Change was always a prerequisite for growth, but in an era of rapid technology advancements it has become even more crucial. Today organizations are focusing on business excellence that is driven by technological innovation. Robotics process automation (RPA) has quickly become the technology of choice for organizations that are seeking to enhance efficiency and efficacy. Statistics from a new study by Grand View Research depict that the global process automation (RPA) market is set to reach USD 3.97 billion by 2025. The market is expanding at a CAGR of 31.1% for the forecast period.
Essentially, RPA facilitates the automation of routines, repetitive tasks within a set framework, on a large scale. It allows businesses to configure ‘robots’ or ‘software’. For instance, RPA could perform tasks such as automating email responses for a customer relations department, or installing and configuring applications on corporate hardware, or extracting information from an accounts payable system to generate a weekly report. An increasing number of companies are leveraging RPA to garner a competitive edge.
A recent survey from Deloitte highlights that 53% of respondents have already started implementing RPA, with this number expected to increase to 72% in the next two years. The survey also predicts “near universal adoption within the next five years.” Furthermore, companies that have already implemented RPA, ROI was achieved in less than a year, with expectations being met or exceeded across multiple dimensions which includes greater compliance (92%), enhanced accuracy/quality (90%), greater productivity (86%) and cost reduction (59%). The takeaway here is that if your company hasn’t launched its RPA journey yet, you are more than likely to be behind your competitors and peers.
In fact, many sectors of the business world are seriously considering deploying Robotic Process Automation. These range from transportation enterprises to utilities and energy providers, finance and banking, government and retail operations. Software robots are a form of RPA that automate routine tasks and complex processes that humans typically perform. As a form of technology, RPA has already proven its ability to enable businesses to increase efficiency while mitigating the scope for human errors significantly. Coupled with other cutting edge forms of technology such as AI, autonomic frameworks, cognitive interface, RPA’s potential for transformation is enhanced significantly.
RPA, also helps with employee retention as manual processes can adversely affect employee motivation. By automating routine activities, employees can focus on tasks that are deemed to be mentally stimulating.
The Business Case for RPA
Not only does RPA aid with employee retention but also enhances customer satisfaction as it streamlines processes and increases the overall efficacy of business transactions. RPA is built to be highly adaptive and paves the way for the implementation of cutting-edge technologies such as natural language processing, voice recognition and more. When implemented correctly, it helps create processes that are standardized while optimizing employee experiences. This efficiency can also make a discernible difference to the overall client satisfaction.
When technologies such as AI, Analytics and RPA come together, they can transform the business and help it achieve its market goals with reduced effort. Both small and medium scale enterprises can leverage RPA for various activities.
Finally, as a form of technology, RPA makes a logical first step for organizations who have not jumped on the digital transformation bandwagon, while still making a remarkable difference to how business operations are conducted.