According to their design, ERPs can be generic, pre-parameterized, or made to measure. They are composed of several sections or ERP modules adaptable to the organization’s different areas (administration, human resources, purchasing/sales, warehouse, commercial, etc.). Some ERPs work by modules, others do it by versions, and depending on the contracted version, access to some modules or others is allowed.

What Is An ERP Module

The modules of an ERP are the extensions that allow this tool to have different functionalities. These modules are not seen as different applications, although each one has different uses and can be implemented separately, adjusting precisely to the needs of each sector or business.

One of the main advantages of modular and scalable ERP systems is that they evolve alongside small businesses, ensuring smart and sustainable growth: at first, you may only need software to issue invoices and control the warehouse, but Over time, it may be interesting to add a module to manage and file taxes, another to launch email marketing campaigns, or another to connect your online store to the ERP and not have to enter your customers’ data manually.

Types Of ERP Modules

 Depending on its general functionalities, we can distinguish between:

• Basic ERP modules (also called general or traditional and usually come standard in all ERPs).
• Optional ERP modules (they are added as the use of the software requires it). 
• Vertical ERP modules (developed for a specific activity or a specific industrial sector).

Basic ERP Modules Available

The modules of a basic ERP are:

Accounting And Financial Module

With this module, companies can consult their balance sheets, operating accounts, profitability reports, ratios, estimates of collections and payments, budgetary results on the results achieved.

Warehouse Module

The options in this ERP module make it easy to keep track of stocks, inputs, and outputs and allow you to locate items within the warehouse quickly. Many times, the inventory module is within purchases, another of the standard modules of an ERP.

Shopping Module

This module registers the purchases of material and stock to have control of the warehouse. With this module, it is also possible to manage suppliers, purchase invoicing and purchase order automation.

Sales Module

The sales ERP modules record company sales and allow us to control budgets, sales invoicing, and order control. One of its advantages is that you can generate reports and know how much a customer buys or how much you sell in a specific geographical area. You will also have a history of your evolution in the market, returns, etc.

CRM Module

The CRM allows you to organize all the information about your customers and your interaction with them. You will be able to register your data, manage business opportunities and plan commercial activity. This ERP module is increasingly important since, thanks to it, you will have detailed information about your sales conversions and your ideal customer profile.

Production Module

Production-focused ERP modules serve to manage raw material usage, synchronize production processes, and assess product quality. Its main advantage is that, with this data, productive adjustments are generated by analyzing the production/costs/forecast ratio.

Traceability Module

The traceability module is one of the modules that we indicated at the beginning as Vertical. An example is food companies that, by the legal imperative, need to control the traceability of their products through batches and expiration dates.

Portfolio Module

This module allows the forecast of collections and payments complementing the finance module. It allows us to have extensive information on forecast analysis.

Other Modules That Your ERP Can Include are

• Marketing module.
• Project Management Module.
• Production Process Management Module.
• PrestaShop Connector Module.
• Technical service module – SAT.
• Document Management Module.
• Picking module.

Do I Need To Implement All Modules From Scratch

No. One of the advantages of ERP is that you can access different versions or modules of the tools according to your growth, your needs, and your business strategy.

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The BPM, also known as business process management, is a method of bringing process management and automation to the software itself. It consists of techniques that facilitate the supervision and control of all tasks. We can say that it is a tool that measures the effectiveness of each of the resources that are applied to each business process, whether they are people, technology, activities, etc.

What Specific Applications Does BPM Have

BPM allows many actions to be carried out within the business, although two always stand out, as they are the best examples of how to work with this technology. The first is the possibility of integrating applications that work with databases, such as ERPs or CRMs. The BPM allows that information to be exchanged between them, something that is very useful for specific processes, such as, for example, ETLs ( Extract, Transform, Load ) that collect data, organize it, and centralize it in a single repository.

The second is the use of BPM within the email servers. This tool makes a “reading” of the emails, extracting the necessary content to fill in form fields. This task saves many hours of work for companies that have to process hundreds of emails a day, for example, an ecommerce store.

What Requirements Are Needed For Its Implementation

There are no specific requirements when implementing BPM. However, it is a solution designed for companies with a particular volume of business, in which it is assumed that there are also a considerable number of processes. This is when the BPM can unleash its full potential, optimizing the procedures for each task.

What Advantages Does BPM Offer Companies 

Among the main advantages is efficiency, since BPM makes collaboration between different departments more fluid and real-time while increasing decision-making agility and speed. On the other hand, the BPM also performs monitoring tasks, acting as an auditor and facilitating the transparency of the procedures and greater administrative control. And, of course, saving time, since, and this is when RPA enters the equation, automating processes, reducing their execution time, and allowing the staff to dedicate themselves to other types of tasks.

Why And How Do RPA And BPM Complement Each Other

RPA is pure process automation, that is, the software that is implemented. BPM is more of a way to make that automation as efficient and optimal as possible through techniques and procedures. The combination of RPA and BPM increases the value of any automation. Usually, we recommend having a BPM system in mind when a client asks us to robotize any of the processes of their company, since, when you want to increase the package of softbots with the BPM, we will have precious information about the current operation and where we have to continue.

What Are The Benefits Of Implementing RPA And BPM For An Organization

These two solutions integrate one into the other, enhancing the benefits that both have separately. That is cost savings, shorter response time, real-time information traceability, management efficiency, etc. All these milestones improve the viability of the business, allowing, in the medium-long term, other actions within the company, such as opening up to new markets or being more competitive (lowering prices, for example).

Rather than being measured by specific objectives, RPA and BPM work as two parts of a whole, in this case, of process automation, optimizing each task involved. The digital meeting focuses on those responsible for business and the IT area looking for a technological solution that improves their company internally. Typically, entities invest in tools to facilitate the purchase, use, and communication with users, leaving aside the workforce, which is the main asset of any entity.

For this reason, we propose to start from the inside out, showing the organizations that improving the internal functioning will also impact the external activity they carry out. RPA and BPM solve the problems associated with internal bottlenecks derived from specific processes. Many companies are currently implementing this strategic alliance.

Also Read: Automation Of Financial Processes With RPA

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For this reason, technological solutions focused on improving productivity and accelerating workflows have been among the most demanded in recent years, especially in the latter. And RPA has been one of them since systems such as ERPs fall short when addressing specific procedures, such as those of “accounts payable”, one of the processes that consume the most time and with a high chance of error rate.

Manual accounts payable processes are not only tedious, but they are also quite chaotic, especially the validation part: fewer and fewer paper invoices arrive at companies, but those that arrive must be digitized to be later processed. Next, the information must be classified and sent to the different control centers that the company has to proceed with after payment. This simple procedure can take days and weeks since employees must do each step manually and, in addition, combine this work with other tasks of the department. This can lead to failures and even “lose” some bills, with additional expenses.

RPA In Finance Higher Productivity In Less Time

RPA solves a large part of the problem that we explained to you before. How? With end-to-end automation of financial processes, that is, from start to finish, you can:

• Digitize the important values ​​of the paper files utilizing OCR and extract the key information of the invoices: The invoice arrives in digital format to the system that, thanks to the data reading, makes the first screening, returning those that are missing some field predefined as “mandatory” (CIF, VAT percentage, date of issue, etc.).
• Import the information in folders and direct it to the corresponding departments: With data extraction, invoices are classified according to parameters: by order of arrival, by expiration date, by amount, by type of company, etc.
• Once this is done, it is sent to the corresponding area, which will receive all this information collected in a document for final validation by the employee.
• Monitor folders so that processing is automatically activated when a new invoice is detected so that the flow begins again.
• Please verify the information entered in the databases, cross it, facilitate the management of resolutions, and avoid the blocking or loss of invoices.

And this is only one process since with RPA, and you will be able to automate financial operations of the entire area, obtaining numerous advantages, including:

• Integration with other systems and functions: RPA is a technological solution perfectly compatible with any application you have already implemented in your company. From blockchain, ERP, CRM and even own programs. RPA works in conjunction with these tools.
• It eliminates almost 100% manual errors: Automation allows you to stop making manual errors, that is, failures that occur because the task is repetitive and tedious. This also means a risk reduction since sensitive data is handled in the financial area and capital.
• Increased security: With the automation of financial processes, the traceability and integrity of the data is guaranteed. Exceptions can be established when vulnerabilities are detected, which require manual and human action, thanks to hybrid robots.
• Time and cost savings: Financial processes require a lot of execution time by the work team, reducing productivity. Minimizing this execution time with software robots is possible, increasing the number of tasks performed at a lower cost.
• Financial and accounting regulatory compliance: The finance department is one of the most sensitive regulations. Some regulations change depending on the country of origin or destination and deadlines and legal updates. Sofbots allow the standardization of information, guaranteeing regulatory compliance.
• Analyze the information and extract knowledge: Due to the liberation of the time dedicated to doing tedious and repetitive tasks, the staff can begin to carry out functions of more excellent value such as financial analysis, economic projections, market studies, reports, etc. In short, observe and evaluate the data to extract knowledge from them.

Digitization continues to accelerate our day to day while changing it. Everything is in full swing with processes, people, and even the way of understanding the markets. RPA technology has come to stay, with more and more businesses committed to combining technology and humans in their teams.

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When we talk about business intelligence, we refer to using data in a company to facilitate decision-making. It is about covering the operation of the entity, with anticipation of future events. The objective? Have the knowledge to support business decisions.

Therefore, extracting new values ​​and insights from business data is key to delivering actionable intelligence to the company’s entire workforce. There are several points where automation can help an entity to get the most out of its data analysis and business intelligence, as we have outlined below.

Data Quality

The use of erroneous data in analytics and predictive models leads to problems related to loss of confidence and financial impact on the business. The data collected helps identify quality problems before analysis. It is a very time-consuming task. In most companies, professionals spend more hours extracting, preparing, and managing information than analyzing it.

How can automation help in this task? This significantly reduces the time analysts spend preparing and cleaning data. The intervention of professionals in this process is limited to controls and final supervision, dedicating their day to other tasks of more excellent value for the company.

The technology RPA allows any number of repetitive tasks to ensure the quality of the data, to the time that automates advanced processes such as scanning and data collection. Document data extraction and document synchronization are two common ways to automate data management.

Data Analysis From Any System

One of the advantages offered by RPA technology is its integration with other systems that are already in operation in the organization (ERP, in-house design, applications). This enables the scope of business intelligence data and analytical tools to be extended to legacy systems, virtualized environments, and systems without APIs.

Automation can help by extracting and analyzing central financial information and collecting exchange rate data from a website in a format that analysis tools can understand. The combination of RPA with artificial intelligence (AI) goes one step further and enables softbots to ‘manage’ unstructured data such as emails, PDFs, images, handwriting, and scanned documents for analysis.
Unstructured data is compiled into a single document (spreadsheet or database) and is ready for analysis in minutes. This allows companies to drastically reduce the workforce’s hours to these tasks, with the consequent impact on productivity and cost savings for their finances.

Decision Making

The decision to turn them into action is the last phase of the data analysis part, where the professional acts based on the analysis in the BI platform. Detects that there are few units left of a given product. Directly from the program, you can activate a purchase order to restock that item. 

Similarly, an IT systems administrator can start a software robot to review stock and detect incidents without leaving the IT service administration dashboard. These are some use cases, but RPA technology enables other high-impact actions in supply chain management, logistics teams, suppliers, finance, and accounting.

Use Business Intelligence Data In More Complex Automations

Companies are increasingly using data science and analytics to gain insights about their business and make more confident decisions. For example, the finance department can report and act on the credit of invoices that are about to meet payment deadlines. Automating the collection of BI data and then using that data for more complex business processes helps organizations make better decisions faster.

Why Implement Automation In Business Intelligence

What are the advantages for a company to apply automation in the management of BI data? With the implementation of software robots for this task, companies get their professionals to have more time to analyze. Therefore, they can make better decisions, act faster with quality information and avoid making mistakes that take a toll on the—company accounts.

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This relevance is due to the multiple benefits that its application provides, both in public and private entities and in our sphere. Artificial Intelligence improves the services, the customer’s experience, facilitates the search and management of information, and no helps predict behavior.

This combination of algorithms allows machines to mimic the cognitive functions of humans, automating activities such as problem-solving, decision-making, and learning. This practice makes it possible for organizations to offer a more intelligent and efficient service to their clients. On a personal level, thanks to AI, we solve many procedures quickly and easily. In short, it makes our lives easier.

Artificial Intelligence, A Valuable Tool

One of the most common applications of Artificial Intelligence is Machine Learning. Through different comparisons, an application can learn by itself according to the patterns it finds. An example of this is Google Photos. This application is capable of understanding the faces of each person and automatically categorizing the photos.

Solve a problem with your bank or insurance company by speaking to a virtual assistant; access a device through face detection; run the vacuum while you’re at work, or making a quick selection of hotels for your vacations are also possible thanks to the integration of Artificial Intelligence in many of the mobile applications that we use every day.

If you look at organizations, the potential that Artificial Intelligence provides is enormous. Let’s think about sectors like health. Given the current situation and the high volume of data generated in this industry, AI is of great help for the prognosis of diseases or predicting future demands for services. This enables professionals to make better decisions about service planning or resource allocation.

Online shopping, have you noticed how in just a few years, the attention you receive had improved considerably? You access the page, and immediately a chatbot appears. It is your virtual assistant with which you can solve any doubt in real-time. You start a purchase process and add an item of clothing to the cart. If it is not the size you usually wear, a message will immediately remind you of the size you should purchase, based on your previous buying behavior.

This personalized attention is possible thanks to Artificial Intelligence programs that allow the ‘machine’ communication with the user or make recommendations, emulating human behaviors. Technological evolution has also facilitated the emergence of more intelligent, faster, and more efficient viruses. This brings upside down the IT services of many entities that must protect themselves against the threat of cyberattacks. AI also offers a solution to this problem since it reinforces security by identifying suspicious behaviors, based on previous patterns and specific behaviors.

Artificial Intelligence And RPA

On the other hand, the convergence of RPA software robots with AI allows companies to create new functionalities, increasing their business value and competitive advantages concerning their competition. In the case of RPA technology, the use of Artificial Intelligence amplifies its power. The combination of these tools reduces manual work and allows the execution of more complex processes.

It is the step towards Intelligent Automation that increasingly sophisticated automated decision-making, finding new business processes, and empowering advanced analytics. It is an advance towards complete digital transformation, managing to improve the quality of the service.

As we indicated at the beginning of this article, AI is one of the areas of technology growing the most in recent years. All forecasts indicate that these tools will continue to evolve and become increasingly sophisticated. They will be applied in different areas of information, such as video, images, or voice; thus, and also to the activity of network traffic and sensor data. The world is increasingly hyperconnected, and Artificial Intelligence is a valuable tool that will help us better interpret and understand future challenges.

Also Read: App Design – How To Improve The Design Of Your App

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Artificial Intelligence (AI) possibilities, the Internet of Things (IoT), and the new information and communication technologies are extensive. Among the trends that do not require a tremendous cost for companies are chatbots, digitization, cloud computing, and robotic process automation (RPA). As for chatbots and autoresponders, any SME should be aware that e-commerce.

Has grown exponentially in the last year and, with it, competition between product and service providers. Customer service is, more than ever, a differentiating feature of each business, and the consumer increasingly demands an immediate response at any time. The use of chatbots (which work thanks to Artificial Intelligence) increases productivity – streamlining the sales process – and offers the image of an automated and innovative company.

But automation should not only focus on the external customer. Many platforms leave behind contracts, records, invoices, and all kinds of physical documents and transform them into digital format, which allows them to be stored, centralized, and worked with them with tremendous flexibility and security. 

Some of the countless electronic signature solutions available for any budget. Not forgetting storage accounts in the cloud –cloud computing- such as Microsoft Azure, Dropbox, OneDrive, and many other providers specialized in online accounting software, human resources, finance, etc., which allow access to documents and manage them from anywhere.

One step further is robotic process automation (RPA), an evolution of using AI software or machine learning to handle many repetitive tasks, such as those run by finance departments. Eliminating manual processes allows working with data in a more secure, intelligent, and efficient way, allowing employees to dedicate their time to other tasks. SMEs can start this process, for example, by automating invoices, collections, and payments.

Advantages Of Automation

In addition to increasing productivity and efficiency, using these business process automation techniques brings excellent benefits to SMEs. It allows a better adaptation to the demands and fluctuations of the market, optimizes labour costs, increases the return on investment of marketing strategies -automating email marketing campaigns and using automatic analysis of consumer trends-; minimize human errors.

Facilitates teleworking; improves collaboration – primarily through online platforms and cloud computing; and increases the consumer and employee experience, among many. But automation doesn’t happen overnight. It is necessary to scale little by little, starting with the most routine processes, marking a calendar and following a specific order.

From Open Banking To APIs

After Open Banking –which allows SMEs to manage their money intelligently, connecting with third-party services that collect their bank details and automate payments and collections-, the trend that is gaining weight in the field of finance is to automate their services thanks to the implementation of APIs (application programming interface).

It is an interface that allows you to synchronize, link, and connect the database of service with any application. In other words, it establishes a bridge that guarantees the exchange of data in a secure way and without involving third parties. The integration into the SME system of these API Products allows the automation of many processes that will make it possible to reduce possible errors derived from manual intervention, reduce management times, and streamline processes.

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People are paying attention in ever-greater numbers, too. According to a recent projection, investment in RPA tools is likely to grow from $6.1 billion in 2021 to a massive $7.64 billion in 2028. In other words, these bots are going to become an increasingly ubiquitous part of the business toolset.

But while customers are keen to jump on the RPA bandwagon, it’s essential that businesses ask the right questions up front. Here are four of the points to think about as you consider your RPA strategy:

1. Consider how it can add value, not just reduce costs

Many businesses had a hard time in 2020 as a result of the coronavirus pandemic. While things are starting to pick up now, there are still plenty of lingering effects in terms of a depressed economy and tough conditions. This means that, for lots of business owners, a technology that promises to help reduce costs is transformative based solely on that.

But RPA isn’t just about eliminating or reducing certain costs within your business. Particularly when adopted as part of broader digital transformation ambitions by a business, RPA can have a far more significant impact on automation efforts. Consider, for example, how RPA can help improve the customer experience by speeding up response times and customer onboarding. A bank that currently relies on its highly paid analysts to carry out the Know Your Customer (KYC) process can not only save money automating these tasks, but can additionally reduce the length of time it takes from hours down to minutes. To put it another way: don’t sell RPA short.

2. This isn’t humans vs. machines

Thanks to science fiction movies, RPA may sometimes be viewed in terms of humans vs. machines — or, at least, human workers vs. process automation. In reality, things are different. RPA isn’t about automating people out of their jobs so much as it is about making people a more valuable part of the workplace.

For example, RPA’s ability to automate mundane, repetitive tasks opens the door for the humans who previously had to perform them to focus on more interesting, valuable work for the business. RPA can also make people better at their jobs, and therefore more valuable to the business.

Rather than being RPA bots that carry out tasks on their own, Attended Automation bots refer to RPA tools that sit on the desktop and are triggered either on a preset schedule or by certain user actions in the process workflow. They can be used to aid workers by, for instance, offering them recommendations for better dealing with customer queries, aiding with on-the-job training, assisting with compliant behavior in scenarios where there is a regulation that must be aided by, and more. Making sure that employees — and stakeholders — are aware of these RPA advantages is crucial to getting the most out of the technology.

3. Use it as a chance to revisit your existing business processes

RPA does best at step-by-step, highly repeatable activities. Not every task that a business has to carry out falls into this category. However, you may be surprised by how many tasks RPA can assist with. To prepare for RPA, or at least to see whether RPA may be able to help, look at whether it’s possible to redesign or standardize the processes you perform. Poorly documented processes carried out by businesses can lead to bad practices, such as inconsistent process knowledge across employees.

While humans may vary the tasks orders, tools or processes they use to carry out jobs, look at whether this is necessary — and if it causes more negatives than positives. Creating step-by-step methodologies for jobs, which sometimes involves redesigning processes, may seem daunting. However, doing so may allow them to be automated more efficiently. Even if they cannot be automated at present, developing these clear-cut processes may prepare them for digitization at a later stage.

4. Know how you’re going to measure RPA outcomes

When you hire a new COO, you probably have a very clear idea of exactly what the right candidate is going to bring to the table, and how their work will translate into revenue growth or other direct outcomes for the company. You should have a similarly detailed idea about how RPA is going to impact a business. Part of this is having a clear understanding of what it is that you want RPA to achieve and how best to measure this. It may be about simply reducing costs, or reducing process times, compliance violations, error rates, or customer satisfaction rates.

Make sure that you know what RPA outcomes you are trying to achieve, and then ensure that vendors can give you the answers you want about how to measure these.

Also Read: RPA(Robotic Process Automation) Advanced Technology To Guarantee Cybersecurity

The post What to Consider When You’re Preparing to Adopt Robotic Process Automation appeared first on Web Updates Daily.

One of the main characteristics of process automation is the possibility of controlling workflows from beginning to end, in real-time, being able to parameterize any exception so that softbots detect it. RPA technology’s success lies in software robots’ ability to perform tasks just as a human employee would, so it is prepared to see signs of fraud or attempted theft of information.

It should not be overlooked that cybersecurity must go in two directions: on the one hand, customers, whose transactions and data processing must be protected. On the other hand, the company itself, whose employees must know how to treat, and have tools that prevent a data leak.

RPA Software Robots: Guardians Of Information

Although the idea is that all threats or at least how they can occur around a system are known in advance, the truth is that cyberattacks are increasingly sophisticated and look for any flaw, gap, or nook. In this case, the software robots can be “instructed” to detect these irregularities or warn them of these exceptions so that when they notice any anomaly, they stop workflows and/or report to the system. / corresponding employee (in this case, it can be IT, for example).

And what can be a threat? We refer to malware, be it a code, signature, virus, phishing, or identity theft. RPA acts as a technological solution that ensures information security in real-time and systematically and autonomously. In addition to reducing human errors, bots can “enter and exit” different applications and systems through credentials and passwords.

This allows: controlling access to certain types of information and monitoring them; reducing data manipulation by many people; ensuring the completion of processes, as well as the generation of quality reports of these and, one of the most important, to be able to track the activity of softbots.

Hyper-Automation, Safe and Efficient Workflows

All these advantages have been enhanced with the arrival of hyper-automation, a technological combination that combines Machine Learning, Artificial Intelligence, RPA, and OCR, among others, to create independent automated workflows. Thus, thanks to hyper-automation, you can:

• Make tracking the number of security alerts and incidents that have been given.
• Give response to possible cyber-attacks by blocking the system, activating a safety system-specific, or alerting an employee of the situation. Also, software robots can store this information and recognize it if a problem occurs again in the company’s cybersecurity.
• Automation of software updates, minimizing vulnerabilities derived from previous versions.
• Detection of applications that have been installed without the consent of the corresponding department, also known as shadow IT (for example, page blockers, small file cleaning systems, etc.).

RPA technology is used to make processes more efficient, but it has numerous associated advantages, as you have seen in this case, that of being a safe and robust solution. Relying on an automation expert to implement this type of project is essential to avoid making mistakes in the implementation that could lead to future complications.

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What use cases of RPA in banks and financial institutions are the foremost frequent? Let’s find out how implementing a project of this sort helps this sector realize its business objectives.

The trust placed during this technology responds to the positive results that these companies are obtaining, both within the earnings report and within their staff’s level of satisfaction.

The use of software robots, as a replacement digital workforce, fits perfectly into the characteristics of the activity that’s generated daily during this sector, where large volumes of knowledge are processed, a mess of reports are generated and analyzed, they’re administered audits, and specific regulations must be complied with.

The implementation of RPA projects in banks and financial institutions allows automating many of those business processes efficiently, improving the standard of service, increasing productivity, and everyone this with a significant reduction in costs. One of the keys to this technology’s success within the financial industry is its ability to standardize processes on an outsized scale, strictly complying with current regulations and avoiding fraud.

Ten Most Expected RPA Use Cases Within The Banking System

The impact that process automation has in recent months is thanks to the benefits and functionalities it provides. Let’s check out the RPA use cases in banks and financial institutions that are most frequent.

Customer service

Banks receive multiple inquiries a day, to which they need to respond as quickly as possible. The implementation of an RPA project allows software robots to dedicate themselves to solving rock bottom priority queries, freeing up the professionals during this department to serve customers with preferred questions. This translates into an improvement in customer service since response times are reduced, which positively impacts the standard of this service provided.

Regulatory Compliance

In the banking system, security is essential, not only due to data protection, but because procedures must suit strict regulations. This process of adhering to current standards is additionally supported by RPA technology.

Avoid Fraud

Another task that facilitates the automation of processes is that the monitoring of accounts, a study that also helps to affect possible fraud. If we expect about the number of bank accounts a headquarters has, it’s materially impossible for one person to trace all of them on a day today. The RPA technology itself can do the tracking account activity and report suspicious actions that result in an acceptable professional. In this way, possible fraud, one of the biggest concerns of banks, is avoided.

Loan applications

Another of the RPA use cases in banks focuses on loan applications, another of the frequent activities within the day-to-day of those entities. This process involves multiple steps, like a credit check, background check of the applicant, or fraud verification. To hold out this operation, it’s necessary to collate the knowledge in several systems, a process during which tons of your time must be spent.

Activate Bank Accounts

If there’s something that current customers don’t support, it’s having to attend an extended time at the bank to hold out a procedure, like registering a checking account. Is it possible to quickly and easily perform this operation? The solution is yes because of the functionalities provided by RPA technology.

It is possible to configure an answer capable of processing customer information, performing the acceptable verifications, and configuring the account during a jiffy. Besides being useful, it offers a direct customer experience, since the one that attends you’ll provide you with better attention.

Accounts Payable

This process requires verification of the supplier’s data before proceeding to the invoice payment. With the automation of OCR technology processes, the software robot can read and validate the knowledge instantly and, once this verification is completed, credit the payment to the supplier’s account.

Closing Of Accounts

Management, which will be prolonged in time, is often resolved in hours because of implementing a softbot capable of detecting irregularities within the documentation and sending automatic notifications to remind the client what they have to contribute to the bank.

Mortgage Closing

Closing a mortgage involves a series of checks that, sometimes, hamper the operation. A mistake on the part of the customer or the bank can delay the method by several months. The implementation of software robots allows us to accelerate this and eliminate the bottlenecks that hinder the technique.

Credit Card Activation

It can take weeks for a bank to validate and approve a customer’s MasterCard application. This waiting time can cause discomfort for the customer and even force him to offer up the request. With the assistance of RPA technology, this process is often reduced to hours. The software, consistent with the established parameters, collects the customer’s documents, performs the acceptable checks, and decides whether it’s optimal to receive the Mastercard.

Audits And Reports

Another crucial task for the financial industry is preparing periodic reports to gauge the performance and achievement of objectives. Given the importance of those analyzes, the info must be accurate and free from errors.

In preparing this document, RPA technology also offers practical solutions for banks and financial institutions. Softbots can collect information from various sources, validate it, organize it, and send it to those indicated.

This list of RPA use cases in banks and financial institutions is an example of how robotic process automation can help the financial industry to supply more value, improve customer service and save costs and time in its operations.

Also Read: Smart Automation: RPA and Artificial Intelligence

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Industry 4.0 is here to stay and is what drives, through technological solutions such as RPA software, the digital transformation of the different business areas of a company. The inclusion of state-of-the-art machinery is not enough, since the current panorama demands more: that processes and employees are integrated within this new digital culture.

Achieving a competitive advantage in the market often consists of having a workforce that can get ahead and respond quickly and agilely to changes and/or problems. As, for example, lack of stock, disorganization of the warehouse, and poor inventory management, among others.

On the other hand, not only do companies see how their departments have to adapt to this digital revolution but consumers themselves, with their habits, are making us increasingly closer to a market in which process automation is a more workforce. Lower prices, good quality, online commerce … are some factors that make companies look for ways to increase productivity and reduce costs in both production and transportation.

In this way, RPA technology is presented as a perfect ally for organizations in the Retail and Manufacturing sector. What are the main areas of business in which RPA software has the most penetration?

Below, you can see those in which our clients most demand the implementation of an automation project.

Use Cases Of RPA software in Manufacturing Retail

• Administration And Management: One of the main advantages of RPA is that it is a software that is fully compatible with other systems already implemented in the company. This makes it possible to “connect” with the most common management systems, such as an ERP.

In the administration and management department, there are certain manual and very repetitive tasks that, having to be carried out regularly, tend to accumulate the most errors. We talk about delivery note management, generation and receipt of invoices, checking balances in different bank accounts, preparing reports, etc. RPA can be in charge of carrying out all these processes so that the personnel of this area dedicates their time to other more valuable activities, such as market research, competitor analysis, preparation of improvement plans, meetings, etc. 

• Commercial And Sales: The process automation software is capable of keeping track of our sales and preparing analyzes on price, products, and stock, all in real-time. In this way, we can make purchasing predictions and focus sales and marketing strategies in the right direction. Also, the commercial department draws on these data, preparing action plans on potential clients, and directing commercial actions (such as offers and promotions) on specific needs.

• Logistics And Transport: One of the main axes of the Manufacturing Retail sector is logistics and transport management since it is necessary to have good control over the transporters, as well as the supply chain. In this sense, among the activities that the RPA software can take care of is: preparing the transport route, that is, based on certain parameters, determining the path of the transporters; shipment tracking and status update; warehouse time control; filtering of emails, divided into customers, suppliers, and company personnel; receipt and issuance of invoices, as well as their preparation and subsequent saving. All this leads to cost savings, optimal productivity management, and reduced time.

• Customer Service: It is increasingly common for customers to interact with technology designed to solve problems in the customer service area. For example, chatbots, who can have a consistent conversation and free up workers for exceptions. Process automation technology is widely welcomed here, due to the potential it has to facilitate the day-to-day life of employees in the call center department.
• Human Resources: The back-office tasks of the HR personnel are those that are most likely to be automated since they are highly repetitive. Employee highs and lows, staff turnover, vacation, and payroll management are just a few examples of processes that RPA software can take care of.

The changes that new consumer trends have undergone have meant that companies in the Manufacturing Retail sector, such as supermarkets and food industry auxiliaries, have to face new digital challenges and are turning to solutions to be more competitive in the market.

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