September 13 2020
Retail has been one of the most enchanting and thriving industries in recent years. According to recent studies, global online sales in the United States are expected to double by 2023, which will raise to 20~25% of the retail space.
In addition, convenience matters now more than ever. The innovative retailers are setting high expectations for the customers which makes the competition very tight for other retailers. This is all to enhance the shopping experience for the customers. Accordingly, the retail industry is sure to face several challenges that need a restructuring of business processes from the scratch.
With this ever-increasing complexity in the industry, retailers have an intimidating task in achieving flawless operational workflow when it comes to repetitive processes such as inventory management, customer relationship management, marketing, and sales analysis.
In this blog, we will explain how RPA can foster greater trust and collaboration across the global supply chain with real-time, universal insights into the products and the processes.
ERP (Enterprise Resource Planning) refers to systems used to plan and manage all the core processes of an organization. RPA can automate all the essential ERP processes like invoice processing, account payable management, account receivable, and so on. This will reduce the operating cost and increases the employees' productivity to a great extent.
Streamlined management of the logistics and supply chain enables organizations to convey their products from suppliers to consumers, monitor inventory levels, and track the shipment so that materials are delivered on time. The supply chain is a popular target for RPA since these processes are repetitive, rule-based, and highly dependent on the back office.
With the ever-increasing number of e-commerce vendors, 24/7 customer service became an integral part of the retail industry. These services will be used before the sale to reply to the customers' queries and after the sale to track the delivery of the product and send the latest updates to the customer. Once the product is delivered, it can collect the after-sale survey from the customer. RPA could automate the whole process by manipulating the machine learning techniques such as NLP, which reduces the operating cost, while makes these services available 24/7.
When working in retail, the damage is inevitable. It could happen either in transit, in the warehouse, or at the store itself. Therefore, tasks such as submitting proofs, and the claim processing for refunds can get tedious and tiresome. RPA can automate processes such as claims verification and fraud detection that boosts up the claim's settlement time.
A comprehensive analysis of sales data is essential for devising a successful marketing plan. Creating and analyzing these reports manually is nothing less than a nightmare. RPA can automate a variety of tasks such as data entry, data extraction, data processing and finally provide the team with high-quality reports. In addition, the promotion of new products and services and keeping contact with the customers regularly is a repetitive and expensive task. RPA can automate this process and sends personalized messages to the clients. This will improve customers' and employees' satisfaction. The employees would engage more with value-added tasks and they can look at the reports with fresh eyes.
The above-listed cases are the most common tasks that can be automated through RPA within the retail landscape. Boosting up the process, reducing the risk of error, reducing the operating costs, enhancing the customers' experience, and improving the employees' satisfaction are the few advantages RPA brings to the retail industry.
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