Process automation is using digital technology to handle your processes, streamline then, and reduce the amount of time they take. This is usually a combination of interactive software, bots, and artificial intelligence. A single digital umbrella handles all of these processes and unifies them into a cohesive whole. In short, it is a tool for starting a technological revolution and you need to be on it, sooner rather than later.

We have talked about digital process automation before, as well as robot process automation. It’s a rapidly growing market for businesses looking to get more value out of their time and get away from outdated routines and processes. Gartner, as a matter of fact, calls it the fastest-growing category for business software. They projected that RPA revenue would earn $1.3 billion in the year 2019. The United States is the main contender for dominating the market, as the businesses that specialize in the business work here.

Many businesses have taken to adopting process automation and implemented them. They include hospitals for helping patients and banks for handling loans, as just two examples. You should learn from them to save time and reduce human error. What’s more, various industries will soon adopt automation, to ensure that they can survive in highly competitive markets.

Quick Definitions

Digital Process Automation (DPA): Digital process automation is the application of software to streamline end-to-end workflows removing as much human involvement as possible to focus on decision making. With an innovative User Interface, it focuses on reducing time and increasing productivity.

Robotic Process Automation (RPA): Robotic process automation is using easily-programmable bots to handle business tasks considered mundane and tedious. Generally, the bots handle one task at a time when they are introduced to a business but often have greater capabilities.

Both DPA and RPA remove the human element. They are often working in tandem because each can fill in deficiencies for the other. DPA can’t imitate a human user, and RPA lacks a direction if you just implement it aimlessly. One focuses on the tasks involved in a business, while the other focuses on the process. DPA can help direct RPA in what tasks to prioritize, while RPA can do the heavy grunt-work of fulfilling the tedious activities required to run a business.

3 Real-Life Examples of Process Automation Improving Efficiency

Process automation is currently in operation in several businesses and industries. As mentioned, it can be used to save lives and improve logistics in hospitals. Within banks, it reduces the time spent handling customer service.

Example 1: How Banks use Robotic Process Automation (RPA) for Loan Requests

Banks have created interactive forms for loan applications. As opposed to pages and pages of information filled out on a PDF that can get deleted in the blink of an eye, a customer that seeks out a loan can fulfill the request easily in a matter of minutes rather than hours.

Loan requests often demand a lot of information. This can include financials, previous addresses, and employment history. If a loan applicant fails to provide that information or lacks the documentation, a human loan officer needs to manually research it and enter it into the loan processing system. Otherwise, they have to delegate to a data entry technician and spend time verifying that all of the information is accurate. The verification requires making phone calls and sending letters to confirm employment and financials with the potential borrower in question.

RPA reduces the need for humans to do all the verification. The bots can locate all of the information and retrieve it in a matter of minutes rather than days. It can also verify the necessary information before closing the loan leaving for the managers the last decision based on quality verification.

Example 2: Using DPA to Automate HR Processes

Human Resources often has its hands full when recruiting new employees and managing current ones for the business. Paperwork has to remain updated for financials, benefits, and addresses. What’s more, certain HR processes are tedious for the employees and internal users to handle, even with a computer and new technology. These include having IT set up a new workstation for multiple candidates and ensuring they have secure accounts.

When you use DPAs to handle these processes, it reduces the need for human error. It also reduces the amount of back-and-forth between departments that can happen via email. Human Resources can reduce the time required to update processes by thirty to forty minutes. There is no need for emails or spreadsheets to organize the candidates and current employees about their benefits and setups. The bots can handle it perfectly.

Example 3: DPA Implementation for Vendor Credentialing and Management

To introduce a new vendor it takes time. For some enterprise companies like Banks, it takes up to 3 months. This is because of the numerous regulations in place that require due diligence and several approval steps. To do so you can publish a Vendor Portal where new Vendor can upload their information to start the credentialing process. Internal operators can verify all the documentation and, with the compliance department, they can decide to approve or deny a request. This back and forth between departments and vendors is tedious and time-consuming.

DPA is the perfect technology to streamline the entire processes.

Additionally, vendors demand payment for their goods in a timely manner. Sometimes the relationships can get more complicated when businesses use multiple vendors, such as for software, payroll services, cleaning buildings, and food. Vendor management programs can get even more complicated, with a large number of emails, spreadsheets, and files shared to ensure fair exchanges.

With DPAs, vendor management doesn’t need as much focus on the amount of information and paperwork. The software for vendor management can ensure that vendors are compliant with regulation and ensure their credentials are legitimate. It can also find alternatives for the current vendors so that you are not locked in a deal.

Apply Process Automation To Your Business With Virtus Flow

The examples above are just a few cases of process automation improving your business. Virtus Flow has spent years refining automation tools and software, as well as where best to place them within a workplace. Our digital workflows can assist with any business. When you have no idea where to start, we are there for you to identify which areas can improve with technological advancements.

Schedule a demo with us to learn where process automation can improve your business. We will pinpoint which processes can do well with digital technology. Let us take you beyond the manual process so that you can improve productivity and outrank your competitors. You simply need the right program and proper focus on your priorities. We know how to handle both with an eye towards the future.