So there is no question about the impact COVID-19 has had over the world, it’s been unimaginable for all of us. The ever-growing & the exponential spread of the new Coronavirus (also known as COVID-19) has created wreaking havoc to the global economy and has highly affected the financial markets all over the world. WHO pronounced COVID-19 as a worldwide Pandemic recently, on March 11, 2020, where the coronavirus was already spread in more than 170 nations.
As of the updates given by WHO on 18th July 2020, there are more than 14.1 million of total confirmed cases of coronavirus patients with 603,000+ deaths worldwide (Check Live Status). The United States, Brazil, India, Spain, Russia, France and Italy have seen the greatest flood in COVID-19 cases in the course of recent weeks. The United States has now been declared as an epicentre of crisis with a total number of 36, 80,000+ cases with about 141,000+ deaths.
As per the research done by the White House, the death rate is likely to increase by 200,000 in the coming days. The positive corona cases in the US are multiplying after every four days where New York has taken the toll of hitting 30%+ of overall US confirmed cases with 22,800+ deaths (as of 18th July 2020). More than 6.5 million individuals in the United States have enrolled to claim jobless advantages in view of losing their positions at work over the most recent few weeks post the pandemic hit.
The potential financial aftermath of COVID-19 could consist of downturns for the US, Japan, and Euro-territory, along with the slowest development on record in China, and a sum of USD 2.7 trillion in lost yield (according to Bloomberg Economics). As per the report published in the month of March, the OECD additionally downsized its 2020 development figures for practically all the possible economies.
With Coronavirus unleashing devastation on worldwide economies and compelling them into a downturn, there are barely any organizations that appear to be held consistently in the current crisis we all are fighting.
While sectors, like, Hospitality and Travel, Consumer Electronics and Aerospace are totally relied upon to be affected unfavourably because of the predominant conditions, there are several other sectors, like, Essential Retail, Public Sector and Healthcare which are predicted to be comparatively less affected and face increased demands instead.
Apart from that, we all observe the ongoing current smart technologies which are driven by Hyperautomation, RPA and AI – which are being a helping hand for organizations to drive process efficiencies and comparatively lessen their Costs/OPEX so as to keep up their bottom lines. There are many other new use cases which are now conceivable with RPA and are helping lead the fight against COVID-19.
Role of RPA in the COVID-19 Battle
As a large number of enterprises are getting highly affected because of the broad lockdowns, physical branches and stores are progressively shut down. Subsequently, there is a more prominent dependence on the Digital medium since the outbreak. This has consequently prompted a crucial move in focus on how we can automate both front-end procedures (and client confronting situations) or back-end procedures to diminish dependence on physical work. And this is exactly when RPA comes in picture. Today, RPA is playing a massive role in automating a huge part of these procedures for business coherence.
Take, for example, a typical ordinary bank that was before depending on physical banking and walk-ins for Account Opening which demanded the submission of the forms in person. Due to the coronavirus outbreak, such a bank is currently compelled to close down its bank offices and make sure that the banking business still proceeds with a combination of digital banking and/or mobile banking.
This situation additionally expands the heap on digital banking as well as client support specialists in light of the fact that the call volume intensifies and makes it hard to meet client expectations. Thus, Digital Banking and Self Service become tremendously basic for Business Continuity. The banks are now setting up customer-facing- bots – including Voice Bots and additionally Chatbot – this can especially help clients in their solicitation for account opening and other essential services.
With the help of this automated system, customers can now easily apply online for account opening as well as upload all the required documents, wherever they are which then either approved/verified/rejected by the automated system by the software bots. This situation, which totally automated the account opening procedure, can improve handling speed by 80-90%, reduce dependence on FTEs/specialists by 50-60%, and consequently decrease the expenses by more than 60-70%.
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Other than reducing the dependence on physical presence and manual specialists, this situation likewise guarantees business consistency. Correspondingly, organizations from across industry verticals can use a mix of unattended and attended bots so as to automate the processes within Finance and Accounting, Supply Chain, HR, and IT Operations to guarantee business progression with fewer workers and improved process effectiveness.
Subsequently, RPA and AI undoubtedly have a significant task to carry out during these challenging times. Let us break down the effect of COVID-19 on RPA space (and the other way around) in more profundity.
COVID-19 Combat Bots – New Bots that are helping battle Coronavirus
RPA has been at the front line of quickening the flattening of the curve.’ All the chief RPA platforms are now venturing up and constructing new smart use cases in order to help the fight against COVID-19. Organizations across the globe are now looking for adopting the technology of RPA so as to drive the process efficiencies, upgrade employee engagement, boost the experience, and drive business continuity.
These more up to date RPA use cases are permeating across all kind of enterprises – right from the Healthcare industry which is the most significant industry in the present situation, to the antagonistically affected industries, for example, and Banking, Financial Services and Insurance (BFSI), Travel and Hospitality – automation is discovering its way across various industries worldwide.
Other than these, the RPA platforms are additionally developing new bots to help the organizations in empowering their remote workforce and be most productive when they are working remotely. There are more than 35 of such kinds of new use cases that are being executed today! Here is the list of RPA Tools which provide Free RPA bots for Covid-19.
How about we give you a detailed tour about these use cases in the next few parts of our blog? In this series of blogs on RPA in the fight against Covid-19, we will cover use cases from various industries like Healthcare, Banking & Financial Services, Travel & Hospitality, Public Sector and impact after automating these processes.
Here are the articles in the series:
- Robotic Process Automation in the fight against Covid-19: Part 1 Introduction
- Robotic Process Automation in the fight against Covid-19: Part 2 Healthcare
- Robotic Process Automation in the fight against Covid-19: Part 3 Travel & Hospitality
- Robotic Process Automation in the fight against Covid-19: Part 4 Banking, Financial Services & Insurance
- Robotic Process Automation in the fight against Covid-19: Part 5 Public Sector
- Robotic Process Automation in the fight against Covid-19: Part 6 Work From Home