“Robotic Process Automation(RPA) and blockchain can together help in problem solving through various industries, to a larger extent”
RPA is one of the important components of automation processing. Manual and repetitive tasks can be automated with the help of RPA. It reduces the processing time and enhances the throughput of the system. Automation is highly beneficial in terms of cost as well. Also Blockchain on the other hand, is the distributed ledger based data storage system , that ensures high level of security , transparency and immutability of data. These two powerful technologies can bring up extraordinary results into problem solving through optimal solutions.
Benefits of RPA and Blockchain working together:
Data Automation and Processing:
For automating and processing the required data automation process by RPA is used; this data is then stored in a secure ledger on blockchain. This feature is highly beneficial in KYC processes in any sector or other financial service activity.
The business transactions done through RPA are used for decision making as the data stored is made immutable through blockchain. This decentralized ledger helps build the trusted operations. Finance sectors, Insurance companies, Human Resource companies, are some of the examples where it can be used best.
Trusted transactions and interactive access to limitless data can be achieved through RPA and blockchain combined together. End users today are expecting the same through digital processes and solutions.
Easy compliance management:
Ensuring the processes to be compliant with the regulatory guidelines is a very crucial task for big enterprises. More so, when the business runs internationally, where the need of being compliant with different regulatory guidelines becomes mandatory. RPA and blockchain can create automated processes for easy compliant management.
As blockchain stores the data in distributed ledger format, it’s the core of the network where data transmission occurs. RPA and blockchain enhances the data transmission and automation which ultimately affects the operational efficiency in a highly positive way.
Customer delight is always better than just the customer satisfaction. A completely secured data access and its availability , automation and transmission process,with the ease of technology is what makes the customer happy. And RPA and blockchain can make this possible.
Supply chain :
Supply chain management locally or globally, needs a lot of data transmission. Almost all the major sectors make use of the supply chain for their goods transitions. Also, not just the data needs to be available timely but the data must be secure, accurate and accessible faster. As blockchain guarantees immutability and data security, RPA makes the automation and data accessibility faster. This ultimately increases the processing speed of the operations involved in the supply chain,along with making them highly secure and less prone to frauds.