Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is gaining a lot of traction as it is being adopted and implemented in businesses of every industry. Still, there are some decision makers who are on the fence about whether RPA is worth the investment.
One of the biggest advantages of RPA is the immediate and significant reduction in expenditure it can deliver. When work is automated, not only is it completed faster, but it also can be performed around-the-clock at a much lower rate. So, you achieve greater output for less, which results in a better bottom line.
RPA technology allows a software robot to mimic human behavior. For example, it can navigate enterprise software like Back Office systems, FSM software, or Service Management tools using the application’s user interfaces just like a human would. Except, a robot is able to work much faster, and more efficiently without ever slowing down.
A recent industry research on Accounting and Finance professionals found that in reality, RPA software has huge potential to eliminate the most time-consuming and repetitive manual processes that make up an accountant’s day-to-day work. RPA can improve efficiencies to deliver more accurate intelligent data and also provide real-time access to financial data with reporting and analytic capabilities.
As the amount of financial data keeps on increasing since the Big Data boom, this technology can aid Finance professionals to start adding real value from a strategic viewpoint and start contributing more towards the bottom line of their company.
Advantages of RPA include, but are not limited to:
Even the most careful human can and will make a mistake. Multiply those errors by the number of people you have performing routine tasks for your company, and you could be looking at a pretty costly problem. With RPA, the work is performed error-free. Better quality means higher satisfaction rates, which again is good for your company’s profitability.
How long does it take a human worker to perform a given task such as completing a web form? Even if it’s mere minutes, a robot could shave that time down to just a few seconds. Over time and multiplied by dozens of tasks and several employees, this savings really begins to add up.
Automating tasks and workflows through RPA does not require coding or script writing. That means even complex processes can be transferred from human to machine with little effort. The faster these tasks and workflows can be automated, the sooner your organisation will begin reaping the benefits. In other words, RPA delivers quick returns.
Many companies choose to outsource so-called busy work to external parties. This, of course, comes with inherent risk. RPA can provide a better solution and since the work remains in-house, the business maintains maximum possession, control and visibility.
Learning from the past can help your business leaders make better decisions for the future. RPA offers the ability to gather, organise, track, analyse, report on and store valuable data. That information can then be utilised to improve on current operations, address and correct issues in a timelier manner, accurately forecast and develop best practices.