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March 21, 2018

How Robotics Process Automation (RPA) Could Deliver Profitable Growth

Robotic Process Automation, is not just a buzz word being used today but is rapidly becoming a trend with a lot of businesses to envision how business process solutions are managed and delivered effectively. In a scenario where work areas are burdened with time-consuming and repetitive processes, it becomes difficult for most businesses to find ways to improve delivery, reduce costs, and ensure consistent quality in their work. It thus becomes crucial that people with roles that require creativity, judgment based decisions and knowledge application spend their energies and precious time on customer centric business processes instead of being bogged down by repeated tasks. This is where Robotic Process Automation (RPA) can empower such staff to blend these two aspect of their role to come to a more efficient work scenario.

Introducing Robotic Process Automation (RPA) does not mean that some robot looking machines will take over the tasks, but it is about smart and intelligent software doing high volume, repeatable tasks that are usually mundane and boring for human beings, at the same time reducing errors. Manual tasks such as data entry, back office tasks which are typically time consuming, repetitive, high in volume are perfect to be handled by Robotic Process Automation (RPA).

Having said that not all Robotic Process Automation (RPA)s are the same. These technologies range from a simple software that sits on a personal computer to a wide range of technological steps that improve the input, flow, transformation and output of data. A very good example of the advanced form of Robotic Process Automation (RPA) is where it is used to enhance the supply chain management process in an organization.

As with any technology, Robotic Process Automation (RPA) comes with its own set of benefits and drawbacks. Major benefits of Robotic Process Automation (RPA) that aid in delivering Profitable Growth are –

Improved Efficiency: With technology managing ordinary, monotonous mundane everyday tasks, the entire process runs promptly and efficiently.
Greater Productivity: The use of Robotic Process Automation (RPA) results in a significant increased output of task. Staff can be freed to apply their experience and skills to more important tasks and projects that drive growth & innovation.
Precise and Errorless Work: Robotic Process Automation (RPA) technology results greater precision in work by eliminating risks associated by human errors.
Cost Savings and improved finances: In spite of the initial upfront investment required to implement Robotic Process Automation (RPA) technology, the overall increase in productivity & efficiency along with reduction in human errors lead to immense cost savings and improved finances.
Greater employee satisfaction: The handover of repetitive, boring, and mundane tasks to Robotic Process Automation (RPA) along with the ability to participate in more important and high-level projects leads to higher overall satisfaction in employees.
Some points that inhibit the introduction of Robotic Process Automation (RPA) are –

High Financial Implication: The high cost of implementing Robotic Process Automation (RPA) technologies along with internal budgetary restrictions are some of the biggest reasons why businesses (especially small & medium scale enterprises and startups) opt not to implement robot process automation.
Lack of Technical Ability: The misconception that to leverage Robotic Process Automation (RPA), the end user must own significant technical knowledge leads to not realizing all the benefits of Robotic Process Automation (RPA).
Fear of Change: Any new technology implies changes and so is the case with Robotic Process Automation (RPA) with the impact being considerable and sometimes disruptive. But this can be overcome with appropriate tool & techniques.
Redundancy: By far the bigger reason for businesses for not choosing Robotic Process Automation (RPA) is the fear that robots will replace workers. However, what many miss is the main purpose of Robotic Process Automation (RPA) being a support to humans in the workplace.
There are already fully functional Robotic Process Automation (RPA) systems in use, which can automatically complete any repetitive task a human being does, that too in smarter ways using cognitive technology. Keeping in mind both sides of the coin, it is safe to say that in the future, organizations will use Robotic Process Automation (RPA) to deliver profitable growth as a norm. According to the latest report, the global market of IT robotic automation is expected to see growth at a CAGR of about 60.5% between the year 2017 and 2020.

Robotic Process Automation (RPA) can help organizations dramatically improve operational efficiency and gain a much clearer understanding of where they are going. By taking strategic decisions that strive for simplicity of operations, adopt lean practices, and automate processes, organizations can set the course for Robotic Process Automation (RPA) technologies to help deliver profitable growth. In such a sense, Robotic Process Automation (RPA) becomes a business accelerator driving sustainable growth.

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