Has the time come for virtual employees?
Thanks to Robotic Process Automation (RPA), your next coworker might just be a bot.
But, before you enter panic mode, rest assured that this bot will not be replacing you. If anything, it will be replacing stodgy responsibilities.
Today, we will be taking a deeper look into RPA technology, RPA tools in the market and their benefits.
What is Robotic Process Automation (RPA)?
For starters, RPA is a software and not an actual C3P0-style robot.
According to the Institute for Robotic Process Automation and Artificial Intelligence (IRPAAI), the Robotic Process Automation (RPA) is the application of technology that allows employees in a company to configure computer software or a “robot” to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.
In layman’s terms, RPA is a software governed by a virtual business logic designed to automate business processes, performing complex and tedious work based on rules in any application or system.
Who benefits from RPA?
RPA is meant to take on dull back-office chores, so it is ideal for companies with high volume of customer enquiries and substantial transactional processes, delivering error-free results, saving plenty of time and resources. Such is the case of financial services, banks, insurance companies, and people handling databases, to name a few.
Unlike us, a bot can log into multiple applications simultaneously, adding new levels of service excellence, quality and productivity while reducing operation costs. With this, a bot ensures compliance of data and greater accuracy by removing the possibility of human error, providing better security of information.
But far from replacing the human factor, a bot actually elevates the nature of their jobs, relieving people from dull and repetitive tasks, allowing them to focus on projects with more added value.
How does Ria use RPA?
As you can imagine, Ria receives a high volume of bank deposits from our agents on a daily basis.
In the olden days, each agent’s bank statements had to be processed manually to be matched up with the information available in our system. The process involved a lot of ink and paper, and of course, time.
Now, all we have to do is download the bank statements periodically and feed them to our RPA system. The bot – designed to ensure the process’ traceability – checks off perfect matches and flags transactions that require reviewing.
Currently, in Europe, 65-75% of our agent deposits are processed automatically.
This implementation has enabled us to respond to our continuous improvement and innovation reducing risks and having a more granular monitoring process. With this, our employees can allocate more of their time to invest in agents and customer engagement, focusing on developing more impactful work, making Ria more efficient and valuable to the benefit of our customers.