Repetitive tasks bog down productivity and strain resources.
What if you could streamline operations, boost efficiency, and empower your employees to focus on what matters most?
This blog dives into the practical business process automation examples for common problem statements in the BFSI, Healthcare, and Education sectors and the impact automation could create.
Business Process Automation Examples in the BFSI Sector
1. Manual data reconciliation
Problem statement: Businesses spend roughly 30% of their time collecting data and reconciling it between systems.
How could automation help?
Implement Robotic Process Automation (RPA) bots to compare and match transaction data between internal systems and external sources. Configure bots to flag discrepancies and automatically generate reconciliation reports.
Tools required:
RPA tools (e.g., UiPath), Data integration platforms
Business impact: 35-46% of processing time for several key finance processes could be eliminated by automation and eliminating waste
2. Slow claims processing in insurance
Problem statement:
Traditional claims processing can take weeks or even months, jeopardizing customer experience.
How could automation help?
AI-powered document processing can be used to extract data from claims forms and medical records. Integration with rules engines can automate claim decisions for simple cases. Advanced use case may involve implementing machine learning algorithms for fraud detection.
Tools required:
AI document processing tools (e.g., Google Cloud Document AI), Claims processing software, Machine learning platforms (e.g., TensorFlow, PyTorch).
Business impact:
The TAT for resolving claims reduced to minutes can increase customer satisfaction, while also detecting fraudulent claims more effectively.
3. High costs of wealth management reporting
Problem statement: Manual wealth management reporting can cost firms up to $20,000 per advisor annually.
How could automation help?
Integrate data from portfolio management systems and market data feeds. Develop automated reports with client-specific visualizations and performance metrics.
Tools required:
Data visualization tools (e.g., Tableau, Power BI), Reporting automation software.
Business impact:
Reduces report generation time and costs, improves advisor efficiency, and allows for more personalized client communication.
4. Repetitive KYC/AML (Know Your Customer/Anti-Money Laundering) verifications
Problem statement: KYC compliance consumes an average of 10% of a new customer onboarding budget.
How could automation help?
Integrate with external data sources for identity verification and document checks. Utilize machine learning to analyze risk factors and identify suspicious activity.
Tools required:
KYC/AML compliance software (e.g., AML RightSource, LeadSquared)
Business impact:
For banks, eKYC enables opening a bank account online in a matter of minutes, compared to 5-7 working days for the traditional KYC process.
5. High cost of customer service inquiries
Problem statement: Businesses need to employ resources, set up processes to address customer grievances, and yet they end up not meeting customer expectations.
How could automation help?
Develop chatbots with Natural Language Processing (NLP) capabilities to answer frequently asked questions and guide customers to relevant resources. Integrate chatbots with knowledge bases for information retrieval.
Tools required:
Chatbot development platforms (e.g., Dialogflow), NLP tools (e.g., spaCy, NLTK).
Business impact:
Projected 20-30% reduction in customer service and support agents while maintaining the service quality.
Examples of Process Automation in Healthcare
The scope of automation in healthcare is vast, encompassing everything from automating appointment scheduling and claims processing to using AI for medical coding and generating personalized patient instructions.
6. Error-prone manual data entry
Problem statement: Close to 30% of medication errors linked to inaccurate data entry
How could automation help?
Implement OCR technology to capture data from handwritten prescriptions and medical records. Utilize NLP to extract key information and populate EHR systems automatically.
Tools required:
OCR tools (e.g., Google Cloud Vision API, Amazon Textract), NLP platforms.
Business impact:
Reduces medication errors, improves data accuracy in EHRs, and frees up staff for patient interaction and higher-value tasks.
7. Prior authorization process
Problem statement: Physicians spend 14-16 hours per week on prior authorizations.
How could automation help?
Develop RPA bots to gather required information from EHRs, navigate insurance provider portals, and submit prior authorization requests electronically.
Tools required:
RPA platforms (e.g., Blue Prism), Integration tools for connecting with insurance platforms.
Business impact:
Improves efficiency and reduces administrative burden, allowing faster treatment approvals and improved patient satisfaction.
8. Laborious claims coding and reimbursement
Problem statement: Up to 10% of submitted claims get denied due to coding errors
How could automation help?
90% of the denied claims are preventable. By training AI models to analyze medical records and assign accurate medical codes for procedures and diagnoses can reduce claims denial rates significantly.
Tools required:
AI-powered medical coding software (e.g., Nuance Coder)
Business impact:
Reduces coding errors and denials, accelerates reimbursement cycles, and improves revenue collection for healthcare facilities.
9. Inefficient appointment scheduling and patient reminders
Problem statement: 30-50% of patients miss appointments for reasons like family or childcare commitments, forgetting the appointment, or difficulties in commuting.
How could automation help?
Utilize online scheduling tools. Enable automated appointment confirmations and reminders via email, text messages, or phone calls.
Tools required:
Online appointment scheduling software (e.g., Zocdoc), Automated reminder platforms (e.g., Twilio), CRM with appointment scheduler (e.g., LeadSquared)
Business impact:
Reduces missed appointments, improves patient engagement, and optimizes clinic resource allocation.
10. Repetitive post-operative care instructions
Problem statement: 60% of post-surgical complications arise due to missed or misunderstood instructions.
How could automation help?
Generating personalized post-surgical instructions through automation based on patient data and procedure details. The same can be integrated with patient portals for easy access and delivery.
Tools required:
Automated patient education tools (e.g., WebMD Anywhere Care, PatientPop), Patient portal platforms.
Business impact:
Improves patient understanding of post-operative care, reduces complications, and promotes faster recovery times.
Process Automation Examples in the Education Sector
The education sector can automate tasks like grading, attendance, and report generation. It can also leverage automation for personalized learning with AI-powered tutors and adaptive platforms. This frees up teachers, facilitates a more engaging learning experience, and allows for better data-driven instruction.
11. Student attendance tracking
Problem statement: Manual attendance tracking can take up to 15 minutes per class, leading to significant lost instructional time.
How could automation help?
Attendance can be automated using technologies like RFID cards, facial recognition, or mobile apps that allow students to check in. The attendance data can then be automatically synced with the student information system.
Tools required:
RFID attendance systems (e.g. Entrypass, Digitus), or Mobile attendance apps (e.g., ClassDojo)
Business impact: Apart from saving instructional time per class, this process automation example can help administrators with real-time attendance data to identify and address attendance issues quickly.
12. Assignment grading and feedback
Problem statement: Teachers easily spend up to 5 hours per week on assignment grading alone.
How could automation help?
Assignment grading can be automated using AI-powered tools that can grade objective questions and provide feedback. Teachers can then focus on providing feedback on subjective parts of the assignment.
Tools required:
AI grading platforms (e.g. Gradescope, Turnitin) and Automated feedback generators (e.g. Codegrade)
Business impact: Apart from saving instructor’s time, it also provides students with timely, personalized feedback to improve their learning.
13. Student onboarding
Problem statement: Inefficient onboarding can lead to higher student attrition rates.
How could automation help?
The student onboarding process can be automated using Education CRM or workflow management tools that can guide students through the various steps, collect required information, and route tasks to the appropriate teams.
Tools required:
CRM (e.g., LeadSquared), Workflow automation platforms (e.g., Quixy, FlowForma), or Student Information System (e.g., Ellucian, Jenzabar)
Business impact: Automated student onboarding can reduce the time and effort required by administrative staff, leading to cost savings and improved student satisfaction.
Best Practices to Follow While Implementing Process Automation
Here are a few things to keep in mind while automating your business processes.
Identify the right processes
Don’t automate for the sake of automation. Carefully analyze your workflows and pinpoint repetitive, rule-based tasks that can benefit most from automation. Focus on areas with high error rates, manual steps, or bottlenecks that are hindering efficiency.
Start small and scale up
Begin with a pilot project on a well-defined process. This allows you to test the technology, identify potential challenges, and refine your approach before large-scale implementation. Success with a smaller project builds momentum and showcases the value of automation.
Get everyone on board
Process automation can impact various teams. Ensure clear communication and involve stakeholders throughout the process. Address concerns, gather feedback, and promote the benefits of automation for improved efficiency and employee satisfaction.
Invest in right tools
Choose automation tools that align with your specific needs and budget. Consider scalability, user-friendliness, and integration capabilities with existing systems. Explore solutions that offer robust features and long-term support.
Focus on user experience
Ensure a smooth transition for employees who will interact with the automated processes. Provide comprehensive training and support to help them adapt and leverage the new system effectively. User comfort fosters better adoption and maximizes the benefits of automation.
Measure and monitor
Track the impact of automation on key metrics like processing time, error rates, and employee productivity. Regularly monitor performance and adjust the automation as needed to ensure continuous improvement and optimize results.
Embrace continuous improvement
Process automation is an ongoing journey. As your business evolves and technology advances, continually evaluate your automated processes. Look for new opportunities for automation and refine existing systems to maintain optimal efficiency and adapt to changing needs.
In Conclusion
Process automation isn’t science fiction; it’s the key to unlocking a future of streamlined operations, empowered employees, and a sharper focus on what truly matters. By embracing automation, you can free up valuable resources, enhance customer experiences, and propel your business towards greater success.
