“Robotic Process Automation” or RPA is a simple yet powerful term that enables the automation of the tedious, mundane and repetitive tasks. With the help of metaphorical robots or digital workers, it not only provides efficacy but also aids in cost reduction. It has artificial intelligence (AI) and machine learning (ML) based capabilities that can mimic activities that human workers do. Imagine a digital robot which is able to connect to a system and scrape error-free web data for you, that too within a blink of an eye.
Using various RPA tools, a company can have these robots to capture and interpret applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems. The scenario can range from something as simple as sending an email to deploying thousands of robots to automate several processes.
Challenges encountered by businesses
- Companies need to increase efficiency and reduce cost.
- Customer service is burdened which causes delayed and often deficient feedback regarding tickets and complaints.
- Investment in ERP systems, BPM solutions or shared services is exhaustively costly.
During this time of uncertainty, businesses are focused on cost reduction and RPA is one effective method to do so. RPA reduces employee’s time to perform error free rule-based business processes.
RPA in various business sectors
RPA in Banking: In the banking sector, RPA automates task such as processing forms and adding client data to the system. RPA software facilitates automated underwriting that leads to error-free credit card scoring, risk assessments, better document management and workflow management.
RPA in Logistics: RPA allows efficient integration of data thus saving business logistics from hassles. Moreover, filtering and prioritizing information from data can allow better decision in logistics, which RPA can easily accomplish with great speed and accuracy.
RPA in HR: RPA has the potential to increase employee empowerment. It aims to democratize automation development and helps employees focus on more interesting and challenging tasks, resulting in their job satisfaction.
- The organizations that have high-frequency repetitive tasks can expect 50-70% cost reduction with RPA.
- It is expected that by 2025 that businesses will gain a potential savings of $5 trillion to $7 trillion due to RPA.
- ROI from RPA deployment can vary enormously from 30% to 200%, depending on how effectively automation is aligned to processes.
- According to the NASSCOM, domestic businesses can cut costs by up to 65% through RPA.
- According to a McKinsey White Paper, RPA is a promising new development in business automation that offers a potential ROI of 30–200 percent — in the first year.
- Gartner research has found that the average amount of avoidable rework in accounting departments can take up to 30% of a full-time employee’s overall time. This equates to savings of 25,000 hours per year at a cost of $878,000 for an organization with 40 full-time accounting staff.
We at Daas Labs employ RPA and can help you with your cost saving.
Read more why you need RPA: https://daaslabs.ai/blog/why-you-should-adopt-rpa/
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