The Impact of RPA in top 3 UAE Industry Sectors
Vimal Ramachandran, Director
Almost all industrial verticals across UAE have shifted or are in the process of shifting towards adopting digital transformations. Among the various technologies available, Robotic Process Automation (RPA) helps industries to automate mundane repetitive tasks. RPA helps mimic people interactions and aids in automating operational processes, thereby minimizing errors, and improving efficiency. The automation also helps in significant reduction of operational costs, better utilization of your resources and an enhanced customer engagement and satisfaction.
Today, we look at three such industry sectors in the UAE where we feel RPA can bring a lot of differences in a company’s day-to-day operations. These industries can be termed as the backbone of UAE’s economy and let’s see how RPA can help increase productivity in many areas of these verticals.
Banking & Insurance
Banking and insurance companies have numerous end-to-end processes that needs to be streamlined. Particularly in banking, there are lot of areas such as invoice management, new customer on-boarding, General ledger management, KYC processes, etc., which has tasks that are repetitive and time-consuming. Also, since it involves lot of monetary transactions, the chances of errors creeping in during a manual interaction is way more. With the introduction of RPA, banking firms can eliminate human errors and significantly cut short the overall transaction time by many folds. It can also aid banking firms in adhering with international and local laws and regulations. The documents can be easily handled using RPA bots, making auditing process much easier, labor-saving, cost-effective and 100% accurate. Numerous banks have successfully implemented RPA to optimize their complex back-end operations and to quickly check loan eligibility of a customer.
Similarly, in the insurance sector, be it automobile, health, property or travel, there are lot of processes which can be automated. Starting from claims processing, underwriting, providing policy quotes to get timely reports, Insurance companies can automate high volumes of repetitive business practices. RPA vendors can easily help insurance companies automate their entire workflows including processing data from their legacy applications and disparate systems.
We all know how physical robots and robotic arms have helped manufacturing companies reduce cost and manpower in the overall manufacturing process. But recent studies show software-based Robotic Process Automation is helping manufacturing companies in with their general invoicing, accounting, operations, supply chain & transportation procedures etc. The RPA bots can automate their day-to-day activities and plan workforce allocations accordingly. Also, the units can automate lot of their approval procedures across departments. The taxation work can also be automated which saves a lot of time ensuring an error-free output. Apart from optimizing time-centric and repetitive routine processes, manufacturers can increase their go-to-market time by running their productivity in maximum capacity.
Within the next 5 years, healthcare is expected to be one of the fastest-growing sectors in UAE. Every hospital chain or clinics are striving to give maximum quality service to their patients. With the help of RPA, they can achieve the same by saving a lot of their patient processing time. We all know how much regulations and standards are there in the healthcare sector. It is also one of the sectors where patient data privacy and accuracy is of extreme importance. There should not be any chance of data leakages or data errors creeping in. Not only the patient side, RPA can also be used in the hospital administration processes as well, such as scheduling, revenue cycle management, data entry, billing etc. Patients are subjected to more value-based care as their appointment scheduling to reminders to final billing are taken care off in a streamlined manner. Audits and network management along with data management to third parties are managed efficiently.
RPA is making great inroads into lot of business verticals, and more early adopters are preferring intelligent automation to run their business efficiently. For companies that wish to start off their long-term digital strategy, we believe RPA is a great tool to begin with. Start with small rule-based processes and slowly expand it across your enterprise workflows.
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