Reduced Costs– According to Electroneek, companies using RPA have reduced average handling times by up to 40 percent and estimated that the processing costs could be less by 80%. RPA minimizes the time required for all the routine data entry jobs, invoice information feeding, data access for customer service reps, verifying customer details for loan enquiries, and more such. There are hundreds of use cases of RPA in every industry. In average the time involved in the tasks in reduced by more than 30-70% with robotic automation. Not only that, from the industry perspective they would have to employ less and hence there can be considerable cut down on overhead costs. The cost of implementing RPA in processes is far less than the cost saved in long term, off course it would require extensive planning and cost feasibility studies to ensure maximum cost savings.
Reduced errors– Robotic process automation runs on specific algorithms which have been designed to perform the tasks. So, if the machine algorithm has defined that the process should be moving from A-àB–àD—àF–àH-àA, the RPA system will operate the same flawlessly even the millionth time, whereas in case of human involved in doing the job, there are chances of umpteen errors.
This ensures that any task performed through robotic process automation can be benchmarked. So, if the task is of data entry, error free, quality data pool according to the set rules would be created, if it is customer verification, the best verification possible would be attained through set of approved parameters. After all machines will not get distracted at any cost.
Improved analytics and better decision making– If the data entry, data access, refining data to get vital data for analytics is done through RPA, the quality of the data obtained for analysis is way higher than that done manually. This enables better analytics for more accurate business decision making. The robots can extract all the vital data from legacy systems on use specific basis that manual efforts can’t achieve.
Solving compliance and unauthorized access issues
RPA can minimize human interaction with critical and sensitive data, thereby reducing the chances of unauthorized access, data theft, and ensuring highest standards of compliance.
Consistency in product quality
RPA employed in manufacturing and production systems enable producing products consistent in quality. The human element of non-quantification or varied judgments are excluded from the production process which then runs on clearly quantified set of rules and algorithms. Not only that the production is also easy to audit.
Can help scale operations with spike in demands
Think, you are a manufacturer who has suddenly got way beyond normal level of orders for the products. Now, overnight you can’t hire some thousand workers for production. RPA systems have in-built algorithms and models for scaling. Just by adding few nodes or additional RPA systems, you can ensure that abnormally high volumes of products can be manufactured within deadline with no alteration in product quality. The ability to scale RPA systems make them a preferred choice for industries.
Some Fast Facts about RPA
- It was observed through studies that processing claims in the insurance sector using RPA processes are 75% faster.
- The RPA industry is expected to grow to 2.9 Bn $ in 2021 (Forrester)
- It is expected that the market for collaborative robots would be approximately $12 billion by 2025 (Markets and Markets)
- According to Gartner RPA software revenue would be $2 billion globally in the year 2021
- According to Deloitte’s third annual RPA survey, 53% of respondents have already embarked on their RPA journey
- It was found that top performers earned nearly four times on their RPA investments