In order to be truly digital and be connected, your underlying business processes play a key role. These technologies need to be tied well to your processes. When RPA works in collaboration with BPM, the duo can do wonders in an organisation. Regardless of your industry type, you’ll be able to achieve higher efficiency, lower costs, higher employee engagement and better overall customer experience. Read on to know how you can leverage RPA with BPM to create maximum business value and bring the next level of speed, transparency into your operations:
Streamlining insurance claims:
The administrative side of claims processing involves humongous paperwork, exchange of files and data and a host of other activities. And, since accuracy and processing speed play a key role in claims management, RPA and BPM in tandem help insurers reduce processing time and enhance overall productivity. In a typical claims processing case, agents spend a lot of time and effort in manually validating customers’ information. By leveraging bots to validate this information, you can easily approve or reject claims and ensure hassle-free claims processing.
With optimum work distribution, bots eliminate the scope of human errors, while reducing overall costs. They auto-scan and read incoming claims documents and extract the most relevant data in conjunction with the defined keywords.
The basic objective of a Shared Services Center (SSC) is to achieve a higher level of service quality at a lower cost. However, with high manual intervention at every stage, lack of effective monitoring and tracking mechanism, and opaque workflows, the end outcome is delayed decision-making and higher operational costs. To combat these challenges, RPA along with BPM can prove to be instrumental in achieving higher efficiency in Accounts Payable (AP). With bots, you can operate 24x7 and achieve better throughput. And, at the same time, BPM capabilities allow you to manage exceptions and drive process improvement. The duo holds the capability to redefine the AP process by orchestrating processes and eliminating errors.
- Procure to Pay (AP) – You can streamline the intake of vendor invoices with BPM, and auto-assign invoices to workers based on pre-defined rules. By leveraging bots across the process, you can minimise manual handoffs and check for vendor invoices and payments.
- Order to Invoice (AR) – You can analyse and establish sales quotes, and validate sales orders with bots. Using BPM’s Business Activity Monitor, you can monitor customer credit. You can easily create, distribute and track customer invoices, and process customer payments.
- Record to Report (GL) – You can eliminate manual work and emulate human actions to record journal entries. Leveraging bots, you can reconcile accounts, collaborate and manage intercompany transactions, and keep a track of detailed accounting master data for audit and regulatory purposes.
Employee Onboarding in HR:
With bots behind the scenes, HR validates new hires’ information and exchange emails with the involved teams to initiate the required processes. Bots read emails, extract the required information, and store it in the database. In case of missing information, bots automatically send an email to the respective candidates, asking them to fill in the required information. Bots then validate the provided information, scan through the third-party database and intimate dependent teams to take appropriate actions for smooth onboarding of new hires.
Dispute Management Resolution in banking:
With bots in place, you can maximise the process efficiency and bring down implementation costs by a significant margin. For instance - Robots log into interbank platforms, fetches the data and initiate a case in BPM. They validate transactions and investigate disputes. Further, based on pre-defined rules and cognitive skills of bots, if a dispute stands valid, bots initiate a refund, update status in the interbank platform against the corresponding dispute and move the case to closure.
Efficient residential mortgage loan initiation:
With bots, they can initiate a loan by keying customers’ data against appropriate fields. They automatically fetch and accumulate required information and initiate third-party orders. Bots scan images, split and upload customer data in the required format, and raise exceptions wherever necessary. For each case, bots save a significant amount of time and drive efficiency in the overall process.
The opportunity with RPA is real and holds tremendous promise across all industries. Beyond cost savings, it instils a culture of better service delivery. It also ensures greater throughput, higher control and flexibility and happier knowledge workers. And, all of this eventually leads to happier customers. Therefore, leverage RPA to bring the next level of speed, transparency into your operations and reap maximum advantages of this new-age technology.
By: Virender Jeet, (Sr. Vice President, Technology), Newgen Software Technologies Limited...