Robotic Process Automation (RPA) has quickly gained ground across various industry sectors as one of the most promising concepts. Entrepreneurs recognize RPA as one of the biggest contributors to growth. It frees employees from repetitive and mundane tasks and they can focus on other core objectives to achieve long-term goals.
As per the survey conducted by McKinsey, RPA can automate around 45 percent of business tasks. A Deloitte Global RPA survey has revealed that the concept is useful for improving compliance (92%), enhancing productivity (86%), and increasing accuracy (90%) while reducing operational cost.
In this article, we are going to see the key benefits of robotic process automation and its impact on various industry sectors. Let’s start with the introduction of this revolutionary concept.
What is Robotic Process Automation?
RPA or Robotic Process Automation is an advanced and rule-based process in which a computer software or software bot can handle mundane, routine, and standardized tasks on a 24x7 basis. Simply put, RPA is about bringing automation into routine, repetitive tasks with the help of software bots.
During the process, software bots can capture and interpret applications for performing various processes like executing transactions, manipulating data, and communicating with other systems of your business model digitally. These days RPA is gaining popularity in all the core industry sectors including BFSI, manufacturing, and retail.
RPA was recognized as the fastest-growing corporate software as Gartner predicts 72 percent of companies will work with RPA in the next two years. The RPA technology provides your company with the scalability it needs to stay ahead of the competition. Let’s dig deep into the major business benefits of RPA.
Business Benefits of RPA You Should Know
RPA can offer value to every industry irrespective of its size and business model. Here we see the most important benefits of RPA as a robust IT landscape.
One of the biggest benefits of RPA software is it can work on a 24x7x365 basis. What’s more, an advanced, single software robot equals three to five full-time employees and even more. Altogether, your company’s efficiency increases and the employees keep the focus on other productive tasks after implementing robotic process automation.
Most of the software bots remain fully focused on their assigned tasks. It can reduce a lot of time and effort for employees. For example, an RPA bot enables a worker to make a monthly report in just 20 minutes or even less, which takes around four hours if prepared manually. Robots can click, calculate, and apply changes in just a few seconds thereby increasing productivity over the period.
RPA makes your company ready for changes in business processes. RPA can increase the flexibility and scalability of your business to grab new opportunities and explore the scope.RPA solutions contribute to streamlining processes and simplifying complexities to ensure more agility. Also, while staying on top of existing enterprise systems, the RPA solution can reduce the risk related to human errors and unwelcomed consequences.
Human or manual errors can ruin mission-critical workflows, and therefore, companies with such workflows opt for automation. Apart from this, manual errors in accounts payable can lead to unplanned expenses that widen the losses for the company. Robotic Process Automation can make processes error-free by eliminating human intervention and ensuring high data accuracy.
RPA can assist your company in offering a better customer service experience, and that too, on a 24x7 basis. With an increased foothold in customer service, RPA combines with NLP (Natural Language Processing) to enhance customer engagement and increase the customer satisfaction rate. RPA also reduces the employee’s involvement in the high-commitment process of customer service effectively. As a result, the resolution of queries remains quick and the number of disputes decreases.
Better Use of Resources
When RPA can handle repetitive and mundane tasks, your team members can focus on productive tasks and innovation in various processes. You can allocate resources to critical processes and increase productivity over the period. Resource allocation on value-added tasks can increase profitability and the company can effectively meet the deadlines for all projects.
RPA systems work on rule-based tasks or processes. As software robots can follow the standard processes for performing tasks, you can remain assured of standardization and compliance. At times, some employees may change their way of performing tasks as per their convenience and circumstances. This is more frequent in the case of remote employees. However, software bots always remain consistent and stay away from tweaking any process.
Business data security is one of the priorities for entrepreneurs. The potential use of RPA tools may lead to data leaks and breaches. However, if companies integrate the RPA system properly and define all the parameters carefully, then the risk of data leaks can be reduced. In other words, a robust RPA solution based on a well-defined strategy can improve data security and offer the advantage of standardization.
RPA offers higher accuracy by eliminating human intervention from several repetitive tasks. Software bots are reliable, quick, and consistent. What’s more, built-in analytics can make bots more accurate than traditional tools. As a result, you can get an improved output quality every time. As robots follow all rules, you can always expect maximum accuracy across all the projects.
Scalability, versatility, and consistency of software bots can open the doors of new business opportunities. You can get the benefits of better operational quality and effective IT support from a reputed RPA services provider. As a result, your company can grab new opportunities and handle multiple projects simultaneously without recruiting extra staff.
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How Various Industry Use RPA Services
One of the biggest reasons for the higher adoption rate of RPO technology is its capability to handle various tasks across all industry sectors. Whether healthcare or retail, manufacturing or BFSI, robotic process automation has a notable impact on core sectors. Let’s see what RPA can do for different industries.
The government sector uses the RPA technology cautiously due to some risks related to cyber-attacks and data breaches. However, various citizen-related services and welfare scheme-related processes can be performed by software robots. RPA technology, in combination with other emerging technologies, is capable of assisting various governments across the world to automate people-centric initiatives.
The patient data collection, processing, and migration are tedious and time-consuming processes, especially for healthcare staff who have to perform other necessary tasks every day. RPA solutions can handle these processes effectively along with medical bill processing, storage of patient records, and reporting to doctors. The mediclaim or health insurance companies can leverage this technology in insurance data automation, claim status, settlement, etc.
Logistics & Transportation
The RPA technology can reduce the paperwork significantly and as a result, the logistics and transportation sector has remained one of the biggest beneficiaries of RPA technology. Logistics companies can handle the ordering, shipping, and other related processes effectively with software robots. RPA can also perform fleet management and warehousing-related processes accurately.
Robotic Process Automation solutions for telecommunication can handle the areas like backing up systems related to the client information, collecting phone data, uploading the client’s information, and fetching the data related to the competitor’s activities or pricing. It can positively impact various functions of the communication industry and make the customer service domain more efficient.
Another major beneficiary of RPA technology is the BFSI sector. Banks and financial institutions prominently use RPA in data validations, data migration across different applications, customer account management, form filling, loan claims, and insurance claims processing, loan data update, and backing up receipts for tellers. Real-time report creation and customer account management are other important applications of RPA in the BFSI sector.
Power and energy companies can automate payment processing and customer support services with RPA solutions. Apart from these activities, RPA solutions can automate several operations in the accounting, maintenance, and procurement departments. Energy companies can also take the advantage of RPA software in addressing compliance-related requirements.
The retail sector does not use RPA technology as much as other sectors. However, automation in updating inventory and product information on websites with extracting production data online are some of the important tasks for which the sector relies on RPA software. We will see more applications of RPA in the retail sector in the coming years.
When it comes to the manufacturing sector, RPA has multiple uses. Manufacturers leverage the benefits of RPA solutions in data monitoring, real-time reporting, and automating logistics data. Inventory management, product pricing comparison, and warehouse monitoring are other areas in which RPA solutions can play a vital role. Advancing technology enables the manufacturing sector to get a robust ERP solution with built-in features related to RPA and AI.
Order processing, data entry, claims processing, FTP automation, loyalty program automation, incentive processing, and customer services are some of the key areas where consumer goods can take assistance from custom RPA solutions. The industry can automate FTP and other core processes for saving time and effort with the help of RPA technology.
Apart from competitor pricing analysis and other financial processes, the RPA technology is useful in guest data verification and processing. The thriving hospitality sector can automate customer services and payment processing by implementing RPA solutions in the system. Also, user account creation and room availability monitoring can be handled effectively with the help of RPA solutions.
Globally, the use of RPA solutions keeps on increasing for bringing automation and transforming business workflows. Its benefits like higher scalability, flexibility, versatility, consistency, and compliance make it a preferred choice of many enterprises across different sectors including manufacturing, hospitality, BFSI, etc. We can expect the arrival of more intelligent RPA applications in combination with AI.
As a designated CoE (Center of Excellence) for Automation Anywhere and a reputed partner of UiPath, Silver Touch Technologies can assist your company to implement RPA solutions successfully. Our in-house team of experienced professionals offers top-notch Robotic Process Automation services. Simply drop us a line at firstname.lastname@example.org to know more about RPA services and solutions.