One of the most talked-about technology among companies is RPA or Robotic Process Automation. According to the Global Market Insights research report, the Robotic Process Automation market is likely to surpass USD 23 billion by 2026. It is such a sought-out technology as companies can benefit immensely by enhancing their overall performance and consistently provide value to the customers.
By implementing Robotic Process Automation into a business, it’s easy to see exceptional organizational growth as well as increased accuracy and productivity. A study conducted by Mckinsey showed that Robotic Process Automation implementation delivered companies between 30% to 200% return on investment in its first year.
Here’s how Robotic Process Automation can boost operational performance.
1. Improve Customer Experience
Customers are one of the most critical assets for any business. Without an excellent customer experience, most organizations would have to cease business. In today’s business world, a business needs to consistently meet and exceed customer’s expectations. PwC surveyed 15,000 consumers and found that 1 in 3 customers leave a brand they love after just one bad experience, while 92% would completely abandon a company after two negative interactions. It’s no secret how vital customer experience is for an organization.
Businesses that utilize Robotic Process Automation to handle repetitive tasks will leave room for their employees to focus on more value-added work. Key functions like order fulfillment can be automated to fasten the fulfillment process with higher accuracy and consistency. Additionally, customer service can be enhanced by using automatic services to improve resolution time for customer issues.
A consistent effort to improve customer experience with Robotic Process Automation will help provide better value to the customers. The use of this technology not only increases customer experiences and customer loyalty but gives a business a competitive edge over its competitors.
2. Reduce Cost
Implementing RPA is an ideal solution to reduce costs while also improving productivity and efficiency. According to the National Association of Software and Services Companies, using Robotic Process Automation can have a significant labor cost reduction between 30-60%, and businesses can begin to see their return of investment (ROI) in as little as six months.
Robotic Process Automation will significantly help businesses to save costs due to human error. As per Harvard Business Review, incorrect data input by humans costs USD 3 trillion per year in the United States alone. An automated robotic system will cost nowhere close to a full-time employee and is an excellent alternative for outsourcing tasks that are manual and repetitive. It is faster and error-free. Robotic Process Automation also can produce continuous workflow, which can help streamline the operations resulting in higher accuracy, faster processing time, and increased efficiency.
According to SiberTech, using some type of Robotic Process Automation in a company’s workflow can lower operational costs between 25-50% in their first year of using it.
3. Enhance Productivity
Productivity is commonly one of the most pressing issues a business can face. Most often employees tend to struggle to perform mundane, repetitive work that often results in low productivity. Approximately, 10-20% of human work hours are spent on repetitive tasks, according to Software Testing and Bid Data Hadoop. To succeed and grow, businesses need to optimize processes to improve performance by efficiently allocating resources.
Robotic Process Automation can help perform repetitive and tedious tasks with a high level of accuracy and consistency allowing employees to focus on more significant and more impactful duties. This change enables employees to fully engage and drive core strategic initiatives to improve business performance. Doing so elevates employee morale and increases job satisfaction. Also, this technology can be used 24/7 which enables businesses to increase their resource capacity leading to higher productivity and rapid growth.
A new study from ISG found that using Robotic Process Automation allows businesses to complete processes with 37% fewer resources and 5 to 10 times faster than a human employee could.
4. Increase Scalability
A study done by SSCON found that the scalability of Robotic Process Automation software was unbeatable and could be doubled instantly before product launches. Scalability is one of the key benefits of Robotic Process Automation that is commonly overlooked. Businesses can build their robotic workforce to fit their workspace’s needs at a minimal cost in a short amount of time.
Even if businesses are continually changing parts of their operations, the automation workflow can be changed easily to adapt to situations to consistently meet the operational needs. As per a study, 65% of the respondents said that the most value they get from Robotic Process Automation is in driving more predictability and quality in the processes, and 50% said that speeding up time to complete the process is of value.
Also, Robotic Process Automation can be beneficial during periods of intense growth or peak business activity, which could be due to a new product launch or busy seasonal times of the year. Instead of having to train staff, businesses can leverage this technology to help sort through the increased traffic and workflow while improving overall performance to consistently meet customer demand.
5. Increase Accuracy
It’s easy for employees to make errors that can cost an organization a ton of money. Mistakes will happen, no matter how careful and thorough employees are at performing their tasks. Using a Robotic Process Automation eliminates these issues due to its automated and optimized workflow that is error-free and consistent.
Robotic Process Automation can carry out critical, high-volume complex tasks faster with more accuracy, leading to faster processing and reduced waste. This accuracy will help in all aspects of a business, including analytic reporting. This technology is designed to return a huge amount of performance data analysis. This information can be used to continuously improve performance and avoid costly operational errors.
The more repetitive tasks are automated, the higher is the accuracy and processing time. Eliminating human errors does have a huge cumulative impact on costs and customer satisfaction levels.
In the coming years, businesses will gain enormous benefits from the capabilities of the RPA technology. Using Robotic Process Automation will help boost operational performance to better meeting customer needs, gaining a competitive edge, providing accuracy, scalability and reducing overall work costs. Investing in this technology frees up employees to work on high-scale projects to effectively use their talents and strengths. Technology is transforming the business world and will continue to play a key role in the future. Leveraging RPA technology is vital to transform the business and to increase the competitive position in the marketplace.