Robotic Process Automation, or simply RPA, is one of the powerful solutions that many businesses apply today in their daily operations. If you are one of those who consider the automation of business processes as an efficient way to address the company’s goals, then this blog post is a primer for you to pore over.
The Rise of RPA
Some CEOs and CIOs use robotic process automation to streamline company operations and reduce costs, others find it a transitional option en route to AI and Machine Learning adoption. Whatever the reason, the stats tell us the popularity of RPA is not fiction.
Statista estimated the size of a global RPA market to reach $10.4 billion by 2023, growing at a CAGR of 29.1% during 2019 – 2023. It means that many organizations will continue to show interest in digital transformation and dabble in some form of RPA to leverage their business.
Let’s take a good look at what RPA really is and how it can help you address challenges and transform them into competitive advantages.
What is Robotic Process Automation and How It Works
First of all, robotic process automation is an application of technology designed with one principal purpose — to automate repetitive tasks based on logic and perform them without human intervention. In other words, RPA is a software that helps eliminate manual efforts and carries out a ton of actions, swiftly and flawlessly.
With the implementation of RPA, companies can set up tools to process transactions, manage data, trigger responses, and interact with other enterprise systems. This is achieved by programming a software robot to imitate user actions, i.e., by defining a set of rules to perform the workflow.
The video below explains briefly the basic principles of how RPA works. Take a moment to watch it.
The scenarios of RPA use include filling out various forms, logging in and out of apps, copying and pasting data, or even generating responses to emails.
You might think it takes a touch of genius to adjust such an instrument. Well, when it comes to complex and non-trivial tasks, it is better to have the support of a team experienced in business process automation. At the same time, many RPA vendors provide low-code or no-code software with drag-and-drop components or pre-built UI that you can use to design a simple bot.
The Benefits of Robotic Process Automation
RPA can provide companies with an extra set of hands to drive digital transformation for better growth or become a part of their digital strategy during downturn times. It comprises more than a few advantages, drawing the interest of organizations across all industries.
So, let’s go over the benefits these user-friendly and cost-effective RPA tools deliver to businesses that adopt them.
We make mistakes because we are humans, not robots. This implies that error-free operations are exactly what we expect to see when we implement RPA. And that’s exactly what we get.
RPA is made to follow all rules to the letter, which increases accuracy to the maximum and ensures higher quality. Where a human needs to rest and can lose focus, a robot keeps functioning in a troubleproof and reliable way.
RPA capabilities enable executing a large number of operations much faster than any employee can do. It means that RPA maximizes the effectiveness and reduces time to process mundane activities. As a result, it helps companies deliver their service at a greater speed and increase the efficiency of internal business processes.
Passing repetitive and time-consuming tasks to robots leads to the reduction of operating costs. Since RPA software functions 24/7, any chore performed by this tool significantly cuts business expenses.
Moreover, according to Deloitte Post COVID Report, RPA is, generally, a less costly method of enhancing existing IT infrastructure. That makes it a cost-effective automation tool.
Improved Customer Experience
The quality of the provided services and the speed of their delivery play an essential role in customer satisfaction. In most cases, RPA tools handle data more efficiently and accurately. Thus, with the automation of processing simple requests, customer experience improves considerably, leading to an increase in loyalty.
In 2019 Gartner forecasted that robotic process automation software could save finance departments 25,000 hours of avoidable work annually. That is no wonder because the implementation of RPA allows back-office specialists to have more time and concentrate their efforts on more meaningful and value-added tasks.
Eventually, RPA adoption reduces the rising pressure of work for employees, eliminating the number of manual activities. It fosters the effective use of staff resources, increases employee satisfaction, and eventually improves company results.
The Adoption of RPA: Examples of Robotic Process Automation
When you consider some process automation, you have to ask yourself how to address your company’s needs and achieve your business goals in the most efficient way. It is important to understand how exactly you can benefit from robotic process automation software implementation.
Before adopting RPA technology, make sure the processes that you are about to automate:
- Have a high volume
- Are routine and consistent
- Have defined inputs and outputs
- Entail human error possibility
- Impact costs and revenue
Going through examples of use cases and application areas of RPA can help you discover new opportunities for growth.
Robotic process automation can become a great partner when there is a need to handle activities with a high level of human data processing. You can easily find such tasks across many service departments like Finance & Accounting, Human Resources, Customer Service, Procurement, etc.
For example, if your staff is processing millions of records relying solely on the manual approach, this is a perfect task to augment with a robotic solution. As a result, you will see improvements in operational scalability while there will be no need to hire more staff.
One of the cases in our practice was the automation of data processing for the top executive search firm. The implemented RPA solution enabled the company to keep its database up-to-date and save time on the daily routine.
“The most common uses of RPA programs supplement repetitive functions or data-intensive processes, where logic-based outcomes are anticipated.”
— David Landreman, the CPO at Olive
RPA generates value for organizations across many industries. Finance and Banking, Insurance, Retail, Supply Chain, and Healthcare embrace the benefits of RPA to tackle their challenges. Among the top business processes where RPA drives value are:
- Invoice processing
- Report creation
- Running payroll
- Inventory management
- Data migration
- Recruitment and onboarding
- Bank reconciliations
- Appointment scheduling
- Insurance claims management
Digital Transformation with RPA
RPA has enormous potential to help companies solve their operational challenges and transform offices into digital workplaces. Combined with Business Process Management tools, RPA can fill in the gaps where it is most needed while reducing costs and increasing productivity.
RPA applications don’t always require a lot of coding or complex integrations. In this matter, it can be set up without much effort. However, it’s worth mentioning that in most cases, you will need an experienced team to work on it. The majority of companies prefer to have a software development partner to provide skills and advice that are scarce in their own company.
At Velvetech, we guide our clients to success with effective software solutions to accelerate their business. Regardless of your industry, our experienced team will help you navigate the waters of process automation and support you with the right RPA tool implementation. Don’t hesitate to contact us for a consultation.