RPA has seen consistent growth in recent years, and this trend is expected to continue and grow steadily in the next normal. RPA has earned a solid reputation for offering a high ROI potential and easy implementation. In turn, many organizations across industries have adopted RPA as a must-have tool in their digital transformation strategies.
What is RPA?
By necessity, remote workforce enablement became a vital priority for enterprises everywhere in 2020. With this push for digital transformation, RPA revenue has and will continue to experience tremendous growth, according to the latest forecast from Gartner, Inc.:
- Going into 2021, Gartner, Inc. projects that RPA revenue will increase to $1.89 billion, an increase of 19.5% from 2020.
- Large organizations are expected to triple the capacity of their existing RPA portfolios through 2024.
- The RPA market is predicted to grow at double-digit rates through 2024.
- By 2022, 90% of large organizations internationally will have implemented an RPA solution in some form.
While COVID-19 has undeniably caused economic pressure that has impacted the RPA market, it’s clear that RPA adoption has found a way to remain a priority. With its proven ability to improve process speed, quality, and efficiency, many enterprises see RPA as a key tool to navigating current challenges at hand, like cost-cutting. In today’s business landscape, there has never been a more urgent time to get started with RPA.
But before you dive into the world of RPA, it’s essential to have a well-rounded understanding of RPA’s top benefits.
Top 10 Advantages of RPA
1. Better Accuracy
RPA can eliminate human errors, especially those related to tedious, repetitive tasks. With RPA, you can program your digital workforce of RPA software bots to do specified tasks and follow rules of your choosing. Upon receiving these instructions, the bots proceed to execute them quickly, consistently, and without error, making your business processes airtight. Without time-consuming errors to correct, you’ll also unlock extra free time to spend elsewhere.
2. Make the Most of Your Talent
Your human employees are at the heart of your organization. But that doesn’t mean that digital workers don’t have a helpful role to play. RPA bots can help your employees get their work done faster. And when bots take over tedious, repetitive tasks, the employees who were once tied to them can enjoy more meaningful “human” work. This shift in responsibility help to create better work environments and in turn, happier, more fulfilled employees. With RPA, you can take your employees into the future of work with you and help them reach their full potentials.
3. Easy to Implement and Use
Not a coding wizard? RPA’s got your back. These solutions feature a low-code to no-code interface, depending on the RPA solution vendor you choose. As a result, your RPA initiatives won’t put too much strain on your IT team alone, as you can train other workers to use this user-friendly technology. And when you have more hands on deck, you can roll out your solution and begin seeing results sooner.
4. Keep Your Existing Systems
With RPA, you won’t need deep system integration or additional software to make your legacy systems and RPA tools compatible. RPA plays well with existing systems of records or business applications that would be otherwise expensive and difficult to replace. It also leads with a non-invasive, user-interface-based approach. This approach allows you to automate the processes you want without having to make changes to your existing systems. This also means that there’s not a considerable amount of complex integration work. This advantage can be a huge ROI driver.
5. 100% Audit-Friendly
RPA keeps your organization ready for audit time, all the time. You can use automation to set up a complete digital audit trail and improve the controls for your processes, including those which were once too difficult to audit.
6. Deliver Better Customer Experiences
Efficient processes can truly revolutionize the customer experience. RPA can help you serve your customers the fast, reliable service they want. Back office processes are notorious for slowing down business operations. But when bots take over these processes, they can work quickly to keep business moving efficiently. Plus, since RPA can eliminate manual errors, customers will no longer face the frustration of mistakes made involving their data. And with the time you get back from streamlined, bottleneck-free processes, you can go the extra mile to deliver top-notch customer experiences. In time, these smoother customer interactions can even boost revenues as you earn your customers’ loyalty for additional ROI.
7. Highly Scalable
RPA is a versatile solution that can be as small or as large as you need it to be. If you want to add more bots to your digital workforce, it’s a fast and easy process. This is especially helpful for organizations that have an influx in business during certain seasons. Additionally, RPA’s scalability makes it a highly sustainable piece of technology that your organization can rely on as it grows and changes long-term.
8. Enhanced Productivity
Productivity is one of the most significant advantages of RPA. Your virtual workforce of bots can work at lightning speed 24/7/365 without any distractions or need for breaks. And since RPA bots can complete tasks as instructed with little to no human intervention, you and your human employees. This way, the time your employees used to devote to completing these tasks and fixing errors can be spent attending to more value-added work.
9. Reduce Labor Costs and ROI
When you reassign your high-volume, time-consuming tasks to bots, naturally, operating costs can drop significantly. The Institute for RPA estimates that this technology can deliver an immediate savings of 25% to 40% in labor costs. Additionally, since RPA doesn’t require changes to your existing systems and is quick to implement, there’s a high potential for fast ROI. According to McKinsey Digital, automating business processes with RPA can result in a Return on Investment (ROI) of between 30 and 200 percent in the first year alone.
10. Expand Your Reach with Intelligent Automation
Finally, it’s worthwhile to consider the long-term value this technology can offer you. Sure, you can make a significant impact from the get-go with simple assisted automation projects using RPA, such as setting up automated emails or automatic Excel report generation. But when you’re ready, RPA is fully capable of going even further.
You can evolve your solution with the integration of AI to upgrade your automation projects with cognitive abilities. Additionally, adding text analytics, machine learning (ML), computer vision, and natural language processing are among some of the ways you can take your solution to the next level. Intelligent automation also helps you unlock the ability to:
- Automate tasks that require judgement
- Bring prescriptive and predictive analytics into the mix
- Increase bots’ self-sufficiency and management abilities
- Process unstructured data
- Add vision and voice interfaces to your bots
Get Future-Ready with RPA
“The key driver for RPA projects is their ability to improve process quality, speed and productivity, each of which is increasingly important as organizations try to meet the demands of cost reduction during COVID-19,” said Fabrizio Biscotti, research vice president at Gartner. “Enterprises can quickly make headway on their digital optimization initiatives by investing in RPA software, and the trend isn’t going away anytime soon.” Sure, RPA can save you money while raising your revenue, but it’s so much more than just that.
RPA will change the way you work for the better. When you’re ready to get started on your RPA journey, contact us to set up a consultation.
Intro to Hyland RPA
February 24th @ 11:00 AM CST