Robotic Process Automation
Top industries reaping the benefits of RPA adoption
The recent shift towards digital transformation has added to the popularity of robotic process automation (RPA) solutions, making RPA one of the fastest-growing segments in the global market. Growing at a CAGR of 39.9%, the global RPA market is set to go from 2.94 billion (in 2023) to 30.85 billion (in 2030). Industries like BFSI, IT and telecom, healthcare, logistics, manufacturing, and retail are some of the top contributors to this growth.
Let us explore the industries that would benefit most from RPA adoption and what RPA looks like in different sectors.
Understanding Robotic Process Automation (RPA)
Robotic process automation allows businesses to use 'bots' to automate repetitive tasks. These bots rely on the instructions provided to minimise human engagement when performing rule-based tasks. Although some aspects of RPA adoption may vary depending on industry specifics, some common applications of RPA in different industries revolve around tasks like:
- Data entry, verification and analysis
- Document processing and management
- Invoice and order processing,
- Customer onboarding and support
Fulfilling a crucial task of taking over tedious and repetitive tasks, RPA frees up employees to focus on more value-added work, offering the benefits of:
- Optimised business processes and performance
- Enhanced regulatory compliance
- Reduced error rates
- Improved employee satisfaction and retention
- Enhanced customer satisfaction
Top five industries benefiting from RPA adoption
From finance to healthcare and manufacturing to logistics, RPA adoption has been beneficial for many industries, helping them transform their operations. Different industries are leveraging robotic process automation solutions to embrace innovation and redefine standards when it comes to industry best practices and efficiency.
Here are the top five industries reaping the benefits of RPA adoption:
BFSI (Banking, Financial Services, and Insurance)
The BFSI industry has been one of the top adopters of RPA solutions to enhance their operational efficiencies, lower operational costs, and improve customer experience. Rife with time-consuming and document-heavy tedious tasks, the BFSI industry has significantly benefited from leveraging automation in tasks like data entry and analysis, document verification, customer financial asset management, policy underwriting, policy administration, regulatory compliance, risk management, and fraud detection.
Healthcare
Healthcare is another sector that has benefitted greatly from RPA adoption, especially when it comes to streamlining clinical processes, automating administrative tasks, and increasing coordination between different departments. Automating tasks like patient registration, appointment management, billing, insurance claim processing, and patient information management has helped minimise manual errors, protect patient privacy, and ensure compliance. This leaves healthcare professionals to focus on improving patient care and outcomes.
Manufacturing
Applications of RPA in different industries may not always be evident, but that is not the case in the manufacturing industry. Repetitive tasks are the fundamental building blocks of any manufacturing operation, and the manufacturing industry has always been trying to automate these tasks to reduce costs and enhance productivity. But apart from accelerating the manufacturing process, RPA adoption also helps the manufacturing industry in optimising administrative tasks, improving supply chain efficiency, optimising inventory management, scheduling maintenance, and ensuring regulatory compliance.
Transport and logistics
Another great example of RPA adoption improving operational efficiency is in the transport and logistics industry. With use cases spanning schedule and fleet management, order processing and tracking, document management, and inventory management, RPA in the transport and logistics industry offers benefits like enhanced productivity, lower operational costs, enhanced customer service, and lower error rates.
Retail
Robotic process automation solutions can significantly enhance operational efficiency and customer satisfaction in the retail industry. Retailers can use RPA to manage product listings, track orders, process returns, and manage inventory levels in real-time to improve supply chain efficiency and automate many elements of customer service processes. As a result, retailers can focus on strategic initiatives and customer engagement as RPA adoption optimises operational costs and offers customers a seamless shopping experience.
In addition to these five industries reaping the benefits of RPA adoption, several others—including HR, marketing and sales, agriculture, and government (or public sector)—are also leveraging RPA solutions to transform operations. As a result, RPA has become one of the key growth drivers in virtually every industry around the globe.
How can Infosys BPM help in RPA adoption?
RPA has been a game-changer in many industries, helping businesses enhance efficiency and optimise productivity while minimising costs. Infosys BPM Robotic process automation solutions can help you build a next-gen digital workforce to achieve efficiency and productivity at levels previously unattainable. With services spanning advisory services, pilots and PoCs, RPA delivery, and bot support, Infosys BPM has the right people, processes, and technology to help you succeed through RPA adoption.
