RPA (Robotic Process Automation) is the next big thing that everyone will be talking about in the near future. Robotics has already started to have a profound effect on businesses. In 2017 alone, this fast-moving technology has generated revenue of around $50.0 million and the industry forecast of growth between 2017 and 2026 is 60.9% CAGR (Compound Annual Growth Rate).
What Is Robotic Process Automation?
RPA is a technology that is designed to take the robot out of the human. Enterprises can deploy it to automate those processes that are repetitive in nature. There are many back-office processes that are repetitive in nature and take a lot of human time and effort. Often, humans find it dreary and uninteresting too. Automating them not only ensures that they will be completed quickly and accurately, but also frees up your human capital for jobs that require thinking, reasoning, intelligence, judgement etc.
What Can Be Done with RPA?
It is a software-based technology that can be used for dealing with simpler types of physical tasks that basically don’t need understanding, knowledge or insight. It’s predominantly the tasks that can be done by coding rules and instructing the computer to follow like maintenance of records, transactions, queries and calculations. It can be configured to perform nearly all rule-based tasks.
Benefits of RPA
There are many immediate and long-term benefits of using this technology. It helps in digitally transforming your business and unlocking value by providing the following benefits-
Cost Saving: This is one of the immediate and most profound benefits. Work gets completed faster and with better accuracy and it can be done all around the clock. A great output with lesser inputs definitely results in better bottom line. Also, repetitive tasks when carried out by RPA software cost a fraction of what it costs when done manually.
Better Quality of Work: With the process being fully automated, scope of error is virtually absent. Humans, even the most careful ones, are prone to making mistakes and a mistake once done needs resources to rectify. With automation in place, you get better error-free results and thus higher satisfaction rates.
Increased Agility: What human can complete in minutes, robots can do in seconds. Also, a single robot can complete the work of many humans. Thus, there is a huge time saving when it comes to Robotic Process Automation deploying RPA results in reduced overhead and more flexible business resources at unprecedented speeds.
Better Compliance: Often, businesses outsource mundane tasks to third parties, which obviously have inherent risks involved. RPA provides a better solution as things remain in-house and you have a better grip on the processes. As the process is set in-house, it can be set in accordance with the relevant rules and regulations resulting in better compliance with operations.
Employee Experience: Deployment of Robotic Process Automation increases the staff productivity and also helps in reducing the problem of attrition in organisations. As RPA does not require technical skills, it empowers the end user to get its job done without roping in the help of anyone from the IT field. The job gets done effectively, bringing satisfaction to the end-users and skilled IT professionals are free to be utilised on other projects where their expertise is required.
Which Companies Can Use RPA?
RPA is a versatile application that can be applied to all types of rules-based processes. It finds usage across a wide range of sectors like office tasks, IT support and also in customer service. Industries that can benefit from it are banking, food & beverage, consumer products, healthcare, logistics, entertainment to name a few. It can be applied in processes like Supply Chain, HR, Procurement and Finance. Thus, you can see that RPA is something that can work brilliantly across sectors and functions.
Robotic process automation is proven to be beneficial in many areas both effectively and efficiently. Many companies are increasingly shifting to it to reap the benefits. In this highly competitive world, if you want to stay ahead, you need to embrace the newer and proven technologies quickly. Get yourself updated on the technology. You can take the help of experts who have experience in it and identify areas in your business where it is most beneficial and impactful. It is definitely a key to better working when it comes to shaping your business’ digital operations strategy for the future.