15 Benefits of Robotic Process Automation

Benefits of Robotic Process Automation

Robotic Process Automation (RPA) emerged as one of the most useful technology for organizations. It is known for increasing the productivity of an organization. Businesses are taking full advantage of RPA to leverage their growth as It automates your day to day tasks(No matter if its complex or Rule based ) and, thus, it helps in saving costs and time and free resources for more meaning full work.

Its is gaining tons of traction due to benefits of Robotic Process Automation its has provided for business efficiency, making employees more productive, and leading to an overall increase in profit.

According to a report by Everest GroupRobotic Process Automation is likely to lead to a cost reduction of close to 65% .

McKinsey & Co. estimates that automation systems could undertake the work equivalent of up to 140 million jobs by 2025. But, new jobs will be created to supervise and maintain automated processes.

Lets see how it can benefit business by automating tasks that are mundane and need little or no human involvement,

Top 15 Benefits of Robotic Process Automation

#1. Better results

No matter how hard an employee pushes himself, he can’t match the speed to the bots. RPA helps in getting better business outcomes. Besides, employees can easily focus on activities having some high value. This way, organizations can bring improvement in business metrics. It can affect the top as well as bottom level managers. Whatever stepping stones exist for the higher value jobs, it can be eradicated with the automation with RPA and utilizing artificial intelligence. After that, employees will be able to focus on the activities that add higher value to the organization.

#2. Cost-saving

If you are thinking of increasing efficiency of employees in an organization, then RPA is the best solution for this. The time to accomplish a task fall to the range of 25-60%. In many cases, businesses can decrease the cost of human resources that is part of the organization. Therefore, you can rely on software bots and invest the saved amount somewhere else.

#3. Promotes Employee engagement

When the employees are working on higher value-added tasks, then they invest too much effort to accomplish them. With the help of RPA and automation, employees can serve more significant number of clients at the same time. Employees can keep themselves engaged with maintaining higher productivity.

#4. Risk reduction

Employees are humans, and we all know that humans can commit mistakes. None of them is entirely perfect, but when it comes to software bots or robots, they perform beyond our expectations. They can complete a task without making any errors. Besides, do not forget the speed at which bots can perform the task. This leads to a reduction in operational risk. Also, humans get distracted easily, but bots will not. They can work without being tired. You do not have to be worried about fixing errors anymore. The only exceptional case is when the software bots start to malfunction.

#5. Customer Satisfaction

RPA acts like a virtual workforce for an organization. It is considered best for improving the customer’s satisfaction and experience. Take the example of a situation when a customer has to apply for a loan. This will take time which hampers the time of the organization too. The complete process from the submission of form and documents, reviews, and approvals from the higher authority is time-consuming. By using RPA, financial institutions can ease the process of loan approval and reduce the time it takes to get a loan.

#6. Environment friendly

We all know that digitalization can reduce the use of paper. RPA offers a reliable way to do most of the work without the use of papers. Organizations can adopt RPA to promote eco-friendly technology without harming the environment.

#7. Data Quality and Collection

As the bots do not commit the errors, it will increase the quality of data. It will result in better analysis. Apart from it, the robots communicate with legacy systems directly. Labors don’ts have to do this themselves. It will promote access to a large amount of data for doing to the point analyses.

#8. Workload

Can you imagine how RPA can influence workload? To the analytics department, automation holds much importance. It will permit them to concentrate on a better analysis by reducing the workload.

#9. Employee satisfaction

Nobody likes to sit for hours and invest time in copying data. You can leave this work to software bots and give time to some other valuable task of the organization. Employees feel satisfied doing works, such as they want to do instead of doing annoying things. They can boost their job satisfaction by learning to handle employee satisfaction.

#10. Focus

IT sector comprises of challenging activities that can’t be carried out with too much stress on your mind. Organizations understand this well, so they are using RPA that assists the employees to get some tasks done without strenuous efforts. Employees can spend time-solving a problem by staying focused instead of feeling bored or stressed.

#11. RPA is Scaleable

Companies around the world have to make adjustments for scaling down or up the operations. This can be handled with RPA. It is scalable, flexible, and simple to implement. The best example you can see in the financial sector when it has to work during the time of natural calamities. A virtual workforce will be a lot useful during that tough time.

#12. SLA analysis

Management seeks the real-time progress of SLA and RPA is best to apply for in such a situation. Knowing and figuring out where the team of a manager is standing is crucial for a company. It is also seen that how an organisation is coping with the volume.

#13. Record Keeping

Software bots do what we instruct them. They provide you with a way to know what they are doing. Processes carried out by the bots are kept safely in the form of documents.

#14. Impact

The results of implementing RPA can be observed in an organization after a few weeks. Some companies might take time to adjust, but the impact of RPA will be useful.

#15. Insights and Analytics 

With bots working on data and analytics, there are lesser risks of data leakages, obsolete information, and incorrect analytics. RPA helps organisation see right through their data and get actionable/verified insights with minimal error rate. RPA also help to collect data where it wasn’t feasible for humans to perform easily. Meanwhile, employees can focus on more sophisticated analytics, leading to better decision making.

Conclusion

McKinsey & Co. estimates that automation systems could undertake the work equivalent of up to 140 million jobs by 2025. But, new jobs will be created to supervise and maintain automated processes.

It can provide plenty of benefits as we already told you in the above points. RPA can completely change the workplace environment of a company.

Of course, RPA is not without its challenges. Unclear or misplaced expectations, resistance from internal IT organization, and inability to create a true Total Cost of Ownership (TCO) model are some of the key challenges in RPA adoption as reported by Everest Group.

But…If your company is going to implement RPA, then that would be a great step towards an improvement in overall productivity & employee satisfaction.

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