5 Benefits of Robotic Process Automation (RPA) for Business

Even though digital transformation is not all about technology, we cannot deny that it still plays a crucial role in determining the success of a company’s transformation. The emerging technology can be utilized as a digital innovation strategy that is integrated into all areas of business, resulting in fundamental changes on how businesses operate and how they deliver value to customers.

One of the emerging technologies that is now widely used by many businesses is Robot Process Automation (RPA). RPA continues to be a hot topic in the business world for a variety of reasons.

"RPA is a promising new development in business automation that offers a potential ROI of 30–200%—in the first year". – McKinsey

In line with the statement from McKinsey, RPA is proven to be beneficial for organizations as they have achieved significant benefits after implementing RPA. It not only increases your revenue, but it also increases the productivity of your employees.

Get to Know about Robot Process Automation

Robot Process Automation, or RPA for short, is a software technology that allows a digital workforce to collaborate with human personnel by automating business activities. Businesses can use RPA software to acquire and interpret data for tasks like processing transactions, updating data, triggering responses, and communicating with other software.

RPA is versatile and adaptable enough to be employed in a wide range of businesses, from start-ups to large companies. It has the intelligence to determine whether or not a process should go place. RPA examines the information it is given and makes a decision based on the logic parameters defined by the developer.

Studies suggest that 70–80% of responsibilities can be described as rule-based and, therefore, can be potentially automated with RPA tools. As a result, business will gain several benefits from the application of RPA. What are they?

5 Benefits of Robotic Process Automation for Business

Robotic Process Automation (RPA) as a digital innovation strategy delivers measurable benefits then continues to add value as it picks up momentum and spreads across the business. The 5 benefits of RPA are as follows.

a. Greater Productivity

Practices that apply to the development, deployment, delivery, and support of certain services in an organization. It includes business analysis, service design and desk, availability management, and so on.

RPA robots are programmed to do specified routine jobs in a shorter amount of time. It lowers the number of errors made by personnel performing routine tasks such as data entry, resulting in fewer operational hazards. As a result, RPA eliminates error-prone human operations and allows you to easily increase your virtual workforce.

Technical Management Practices

b. Greater Accuracy

Making mistakes is a natural part of being human. Even mirror errors, on the other hand, can be costly and time-consuming to correct manually. The good news is that you may decrease processing errors by deploying RPA in your firm. According to the Deloitte Global RPA Survey, RPA met or exceeded 85 percent of respondents' expectations in terms of accuracy, timeliness, and flexibility. As a result, no rework is required, and compliance is near-perfect.

c. Cost Savings and ROI

According to multiple studies, RPA may save companies between 30-35% of their spending on non-productive and repetitive tasks. In RPA, ROI is the balance of the costs of system implementation, development, and maintenance. ROI is all whether there are fewer costly errors, higher productivity, and satisfied team members or not. RPA can help you save money and increase your ROI.

d. Customer Service

In terms of customer service, RPA completes jobs with 100% accuracy and a capability to work 24/7. RPA can be genuinely revolutionary in a variety of interactions and contact points throughout the customer lifecycle. Shorter transaction times result from enhanced operational speed, fewer errors result from RPA's ability to simplify vast volumes of data, and broader automation results from automating redundant customer service jobs.

e. Scalability

RPA allows high-volume business processes to be more nimble and adaptable in this fast-changing world. It can assist you in achieving your goals by supporting a variety of company functions. You can also change any form of routine tasks that your business development project needs. Moreover, it can manage unpredictable market demands easily with the help of RPA.

To summarize, Robotic Process Automation (RPA) is one of the emerging technologies that firmly roots your business in this digital world by providing options to work smarter and faster. With all its benefits, the implementation of RPA as a digital innovation strategy allows business to deliver greater value to customers and thus improve its ROI.

Find out more about Robotic Process Automation (RPA) as a Digital Innovation Strategy only at Multimatics!

Reference:

Automation Anywhere. (2021, February 3). RPA | What is Robotic Process Automation. https://www.automationanywhere.com/rpa/robotic-process-automation

NIX United. (2021, December 21). What is RPA and How Can Businesses Use it for Their Benefit? https://nix-united.com/blog/what-is-rpa-and-how-can-businesses-use-it-for-their-benefit/#