Businesses in the digital era are reaping the benefits of robotic process automation, which will increase employee productivity and replace manual repetitive tasks, enabling them to focus on more vital and innovative duties. RPA has been a hot topic among organizations in recent years because of its ability to perform repetitive tasks faster and with fewer errors than humans.
Some of the key benefits of (RPA) robotic process automation include cost-saving, improved business operations efficiencies, increased productivity, faster operations, flexible scalability, improved business operations, better resource utilization, reduced errors, enhanced integration with legacy systems, and low technical barrier.
As we shall see later in this article, implementing RPA best practices will increase benefits of robotic process automation. It is considered an important piece of the intelligent automation puzzle that will ensure that processes are fully automated even if your organization uses legacy systems in its list of business applications.
In 5 years, at the current growth rate, the adoption of RPA will reach almost all companies that will use the technology in some way. In other words, the RPA will reach almost universal adoption sometime in 2023.
Source: Deloitte
According to a recent study, RPA can minimize labor-intensive jobs by as much as 80%. When it comes to completing work quickly and without errors, this readily integrated technology inside your digital ecosystem may make a big difference. One of the advantages of robotic process automation is that software robots are never tired and can accomplish as much work as is required.
The utilization of advanced technologies such as Artificial Intelligence and Machine Learning makes this technology powerful and easy for employees to utilize in recording their daily tasks and allowing robots to execute them.
In this article, we will go through the top ten benefits of robotic process automation and why they are important.
What is Robotic Process Automation?
In simple terms, RPA is the usage of computer programs known as software robots with advanced capabilities such as artificial intelligence & machine learning to automate manual and repetitive human activities based on business rules.
Organizations are constantly looking for new ways to increase efficiency and cut costs through digital transformation. The automation of internal systems is one of the most satisfying transformations.
RPA is one of these technologies consisting of software robots to execute tasks usually humans perform by interacting with different digital systems (e.g. ERP, CRM, and other applications).
I strongly recommend reading the below article for a full in-depth explanation
What is Robotic Process Automation – RPA? The Complete Guide (theecmconsultant.com)
What are the benefits of robotic process automation?
The benefits of robotic process automation are enormous. It can help organizations automate repetitive tasks, which can improve efficiency and reduce costs. In addition, RPA can improve security, system reliability, and compliance.
The benefits of (RPA) robotic process automation are:
1- Cost saving
RPA can provide cost savings ranging from 20%–60% of baseline FTE costs for financial services
Source: EY
Among the top benefits of robotic process automation is the ability to save money on operational processes.
By automating previously manually completed repetitive tasks, RPA technology can help you minimize manpower while increasing process accuracy. This technology may be used to automate tasks such as data input, data migration from one system to another, report generation, and so on.
Automation will not displace employees, however, it is expected that 861,000 public sector jobs will be lost to automation by 2030 saving £17 billion off the public sector payments in 2030 compared to 2015.
Source: Deloitte State of the State report
Gartner predicts that by 2024, enterprises will have reduced operational expenses by 30% by integrating hyper-automation technology with improved operational processes.
A decent RPA program should have a minimum ROI of 12 months. According to a Deloitte report, the return on investment in RPA occurs most frequently in less than 12 months, with bots offering an average automation time of roughly 20% of the original process time.
2- Improved consistency
Taking advantage of the benefits of robotic process automation will help organizations improve consistency in their business processes.
Routine tasks are carried out in the same way by software bots every time. This will ensure consistency each time the tasks are completed automatically and without mistake.
Consistency is essential for an empowered customer experience, which is important to the growth of any company.
3- Enhanced compliance
38% of managers report compliance improvements are the leading benefit of RPA and it is followed by improved productivity/performance
Source: Nice
The ability to enhance compliance with different rules and regulations is considered among the top benefits of robotic process automation.
Bots strictly adhere to regulatory compliance regulations and give an audit trail history. In addition, they enable access to and processing of confidential data without the intervention of humans, thus lowering the risk of data breach and disclosure.
Failure to follow crucial regulations imposed by laws or industry can cost your organization money in the form of fines, penalties, and litigation cases.
4- Increased productivity
Workers spend 4 hours and 38 minutes per week on average performing duplicate tasks that could be automated
Among the benefits of RPA is the ability to increase employees’ productivity.
By using robotic process automation software robots to execute time-consuming tasks, employees can leverage the gained time to work on higher important projects and tasks that involve creativity and decision-making.
As a result, this will help organizations increase their ability to react to changes and new business opportunities.
RPA tools have the ability to move companies to the next level of productivity optimization. Don’t forget that robots can work anytime and take on vacation.
5- Low technical barrier
There is no lengthy learning curve that your employees must go through before they can begin configuring bots. To configure a bot, no programming skills are required. Their user-friendly programs make it simple to record manual tasks and customize them so that they may be conducted as needed.
6- Easy Integration with the current ecosystem
One of the most huge benefits of robotic process automation is the simplicity with which RPA solutions may be integrated into your organization’s digital environment. To begin harnessing the power it delivers, no big infrastructure changes or the adoption of other digital platforms are required.
This was a major factor in the widespread adoption of RPA technology.
7- Flexible scalability
When the organization’s workload unexpectedly expands, more RPA robots may be simply and affordably installed. Configuring bots is significantly easier and faster than recruiting, onboarding, training, and deploying new employees.
Furthermore, when business slows, you may simply turn off robots rather than laying off workers and incurring the costs associated with this procedure.
8- Reduced errors
Machine and software robots are more accurate and less prone to mistakes while doing repeated regular jobs than humans. They carry out our instructions with exceptional precision, delivering consistent results each time.
Allow them to complete these tedious activities in our place so that we may concentrate on more essential and innovative jobs.
9- Improved business operations
When business processes are completely automated, day-to-day operations run as smoothly as feasible. Improving overall company processes will help companies in increasing productivity, lowering expenses, and providing a better customer experience.
Organizations that wish to succeed and be highly competitive must automate their processes. One of the most huge benefits of robotic process automation is the expanded options it provides for process automation.
10- Better resource utilization
When you release your employees’ time from manual repetitive duties, they may be assigned to other jobs and initiatives that are critical to the organization’s success.
Furthermore, it helps them to improve their skill sets, which will assist the company both short and long term.
The advantages of RPA are that it saves time, reduces errors, improves accuracy, reduces the need for human intervention, and increases productivity. The disadvantages of RPA include the need for training to use the software and the need for a technical infrastructure in place before implementation can start.
Employees can use RPA to automate their routine tasks. This can save employees up to 80% of their time which they can then use on more important and challenging tasks.
RPA is a good option if you want to improve efficiency in your company without having to hire new employees or if you want to outsource your work to a third party without having them come into your office space.
For example, if a company has many workers who are responsible for doing data entry or processing invoices, they can use RPA to automate these jobs and free up those workers to do more important tasks.
