Month: January 2022

How Robotic Process Automation Benefits the Education Industry

Posted on by Aravind Nallasivam

In this current world that embraces the modern education system, technology plays an important role in automating monotonous, rule-based, and infuriating tasks. Automated education systems pave the way for the elimination of paperwork and manual processes with the help of software for admission procedures, arranging meetings, monitoring attendance, evaluating assignments and grades, and managing finance. It is quite challenging for the teachers and the administrators to perform all these tasks while le providing the right career path for the students. Moreover, the administrators are burdened with many responsibilities including the smooth and efficient functioning of the educational activities and institution, that are cumbersome.

When it comes to the solution for these routine tasks that enhance the efficacy of educational institutions, Robotic Process Automation (RPA) solutions are the perfect answer. 

Use Cases of RPA in the Education Sector 

Robotic Process Automation has many use cases that vary according to industries. Let us discuss some of the use cases of RPA in education institutions.  

Enrollment process

One of the most time-consuming tasks that educational institutions still have to perform is the student enrollment process. Student enrollment involves a lot of paperwork that is not only difficult but also subject to errors. Evaluating student documents after going through the application forms, and directly verifying their eligibility for the course applied for is tiring.

In order to perform all these tasks in a uniform manual method efficiently and digitally, educational institutions are required to adopt RPA. Trained in a fashion of interpreting situations and making decisions on its own, the RPA bot can reduce manual process interruptions. The tool can examine forms, analyze them, verify the documents, evaluate eligibility criteria and finalize whether or not a student should be enrolled. 

Schedule meetings

Another cumbersome task that cannot be avoided is organizing faculty meetings, open house meetings, and committee or board meetings.  Meeting organizers need to check the participant’s schedule and organize the meeting as per the availability of the participant.  Once the planning and arrangements are done, the organizer should draft separate emails for each participant, sending a message about the date, time, and place of the meeting.

Meanwhile, RPA is capable of fully automating the meeting arrangement process without human intervention. By reviewing the work schedule of each participant, it can inform the concerned people about the meeting schedule via email. Additionally, the bot composes emails with the child’s progress reports to their parents and schedule a meeting if needed. 

Track attendance

It is important to keep precise time reviews of the faculty and school administration in order to provide reasonable compensation. Keeping track of the time spent productively by educational partners is necessary as well, which is not possible through manual time registration. Setting up a proper attendance tracking system help organizations gather information about when they are logged in to work.

The RPA tool will be loaded with relevant details to decide the compensation for all the employees for the work they have done for the organization. RPA allows tracking the attendance details, including the in-out time of students, teaching, and non-teaching staff. It is also very easy to export attendance reports and to get various details like the number of sick leaves, paid and unpaid leaves, and employees who work overtime. 

Fee Management

Dealing with the fees of a large number of students using manual power is tedious, complex, and difficult to do. With RPA being implemented, an institution can freely create different fee groups without any rush, create scholarship applications, determine any optional fees to be collected (tuition fees, university fees, etc.)  

Monitoring students’ performance

RPA bots can prepare student grades and progress reports on the basis of their marks in examinations and in other activities. This way it monitors and evaluates the performance of the students in academics and in co-curricular activities. This enables students and their parents to recognize vulnerable groups and perform better. For the further elimination of the trainer’s workload, RPA tools can automatically extract scores and other details saved in the database, thus automating the entire process. 

Benefits of RPA in the Education Sector 

Let us move on to the benefits the education sector leap from RPA. 

Better management

Organizations have been provided with a centralized management server, which is capable of tracking, scheduling, managing, and implementing RPA bots remotely. Since it is easy to incorporate specific operations or requirements in the automation rules, Robotic Process Automation enables institutions to manage business functions effectively in order to maintain better governance. This allows auditing and analytics to take place in one place and receive critical reports through the RPA at regular intervals for the purpose of audit and analysis. 

Increased productivity

Since RPA handles most of the mundane tasks, the employees who were required to perform those tasks will have more free time. As a result, employees can concentrate on devoting their valuable time to do perform more productive and strategic tasks. Educational institutions can manage large-scale tasks smoothly and complete them without wasting time. This suggests that firms can improve their functionality with RPA, which can help maximize their revenue. 

Improved work execution

One of the significant features of RPA is that it can perform a specific, predetermined job full time without errors. When a task is completed with minor errors, it does not require reconstruction. Operational excellence facilitates institutions to enhance their overall performance and gain more profit. 

Low expenditure

The RPA tools are capable of handling monotonous and high-volume tasks and performing them quickly and at a lower price when compared to the cost of executing those tasks manually. This will allow educational institutions to improve the base itself. 

Wrap Up 

In fact, the RPA is transforming the meaning of how businesses have conducted their operations so far. Now we have gone through the potential capabilities of RPA when used in the education sector. However, if we take the rate at the adoption of RPA in education, then it is lower than in any other sector. Perhaps one reason is lack of proficiency and knowledge about the working and implementation of Robotic Process Automation. Teachers and school administration should be given the necessary training on the concepts of RPA and its activities. This is the first step in adopting this amazing technology to increase the confidence of educational institutions and not lose sight of this trend. 

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Implementing RPA in Banking Industry

Posted on by Aravind Nallasivam

Robotic Process Automation (RPA) solutions are deployed in the banking industry mainly to automate tedious and repetitive tasks. RPA bots can be used to benefit the banking sector and also to promote real-time user engagement. The automation of banking processes using RPA tools will enable banks to reduce manual workload, provide better compliance, reduce risk, and enhance customer service. In addition, robotic process automation is particularly suitable for banks as it needs no additional infrastructure and makes it easy to be handled by employees with no or less technical proficiency. When it comes to banking, Robotic process automation enables efficiency and accuracy by carrying out complex tasks without compromising their headcount. 

RPA Use Cases in Banking 

There are a plethora of use cases available where RPA can help with the digital transformation in the banking and finance sector. Here are some of the potential use cases of RPA in banking: 

Customer Service

Banks are required to handle a myriad of customer questions ranging from account inquiries to fraudulent transactions or loan-related queries. To handle questions in the shortest amount of time every day isn’t a small task the customer service team can perform. If the RPA exists, banks can ensure that bots can handle simple questions, which allows the customer service team to concentrate on more significant queries that require human actions. Besides that, RPA facilitates faster customer verification, gives them sufficient information from a variety of sources, and submits it speedily. Such shortened waiting times and flexible arrangements have allowed financial institutions to enhance their customer relations. 

Compliance

Obeying too many restrictions can be a daunting and time-consuming task for banks. Robotic Process Automation makes compliance simple for banks. According to researches, 73% of compliance officers assure that compliance with the RPA will have a striking impact over the next three years. other than enhancing productivity by removing tedious tasks and involving employees in jobs that need human intelligence, RPA helps enhance compliance by mitigating costly FTEs and improving compliance quality. 

Credit card processing

Traditional credit card application processing may take weeks to verify customer information and approve credit cards. The long wait often resulted in customer dissatisfaction and expense to the banks. With the introduction of RPA, banks are able to process the application procedures within hours. Moreover, RPA can interact with many systems at the same time to verify information such as essential documents, credit checks, and background checks and to make decisions based on the rules for approving or rejecting an application. 

Fraud detection

Fraudulent activities have become a major concern of the banking industry especially with the advent of digital systems. Monitoring all transactions is really difficult for banks to detect possible fraud activity. At the same time, RPA can monitor transactions, identify and pinpoint a possible fraudulent transaction pattern, and thus reduce delays in real-time response. In some cases, RPA is capable of blocking accounts and suspending transactions to stop fraud. 

KYC Process

KYC (Know Your Customer) is another important effective use case of RPA in the banking and finance industry. As per the survey conducted by Thomson Reuters, $ 384 million has been spent in a year on KYC tracking. Considering the huge costs associated with the KYC process, banks are increasingly relying on RPA bots to gather, test, and validate customer data. Robotic Process Automation in banking helps banks to complete the process in a minimum time period with fewer errors and staff. 

Mortgage Processing

One of the time-consuming and labor-intensive tasks for both the customers and employees in the banking sector is mortgage processing. The majority of the banks in the United States take almost 50-60 days to create and complete mortgage processing loans. Before approving a mortgage loan, the bank has to go through a lot of processes including credit verification, verification of customer’s employment status, and inspection. A minute mistake from the side of either the customer or the bank can slow down the entire process. However, the process is accelerated with the help of RPA deployment in banks. It goes pre-determined rules and clears up potential barriers, which then accelerates mortgage processing.  

General Ledger

Banks handle huge amounts of data on a daily basis, which constantly collects and updates relevant information such as income, liabilities, and expenses. Banks make use of this information to prepare annual financial statements. The resulting financial reports are evaluated by the public media and other stakeholders to analyze the operation of significant organizations to determine whether they meet the expected performance. Handling such large amounts of data and compiling financial statements without mistakes is definitely a challenging task for banks. Banks can quickly gather, update, and validate large volumes of information from multiple systems with RPA deployment. 

Report Automation

Every month banks receive account closure requests from many customers. Similarly, banks sometimes have to close the account of customers if they are unable to produce proof of payment. Robotic Process Automation helps banks to send automated reminders to customers even if they forget to present the necessary proof. RPA can queue and process account closure requests on the basis of specific rules. 

Benefits of RPA in Banking 

Now let us move on to the benefits of RPA in the banking and financial sector. Here are some major benefits of Robotic Process Automation in banking. 

Scalability 

The high scalability of RPA bots allows you to control huge volumes while busy business hours by using more bots and by giving exact responses to every situation within a very short time. In addition, the execution of RPA bots facilitates banks to release the employees from regular and tedious tasks so that they can give more attention to innovative strategies to develop their businesses. 

Improved functional efficiency

If set up properly, banks and financial institutions can carry out their operations very quickly, productively, and efficiently. Banks integrate robotic process automation for faster execution and functionality of processes. Research shows that banks will be able to save around 75% on costs while maintaining quality output. 

Cost-effectiveness

Saving the costs or expenses are as important to the banking industry as any other industry. Banks and financial institutions can save nearly half (25-50%) of the processing fee and time with the implementation of RPA. 

Agile businesses

With the emerging technology infiltration in all industries and globalization, banks are required to be more dynamic and flexible than before. Using Robotic Process Automation, banks will have the opportunity to remain equipped for any situation and respond immediately. 

Quick implementation with no coding

Most RPA tools, such as RPA Genie, make use of drag and drop technology for the automation of the process. Here, there is no requirement of coding knowledge to generate an automation workflow and hence making it simple to execute and maintain. 

Wrap Up 

Technological advancement and innovation are vast, and it continues to influence almost all major industries in the world. The banking industry is one of the industries that is undergoing radical changes due to modern technologies. The industry has been growing rapidly over the last few years, with technological advances providing faster, safer, and authentic services. In order to stay competitive in the growing saturated market – particularly as virtual banking becomes more widespread – banking institutions need to find a way to provide the best available customer experience to their users. Robotic Process Automation is the solution to all these dilemmas and to make the banking processes organized and simple. RPA has also streamlined a wide range of back-office operations that once paralyzed bank employees.  

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IT Process Automation Explained!

Posted on by Aravind Nallasivam

There are many things going on in the world of Information Technology every day, such as managing service requests, handling and monitoring hardware and software, deploying the latest technologies and fixing bugs, checking security and compliance, maintenance, and more.  

If you start counting the things involved in Information Technology, then you wouldn’t be having enough time for anything else because IT is vast. The automation of existing workflows and IT processes enables resources and staff to focus more on innovative and growth-influenced jobs — things that can actually excite you. 

Let us learn more about IT process automation. 

What is IT Process Automation? 

IT Process Automation (ITPA) automates workflows to minimize the time and expense of manually handling IT services, support, and administration. IT process automation software is capable of bridging multiple applications, platforms, and systems, integrating infrastructure, and removing barriers. Once you have found a task that needs to be automated, you can build a workflow for the purpose of the task, which includes specific procedures that can be activated when the conditions are met or can be scheduled to be activated. You can increase the number of notifications or alerts required for follow-up, based on the set parameters. 

In short, Information technology process automation enables automating the software process, helping to improve performance, reduce functional risk, minimize expenses, and enhance standard enforcement. 

Benefits of IT Process Automation 

Now let us move on to the main benefits of Information Technology Process Automation. 

Accelerate processing

IT process automation tools play a major role in accelerating processing. According to nearly half percentage of the business leaders, automation software helps in the completion of repetitive tasks at a higher speed rate.  

Reduce errors

Process automation software not only allows you to finish a process faster but also eliminates any error that could happen from human workers. This also indicates that a human worker is not required to go back and correct mistakes. Instead, it offers accelerated processing and more precise workflows. 

Prioritize important works

Employees can no longer be overwhelmed by repeated administration and remedial work, so they can focus time and efforts on tasks that are more important. Around 85% of the business leaders feel that task automation enables them and their employees to devote more time and attention to things that really matter. 

Improves employee productivity

While process automation software accelerates processing and reduces the need for remedial tasks, it eliminates the need for human intervention. This significantly reduces the expense of staffing, and automation helps them make better use of employees, resulting in lower Human Resource costs. 

IT Process Automation Use Cases 

Here are some of the major use cases of IT process automation. 

Automatic Service request management

Most of the IT departments have a ticketing system that requires efficient organization of service requests. Automation can be used to gain and arrange queries about services from user-facing platforms, help desks, emails. In doing so, the tools of information technology can separate duplicate questions, and answer predetermined triggers, input-related requests on the same ticketing system, and frequently asked questions. 

Automate job scheduling 

Since there are many processes in the IT sector, it is important to identify which operations are working fine and which are not. Automated solutions in the IT sector can track events in real-time and dynamically schedule tasks which helps in attaining greater impact to the IT process automation. To this end, a number of SLA (Service Level Agreement) procedures have been pre-determined. Then, the tools of IT process automation schedule tasks to optimize these steps, while it monitors every event in the IT system in real-time and predicts future workload and events. 

Allocate tasks to relevant parties

It is important to have a system that assigns responsibilities to the parties involved to ensure that the IT department finishes every task on time. This is very much important if the team is working remotely or needs to send work to outside companies. These systems not only let the workers know automatically that they have tasks in their pipeline but can also digitally sign completed tasks with mobile from the field.  

Enhance security and compliance

To enhance security and compliance, you always need to keep a timely, accurate record. This may not be possible if you want this to happen in manual processing as paperwork often contains human errors, and employees may not remember to update records. IT process automation enables businesses to create automatic compliance controls and routine data collection and reporting as part of larger workflows. IT automation gathers and builds data to gain a deeper understanding and influence on internal processes. Every step of the operation is kept along with the details for the purpose of compliance, permits, and reports in the database. 

Attain digital transformation

Digital transformation is crucial to the development of businesses today. Many large companies have the backing of IT process automation. The tools of IT process automation can also speed up the inception of digital conversion by building unified workflows for the management of processes, preparation, and administration. 

Streamline IT Processes 

The IT automation processes not only enhance efficiency and streamline your workflows, but also help you ensure that every asset is properly handled and accounted for. Beyond that, automated IT processes allow making make approvals more efficient, especially when the team is working remotely. 

Wrap Up 

IT process automation tools can automate a wide range of IT operations and expedite IT processes with minimal errors. So far, we have discussed the benefits and use cases of IT Process Automation. But it is very necessary to have the right process automation tool that meets the individual needs of the business. Irrespective of the kind of business or industry you choose, the tool you select should be very useful for you and your business.  

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