Automation is a hot topic nowadays, and robotics that aids this technology is a powerful combination to accelerate business processes that are routine, rule-based or high in volume. With structured inputs and clear business rules, Robotic Process Automation software using AI Showcases how people interact with software applications, and generates results in shorter time, with lesser mistakes and a 24×7 runtime. RPA, an important arm of artificial intelligence (AI) is forming the building blocks on how mega organizations run. Additionally, the development of intelligent technologies and models like machine learning can be coupled with RPA to tackle perceptual or simple judgment-based activities as well.We can draw parallels between the autopilot system in an aircraft and RPA. The former is meant to assist the pilot during a flight operation by automating simple tasks like taking the flight on the path to the destination but leaving complex tasks to the pilot like landing or flying through turbulent weather. Multiple reports and new stories highlight the enormous benefits organizations are realizing already, putting the onus on you to employ them in an increasingly automated world. Let’s review how critical RPA can be to your business.
Accelerating High-Volume Tasks To Improve Productivity
UiPath talks about RPA taking over tasks which agents perform 50-60 times a day.Since businesses today operate in a competitive environment that rewards those who provide customer-friendly and accurate results faster, automation is a rising trend that organizations just cannot afford to ignore. RPA, that takes the form of software robots can interact with applications much faster than what a customer service or a finance agent does, executing rule-based tasks like filling KYC forms, pulling up customer data, or filling forms with data from connected legacy applications. RPAs top two benefits, according to a Softomotive Global study, are improved productivity and accuracy, prioritized before the benefit of cost savings. They eliminate the typical error rate generated by a customer service team and execute processing of cases much faster. The RPA market is set to explode from about $700 million in 2018 to about $2.9 billion by 2021, according to Forrester.
Cost-Effective RPA Implementation and Cost Savings To the Business
Some of the vital benefits RPA brings to organizations is the low-cost mode of deployment, contradicting some of the beliefs created by enterprise technology which are heavy investments. With RPA, not only do the results lead to cost-savings, but your investment is fairly reasonable as well, right from when you decide to deploy the technology till when it becomes a part of operations. In fact, Gartner predicts that adoption of RPA will increase given the reduction in average RPA prices by 10-15% by 2019. Businesses who have partly or fully implemented RPA across their business or customer processes see almost immediate ROI with the limited opportunity investment, coupled with the virtual workforce capacity that RPA brings. Typically, businesses realise around 25-50% of cost savings.
Can Be Deployed Without Ripping Current Software
Another key attribute of RPA is the ability to be easily configurable, ready to deploy on top of your existing software systems or business processes. This means that there is no heavy cost involved in re-writing your current legacy and modern software, as the bots can be deployed into the current architecture. Moreover, they can be trained just once to execute a series of steps through rules and criteria, and add-on instructions can be fed in as your business evolves or market regulations change. RPA therefore is flexible, yet robust, and is application agnostic, using APIs to connect between software applications and improving the overall performance of the technology set up. According to a study by UiPath, the BPO industry is rapidly adopting RPA, and 47% of BPO buyers vote this technology as a critical component of provider capabilities.
Scale RPA Deployment Quickly, Comply With Evolving Regulations
Given the sense of how RPA is structured, along with its characteristics, it doesn’t take long to infer how it can be rapidly deployed across multiple departments or geographies of your organization. Enterprises are testing the technology in one department, and taking the learnings to execute it across other organizations. But with the low-code, low-programmable nature of RPA comes the need to exercise caution while scaling automation operations, as the nature of different departments or regulations governing their operations sometimes leads to the software robots not working fully as expected. As you increase the deployment, setting up a centre of excellence with close coordination with business stakeholders can prevent these hassles. Robots can absorb changing regulations and execute processes faster and more accurately compared to a human team tasked with the same work.
Work Redistribution Among Workforce & Bots
Recalling our comparison of RPA with an autopilot, robotic automation gives organizations the opportunity to manage their workforce and devote roles that are native to both humans and bots. In an aircraft, the autopilot does work that is predictable, routine and not risk-heavy. However, the pilot, is in control during risky periods like take-off. Similarly, the opportunity of RPA allows a steady reorganization of your workforce, providing avenues for workers handling manual processes to be in control of added responsibilities like a complex customer query which the software cannot handle, or can be upskilled to take up open roles in similar departments. RPA can also create new execution possibilities that weren’t present before. Steering your workforce during this phase of automation deployment is critical to the survival and future of your business, as humans will continue to handle mission-critical roles, while there could be a substitution of mundane roles.With RPA clearly set to be rapidly adopted across industries in the next few years, technologies will evolve, become more mainstream and cost-friendly to even startups just getting started on a shoestring budget. RPA offers multiple benefits that go just beyond productivity or cost-savings. Gartner and other analysts predict a 40-60% growth path for this technology over the next few years, indicating not just the huge demand, but the indispensable nature this technology comes with, that could be the difference between an industry leader and a laggard. Functions like finance, customer service or procurement are being rapidly disrupted by automation, as stakeholders shift work roles to leverage their capabilities and boost bottom-line growth. Our expertise in RPA covers requirements across multiple business functions like customer service, marketing, and sales. Get in touch with us to know how our comprehensive process automation or chatbot capabilities can drive operational efficiencies and boost customer satisfaction scores at your business.
Product Marketing Manager at Sayint
Chaitanya has been a Product Marketing Manager at Sayint. He is responsible for providing actionable insights to Sayint to help increase conversion rates. he also owns content strategy brand positioning, SEM activities along with GTM Marketing. Prior to sayint, He worked as a Digital Marketing manager at various SaaS companies. Chaitanya holds a Masters degree from Cambridge Judge Business school in Strategic Product Marketing.