The statistics show that 69 percent of CEOs of various organizations plan to enhance growth and profitability by cutting their costs and almost 62 percent foresee technological innovations to dislocate their business in the coming five years. It is true that RPA is definitely changing how companies strategize and how it could help CEOs in realizing their vision.
What is RPA?
Robotic Process Automation (RPA) is a new software or robust tool for doing manual, rule-based official tasks which are usually time-consuming, in a more efficient manner and thus cutting costs and reducing cycle time in a big way. Almost 45 percent of work-related activities can be automated, which would save about $2 trillion in terms of global workforce costs.
RPA would impact a company’s business operations and competitive positioning significantly because of various factors such as: financial value, advantages of the workforce, quality improvements, and flexible implementation. The biggest advantages of RPA are that it’s easy to deploy and the speed of performing any tasks. It also shows immediate optimistic impact on ROI, provides a 24/7 capacity of production, instant cost-saving outcome, and almost-perfect compliance rate.
How can RPA change the game?
RPA customizes solutions, which rapidly digitizes various processes, thus bringing in significant value in short timelines while also decreasing the overall risks. By designing and deploying smart solutions in the operations, managers can run their repetitive processes without any glitches. Hence, the company gains better efficiencies and cost savings, while maintaining flexibility. Various processes can take advantage if their multiple instances are digitized and the process of multiple fixes and updates can be done away with. This is commonly seen in verticals like finance and accounting, claims processing, HR administration etc. However, it can be replicated in various functional parts of an organization. Other than process digitalization, RPA also enables an organization to rethink the method of doing things and recreate the ideal process wing-to-wing. If you are opting to try this disruptive technology, then you should be prepared to also deal with the huge technological and cultural challenges that come along with it. The leaders of that company would have to address the fears that its employees could have regarding their future roles by explaining the change to higher value tasks or exception-driven jobs like low-volume transactions needing complex processing, analytics, innovation, and working on unstructured data. By deploying RPA, the transactional work that would have been currently outsourced to some third parties could be brought back in-house, thus allowing the companies to gain ownership of their processes and various controls.
How can RPA help you gain tremendous advantage?
Digital transformation gained through RPA firstly helps with monumental cost optimization as it replaces manpower with machines. Therefore, it enhances accuracy, brings better compliance in the business, and helps employees to do their tasks better. However, business leaders should now change their opinion that digital is more than cost benefits to gain more value from implementing RPA.
The main factors for successfully transitioning to RPA are as follows:
Maximum automation: Analyze the existing processes end-to-end and also cross-functionally and then maximize the automation across verticals and processes.
Concentration on the front-end processes: Make the most of automation in the beginning of a process while working in collaboration with other functions as any upstream process improvements would definitely have significant effect on downstream steps.
Enhance productivity: Analyze and identify process dependencies by comparing the conventional and digital workforce and then plan RPA solutions smartly to utilize the uptime while not overloading production systems.
Focus to be 100 percent auditable: If a company can automate all its processes and digitize almost 100 percent, it will consequently improve controls for jobs that are very labor-intensive to audit completely.
As organizations are increasing the level of automation within the business, they will gradually enhance their automation algorithms and will keep on finding newer applications for implementing RPA to bring about a sustainable transformation, which is long-term and has competitive advantage attached to it. This is surely the next logical step towards artificial intelligence, cognitive computing, and making your business more autonomic.