What is Robotic Process Automation and Benefits of RPA in Business

David Cruz
August 4, 2022
|
5
 Mins Read

Robotic Process Automation (RPA), a trending tech advancement, transforms the business world completely. Experts predict that the industry will grow at a steady rate of 33.6 percent from 2020 to 2027. RPA implementation helps firms leverage robotics to upgrade their infrastructure and production capabilities.

Here’s how RPA powers businesses to compete better: –

  1. Saves 22 percent of your staff’s time by eliminating mundane work.
  2. Takes 4-minutes to complete 1 hour's worth of human workload.
  3. Saves 25 to 50 percent in costs by automating tasks.
  4. Automates up to 70 percent of all tasks for increased productivity.
  5. Errs less than 10 times in 100 steps (which is the human error rate).

Our guide helps you understand RPA and its implications deeply. We’ll help you realize why you need RPA to make your business future-proof.

What is Robotic Process Automation (RPA)?

Robotic Process Automation (RPA) utilizes automated business processes and intelligent robots to reduce human interference and chances of error. Assisted with artificial intelligence and machine learning, RPA programs your robots to take on your high-volume recurring operations effectively. RPA robots leverage the user interface to receive information and alter applications just like humans. These human-like bots perform many basic tasks like understanding, causing responses, and collaborating with other systems. Furthermore, they never rest or make huge errors! RPA truly is a boon to all businesses.

Robotic Process Automation Applications

Robotic Process Automation technology has a wide variety of applications in all verticals. We’ve compiled a list of all sectors (across industry verticals) that improve with the introduction of RPA.

  1. Financial services : RPA can be used in the financial industry to automate processes such as account opening, loan application processing, and fraud detection.
  2. Healthcare : RPA can be used in the healthcare industry to automate processes such as appointment scheduling, medical record management, and claims processing.
  3. Manufacturing : RPA can be used in manufacturing to automate processes such as order processing, inventory management, and quality control.
  4. Retail: RPA can be used in the retail industry to automate processes such as order processing, inventory management, and customer service.
  5. Telecommunications: RPA can be used in the telecommunications industry to automate processes such as billing and customer service.
  6. Transportation and logistics: RPA can be used in the transportation and logistics industry to automate processes such as shipping and tracking, fleet management, and inventory management.Government: RPA can be used in government agencies to automate processes such as document processing, benefits enrollment, and payroll.
  7. Education: RPA can be used in the education sector to automate processes such as student enrollment, grade tracking, and transcript processing.
  8. Insurance: RPA can be used in the insurance industry to automate processes such as claims processing, policy issuance, and customer service.
  9. Real estate: RPA can be used in the real estate industry to automate processes such as property listings, contract management, and mortgage processing.
  10. Legal: RPA can be used in the legal industry to automate processes such as document review, contract management, and case management.
  11. Marketing: RPA can be used in the marketing industry to automate processes such as lead generation, customer segmentation, and email marketing.
  12. Energy: RPA can be used in the energy industry to automate processes such as asset management, invoice processing, and supply chain management.

Overall, RPA can be implemented in a wide range of industries to automate business processes and improve efficiency.


6 Amazing Benefits of Robotic Process Automation (RPA) in Business

1. Improves your Company’s Output

Companies that implement RPA experience an immediate positive change in their commercial outcomes. Using artificial intelligence (AI) with RPA opens up new avenues for businesses to try to minimize their costs and errors. For example, if you want a candidate to handle cold calling and product sales, this combination eases these processes extensively.

RPA efficiently automates your tasks to give you noticeable results in a short time. A Forbes study states that their highly competitive participants could gain 4 times on their RPA investment by implementing RPA enthusiastically.

2. Decreases your Costs and Operational Risks

RPA also helps business cut down their costs in a few different ways, such as reducing labor costs significantly. Integration with AI applications also reduces errors that save revenue spent on error detection and correction. Hence, the operational risks diminish to a higher extent when RPA is adopted with other new-age tools.

You can consider these benefits among the best business reasons to invest in this technology. Using RPA commonly causes up to 37 percent in savings.

3. Enhances your Customer’s Experience and Employee Engagement

Customers and employees form the strong foundation of any business. Hence, engaging them and keeping them satisfied is extremely critical for all firms. RPA projects help retrieve data and implement necessary steps to facilitate employee engagement and customer satisfaction.  Being able to support these two necessary segments makes RPA desirable to forward-minded firms. 80 percent of such leaderships see RPA’s value in customer experience and employee management.

4. Provides Greater Scalability

Constantly growing companies need to be more scalable to accommodate changing market conditions and seasons. Whether you’re working seasonally or growing rapidly, firms need to focus on scalability as a growth indicator. Using RPA helps you scale quickly and dramatically to cater to fluctuating changes. You can double your workforce using RPA immediately before the product launch. This flexibility makes implementing RPA a highly successful venture.

5. Optimize the Use of Resources

If you want efficient systems, focus on removing the risk of errors as much as you can. 10 to 20 percent of employees’ time gets wasted due to dull and repetitive computer tasks. The boredom that repetitive tasks induce in your employees may succumb to making unintentional mistakes. Less interest in these tasks causes subpar vigilance, which increases the probability of errors. In such cases, replacing human effort with RPA helps you get the job done more efficiently and accurately. You also end up optimizing your human resources by redirecting them to tasks that require human thought and involvement.

6. Increases Employee Productivity

RPA empowers humans to do what they excel at by delegating low-level tasks to robots. Hence, your staff focuses on interaction, relationship management, and other roles suited to people. This increased focus on customer relationship management boosts your business growth. 86 percent of companies reported a boost in productivity due to RPA implementation. 90 percent of firms reported greater accuracy due to RPA.

Conclusion

RPA does wonders for all businesses. It reduces costs, efforts, and scalability issues significantly. By investing in RPA services, you can see immediate results in your productivity. Your robots work for you round the clock, with precision, and without getting bored or fatigued. Around 96 percent of IT business leaders state automating processes essential for business growth. So, stay ahead of your competition by adopting robotic process automation technology today!

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Article by
David Cruz

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