Why You Should Invest in Robotic Process Automation Software
Technology has influenced the way people work globally. The future of work now leans toward a digital workforce rather than leaving repetitive tasks to human employees. Much of this future rests on robotic process automation (RPA), which is gradually gaining ground in business.
According to a global RPA survey by Deloitte, 72 percent of the interviewed companies are likely to begin using RPA in the next two years, increasing the current adoption rate of 53 percent. Intelligent automation solutions have already seen over $30 billion in investments, with Statista predicting the RPA industry’s market size to hit $30 billion by 20230.
Generally, the RPA process involves training software bots to follow a set of algorithms established by specific rules that mimic human users. RPA technology has numerous common use cases across multiple business functions, from customer experience to financial services. Here are four reasons you should invest in robotic process automation software, like RPA solutions from Fortra.
Cost Reduction
Investing in robotic process automation software can be an efficient way to reduce operational costs. The cost reduction benefits of intellect process automation can take several forms. First, as your workload increases, RPA saves you from expensive recruitment and training programs. After programming, bots can understand your organization’s needs without limitations or the need for onboarding. You can generate more revenue with your existing staff and resources.
Robotic process automation software solutions imply a paradigm shift away from legacy applications and on-premise systems. RPA software favors the Software as a Service (SaaS) application model, meaning your business does not need to spend capital-intensive hardware and middleware to manage its operational needs. Maintenance activities are the responsibility of the platform provider, which is another place for business owners to use intelligent software to reduce costs.
Productivity Improvement
Many operational environments are prone to repetitive tasks performed manually, inflating operational costs and often a hotspot for multiple errors, undercutting employee productivity. Humans are generally less interested in routine tasks as they get boring and can stifle their innovation. Rather, they’d love to do high-value work that challenges them to feel good about themselves. That’s where RPA initiatives come in handy.
Businesses can outsource complex and manual tasks to robots for efficiency gains.
Employees can also experience higher productivity by completing tasks that allow them to be creative, intuitive, and impactful. RPA productivity benefits can apply to your business systems. For instance, using RPA reduces downtime since operations occur via the cloud. According to RPA implementation case studies, intelligent bots can reduce a 240-minute human process to about ten minutes. Many businesses have also experienced RPA freeing about 1,012 employee hours to work on higher-value tasks.
Low-Code Requirement
At a glance, software bots and machine-learning algorithms sound like concepts that require expert IT teams and technical out-of-office operations. But that may be far from the truth. RPA is a leveled playing field for both technical and non-technical users. RPA technology keeps getting less sophisticated as the concept evolves. RPA focuses on democratizing its benefits to the lowest skilled person in the room. Many RPA platforms feature templates for business users to customize with drag-drop and point-click features, making the system easy for companies of all types.
Significant ROI Guarantee
The ROI guarantee can happen in many ways, including writing fewer APIs and faster deployment ability. Implementing RPA projects usually takes eight to 12 weeks, and businesses can start recording returns on investment after the sixth month. Deploying RPA bots is faster than improving traditional workflow processes, making RPA a favorite option.
Overall, the RPA technology is here to stay, and its future offerings hold far more significant promise than what businesses are already utilizing for operations. These reasons can help you ground your decision to invest in robotic process automation software.
FAQs
What is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is a technology that uses software robots to automate repetitive and rule-based tasks in business processes.
How can RPA benefit my business?
RPA can increase efficiency, reduce costs, improve accuracy, and allow employees to focus on higher-value tasks.
What types of tasks can RPA automate?
RPA can automate tasks such as data entry, invoice processing, customer service interactions, and other repetitive administrative functions.
Is RPA suitable for all types of businesses?
RPA is versatile and can be implemented in various industries, including finance, healthcare, manufacturing, and customer service.
What are the cost savings associated with RPA?
Reduced labor costs, increased productivity, and decreased error rates result in cost savings from RPA, which in turn leads to overall operational efficiency.
How do I implement RPA in my business?
Implementing RPA involves identifying suitable processes for automation, selecting the right RPA tools, and working with RPA experts to deploy and manage the software.
What are some popular RPA tools?
Popular RPA tools include UiPath, Automation Anywhere, Blue Prism, and WorkFusion.
Can RPA work alongside existing IT systems?
Yes, RPA can integrate with existing IT systems and applications without requiring significant changes to the current infrastructure.
