing tasks. This exercise picked approximately 60% of processes that could be reengineered, and 40% could be automated. As a result, by the end of 2018, they have used more than 110 robots to optimize customer and employee experiences through simplified, digitized, and automated processes.

Automated data crunch

Data-related automation helps insurers unlock rich insights that range from understanding clients’ needs to make personalized promotions to offer data-backed advice to drive real-time decisions. For example, Planck, an AI-based data platform, reviews online images, text, videos, reviews, and public records and helps the insurer determine premiums, process claims, and give SMEs faster quotes.

Virtual assistants with AI-powered web & mobile chatbots

Another application of cognitive technology is AI-enabled Chatbots and Virtual Assistants. They interact with the customer in natural language processing and add a human-like touch. For example, Juniper Research claims that conversational AI chatbots for insurance will lead to cost savings of almost $1.3 billion by 2023, across motor, life, property, and health insurance. ( up from $300 million in 2019)

Predictive analytics in proactive fraud and risk assessment

The use of predictive analytics in identifying fraud risk indicators allows early flagging and response to any potential incidents. Here are three absolute favorite methods by the insurer to proactively detect fraud:

  • Social network analysis: The hybrid method includes statistical methods, network linkage analysis, organizational business rules, fraud-pattern analysis, etc., in identifying fraud clusters to see correlations between clusters and aid fraud detection management.
  • Big data, predictive analytics detection: This method is proactive and can handle Big Data sets and make predictive analytics reports.
  • Customer relationship management: This method interlinks to social media placing customers in control of their information and enabling customer transparency.

The future of insurance industry

The pandemic has elevated the insurer’s role in envisioning potential future disruptions and strategic opportunities and defining the future customer experience, business models, and capabilities needed to capitalize. Front-runners already see results; many others are following.

Among these, what trend do you expect to take the forefront of your organization? We can help you to pick the one that suits your requirements. Book a consultation today to know more.

Successful implementation of RPA in insurance sector increase productivity by 30%

Robotic process automation (RPA) technology is embraced by enterprises globally for varied sectors. The global robotic process automation market is growing in size with a CAGR of 24.9% between 2020 to 2027 and is expected to touch USD 6.10 billion by 2027.

The insurance industry is still exploring ways to leverage its capabilities to their full potential, those who have managed to make inroads are already experiencing extraordinary benefits. Considering that insurance is now an integral part of our lives, the benefits received from the adoption of RPA in insurance are innumerable. As a heavily regulated sector, insurance comes with a lot of documentation and standardized processes. Be it minimizing errors in claim processing or speeding up fraud detection processes, there’s a lot RPA can do to empower the insurance sector.

In its 21st CEO Survey, PwC iterates the importance of organizations becoming ‘bionic’ to enable humans and machines to work together to blend emotional and technological capabilities. It further repeats the role of RPA in making them bionic, citing it as the key to this transition.

Each product line in the insurance industry varies in its degree of standardization. Needless to say, the potential for automation differs too. Yet, experts unanimously agree on the incredible benefits of RPA in helping insurance companies save time and money across critical insurance processes.

According to Mckinsey, RPA promises a 30-200% return on investment in the first year.

Current insurers are now combining RPA with Artificial Intelligence (AI) to handle bigger workloads and analyze large volumes of data to convert them into actionable insights for better decision-making and business outcomes.

RPA in insurance use cases

As you move forward with your RPA strategy, here are a few examples of how it can help increase productivity and reducing costs.

RPA in insurance underwriting and pricing

According to Accenture, an underwriter typically spends more than 50% of the day on core processing. The market for technologies facilitating underwriting improvements has been growing continuously, and it comes as no surprise that RPA and AI are providing a huge impetus. RPA helps in ensuring accurate data checks to understand the insurance history of customers.

A significant part of underwriting involves determining the right price taking into consideration the risks involved. Insurers depend on RPA, AI, and analytics to get information from connected devices, sensors, and wearables. This data in real-time provides useful insights into customer-specific risks while providing an opportunity for insurers to offer personalized services and customized covers.

The services they offer also include alerts, rewards, and messages that help them transcend their roles from being risk insurers to risk mitigators. RPA can also assess loss runs and provide pricing options based on customers’ claims insurance history.

Global insurer Zurich used RPA to free up its commercial underwriters to devote their time to more complex policies while boilerplate policies get handled by smart software.

Sales and Marketing

RPA helps insurers address the ‘advice gap’ from online portals that offer price and feature comparisons. Customers can now chat with their virtual insurance manager, convey their needs, and get the right advice and recommendations. RPA also enables insurers to mine non-traditional data that comes from social media, allowing them to upsell and cross-sell based on individual activities. For instance, those planning to travel may want additional coverage if they are going to participate in activities such as paragliding or skiing.

RPA helps agents find the information they need without having to wait for a sales representative to assist them. It also helps companies manage their brand persona online while ensuring compliance with rules and regulations.

Customer Service

A survey by TechSee confirms 39% of participants admitted to having canceled their contracts due to poor customer service. But with the foray of RPA, back-end processes are now linked to front-end service so perfectly that chatbots now identify the customer even before a call is answered.

Customer-facing chatbots can help customers with everything they need right from providing policy status and payment details to sending automated policy renewals and pre-loss warnings. RPA also takes care of reporting and compliance requirements so that records are readily available for quick reviews, reconciliations, and compliance checks.

UK-based leading insurance carrier, Swinton implemented RPA technology to provide agents with assistance in handling new processes and to guide them through customer journeys. This shortened calls by over 50 seconds each on average and the contact center capacity was increased to handle an extra 7,781 calls per month.

Claims and Fraud Detection

TechSee points out how customers absolutely expect 3-second claim payouts and will not think twice before taking their business elsewhere if their expectations are not met. This is where RPA comes in. It offers the much-needed speed and accuracy required in a claims journey and self-service options to induce transparency into the process further.

Digital interfaces are convenient and preferred, too, as insurers introduce novel ways to settle claims. Apps are also being used to enable customers to assess damage to their car in case of accidents with their smartphone cameras’ help. The apps offer repair cost estimates based on thousands of images they have been trained on. RPA also helps in fraud detection and identification of suspicious claims with predictive analytics and machine learning.

Policy Management and Regulatory Compliance

While it may be expensive to have dedicated policy administration software, RPA comes as a simple, safe, and scalable alternative to manage diverse policy activities. These include accounting, settlements, risk capture, credit control, regulatory compliance, etc., that need to be accurate but come with a high risk of errors if done manually.

US insurer Lemonade set a world record in paying a claim within 3 seconds of receiving details. The customers can explain the situation via their phone camera and submit it without paperwork. The Lemonade claim bot then runs algorithms on the details to validate any fraud. Post that payouts are instant.

RPA has proved to be a game-changer for the insurance industry, especially during the pandemic when the entire world has been forced to go digital. As Cliff Justice, a Principal in KPMG’s Innovation and Enterprise Solutions team rightly points out, “At this point in time, it’s not a question of whether you should or should not adopt RPA. You risk remaining relevant if you don’t. The question should be: ‘What’s the best way for your firm to employ RPA and AI.”

Automate Your Business with Trigent

In an ever-evolving world of innovations, we help you tide over diverse business challenges with automation solutions like RPA. Our extensive experience in the insurance sector gives us an edge in helping you transform your business. We will help you attain operational excellence while ensuring a faster ROI, all with the power of RPA.

Allow us to assess your business environment and tell you why RPA is the perfect fit for your business. Call us today.

6 Most Popular RPA Use Cases in Manufacturing Industry post-COVID

The role of RPA in manufacturing post pandemic

As markets continue to grapple with challenges posed by the pandemic that shows no signs of receding, organizations are now pinning their hopes on technology with robotic process automation (RPA) that can take care of repetitive routine tasks. RPA ensures tasks that earlier required days and weeks can now be completed in a matter of just a few hours or minutes.

The benefits of RPA use cases in manufacturing industry include better productivity, efficiency, accuracy, less wastage, and greater focus. No wonder almost 80 percent of global corporate executives that participated in the Deloitte LLP survey1 last year agreed to have implemented some form of RPA in their organization while 15% said they planned to do so in the next 3 years.

Expected to grow at double-digit rates through 2024, the global RPA software revenue is predicted to touch $1.89 billion in 2021 indicating a whopping 19.5% surge from 2020.

The pandemic has fueled enterprise interest in RPA as Cathy Tornbohm2, distinguished research vice president at Gartner explains, “The decreased dependency on a human workforce for routine, digital processes will be more attractive to end-users not only for cost reduction benefits but also for ensuring their business against future impacts like this pandemic.”

RPA is making great strides in diverse sectors including manufacturing. Applied Materials Inc., a Santa Clara, California-based company, has begun using bots to automate different areas of financial accounting for increasing productivity and plans to have 255 bots to improve workplace processes.

Top 6 RPA use cases benefitting the manufacturing industry

1. Bill of Materials (BOM)

Employees rely on a lot of information when it comes to the development of new products and commodities. They need to have the exact details as to what to purchase and when, the vendors/dealers that need to be contacted for the purchase, and how to go about the purchase.

Surge Transportation leveraged our expertise to create a pricing engine that offers real-time pricing to stakeholders based on a predefined strategy. The strategy can be modified in the application custom-built for them. RPA facilitates the set up of automatic alerts for changes in the system, thus improving regulatory compliance and supply chain performance. This makes our client stand tall among the top 1% of competitors to have this capability.

Also Read: Automating pricing operations enables 3PL to grow revenue by 40%

2. Data Migration

IoT equipment is now an essential part of the manufacturing fabric. But the challenge comes from the fact that legacy systems are ill-equipped to share data with others within the manufacturing ecosystem. RPA comes to their rescue in achieving this complex and time-consuming feat since bots can work independently of APIs.

RPA integrates different applications by acting as an intermediary between the old systems and the new thus facilitating seamless data migration. What makes RPA so empowering is its ability to correct and fix inconsistencies along the way in real-time. Insurers have leveraged RPA to lower its onboarding costs by 91% even as it experienced a 600% improvement in processing time. In turn, this boosted its service quality and customer experience that was held back by backlogs previously.

3. Customer Care and Service Desk Support

Delayed response or long resolution times can harm the trust you have built with your customers. To be able to help them promptly in real-time, you need to swiftly navigate through multiple business systems which are often laborious. But things can change dramatically by automating customer service with RPA.

US banks have harnessed RPA to improve their average handling time at their customer service center by 30%. This resulted in a monthly savings of 8000 work hours, enabling employees to use the freed time on value-added services.

4. CRM and Sales Order Integration

While sales thrive on relationship building and communication, it is a known fact that sales order integration does not stop there. It involves a mix of activities like creating estimates, checking product availability, processing orders, managing logistics, etc. Not to mention the coordination between many departments these processes call for.

Also Read: How automation is improving order and inventory management in logistics

A restaurant group used RPA to automate sales reports resulting in a 65% decrease in daily time expended on generating reports from across over 40,000 locations. This helped them nurture customer relationships and increase sales revenue.

5. Regulatory Compliance

The safety protocols constantly evolve in the manufacturing domain. There are individual product regulations to look into along with a whole lot of compliance requirements to adhere to. RPA takes away the stress from regulatory compliance ensuring your manufacturing outfit is audit-ready with accurate data processing and detailed records.

All bot activities are constantly monitored and available for inspection through a central log. RPA enables quick and effortless process updates too so that you are always up-to-date when it comes to compliance regulations.

6. ERP Automation

Bots play a big role in invoice processing and inventory control both of which involve elaborate paperwork, identifying deficiencies, and fulfilling customer demand at the earliest. Due to its ability to enhance operational efficiencies, RPA gives manufacturers an edge to manage tasks like sending invoices, creating purchase orders, computing shipping costs, taxes, or discounts, and driving overall financial processes that would otherwise require a high level of human intervention.

There are a whole lot of reports that need to be created and sent out via email or to be uploaded in a shared folder. SKUs need to be updated regularly too and Accounts Payable and Receivable have to be accurately managed. RPA takes care of all the reporting and related administrative chores to help organizations manage their business requirements efficiently.

The role of RPA is undeniably critical in the present manufacturing landscape. As Fabrizio Biscotti, research vice president at Gartner points out, “The key driver for RPA projects is their ability to improve process quality, speed and productivity, each of which is increasingly important as organizations try to meet the demands of cost reduction during COVID-19.”

Discover the impact of RPA with Trigent

Our RPA services are built for speed and scale. They make you agile to adapt in a fast-changing manufacturing sector and enjoy extraordinary cost savings along the way. We can help you minimize production downtime, optimize processes, and enhance your operational capabilities.

Our highly experienced business process consultants are eager to talk to you to help you automate with RPA without needing you to navigate through robot complexities.

Call us today for a business consultation.

References

  1. https://www.wsj.com/articles/software-bots-multiply-to-cope-with-stretched-resources-11611615504?mod=djemCIO
  2. https://www.gartner.com/en/newsroom/press-releases/2020-09-21-gartner-says-worldwide-robotic-process-automation-software-revenue-to-reach-nearly-2-billion-in-2021#:~:text=RPA%20Market%20Forecast%20to%20Grow,latest%20forecast%20from%20Gartner%2C%20Inc.

Extract 40%+ efficiencies in Healthcare with Robotic Process Automation

The healthcare industry is facing the biggest challenges (and opportunities) in the prevailing situation. Traditional modes of delivery of care have been disrupted, coordinating patient care is driving the demand for sharing data across silos and technology is playing a vital role in enabling remote diagnostics, tracking treatment effectiveness, and monitoring patients while they recover at home. Conventional norms are being challenged. The changes however are accompanied by a different set of considerations that need to be addressed – Data privacy and Cybersecurity for instance. So how can all these be overcome?

Healthcare providers have to manage the massive amounts of patient data, triage the cases, optimize appointment scheduling and treatments and expedite billing & claims management. Apart from being HIPAA compliant, they also have to ensure error-free streamlining and execution of the tasks, which usually prove to be a gargantuan effort. However, these pain points can be overcome by automating the entire process.

Robotic Process Automation (RPA) in the Healthcare Industry

The convergence of robotic process automation (RPA) with the healthcare industry has helped providers accelerate their digital transformation journey. AI-powered RPA has helped the industry deliver efficient services across the value chain – from patient experience to claims management and revenue cycle management to analytics.

CAQH in its eighth annual report stated that automating healthcare administrative transactions has reduced annual costs by $122 billion, $16.3 billion more can be saved through further automation. Gaining traction in the healthcare industry, RPA has enabled automation of routine and repetitive tasks, thereby freeing healthcare professionals to focus more on the much-needed human element — patient care.

How RPA enhances healthcare service

Implementing robotic process automation can channel more resources and optimize healthcare tasks that are of prime importance.

Improved patient support

One of the most important tasks rendered by healthcare organizations is providing ideal care according to each patient’s unique needs. With RPA implementation, healthcare providers have witnessed significant improvement in triage and the resulting patient-facing operations.

Robotic process automation simplifies and streamlines the entire procedure, right from patient data collection to insurance claims. Bots can manage patient appointments as per location, test results, and doctor availability. They can also assist patients with upcoming appointment notifications, medical tests, prescription pick-ups, and discharge guidelines.

Error-free and reduced repetitive work

In RPA, bots replace human involvement in repetitive tasks like patient onboarding, data extraction/migration, appointment/treatment scheduling, and claim management among others. This means work is done in a considerably less amount of time with no errors.

Automating healthcare processes can help the providers reduce critical errors and achieve 100% accuracy rates while providing patient care. Data collected from the patient can be processed as per diagnosis and location, matched with the relevant doctor. In case of the doctor’s unavailability, a bot will automatically reschedule and inform the patient of the change, avoiding confusion and hassle.

Reduced operational costs

By embracing RPA, healthcare organizations can reduce operating costs significantly, while leveraging a cost-effective workforce. Increased automation enhances process efficiency, allowing staff to spend less time on tedious manual tasks.

Traditional methods involved manual data entry, scheduling, record maintenance, and claims management, each of which involved a considerable number of people. Since every task was done manually, there could be errors and rework could come with a cost. RPA implementation standardizes the entire lifecycle, eliminates rework and corrections.

Reduced Data Breaches

Ensuring privacy and security of sensitive patient data is one of the top concerns for healthcare organizations. Using RPA ensures that private information can only be accessed by the appropriate staff. This role-based access minimizes data breach or improper use of data.

RPA allows healthcare providers to control data access and ensure that only the relevant staff can access private information when required. This control is critical since doctors, IT staff, and the claims departments need varying levels of access to classified patient data.

HIPAA and other regulatory compliances

Robotic process automation helps maintain compliance by securing medical data and ensuring all processes are in line with HIPAA and other regulatory bodies. Custom reports and detailed audit logs can also be maintained.

Healthcare providers may use different applications to store and access patient data. Securing such a vast amount of information can be complicated and prove to be challenging. With RPA, HIPAA compliance becomes easier to manage. Audit controls can also be easily implemented using process automation. Detailed audit histories can be set up automatically and any time there’s an internal or external audit, auditors can easily access the data.

Automation is here to stay. RPA is flexible to automate any procedure and is basically to help clear the clutter, thereby streamlining the entire process. With RPA around, even searching for a needle in a haystack will seem effortless.

The Trigent Advantage

With change happening at a rapid pace, the healthcare industry is transitioning to automation to offer better outcomes to patients. Be it migrating from a legacy system, updating a current workflow, or even on advisory, Trigent is your go-to partner for all your technology requirements. Our RPA experts will take care of the entire cycle from adaption to managing, while your healthcare providers do what they do best-providing optimal patient care.