Blog: These 6 Benefits Of RPA Will Transform Your Business
The impact of digital transformation is without controversy one of the most astonishing things businesses have seen in recent times. It is no more an option to apply technology in your business, it is a necessity for survival and staying competitive.
Companies that are learning, growing and adapting to new technology are seeing the tremendous impact in their bottom line. Those that have remained reluctant to technological advancement are beginning to fall behind in their industries. Robotic Process Automation (RPA) is the next big technological application in business today!
What is RPA?
RPA is a technology that configures computer software also known as “a robot” to carry out tasks on a computer just like a human would do. It works through existing application interfaces (usually GUI or application screens) to automate many business and IT processes.
RPA robots can automate mundane, laborious and error-prone tasks of a company 24/7 and bring up to 600% to 800% in return on investment in just three years. The best part is that, RPA software robot never sleeps, makes zero mistakes and costs a lot less than an employee. It is really exhilarating!
Due to the flexibility and scalability of RPA, analysts have forecasted that in some few years to come, 40% of all global organizations will be using RPA to automate their work processes. In fact, according to Deloitte, a staggering 92% of business leaders are already looking to increase the speed of innovation and improve employee empowerment and engagement with RPA.
Uses of RPA in Industries Today
If you’re looking for a better, faster and accurate way to get many things done in your business with high ROI, RPA is the best way to go. The benefits of RPA in business is really astonishing and that is the reason the industry has been growing steadily.
RPA Can Be Used in Any Industry
RPA can be used in virtually every industry. Many technology inclined companies have already begun using the technology to streamline their business processes and achieve better results. The following ways are how RPA is used in diverse industries:
- Manufacturing — automatic generation of bills.
- Healthcare — system reconciliation, creation of patient and service reports.
- Insurance — the processing of customer claims and new accounts.
- Finances & Accounting — Processing of special accounting tasks such as invoices, bills, general ledgers, and all other bookkeeping processes.
- Contact Center — improving customer service experience and gathering service data.
- Procurement — the processing of forms to issue a purchase order, invoice procession.
- Human Resources — hiring and payroll processing, employee data management.
- Hi-Tech & Telecom — managing of service orders and reporting.
- IT Access Management — unlocking accounts and resetting of password credentials.
- IT Systems Administration — automating of daily repetitive IT tasks.
- Energy & Utility — setting new accounts, meter reading, and validation
Regardless of what kind of business you’re running, RPA can help you. With the help of an expert RPA company like Impact Tactics, RPA can be customized to meet the needs of your business.
The main purpose of RPA is to help increase the productivity and efficiency of your business. It increases your speed of getting things done, improves customer experiences and helps you to build a highly professional organization with predictable results.
Benefits of RPA in Business
The benefits of RPA in business are enormous. At the basic level, there are six main benefits of RPA in business that will take your company to the next level. RPA will help transform your business into a virtual office where “robots” gets the job done without having to worry about any mistakes.
The following are the key benefits of RPA in business today:
1. Cost Savings
Hiring skilled agents to perform tasks in your business means paying salaries, wages, bonuses, and many others. Even though you pay these professionals a hefty amount to get the job done, they are human and therefore will end up making mistakes that may cost your business.
RPA can help you automate many clerical tasks in your business.
RPA software robots will get the job done with 100% accuracy, 24/7, and at a much lower cost. The cost savings can be invested to grow your business.
2. High Quality of Work
Regardless of how skilled your employees are, they are prone to making mistakes. If you have many employees performing clerical functions like form filling, you can imagine how many errors will be created and how that will affect your data, analysis, and reports.
With RPA, you can bet that the work will be done excellently with absolute zero errors. The work will be done faster, better and with higher satisfaction rates according to statutory compliance standards. This is very important to improve your company’s overall productivity and profitability.
3. Employee Efficiency
With all these things said, you might think that RPA will take away the job of your employees. No, it will rather make your employees efficient and effective in their duties. RPA does not kill jobs, it enables your employees to focus on more important tasks.
RPA software robots become part of your team, getting many trivial and boring tasks done while freeing up your people to focus on highly intuitive tasks. There are some tasks that require the hybrid attendance of your employees and the RPA bots. RPA helps your employees to get those tasks done well.
4. Increase Speed of Operations
Time is an important factor in business operations. By reducing the time it takes to complete tasks, you can end up getting a lot done with a limited amount of time. RPA does not only get the job done right, but it also helps to minimize the time it takes human agents to get the work done. Quick turnaround for dozens of tasks will save more time for your business and increase your business’ efficiency.
5. Improved Customer Experience
When it comes to business, the most important thing to focus on is customer experience. Good customer experience leads to customer loyalty and business growth. RPA helps to improve your customer experience by eliminating any error-prone process in your operations.
RPA bots produce high-quality results which tend to wow your customers.
6. Improved Regulatory Compliance
One of the challenges of many companies is falling short of regulatory standards and protocols. With RPA software bots, this challenge can be handled effortlessly. How does this work?
Every RPA process will be programmed with the required regulatory policies, standards, and rules. This ensures that each RPA programmed operation of your business is 100% compliant, accurate, and consistent with all business rules and protocols.
7. Comprehensive Insights and Analytics
Information is very important to grow and transform your business. You want to know what is going on, and then leverage that information to improve business operations, correct mistakes, avoid dangers, develop best practices and accurately forecast your productivity.
When you are using RPA in your operations, it will help track, gather, organize, report and store all these valuable data for you. RPA software bots will provide the most accurate reports which can be mined to predict operational effectiveness, customer behavior, and many others.
It’s time to use RPA in your business. Regardless of your operations, RPA can be tailored to transform your business. All you need is to contact our RPA Consultants at https://www.impacttactics.com for a free consultation to discuss your situation, develop a strategy and find the way forward.