Over the past decade, there has been a paradigm shift in the use of technologies. Businesses are rapidly embracing automation solutions based on smart technologies such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) over the conventional IT solutions.
The RPA technology global market reached $271 million in 2016 and is expected to grow to $1.2 billion by 2021, at a compound annual growth rate of 36%.
The primary reason for such exponential market growth and the rapid adoption of RPA technology is the benefits it can deliver; reduced costs, improved productivity, enhanced compliance and customer experiences which ultimately empower businesses with competitive advantage.
Robotic process automation (RPA) is the use of software with artificial intelligence (AI) and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. These tasks can include queries, calculations, and maintenance of records and transactions.
In other words, RPA software allows developers to tailor complex automation to a company’s processes. When an RPA robot is at work, it performs tasks just like a human would: logging in, operating applications, entering data, performing complex calculations and logging out.
Industries that are being transformed by RPA
RPA is a solution you should put at the top of your company’s agenda if your business fits any of these descriptions:
- Uses legacy systems
- A large portion of the workforce works in the back office in non-tech functions
Also, RPA can achieve significant savings and customer satisfaction increase in organizations with branches, call centers etc.
RPA in financial services
According to McKinsey Global Institute’s 2017 report on automation 43% of these jobs are automatable. This is because data entry and processing is an important part of these businesses. Furthermore, these businesses are subject to constant changes in regulation such as KYC requirements. Bots can be taught regulatory changes quickly and in a centralized way. This helps companies avoid embarrassing compliance issues.
Accenture’s report on insurance process automation, shows some good activities to automate which are:
- Sales processes
- Policy servicing
- Claims processing
Benefits of RPA
RPA can help digitally transform your business not only by unlocking shareholder value but also through employee and customer benefits. Succinctly, here are the main benefits we have come across:
- Higher Quality Services: Fewer mistakes and errors mean better customer service.
- Greater Compliance: Business processes can be set to operate in accordance with existing regulations and standards.
- Increased Speed: Processes can be completed at unprecedented speeds and services delivered faster, due to the reduction in handling time of robots.
- Increased Agility: Reduced overhead and the ability to accommodate new or changing process rules.
- Comprehensive Insights: Improved efficiency by digitizing and auditing process data.
- Reduced Costs: Manual or repetitive tasks are carried out by RPA software at a fraction of the cost
- Employee Experience: More interesting and less mundane, manual work means increased staff productivity and reduced attrition.
All these factors can set your company apart from competitors and are highly valuable in terms of shaping your business’s digital operations strategy.
Where Should You Start?
There is no one-size-fits-all approach, but there are some important steps that we need to mention.
- Get educated. This often begins with online research.
- There are a lot of RPA tools out there so get objective and experienced advice from experts like Signal Alliance
- Have a change management plan. Successful RPA deployments require a broad set of stakeholders involved.
The advantages of using robotic process automation are quite clear, and more and more companies are validating these benefits as they undertake pilot projects. Click here to discuss with a Signal Alliance RPA expert.