Use Cases for RPA plus Chatbots Implementation: 10+ Industries Are Benefiting
Technology advancement is proffering reinvigorated opportunity windows for growth-seeking businesses. While each technology offering has the potential to enhance the impact factor of a business and make things better than before, the difference made by RPA and chatbot is commendable.
These two tools, when merged, work towards the betterment of two key vital aspects: service delivery and customer handling. Better customer experience means boosted sales as around 86% of customers invest where they have a pleasant experience. Businesses that have less time-to-market and provide timely assistance have higher chances of winning customer hearts and become a preferred choice.
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The post unveils the utility of RPA and chatbots in distinct industries and portrays the key differences made.
RPA and Chatbots — The Powerful Duo
Robotic Process Automation is used to define the process of using software robots or AI workforce to automate mundane yet crucial clerical tasks.
Read More: Robotic Process Automation (RPA)
RPA tools use AI and ML to understand the information conveyed by the customer and take actions based on GUI elements. Presently, there are two types of RPAs are used widely.
The first one is rule-based bots that follow the if-then rule to perform pre-defined actions. Such bots use screen-scraping to take the actions.
Secondly, we have AI-powered bots that follow AI algorithms to respond to a user’s query. As these bots use high-end technologies like NLP, text analytics, and OCR, the responses are accurate and real-time.
Seeing the diverse impacts that RPA implementation can make within an organization, many industries have started taking this technology on board.
Here are some attention-worthy RPA statistics.
· 53% of businesses have already introduced RPA in the key operations
· The global RPA market is likely to touch the mark of $11 billion by 2027.
· Deloitte believes that if RPA adoption growth remains as it’s now then RPA will reach “near-universal adoption” in the coming five years.
· RPA implementation can reduce operational overheads by 20–60%.
The other revolutionary technology, chatbot, is an AI-powered tool designed to interact with humans in a realistic tone and with adequate aptness. The chatbot is pre-programmed and features many recorded solutions to key issues.
Its most notable use case is in the customer service area of a business. With the implementation of a chatbot, businesses can provide timely and quick assistance to their customers. It can be a part of the RPA strategy or work as a standalone tool. Either way, the technology holds to bring positive impacts, if used correctly.
· The operational cost saved post chatbot implementation is likely to touch the mark of $7.3 billion globally by 2023.
· 74% of customers seek help from a chatbot while seeking instant answers to simple questions.
· 33% of customers find chatbots very effective in solving the issues.
As RPA and chatbot share great similarities, people often consider both as the same thing. However, understanding the bigger picture will bring the differences between these two to the surface.
For instance, a chatbot is a user-interface dependent while RPA is independent of this aspect. Chatbots make business-led decisions while RPA makes IT-led decisions.
Despite the differences, these two are crucial for enhanced service delivery, automated processing, and prompt customer handling. Businesses willing to enjoy the best of both these worlds have started margining RPA with a chatbot. The resultant product, RPA chatbots, are:
· Having a combination of automation and AI that support quick and accurate customer handling.
· Skilled enough to understand the user intent in a better way
· Known for quick information processing
· Crucial for massive customer query handling
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Real-World Example of RPA and Chatbot Implementation
Whether used in combination or as a stand-alone tool, RPA and chatbot have managed to prove their excellence at multiple fronts and in various industries. Here are some of the most notable actual examples from the top 10 industries.
Chatbots are the real savior here as the retail industry faces huge customer queries that beyond be human capabilities. One of the leading soft drink organizations had a tough time fetching information from OBIEEE and SAP system. Lucy, a sales chatbot solved the issue and provided details on key metrics like Net Revenue, Stocks, Trading Contribution, and so on.
When it comes to RPA, the technology is bringing seamlessness in domains like inventory, supply chain, returns processing, invoice and contract management, and store planning management.
The banking industry is one of those domains where chatbot’s implementation was welcomed with open arms. Many leading banks have managed to save huge deals of time, effort, and cost by implementing a chatbot.
Starting from guiding on opening an account to invest, chatbots in the banking industry are lending a helping hand to the professional. Erica, a chatbot for Bank of America, is taking care of providing real-time customer support, collecting feedback, solving banking troubles, and guiding a customer all through the banking journey.
When done correctly, RPA implementation can save up to 50% operational costs. KYC processing, compliance, report automation, general ledger, and account payables are some of the areas where RPA has the deepest penetration.
Legal firms and organizations are bombarded with huge back-office operations. For instance, there are complex contracts, record maintenance, information exchange, and document handling. Human handling for all these tasks is too time-consuming and costly. Chatbots and RPA have taken over the charge of these workflows and allowed the legal industry to attain maximum productivity at reduced overheads.
COIN is the RPA-driven chatbot handling the back-office operations at Morgan Chase. It’s handling complex legal cases better than a human lawyer and brings name and fame to the firm.
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Meeting multiple compliance, huge customer handling, quick customer complaint processing, and personalized assistance are a few fronts where market players of the insurance industry need to stand out. RPA and chatbots are assisting greatly the insurance industry.
RPA is handling query responses, policy administration, candidate’s early screening, and document processing. Bajaj Allianz General Insurance has implemented RPA in around 23 key operational areas. Magda is a revolutionizing chatbot that is selling insurance policies to clients online.
Chatbots and RPA are changing the face of the education industry and are making it empowered on various fronts. For instance, chatbot implementation has helped this industry to gain deeper insights into learners’ aim, collect feedback, have strong internal communication, and provide one-to-one assistance. Duolingo is an RPA-powered chatbot teaching languages to students. Jill Watson is another very famous teaching chatbot.
Areas like assessment and performance tracking, assignment analysis, generating performance reports, and providing personalized assistance have the most prominent and wise scope of RPA introduction in this industry.
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Like any other industry, the hospital industry faces multiple operational challenges that can be fixed greatly with the efficacious implementation of RPA and chatbot. Chatbots are providing timely assistance on fronts like drug interactions, progress reports, keeping track of the post-recovery phase, and so on. YourMD is a chatbot doing a bit of everything.
RPA’s introduction in the healthcare industry has allowed marker players to bring maximum accuracy and excellence in patient health record maintenance.
Having a persistent internal communication channel that can connect vendors, suppliers, on and off-site teams, and distributors is the need of the hour for the manufacturing industry. However, achieving this has been a huge challenge always. Chatbot implementation has fixed this problem for many players in this industry. Internal chatbots have helped this industry to pass-on information quickly and correctly while keeping everyone in the loop and connected.
By keeping human involvement as little as possible, RPA has managed to take care of tasks like creating inventory, tracking production, generating reports, sending orders, and doing paperwork digitization.
Hospitality is one industry that is solely based on user experience. The higher is the user experience, the better are the sales. Chatbots are permitting hotels and restaurants to create personalized user experiences. They deploy virtual agents for tour planning, bookings, and other stuff.
RPA is a boon for an administrative team of this industry as it can handle bookings, cancelation, customer loyalty, and various other repetitive yet crucial workflows.
9. Oil and Gas
The oil and gas industry is getting benefitted from chatbots at both the internal and external levels. Shell has a Lube Chat chatbot that assists potential customers to know more about its services and products while Exxa Mobile has an internal chatbot to build communication between its offshore and onshore hydrocarbon exploration and production team.
RPA is digitally transforming the oil and gas industry by automating key workflows related to supply chain, inventory, compliance, advisory, invoice, payables, distribution management, and many more.
The airline industry has managed to achieve higher customer loyalty and engagement after using chatbots. Almost every airline is using chatbots for announcing deals, assisting in booking, performing web check-ins, offering personalization, and end-to-end travel management.
RPA is helping in crew scheduling, travel bookings, and scheduling, generating itinerary details, and spotting revenue leakage.
The Telecom industry has to invest hugely at fronts like account checks, customer reports, query handling, providing personalized plan suggestions, number porting, and providing real-time updates on account status.
RPA implementation trims down the human efforts and costing investments by automating all these and many more customary workflows. RPA bots can collect the end-user emails and make data-driven decisions. Number porting automation has improved customer loyalty greatly.
The Final Say
RPA and chatbots are two digital transformation resources that hold the power to change the faith of any business, provided their upright and need-based implementation is done.
Organizations often fail to spot the areas where implementation of these two assets will bring maximum possible outcomes. Hence, it’s highly recommended to hire a seasoned RPA and chatbot consultant to figure out the exact requirements, and then move forward. Processing this way always delivers expected results and thoroughgoing ROI.