A skilled resource anywhere across the world usually devotes her time on two types of tasks: routine and non-routine. While the latter allows for creative and cognitive thinking that allow organizations to evolve and stay with the times, the time share given to the former could well be relooked at.
Robotic Process Automation, according to an expert in this field, is the science of taking the robot out of the human.
BPM revenues in 2015 were around $177 billion, but the impact of robotic process automation was around $125-175 million. Although it is a significant figure, the scope of expansion is very huge, considering technology services and products are being adopted heavily in a digital-first world, and companies increasing workload and resource crunch. We throw some light on how RPA could be the silver bullet your business needs today:
1. Busting Workflow Inefficiencies, Improving Quality
When there are lot of procedures and rules for a typical customer associate or an analyst to follow, it is only human to err. Further, the complexity of businesses and the varying possibilities and concerns their clients come up with adds more fuel to the fire. The solution previously was incremental improvement in existing practices, but a larger solution had to become mainstream. This is where the efficacy of robotic process automation came in. From a broad view, it allows businesses to reduce the margin of error, especially in repetitive tasks, between 5-10%.
2. Shoring up Productivity
As many refer to the Henry Ford story, people would have asked him to deliver faster horses. But the paradigm shift he brought in by introducing cars is something the tech industry has adopted well. Robotic process automation has given the enterprise world an opportunity to take a quantum leap in improving turnaround time. Productivity among resources, workflows and project times have all seen an uptick, and all of it hasn’t come at the cost of quality. Robotic automation has the ability to complete tasks, with almost 100% accuracy.
3. Consigning Monotony To History
With the amount of work increasing by 50% every year across brands, there is a corresponding increase in the amount of data generated, and the routine work that is involved – adhering to filing, reporting and compliance requirements. For now though, business automation software is able to handle all non-cognitive, repetitive and reporting tasks that need to be repeated over time, without any change in standard operating procedures. That’s where rules can be codified and outcomes can be faster. Further, if you might think that RPA is a costly investment, adopting it is actually very economical.
4. Enforcing Better Regulatory & SLA compliance
With fierce competition and enterprises leveraging regulatory loopholes to move ahead in murky waters, the pressure is on companies to deliver with better quality and in record time, or run the risk of relinquishing their business to someone else. On the regulatory front, businesses in sectors like insurance or international trade have to tread cautiously, with changing policies across the world. Robotic process automation is the answer we have been looking for, as protocols and policies can be fed in for processes to be automated accordingly. used to take a complicated flow between brokers, compliance experts and operations resources, can now be transferred to business automation.
5. Reaping Dividends By Balancing Automation & Human Reasoning
Apart from the threat of RPA taking over human’s jobs, it is important to note experts are now advising not to succumb to the pitfall of automating everything. Robotic process automation is a powerhouse in simple, self-repeating tasks. McKinsey suggests around 45 percent of activities individuals perform can be automated with new forms like intelligent automation, but even if some of those aspects have a cognitive or complex process involved, having your teams monitor or control it is something you should consider.
6. A clutter-free service & support experience
In your customer care department, you can see the amount of apps the service representative uses to verify and retrieve information. There are high chances that your colleagues are struggling to offer that dream experience you want. But look at how a leading American business process outsourcing provider is using robotic process automation. In order to manage millions of reward cards among its global customers, it is now reaping enormous dividends, while handling 3 million calls annually: it has seen a 40% improvement in average handling time, and its quality assurance score has improved to 96%.
7. More employed resource to focus on complex tasks
A recent article shows how we are still offering jobs with descriptions that are uninteresting, if not demotivating. When enterprises are expanding in scale and scope, it becomes paramount to lift the level of tasks being done by your workforce. That is now becoming a faster reality, thanks to process automation. This is the time to overhaul jobs that have been reminiscent of ones being in vogue around 130 years back. People can beassigned interesting tasks that require human reasoning and judging, something that machines cannot process now.
On the flip side, the threat of RPA taking over human’s jobs is nothing more than predictions that would not hold for long.
8. Can Flexibly Adapt To Changing Business Environments
Legacy organizational functioning was much like a punching bag: Deliver a knockout punch today by providing customer delight, only to be hit back when you got hammered for not altering your quality metrics being aced by your peer. Industry and product updates can be shared and updated into your robotic process automation systems, in real-time, for the system to adapt and continue delivering excellence, every time. The sophisticated thinking process automation is offering allows businesses to stay nimble and ready for market movements that can happen anytime.
9. Cost Efficiencies
In a recent report, Deloitte talks about RPA robots and chatbots having the ability to perform a list of more than 600 actions in a given sequence, which shows the level it has reached, and how it can realise cost benefits for you. The level of its potential right now is almost superhuman capabilities, and it certainly rebuffs reports that RPA is a costly investment. The National Association of Software and Services Companies (NASSCOM) talks about RPA implementaions delivering cost reductions of upto 65% for onshore process operations. This is not an exception in the enterprise world, but it is becoming a norm that you can tap into.
10. Implementation With A Strategic Outlook In Mind
Although experts in the RPA field do not comment on the strategic impact process and business automation has, it is now clear how a robust and customized strategy can give you the power of short and long-term benefits. McKinsey, which elaborates on the the fundamentals of workplace automation, talks not just how the bandwidth of high-wage employees like VPs and CEOs can be automated, but how this is proving to be a real disruptor in a time when industries, not businesses, can disappear in a matter of monthsAs much as we can talk about all the advantages robotic process automation offers, let us also keep a few things in mind. Having a scattered or unplanned roadmap, facing the resistance from peers and clients about their work being automated, opposition against RPA being 100% accurate are some of the few roadblocks you might encounter. But industries are realizing upto 200% savings in time and money, and its time you consider firming up your RPA plans.