RPA (Robotic Process Automation) and AI are both evolving at a rapid pace as far as technology advancements are concerned. While AI has been disrupting the market for quite some time now, RPA is a relatively newer term known only over the last couple of years. While AI is expected to revolutionize the FinTech sector with better supervision, compliance adherence, security measures, RPA (Robotic Process Automation) is primarily targeted at the BPO sector to replace the outsourcing of many business functions for cost-effectiveness and business process streamlining.
RPA (Robotic Process Automation) – RPA is designed to streamline repetitive, rule-based operations enabling software to mimic humans in carrying out regular day-to-day activities reducing the requirement of too many resources for business processes. The adoption of RPA is highest in BFSI sector contributing to the automation of financial reports, auditing, monitor 10k and 10Qs, regulating the internal consistencies among others. Being an open platform, UiPath’s Enterprise Robotic Process Automation platform can use Stanford’s NLP capabilities providing automation of financial reports, standardizing the business process logic and validate data in tables in narrative. The software bot processes textual data and extracts tables with pdf extraction engine and validates with the balance sheet or other financial data, much faster than traditional processes.
RPA and AI Synergy – UiPath’s RPA-AI solution was found very effective for a global tax, audit, and advisory consulting firm. The success of UiPath’s offering is that the software was able to perform the processing logic that was judgment-based, along with pre-defined rules applying across the input financial reports. UiPath was able to improve accuracy by 85% and was able to save 54,000 hours of work annually, attaining 45% automation of audit processes whereas earlier the client only achieved 25% improvements using IBM Watson. In another example, UiPath helped an insurance provider to handle every insurance claim as well as the associated emails interpreted, classified and processed. The insurance provider receives around 1.5 million emails from its brokers and needed end-to-end automation. They opted UiPath for its open architecture and integration capabilities with AI. The implemented solution for the insurance client uses ML, NLP, intelligent OCR and analytics capabilities from Microsoft, IBM Watson, and ABBY, all integrated to UiPath Enterprise RPA Platform with 600% faster processing and 91% lower cost per transaction.
– Swarup Bhowal,
Research Analyst – ICT,