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Use Cases

Use Cases

The AI Use Cases webpage presents a detailed overview of the practical applications of artificial intelligence across various industries and domains. It showcases the transformative potential of AI in sectors like healthcare, finance, manufacturing, transportation, and others. The webpage explores specific use cases of AI, including image and speech recognition, natural language processing, predictive analytics, and autonomous systems. It also provides insights into the advantages of AI, such as improved efficiency, cost reduction, and enhanced customer experience. Whether you are a business leader, technology enthusiast, or simply curious about the impact of AI, this webpage offers valuable information and real-world examples of AI in action.

Invoice Processing

Profit & Loss Reporting

RPA Data Reporting

RPA Fraud Protection

RPA Loan Processing

Accounts Payable Invoice Process Automation - Invoice Processing

Challenges

  1. Accounts Payable team is required to read, validate, register, and post supplier invoices via any small to large ERP application.
  2. Manual intervention is required daily, to process numerous invoices; as registering invoices in the ERP application is a complicated task.
  3. Improving process quality and reliability, freeing-up team members from routine, low-value tasks to subsequently gain efficiencies and minimize employee turnover.

RPA Solution Offering

  • With our RPA solution, organizations can manage to eliminate major human intervention in the AP process.
  • The Bot can log into the required systems just a like a human, read the invoice image/pdf/excel files, register the invoice in the ERP application, perform necessary validations, cross-verify against other systems.
  • The bot also has capability to ultimately decide whether to post, park, or block the invoice based on pre-defined rules.

Benefits

  • Enhanced Productivity
  • Automation
  • 24/7 Work shifts
  • Reduction in Errors

Conclusion

Organizations can reduce costs, eliminate errors, and speed-up processes successfully via RPA offerings. It also contributes to enabling resources to reach their potential through fulfilling work.

Improve the accuracy of Profit & Loss Reports

Challenges

  1. Companies are required to submit their P&L reports daily/periodically, that consists of multiple individual reports or metrics sheets.
  2. Each day the company’s product control team is required to import several general ledgers reports into excel spreadsheets or legacy systems to create extensive P&L reports.
  3. These compiled reports are then manually edited and combined for submission to the front office.

RPA Bot -> Gathers data from varying reports stored locally or multiple locations -> Compiles the data into the required P&L report -> Verifies the data -> Delivers the report.

Solution Offering

  • Every day, the RPA bot can automatically trigger, populate, and validate report data to generate the final report without any manual intervention.
  • The Bot can then email these reports to the front office, allowing them to be reviewed before they are uploaded to the head office.

Benefits

  • Data Accuracy
  • AHT Reduction
  • 10x Man-hour Savings

Conclusion

Up-to-date performance data is critical in competitive marketplaces. Yet the manual process of compiling a daily/periodically profit & loss report can often be inefficient and time-consuming. Also, the annual creation of such reports may have chances of inaccuracies due to human errors. With RPA, organizations can now have 100% accuracy in daily reporting with time efficiency and improved productivity.

RPA Data Reporting

Key Benefits

  • Increased Accuracy
  • Faster Processing
  • Improved Compliance
  • Cost Savings
  • Better Decision Making

Conclusion

RPA can significantly improve the data reporting processes, offering benefits such as increased accuracy, faster processing, improved compliance, and cost savings. It can also automatically schedule activities, including the delivery of reports. You can set up specific rules and requirements to deliver information on a regular basis. The benefits of automation can make it a worthwhile investment for organizations looking to streamline their reporting processes.

Fraud Protection

Challenges

  1. Manual errors can occur during the process of verifying customer identity and conducting sanction screening, which can increase the risk of money laundering or terrorist financing.
  2. With manual monitoring of systems, fraudulent activities may go undetected, or detection can get delayed, which can lead to financial losses and reputational damage for financial institutions.
  3. Manual payment processing is time-consuming and can lead to delays, which can affect customer experience and the efficiency of the payment processing system.
  4. Manual processing of large volumes of data can be resource-intensive and lead to inefficient use of human resources, which can affect the overall efficiency of financial institutions.

RPA Solution Offering

  • RPA bots can be used to perform Anti-Money Laundering (AML) compliance checks by automating the process of verifying customer identity, conducting sanction screening, and monitoring transactions for suspicious activities. This helps in reducing the risk of money laundering and terrorist financing.
  • RPA bots can be used to detect fraudulent activities in real-time by analyzing large volumes of data, identifying patterns, and flagging anomalies. This helps in preventing fraud and reducing losses for financial institutions.
  • RPA bots can be used to automate payment processing and ensure accuracy and compliance with regulations. This reduces the risk of errors and fraud and improves the efficiency and speed of payment processing.
  • Automation of mundane tasks leads to resources getting utilized for tasks requiring critical thinking, which improves the overall efficiency of the institution.

Benefits

  • Fraud Prevention
  • Reduced Risk of Losses
  • Improved Customer Experience
  • Improved Efficiency

Conclusion

RPA can help reduce the risk of fraudulent activities by automating manual processes, detecting anomalies in data, and ensuring compliance with regulations. The benefits of using RPA for fraud prevention are numerous, and financial institutions should consider implementing this technology to improve their fraud prevention efforts.

Connect with our experts to discuss how RPA can help your organization become Fraud-Proof – Book a call button.

Loan Processing

Challenges

  1. Loan applications are processed manually, which can lead to incorrect information entered in the system, delays in the loan approval process, or the possibility of loans being approved for individuals who are not qualified.
  2. Loan processing is a time-consuming process, as it involves a lot of paperwork and documentation. Without automation, loan officers and underwriters are required to manually review and verify all the information provided by the applicant, which takes a significant amount of time.
  3. Manual loan processing can lead to inconsistencies in the loan approval process, as different loan officers and underwriters may have different ways of evaluating loan applications. This can result in loans being approved or denied based on subjective criteria rather than objective measures of creditworthiness.
  4. Traditional systems and stakeholders like loan officers and underwriters have access to confidential information about the customers. There is always a risk of this data breach in the case of lenient data security measures.
  5. Manual loan processing is difficult to scale, especially during periods of high demand. Without automation, loan officers and underwriters may struggle to process a large volume of loan applications in a timely manner, resulting in frustrated customers.

RPA Solution Offering

  • RPA bots can be used to extract data from loan application forms and enter it into loan processing systems. This can reduce errors and improve efficiency.
  • RPA bots can be used to verify documents such as ID proof, income proof, and property documents. This helps ensure that the loan application meets regulatory requirements.
  • RPA bots can perform credit checks on loan applicants. This can help to determine the applicant’s creditworthiness and reduce the risk of default.
  • RPA bots can automate repetitive, rules-based tasks, which can help to reduce the time required to process loans. This can speed up the process and reduce the time required to approve loans. This also helps reduce the cost of loan processing by reducing the need for manual labor.
  • RPA systems can handle sensitive information such as customer data and financial information using encryption, access controls, and other security measures. These robust security measures can help to protect against cyber threats.

Benefits

  • Data Security
  • Increased Efficiency
  • Improved Accuracy
  • Cost Savings

Conclusion

RPA can be a valuable tool for lenders in the loan processing industry. It can help address challenges by streamlining the loan processing process, reducing errors, improving access to data, and providing consistent, objective measures of creditworthiness. It improves efficiency, accuracy, and cost-effectiveness in a data-secured environment. However, implementing RPA systems requires careful planning, technical expertise, and robust security measures. RPA experts at Epicenter are skilled at addressing these challenges and can assist you in leveraging the benefits of RPA to streamline loan processing and enhance the overall customer experience.

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