Businesses of all sizes are realizing the benefits of robotic process automation (RPA), prompting them to adopt it. Since introducing this technology in the early 2000s, RPA has become an integral part of many companies' processes. It can work with legacy systems and doesn't require costly programming knowledge or investments in IT infrastructure. Additionally, it's capable of replicating human behavior with a high level of accuracy and speeds up mundane tasks (which allows employees to focus on other, more important aspects of their roles).
Let's break down what robotic process automation is, how it has changed how companies operate, and then focus on the seven benefits of robotic process automation.
What is robotic process automation?
RPA is the automation of business processes via software robots. RPA software robots can mimic many human actions, which can include logging into applications, processing data, triggering responses, and communicating with other digital systems. Essentially, RPA is software that can be programmed to do basic tasks across applications and systems -- similar or even faster and more accurately than a human. Computer programming mimics certain actions or uses interfaces to automate repeated tasks. Since RPA doesn't need human intervention, it can run 24/7 without breaks or sick leave.
How do companies benefit from robotic process automation?
RPA is best suited for high-volume, transaction-based processes where system integration, business rule exceptions, and unpredictable workflows are less commonplace. Humans can train RPA systems to perform high-volume, repeatable tasks within a process while human employees handle exceptions. As RPA software matures, so too will its ability to handle more complex processes. RPA can help businesses in a variety of ways, including:
Customer service
One of the most popular ways companies use robotic process automation is by automating their customer service processes; this can include anything from the customer onboarding process to customer service requests. Automating these processes can help companies save time and money -- all while improving customer satisfaction.
Financial process
Another popular use for robotic process automation is automating financial processes. Financial process automation includes automating the invoicing, payments, or payroll. Automating these processes can help companies save time and money while improving accuracy and efficiency.
Human resource management
Many hours are spent reviewing resumes and application forms submitted by job seekers to fill open jobs in the HR department. Software robots can gather resumes and compare them to specific job requirements. Candidates who meet the requirements set by the RPA software for an interview are contacted, while those who don't are sent rejection letters.
Healthcare
A two-month delay between a patient's initial referral and their first visit is typical in the healthcare industry (since appointments are normally scheduled manually). These missed appointments cost the healthcare industry billions of dollars. With RPA, healthcare organizations can eliminate routine manual data entry. As a result, no-show rates can be reduced significantly by integrating RPA medical bots into appointment booking and patient interaction software.
Manufacturing
Manufacturing companies are turning to RPA as part of rethinking their business processes. Physical industry robots are being used to perform crucial activities such as product assembly, quality control, and packaging in manufacturing plants. Using RPA bots to automate industrial processes eliminates human error, saves money, and boosts output.
Insurance
Insurance companies may easily automate high-volume, unstructured procedures thanks to Robotic Process Automation (RPA). Obsolete models and paper-intensive processes like onboarding, claims processing, underwriting, and compliance with regulations have stifled the insurance industry for decades because they are labor-intensive and slow. Insurers may greatly benefit from RPA in decreasing process times and costs.
What Are the RPA Business Benefits?
Cost savings
Cost savings is a fundamental change that the adoption of RPA can bring about. Automating repetitive, manual tasks can help companies reduce costs by eliminating the need for human employees to perform those tasks. In some cases, RPA can even automate tasks currently done by expensive human experts, resulting in even greater cost savings. Additionally, RPA can help companies become more efficient and agile, increasing profits.
Increased efficiency and productivity
Automation can help increase efficiency and productivity in several ways. It can automate time-consuming and tedious tasks, allowing employees to focus on more important work. Automation can also help improve accuracy and quality and enable faster turnaround times. Additionally, it can help reduce the number of errors made, leading to increased customer satisfaction. In short, robotic process automation can help organizations run more smoothly and efficiently, resulting in higher productivity and improved outcomes.
Improved accuracy
Automation can help to improve accuracy by reducing or eliminating human error. For instance, say you have a task that involves data entry. With automation in place, you can ensure that the data is entered as it should be, eliminating any chances for human error. This improved accuracy can be crucial for finance, accounting, and manufacturing tasks. It can also help to speed up processes and reduce the need for manual input, saving you time and energy.
Increased customer satisfaction
Automated processes are more accurate and efficient than manual ones, which means customers receive better overall service. In addition, automated processes can be customized to meet each customer's specific needs, creating a more personalized experience.
An automated process is a huge advantage in today's competitive marketplace, where customers are looking for unique and individualized solutions. With robotic process automation, your business can provide the high level of service that customers demand while still maintaining efficiency and cost-effectiveness.
Improved compliance and governance
Automated processes are more consistent and reliable, meaning less opportunity for human error. Automated processes are transparent and audit-friendly, so you can easily keep track of all activity and comply with government regulations. In short, robotic process automation can help you achieve better compliance and governance—two essential aspects of any successful business.
Boosted scalability
Considering that conditions change in a company from time to time, such as the types and numbers of tasks required to reach a particular target, automating essential procedures with robots can help companies reach certain goals. Small businesses can utilize robotic process automation in their quest to fit in with the dynamic needs and trends in the market while also growing in size.
Improved security
Security and privacy risks can arise when humans process sensitive data, from intentional data theft to accidental disclosure. However, information like social security numbers, account numbers, and payment information is handled by organizations regularly. Robotic Process Automation (RPA) can be a powerful tool in protecting sensitive data and reducing risk. The risk of exposure decreases as fewer people handle information.
Grow your business today with robotic process automation
To have a clearer understanding of its most important business goals, a firm must implement RPA solutions. Robotic Process Automation (RPA) is a user-friendly option for just about any company wishing to scale up while remaining efficient, even if the process, platforms, and apps are out-of-date.
By partnering with a provider like Teamworks Group, your company will have everything it needs to set up, run, and grow RPA solutions. At Teamworks, we provide automated digital solutions for companies of all sizes and shapes, and we'd love to help yours, too.
Give us a call or reach out to us online if you'd like more information on the benefits of RPA.