It could be that you have applied for a new credit card or a loan during the last two decades. If so, you should have noticed how agencies and banks supply timelines that range from a couple of days to about a couple of months. The reason is because application papers get routed from different stakeholders for availing approvals and signatures at different levels. Although beyond control, such long queuing times could have been expedited very quickly. This particular scenario during the early part of the 2000s can be stated to be a classic limitation faced by financial companies. However presently, you can find that your loan application gets approved within minutes. This is done via different online lending institutions. It is achieved through automation of repetitive processes, thereby eliminating human intervention while allowing RPA to come into force.
What is RPA all about?
RPA or Robotic Process Automation is said to refer to automating simple business procedures. ML (Machine Learning) and AI (Artificial Intelligence) helps resolve different types of general and complex issues through robots or bots. Such robots can be termed to be repetitively performed functions.
By automating all repetitive processes, it becomes much easier and effective to use available resources efficiently and produce quality output.
RPA automation technology that can be used in three business processes
- Auto Acknowledgement Receipt & Replies: While complying with requirements, it is quite natural to end the process by sending a copy of the acknowledgement receipt for reference purpose. Such aspects are now simplified. Acknowledgement receipts can now be sent automatically through text messages, snail mail, emails or other computer-based communication methods. It takes place as the system receives the desired information.
- End-User Order Processing: Consumers a variety of services or products generate order processing tasks. Then, they call up the customer care executives to place their desired orders and to make payments for the same. GUI (Graphical user interface) based programs are used by RPA to allow end user with easier access anywhere, anytime. This is by using different convenient payment methods.
- Loan applications, approvals: It requires adhering to a series of standardized steps. It includes form completion, validating data authenticity, manager approval/disapproval, background check and consumer notice. By implementing RPA, the same process can now be effectively speeded up using computer programs. It helps check document authenticity and validity. Then, it supplies disapprovals or approvals and if documents are available or not.
The introduction of RPA has helped many business processes to get automated, thereby improving customer satisfaction & revenue. To ensure not lagging behind competition, you need to implement RPA in your business by taking the help of industry experts like SmartOSC. You can check out their website https://rpa.smartosc.com/ and contact them to discuss your specific needs. They do offer RPA consultancy, personalization to suit your business needs, implementation, maintenance, training to your employees, etc. The top software developing firm, UiPath is in collaboration with this company to ensure matching the selected RPA with your specific business process. The right taken can help propel your business to the next level.