Robotic Process Automation: The Future of Business
Robotic Process Automation is the latest disruptive technology in business today, and for good reason. In 2019, Gartner cited Robotic Process Automation as the fastest growing software segment and a necessity for organizations who were looking for ways to improve operational efficiency and integrate legacy systems with new enterprise applications and digital business.
Robotic Process Automation (RPA) can quickly transform any business by creating processes that reduce workforce, eliminate errors, and lead to increased profits.
From finance to hospitality, no matter which industry your business is in, RPA should not be brushed off as the flashy tech trend of the moment. RPA is the future of how business will be done for any organization that is interested in success.
What is RPA?
While no real robots are involved, RPA software works similarly by automating repetitive, rules-based work tasks and can react to specific triggers and mimic many, if not most, human actions. In effect, it can automate any mind-numbing, time-consuming task that an employee might do manually.
RPA can complement daily work routines, enhancing employees’ capabilities, and allow for businesses to spend more time and money on growth, creativity, and innovation.
The following benefits are widely cited by companies that have deployed RPA
- Reduce Errors. It is inevitable that human errors will occur when people are required to do the same task over and over again. Set up correctly, bots complete the process the same way every time and don’t get fatigued, reducing error rates and inconsistency.
- Quicker turnaround. RPA works faster than humans doing the same tasks, which means higher productivity throughout the organization.
- Optimize Human Resources. Studies have shown that employee satisfaction increases as people perform meaningful and worthy jobs. Allowing employees to spend their time on more important work will improve morale and lead to a more innovative and productive work environment.
- Cost savings. Companies that hire seasonal workers for data transcription work, such as retailers during the holidays and accounting firms during tax time, have reported that RPA has allowed them to handle peak times with far fewer seasonal hires.
- No downtime. Software bots can work all the time – 24-hours a day every single day of the year – at 100% capacity. RPA doesn’t take holidays, doesn’t sleep, won’t need sick days, vacation days, or mental health days. People need these things in order to perform optimally at their jobs, and bots allow businesses to continue to run without added and undue stress on it’s workforce.
- Reduce workforce size. Automation pushing out employees is a sensitive subject, however reducing workforce size is a big financial benefit to organizations. A smaller workforce not only saves money on salary, overtime, and insurance, but also reduces resources needed such as training programs, employee events, and other support systems.
Large organizations such as Walmart, Best, Buy, and even Harvard University have integrated RPA, however this system is not relegated to only the elite. Businesses don’t need fancy software or deep system integration to have RPA tools work with their existing legacy systems. RPA is an extremely scalable asset, and the robotic workforce can be adjusted to accommodate the peaks and valleys of the company’s workflow.
Businesses bringing in RPA will see an increase in efficiency and speed, cut costs without sacrificing quality, boost productivity, and bring in a measure of flexibility and agility while allowing their employees opportunities to focus on more meaningful tasks. RPA will quickly become a necessity for any organization looking to remain competitive in a world where business success requires constant innovation.