May 11, 2020
Interviewed by: David Snow
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Automation is Rolling Across Many Industries

Part 3 in the thought-leadership series, “Transformative Investing with Robotic Process Automation.” Experts from Thomas H. Lee Partners, Bain & Co., and Automation Anywhere discuss the impact that RPA is having on IT services, telecommunications, healthcare, manufacturing and financial services.

Part 3 in the thought-leadership series, “Transformative Investing with Robotic Process Automation.” Experts from Thomas H. Lee Partners, Bain & Co., and Automation Anywhere discuss the impact that RPA is having on IT services, telecommunications, healthcare, manufacturing and financial services.

PRIVCAP TRANSCRIPT “Automation is Rolling Across Many Industries” Mark Benaquista, Thomas H. Lee Partners: I would say in the last 18 months, automation, or robotics, is on every CEO’s mind, on every board’s mind. Tamas Hevizi, Automation Anywhere: It’s asking the question – can this actually move up to a high enough and important enough level for the business? Michael Heric, Bain & Co: One example that we see is in the IP services space, which in the past used to all be about offshoring. Let’s put everything off shore. I think today for IT services providers or anyone in the services business, to achieve the margins and growth that they need, they can’t just do it with offshoring. Automation has to be a critical piece. We’re working with many clients, including with private equity firms who own services businesses, to help them make automation a critical part of service delivery and to drive down the cost, including with Automation Anywhere. Privcap: Where do you think automation is going to make the biggest impact? Heric: I’ll pick one industry. I would say healthcare payers, claims management. There is just a huge amount of cost there. You need to make sure that patients are paid accurately for the claims and on a timely basis after they submit. And so there’s a huge amount of people and issues wrapped up in claims management. Hevizi: If I’m going to highlight one process that cuts across the economy it’s the claims. If 20% of our GDP is tied up in healthcare. We work with a lot of the payers and this whole claims processing, which probably ties up a ton of  GDP, is one area where a lot of the optimization happens. There’s a lot involved in claims – everything from the call center itself – handling the claims – all the way to coding.  And then what we’re seeing specifically in the claims areas is a lot more intelligence about how to code. How to help the physicians to have the right coding, to have high reimbursement rates. And the flip side of it on the insurance side, of course. They want to make sure that they monitor for coding and fraud. And automation can catch a lot of both sides of the spectrum very well. The other area, like I said earlier, is freeing up constrained resources. This could happen. We’ve seen this in manufacturing – how do we make sure that the automation can help with some of the anticipation of constraints and maybe reroute things that you can do manually in systems and production systems. The bots can move much faster and respond much faster. We’ve seen this freeing up human resources like clinicians and surgeons and the like. Benaquista: We’ve noticed, the ability to really impact logistics as an industry, being able to apply not just software automation, but physical automation. So whether it’s us going through an airport or a box coming through a warehouse, automation is having a major impact on that. Heric: I would also add telecommunications and financial services obviously are big ones. You call Verizon now and you say, my voice is my password. That’s all the authentication that you actually need. And that’s being deployed out by all the different telcos. You’ll see many companies, like bank of America, have that on the mobile phone, answering questions. So I think all of them are augmenting calls with virtual assistance. Gou see the power of what Google has done with Duplex, for example. Hevizi: We don’t make chat bots. But chat bots can be the interface between the customer and the corporation. The corporation can be very messy behind that wall. And what we’re seeing with automation happening is a customer being able to say, “Hey, I’m something, you know, my router is down.” If you’d deal with the telecommunication company, they actually have to figure out if this is a service issue, is it a provisioning issue or the account is not activated. All of that back end digging around and finding out what the actual issue is is now being automated. Previously an agent had to log on to five systems to determine what the problem could be. We’re seeing the same thing with banks. You could be dealing with a bank that has multiple lines of business and you’re asking a question that could be a mortgage question or maybe an investment question. Bots can do that back end processing much more efficiently.

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