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. A huge part of this future rests on robotic process automation (RPA), which is gradually gaining ground in the business world.
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 53 percent adoption rate. 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 mimicking human users. The 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.
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, RPA saves you from expensive recruitment and training programs as your workload increases. After programming, bots can understand your organization’s needs without limitations or the need for onboarding. That way, 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, which means your business does not need to spend on capital-intensive hardware and middleware to manage your operational needs. Maintenance activities are the responsibility of the platform provider. That’s also another place for business owners to use intelligent software to reduce costs.
Many operational environments are prone to repetitive tasks performed manually, which inflate operational costs and are often a hotspot for multiple errors, undercutting employee productivity. Generally, humans are less interested in doing routine tasks as it gets 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 completing tasks that get them to be creative, intuitive, and impactful. RPA productivity benefits can apply to your business systems. For instance, using RPA means reduced downtime since operations occur via the cloud. According to RPA implementation case studies, intelligent bots can 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.
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. And the 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 to use 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 traditional workflow process improvements making RPA a favorite option.
All in all, 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.