The Emergent Need for RPA Implementation in the Workplace
Figure: © IoT for everyone
Monotonous workflows and slow technical progress are the greatest obstacles to growth for a company. Recently, companies have started to implement new technologies to address these challenges. One such cutting-edge technology that has helped companies streamline processes and increase productivity in the workplace is Robotic Process Automation, or RPA.
The RPA-guided systems are highly developed software or bots that are coded using machine learning algorithms. RPA software is able to handle extensive inquiries, repetitive tasks and business processes / activities, which brings a company great cost and productivity advantages.
How does RPA work?
RPA uses intelligent robots to mimic human activity on a GUI. RPA systems use logical (if, if) instructions and link them to backend data via APIs in order to open up various possibilities for a situation. When such a situation or status is achieved, the bot crawls through hidden layers to take the best possible action and then follows the path it has learned from the actions of a human agent.
In supervised automation, some of the process activities are carried out by a bot while a human does the other activities. Both the user and the bot are called by the automated system based on different trigger points.
With attended automation, a bot can be started by an agent at a desired time or when certain conditions are met. With limited human involvement, companies can reduce the overall time it takes to complete a process. CRM and chatbots are ideal examples of supervised automation.
There is no human intervention with unattended automation. The bot can be triggered due to an uninitiated start. These bots are used for backend operations like data matching, KYC, customer onboarding, risk assessment, payment processing, etc. and they usually run on servers around the clock. With this RPA method, companies can be more productive because the processes run in the background without the need for human attention.
RPA is used in several business processes including:
- Invoicing and invoice payment slip creation
- Reporting, data entry and analysis
- Bulk emailing, data extraction and archiving.
- Data and graphics conversion requirements
- ERP and CRM transactions
Benefits of Implementing RPA
The use of RPA services offers companies great productivity advantages. Because of this, it’s a sought-after technology for various industries. According to a report, around 41 percent of all finance back office processes will run on RPA by 2023, while that number will climb to 53 percent by the end of the decade.
Key benefits organizations can experience from implementing RPA include:
Reduced operating costs
RPA software performs numerous operations in a fraction of a second, saving a long time on manual and repetitive tasks. This enables companies to reduce total cost of ownership by 25 to 50 percent. In addition, these savings include software installation and further education / training for employees. Looking at the set-up cost as a one-time investment, most companies overcome it within 5-6 months of the automation, which adds to the efficiency of the organization.
Quality of work and accuracy of results
The manual activities of the employees are error-prone, which reduces the data quality and accuracy. In addition, simple and monotonous tasks consume more employees’ time, which affects their efficiency. With the RPA software, customer service reps can log calls with a single click, while the backend team can speed up their data entry processes with accurate input.
Enhanced customer experience
Customers are the backbone of a company; Hence, it is important to continuously improve the user experience. Since the processes are automated with RPA, employees have more time to engage them and to respond to inquiries in a timely manner. In addition, the chatbot implementation helps companies respond to complaints in real time.
Improved internal processes
The RPA implementation helps with fast internal reporting, faster onboarding and more efficient internal processes. When properly implemented, RPA systems are able to increase employee engagement and the customer experience. Attended automation or unattended automation can be used based on a company’s process needs.
Greater adaptability and flexibility
The introduction of an RPA system brings flexibility to business operations. RPA software can adapt to new conditions and situations, as opposed to people who need time to adapt to the new change in task / process. RPA programs installed on servers address this challenge effectively by using built-in intelligence that makes the process flexible and scalable as the scope of a process is expanded.
Secure company data
RPA can be integrated with multiple business applications, improving the security of corporate data. By integrating RPA, companies ensure that client apps are not modified or compromised by robotic or unauthorized access. RPA Development Services partners remove privileged credentials from scripts and other insecure locations and store them in a secure, centralized, and encrypted location for enhanced security.
The RPA implementation helps companies automate their processes, which allows them to get rid of everyday tasks. Since most of the manual tasks are performed by bots, employees have time to focus on core business activities such as product development and customer service. By integrating AI and IoT, RPA-led software systems can be made more innovative and efficient for business use.