In the digital age, the business climate is rapidly transforming as there is always scope for improvement. An organization needs to continuously evolve its process to grow and stay relevant. Enterprises are constantly looking for ways to improve performance levels and gain an edge over the competition as a result of which many businesses worldwide are adopting automation as a key strategy to thrive.
The value of the global robotic process automation market size is $1.40 billion in 2019 and is expected to reach $11 billion by 2027.
RPA – the face of Automation
RPA (Robotics Process Automation) allows organizations to automate tasks across various applications and systems. RPA automation can be used to automate workflow, infrastructure, back-office processes which are labor-intensive to streamline business processes, improve speed, productivity, and efficiency, achieve rapid scalability with fewer errors with less cost. The most beneficial part of the RPA is that it does not require the development of code, nor does it require direct access to the code or database of the applications.
RPA technology is a game-changer for businesses to achieve high levels of ROI (RPA investment has a 9-12 months payback period). Employees spend about 10%-25% of their time on repetitive computer tasks regularly. With the advent of a typical rules-based process like RPA, 70%-80% of the process can be automated so that employees can shift their focus to more value-added tasks.
Here’s a list of all the benefits that deploying RPA in business can bring –
- Optimize resource use – To achieve high efficiency in business operations elimination of errors is necessary. Human errors are prone to occur while carrying out repetitive tasks. This risk is significantly eliminated by implementing RPA. By optimizing the use of human resources, companies can get significant tasks done with the least resistance from employees who were worn out by repetitive ones.
- Reduced wage costs- RPA vendors estimate 25–60% cost savings due to RPA roll-out.
- Introduces adaptability and flexibility to processes – RPA introduces flexibility in business operations. RPA systems have great potential to adapt to conditions and situations because of their inbuilt intelligence making processes flexible and scalable in case the demand shoots or the scope of a process expands.
- Reduced risk System upgrades are expensive and deliver below expectations. RPA projects, however, are low-risk systems that perform without disturbing existing systems.
- Benefits to Customer Satisfaction RPA reduces data entry errors and other manual errors. One of the greatest advantages of automation is that machines do not get distracted. Customer data will no longer contain errors. Some of these errors are hard to fix as your customer rep may not be able to correctly identify the customer on the line due to data entry issues.
- Faster service Employees manually entering forms into systems or copying data between systems require more time to carry out the process. Bots on the other hand work at lightning speed without break.
- Improves communication – RPA is well equipped to carry out critical communication processes through its intelligence. Changes in single documents trigger changes throughout other documents, thus releasing the pressure on employees to manually update files and make tiny edits. These processes ensure the end-users receive the latest information always.
- Discover automated responses and triggers – Every RPA system has scheduling capabilities and offers completely automated and semi-automated scheduling. Attended automation triggers and responds when a particular event takes place- mostly a human activity such as a click. In the case of unattended automation, the trigger could be due to an email or a document and does not need human intervention. Businesses can identify specific areas in their operations to carry out partial/total automation with the use of triggers and responses.
- Hassle-free implementation– Businesses save huge costs and time since RPA implementation does not require setting up an API. Robotic process automation consists of Graphical User Interfaces that are easier to use and need little technical expertise. RPA systems can perform operations such as clicks, keystrokes, pressing buttons, and so on, through the same UI.
- Data and Analytics –Thanks to RPA, there are lesser risks of data leakages, obsolete information, and incorrect analytics. Reduction in manual errors leads to higher quality data, resulting in more reliable analyses. RPA assists companies to analyze their data and provide actionable/verified insights with a minimal error rate. Robots collect data when it isn’t feasible for humans. A wider scope of data collection and analysis leads to more comprehensive insights. Now employees can focus on more sophisticated analytics, leading to better decision making.
- Error-free operations –Process automation eliminates costly mistakes that lead to false analytics and poor decision-making. RPA helps businesses introduce precision in their operations and makes monotonous processes error-free.
- Secure enterprise data –The security of enterprise data can be enhanced by integrating RPA with multiple applications to enhance. This system reduces the risk of unauthorized access ensuring client’s apps are not modified by a robot
- Employee satisfaction increase Spending all day copying data from one system to another can be cumbersome. Studies show that employee satisfaction enhances as they perform meaningful and worthy jobs. When employees get involved in important projects they look forward to appreciation, and that becomes an active driver in their efforts, leading to building an organization with driven people. RPA has the potential to increase employee empowerment. If employees can build and maintain their own automation, it is a significant empowerment for them. They can focus on more interesting and challenging tasks, increasing their job satisfaction.
- Improved focus – Focus is key to thrive for any department. Focus is especially critical for IT teams as IT they have to work on challenging tasks from various departments. With automation in place, IT teams can concentrate on more important technology problems.
- Minimizes the risk of exposure to sensitive data Thanks to RPA, human exposure to sensitive data can be minimized, reducing the probability of fraud and compliance issues.
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