ROBOTIC PROCESS AUTOMATION (RPA)
Robotic Process Automation is software technology that mimics and then automates a sequence of human actions in a digital environment. This makes it a perfect solution for businesses who want to increase employee satisfaction, engagement, and productivity by removing mundane tasks from their workload.
Any workflow process that is high-volume, repetitive, and rule-based is a potential candidate for RPA; and its non-invasive capabilities can be rapidly and cost-effectively deployed to accelerate digital transformation.
Because of the success of RPA, thousands of use cases and proof of concepts exist for a wide variety of automations. ROI is reliably predictable prior to implementation and is typically realized in weeks, not months.
The adoption rate for RPA is skyrocketing due to its value in enhancing staff productivity, efficiency, compliance, and quality. Let us evaluate RPA implementation opportunities that can take your business into the future. Contact us today to learn more!
BENEFITS OF RPA
Even with initial setup and ongoing maintenance costs, the use of RPA software can cut operational costs by an average of 30%. In addition, robots can operate round-the-clock which adds to output as well as your bottom line.
RPA vastly improves processes that are error-prone, thereby increasing accuracy. Additionally, RPA software can work around the clock without fatigue, and reduces any instances of reconciliation. Output quality improves dramatically with RPA.
Human teams cannot reach the scale or scope of an army of automated bots. When businesses grow, RPA grows with them. Bots are flexible and can be easily scaled up to meet heightened demand. You can quickly deploy more bots with minimal cost and no additional bot-training, meeting the demand no matter how high it goes.
Once a process has been automated through RPA, it is performed the same way each time without errors. This provides a high level of accuracy that helps maintain high levels of compliance. RPA also creates an audit trail that maintains a near flawless recording of how processes were executed and whether there were any exceptions or interventions.
Increased productivity is the number-one benefit of implementing RPA software for your business. RPA completes the mundane tasks, giving employees more time to focus on work that requires emotional intelligence, reasoning, judgment and interactions with customers.
RPA takes manual, repetitive and time-consuming tasks off employees’ hands and allows them to work on higher-value activities that are more interesting and rewarding, such as improving the customer experience or helping a client find the right solution for their needs.
FREQUENTLY ASKED QUESTIONS
Robotic Process Automation (RPA) is technology that can emulate or copycat a sequence of actions or steps in a rule-based, repetitive process, and power that process to run automatically on a computer with or without human involvement.
Yes! RPA can have value in any workflow or process that is repetitive, rule-based and high volume. In the right applications, RPA can yield tremendous return-on-investment by reducing the amount of time humans need to spend on tasks that do not truly require human decision-making and intellect. This saves resources and frees up team members to focus on more meaningful tasks that DO require humans: innovative ideas, creative thinking, strategizing, and all the other people-powered contributions that make companies grow. RPA can also greatly enhance the speed and efficiency of tasks, improve customer service, and ensure compliance with quality control and regulations. RPA has applications in virtually every industry, at any scale.
It is difficult to state an exact cost for an initial investment in RPA. Many factors contribute to cost including the simplicity or complexity of the processes to be automated, the level of autonomy or support a business chooses to have with a service provider, and the chosen software platform. While RPA can yield significant return-on-investment over time, it is not a quick, simple, or cheap “magic wand” that can be waved for limited functions or sporadic use. The industry standard is to anticipate an initial investment of $15,000 – $50,000 for RPA implementation. The more automations that are deployed, the better return-on-investment as a company can realize greater economy of scale-building from the initial start-up costs. In most cases, the ROI can be accurately pinpointed prior to selecting the automations. So it is possible to know, in advance, the level of cost savings the automation will yield. Most companies see the technology paying for itself in months, not years.
No! The use of the word “robot” is somewhat misleading. RPA will not populate your office with robots and eliminate your human workers! The purpose of this technology is to free up humans from menial tasks that do not make good use of talents and creativity. It enhances job satisfaction, productivity, and overall mental wellness by eliminating the mundane, boring, and repetitive tasks for which computers are much better suited than people. It is also important to remember that not all tasks make sense for automation. Thoughtfully reviewing current workflows and effectively evaluating automation potential is a CRITICAL early step in ensuring RPA can be a success in any organization. Think of RPA “robots” as helpers for humans, not replacements.
RPA has experienced a meteoric adoption rate in the past decade. In fact, RPA has a projected 32.8% compounded annual growth rate (CAGR) from 2021 through 2028. Because of this, there are use cases and proof of concept examples for thousands of automated workflows in virtually every industry and market sector. Independent research by Gartner indicates:
- 100% of Fortune 500 Companies have implemented RPA on an enterprise scale.
- 80% of finance leaders have already implemented or plan to implement RPA.
- 20-60% cost savings can be expected on baseline FTE for financial services.
- 80% reduction in cost in labor intensive tasks.
- 30% lower operational costs expected through combination of hyper automation technologies and redesigned operation processes by 2024.
- 98% of IT leaders believe RPA is vital for driving optimized business outcomes.
RPA implementation requires careful planning and organizational commitment to long term success. Beginning your RPA program will require key stakeholders in your organization to support, promote, and champion the technology culturally – from C-Suite to daily users. Whether your company chooses to create and build an in-house Center of Excellence with staff I.T. resources or you work with a consultant to integrate with your team, you will need to dedicate resources to the process for identifying critical workflows, understanding I.T. infrastructure, making decisions, and working closely on the various components to ensure success.
To learn more about the potential for implementing RPA in your business, contact us for a complimentary exploratory session. Our expert RPA team can answer your questions, help outline initial requirements, and assess automation opportunities in your current workflows and processes.
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