Automating the back-office operations, the administrative tasks that are mundane have been a key focus for organizations to increase efficiency, reduce errors, shorter turn-around, increase margins, reduce expenses and many more. On an average, the time spent on administrative tasks by the teams is about 25 to 30% and it has not declined over the years despite organizations spending millions of dollars towards most advanced software solution to manage both first-party and third-party collection operations.
This is primarily because many operational processes are still not managed within the collection software’s and manually carried out due to many common reasons but here are the two common ones to point out,
Lack of integration: Since many systems including that of government (e.g. court systems used for e-filing), third-party vendor portals, healthcare systems, etc. don’t have options to tightly integrate and seamlessly connect applications through API. This makes it challenging enough not only to complete their routine tasks using their existing software system but leaves them burned out since most of these are time-consuming.
Legacy application: Though there are standard API’s available and accessible by many, the lack of integration capabilities curbs them completely from interfacing their enterprise software with any of the external systems. This leaves one with no option but carry out these processes by manually uploading and downloading data which could be cumbersome and even take hours to complete depending on the output format from the collection software and the time it takes to normalize it before it is ready to be uploaded. Similarly, ingesting data into these systems can be equally challenging due to the restrictive nature of the database on which these applications are built upon, making it extremely difficult.
So how are collection agencies running their operations?
Thanks to modern technology allowing one to build a highly flexible workflow of their own by defining the business rules to manipulate the data to their need and schedule to run these RPA workflows autonomously or trigger them when they are needed to run.
Today, agencies have made RPA as part of their routine where they expect a software robot to run these scheduled tasks in the background and complete them. RPA robots are bridging the gap and allowing agencies to take advantage of the advanced integration options available through API’s and lead the game.
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