Monotonous workflows and slow tech advancement are the biggest growth barriers for a business. In recent times, organizations have started to implement new technologies to address these challenges. One such cutting-edge technology that has helped businesses streamline processes and enhance workplace productivity is Robotic Process Automation or RPA.
The RPA led systems are sophisticated software or bots that are coded using Machine Learning algorithms. An RPA software is capable of handling high volume requests, repetitive tasks, business processes/activities adding great cost and productivity benefits to an organization.
How Does RPA Work?
RPA uses intelligent robots to mimic human activities on a GUI. RPA systems employ logical (if, when) statements and link to backend data via APIs to open up various possibilities to a situation. When such a situation or status is reached, the bot crawls through hidden layers to take the best possible action and then follows the path it had learned from a human agent’s actions.
Based on the type of automation, RPA can be categorized into two major types: Attended Automation and Unattended Automation.
In attended automation, some part of the process activities is performed by a bot, while a human does the other activities. Both the user and the bot are invoked by the automated system based on different triggering points.
In attended automation, a bot can be launched by an agent at the desired time, or upon meeting certain conditions. So with limited human participation, businesses can reduce the overall time in process completion. CRM and Chatbots are ideal examples of attended automation.
In unattended automation, there is no human intervention. The bot triggering can happen due to a not-initiated launching. These bots are used for backend operations like data reconciliation, KYC, customer onboarding, risk assessment, payment processing, etc., and usually run on servers 24/7. With this method of RPA, firms can register higher levels of productivity as the processes run in the background without requiring human attention.
RPA is used in several business processes including:
- Invoice generation and bill payment slip generation
- Report generation, data entry, and analysis
- Bulk emailing, data extraction, and archiving.
- Data and graphic conversion requirements
- ERP and CRM transactions
Benefits of Implementing RPA
Availing RPA services offers great productivity benefits to organizations. This is why it is a highly desired technology for various industries. As per a report, around 41 percent of all financial back-office processes will run on RPA by 2023, while this number will rise to 53 percent by the end of the decade.
Major benefits organizations can experience with RPA implementation include:
Business Operation Costs Reduced
An RPA software performs numerous operations within a fraction of a second, saving the long time spent on manual and repetitive tasks. With this, firms can reduce the overall operational costs by 25 to 50 percent. Additionally, this saving is inclusive of software installation and employee upskilling/training. Considering the setup cost as a one-time investment, most businesses overcome it within 5-6 months of automation, adding to organizational efficiency.
Quality in Work and Accuracy in Results
The manual tasks performed by employees are prone to errors, which reduces data quality and accuracy. Moreover, being simple and monotonous tasks consume a longer amount of employee time thus affecting their efficiency. With RPA software, customer service agents can log calls with a single click, while the backend team can speed up its data entry operations with accurate input.
Improved Customer Experience
Customers are the backbone of a business; hence it is important to raise user experience levels continuously. Since the processes are automated with RPA, it gives employees more time to engage them and respond to queries in a time-bound manner. Additionally, chatbot implementation helps businesses to respond to complaints in real-time.
Enhanced Internal Processes
RPA implementation helps in quick internal reporting, faster onboarding, and more efficient internal processes. When implemented in the right manner, RPA systems are capable to boost employee engagement and customer experience. Based on a company’s process requirements, one can go ahead with attended automation or unattended automation.
Higher Adaptability and Flexibility
Introducing an RPA system brings flexibility to business operations. An RPA software can adapt to new conditions and situations, unlike humans, who take time to adjust to the new change in task/process. RPA programs installed on servers combat this challenge effectively by using built-in intelligence, making the process flexible and scalable if the scope of a process expands.
Secure Enterprise Data
RPA can be integrated into multiple business applications, thus improving the security of enterprise data. By integrating RPA, firms ensure that client apps are not modified or compromised by any robotic or unauthorized access. RPA Development Services partners remove privileged credentials from scripts and other insecure locations and stores them in a secure, centralized, and encrypted location to provide enhanced security.
RPA implementation helps businesses to automate their processes, which allows them to get rid of mundane tasks. As most of the manual tasks are performed by bots, it gives employees time to focus on core business activities like product development and customer service. By incorporating AI and IoT, RPA led software systems can be made more innovative and efficient for business use.