RPA for Retail Industry
AutomationEdge Cognitive RPA solution to make your workplace more human friendly.
Enhancing Customer Experience with RPA and AI
Retail is a very low margin and high volume industry. According to the report, a global retail sale is going to reach $27.7 trillion by 2020. With increasing competition and price war in eCommerce, retail businesses are focusing more on improving customer experience, cost reduction, product availability and employee productivity. Considering the pressure to provide experience and quality product, the scope of human error also increases.
To achieve efficient and error-free operations, the retail industry is integrating disruptive technologies like Robotic Process Automation (RPA). The retail organizations have a massive stack of processes like inventory management, invoice processing, customer queries, business analytics, order processing, sales spreadsheet management, employee on-boarding & off-boarding which are the best cases for automation to achieve high efficiency and reduce cost.
Enhancing Customer Experience with RPA and AI
Retail is a very low margin and high volume industry. According to the report, a global retail sale is going to reach $27.7 trillion by 2020. With increasing competition and price war in eCommerce, retail businesses are focusing more on improving customer experience, cost reduction, product availability and employee productivity. Considering the pressure to provide experience and quality product, the scope of human error also increases.
To achieve efficient and error-free operations, the retail industry is integrating disruptive technologies like Robotic Process Automation (RPA). The retail organizations have a massive stack of processes like inventory management, invoice processing, customer queries, business analytics, order processing, sales spreadsheet management, employee on-boarding & off-boarding which are the best cases for automation to achieve high efficiency and reduce cost.
Challenges in the Retail Industry
How RPA Can Impact Retail Industry
Automate Invoice Processing: Automating invoice, contracts and quotation processing will reduce TAT significantly with improved accuracy. Paper-based invoices in different formats can also be processed using OCR technology.
Employee On-boarding: Automating employee on-boarding process includes screening resumes, entering employee details in different systems, providing respective access as well as enrolling for training. RPA can also predict the trend in employee resignation and retention.
Inventory Management: RPA can help predict the fluctuation in the market using machine learning. This helps retail companies to prepare in advance to meet the changing market requirement. By integrating different systems, RPA can significantly reduce order processing time.
Sales Analytics: The sales team in retail relies on excel sheets to track monthly or quarterly sales. It takes significant time to consolidate and sent these numbers to the central management. AutomationEdge is the fastest RPA solution to process structured as well as unstructured data in excel spreadsheets.
Efficient Customer Support: Using past data, Chatbot and machine learning together can automate customer support for structured and unstructured requests. Natural Language Processing helps understand requests in plain English in email or chat.
Consumer Behavior: RPA when used in consumer behavior analysis for factors like social media emotions, past shopping and browsing history, can help in effective new product launch, analyze market trends, store planning, trade promotions and many more.
Benefits of RPA in Retail
Better product availability to fulfill changing market demand
More value to the customer through smarter promotions
Reduced cost and errors in business operations
Real-time analytics of sales and inventory for efficient planning
Market trend prediction for successful new product launch
Improved customer satisfaction with low TAT and high availability
