We are living in a new era of exciting technological advancements. Almost every day a new technological innovation makes an appearance promising speed, efficiency, and automation in our work and personal lives.But do we have the tools to keep up with this rapid progress of technology? Are we in a position to maximize the opportunities that these technological advancements provide us at our workplace? These are some pertinent questions today’s industries are grappling with. Innovation, automation, digital transformation are no longer nice-to-haves but required in order to be competitive in information and technology-driven economy,
The answer is yes!
For centuries, humans have dreamt of an automatic, smart, and intelligent mechanism that will make our work efficient and easy. And that dream has not only come true but has also become vastly prevalent in several industries today. We are talking about Robotic Process Automation (RPA). In this competitive business environment, where every company is striving to find effective means of product and service differentiation in order to grow, RPA is providing unprecedented growth opportunities by automating mundane, repetitive, and time-consuming tasks with unparalleled accuracy. This allows the workforce to concentrate and dedicate their working hours on more concrete, creative, and strategic work requiring more intelligent handling.
Unlike the popular notion that RPA will cut jobs, and displace humans, RPA’s very basic functioning is proving to be a boon for several industries including the IT sector with little impact on employment. Experts believe that RPA will improve functional efficiency significantly, which will create newer and larger avenues for businesses to explore. This business expansion will create far more jobs than anticipated. Besides, most tasks, even with RPA will require human intervention as machines cannot handle certain exceptions that are part of everyday business processes. This will enhance the work experience of professionals who are redirected from mundane tasks towards decision-making tasks where their knowledge and skills are valued.
There are several other benefits of RPA. Let’s explore them one by one.
RPA is cost-effective
It is estimated that businesses that have adopted RPA have witnessed a 25-50 percent reduction in operational costs. Automation results in faster recovery of costs as compared to manual work. RPA taking over those manual tasks also results in visible gains for businesses as the processes become fast and efficient.
RPA increases accuracy, consistency, and quality
Automated processes are typically more accurate than manual work as they reduce human error caused by fatigue or distraction. RPA can be calibrated to produce a repeatable and standardized outcomes 24 x 7 without fatigue or distraction. The organization can execute more processes and drastically reduce process time from weeks to days or even hours, such as processing of billing.
One of RPA’s key advantages is that not only does it process large amounts of data with efficiency and accuracy, but it can perform analytics on the work performed for improved decision-making and process improvement. Employees cannot monitor their own work, but RPA can and provide valuable insights into its own work. Humans are limited in the amount of data they can analyse at one time. This limitation does not exist with RPA.
Maximizes employee productivity
All robots exist to help and facilitate human activity, and not to displace or replace them. With RPA doing most of the employee’s mundane tasks, businesses can foster better employee productivity and satisfaction. Time saved by RPA can be utilized in customer interaction, relationship management, strategic planning, and other activities that require human intelligence and experience.
Boost scalability of businesses
Enhanced performance, better analytics, cost, and time-efficiency – RPA processes provide businesses with the opportunity to scale up their operations because they can now do more with less. Every business, regardless of size, has the mandate to do more with less in order to be competitive in the market.
For years, RPA was seen as a threat to employment. But slowly it is becoming clear that RPA is a friendly companion at the workplace rather than a competitive threat for workers.In fact,RPA empowers workers to achieve upward mobility by delegating to robots tasks that do not add value to jobs and careers. It is a win-win proposition for organizations provided that RPA is planned and deployed as part of an overall process/business automation and digital transformation strategy.
In order to bring innovative products to the market in short frames, RPA is imperative. Companies are already maximizing their output and delighting their customers by adopting process automation. To such businesses RPA has proven to be a treat rather than a threat.