Robotic Process Automation (RPA) applies technology governed by business logic and structured inputs to automate business processes. Thanks to increased competition, dynamic market requirements, and widespread adoption of digital transformation, enterprises are banking on robotic process automation. The latest forecast from Gartner Inc predicts that worldwide Robotic Process Automation software revenue will reach nearly $2 billion in 2021. It also indicates that the RPA market will grow at double-digit rates through 2024, despite the economic pressures caused by the COVID 19 pandemic.
Robotic process automation (RPA) should be at the forefront of any organization’s transformation plans, irrespective of industry and size, if the aim is to leverage advancements in technology and automation to improve efficiency, reduce costs, and build organizational resilience. RPA systems’ ability to automate and enhance process quality, speed, and productivity make it a ubiquitous and necessary tool to stay ahead of the competition during these unprecedented times.
Here are some use cases for RPA in various fields:
- Customer Relationship Management
CRM systems have become an integral part of modern enterprises staying connected and maintaining excellent customer relationships. RPA systems automate rule-based, repetitive tasks and ensure customer processes that demand quick, consistent, and accurate services. With advancements in technology and benefits associated with RPA in terms of cost-effectiveness and operational efficiency, organizations rapidly integrate and streamline their critical, customer-facing processes.
- Invoice Processing
Invoice processing is one of the areas where high human intervention, high volume repetitive tasks, the high scope for errors, and high risk are involved. According to Automation Anywhere, 50% of companies spend $5- $25 for manual invoice processing.
Invoice processing goes through various levels of approvals, leading to it being time-intensive and cost-intensive. RPA systems automate monitoring for new invoices & capturing and evaluating invoices in any format. If any discrepancies are found, it notifies the concerned employee to address and fix the errors without delay. Any organization aiming to bring down costs, improve the cycle time of invoice processing, and the efficiency and accuracy of their invoice processing operations cannot go forward without realizing the potential of RPA systems.
- Inventory Management
From inventory monitoring to stock update to stock reconciliation to order management, inventory management involves many human interventions, making it a perfect candidate for RPA. RPA systems have transformed the inventory management ecosystem by automating inventory monitoring, notifying users about product stock updates in near real-time, automatically reordering products beyond the defined threshold level. Enterprises that have realized the power of RPA have now successfully eliminated any possibility of manual errors and made their inventory management operations efficient, self-driven, and intelligent. RPA systems enhance the productivity of enterprises as they freed the employees from monotonous tasks and let them focus on other critical areas of the supply chain.
- Payroll Processing
Due to the complexity of payroll processes, payroll administration has not been a leading candidate for RPA. However, thanks to the widespread adoption of digital transformation, HR functions are digitized, and documentation is now universal & standard. As a result, RPA systems can verify and validate employee data from various systems such as attendance (biometric systems), timesheets (project management tools), and calculate the remuneration details accurately and efficiently. As a result, RPA systems save time and effort and enable meaningful utilization of resources to generate real value.
- Recruitment and employee onboarding
For enterprises looking to optimize their recruiting processes, such as candidate screening, interview scheduling, and candidate onboarding, RPA systems are the ultimate solution. RPA systems enable the hiring team to conduct high-level repetitive tasks such as candidate and resume screening quickly and efficiently. In addition, automating and streamlining onboarding processes helps the HR team to eliminate excessive HR workload and provides more time to establish a consultative relationship with candidates to deliver an excellent experience. RPA systems also reduced the paperwork involved, streamline coordination across departments, increase recruiting accuracy, and help reduce bias in the recruiting process.
RPA has been revolutionizing the business ecosystem for a while, and it is going to be the savior for business resilience in the turbulent times ahead. Enterprises that want to improve their efficiency and increase their productivity must capture the advancements in the RPA without fail.
The results of RPA implementation are tangible:
- In a study by IBM, more than 90% of C-level executives using intelligent automation say their organization performs above average in managing organizational change in response to emerging business trends.
- Gartner expects that by 2024, organizations will lower operational costs by 30% by combining hyper automation technologies with redesigned operational processes.
- EY found that RPA can provide cost savings ranging from 20%–60% of baseline FTE costs for financial services.
- Deloitte’s Global RPA Survey found 85% of respondents report that RPA met or exceeded their expectations for non-financial benefits such as accuracy, timeliness, flexibility.
Here is some additional reading on RPA that might be of interest:
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