5 Reasons to Embrace RPA in Your Business in 2022

Today, businesses of all sizes are embracing automation to free up their workforce from doing mundane and repetitive tasks, which in turn, accelerates productivity. According to recent statistics, over 50% of businesses have already begun their RPA journey. Furthermore, the global RPA market size is estimated to reach 7.2 billion USD by 2025, growing at a CAGR of 32.6% during the forecast period. From this, anyone can draw out inference that Robotic Process Automation (RPA) has achieved phenomenal growth in the past few years and it will continue garnering accolades from businesses across industry verticals. 

If you are also planning to unlock the potential of RPA in your business, it’s strongly recommended to partner with a professional RPA development company. By partnering with seasoned RPA professionals, you can offload a slew of manual and repetitive tasks to intelligent bots including HR onboarding, order management, billing, invoice processing, data entry, processing transactions, filling in electronic forms, customer checks, reviews on loans, speed up claim adjudication, and more. In fact, Robotic Process Automation (RPA) coupled with Machine Learning (ML) can help businesses extract numbers and text from both images and videos, transcribe recorded conversations, and populate databases from hand-filled forms. Now, let’s dive into the key reasons why businesses should consider RPA implementation in 2022. 

#1 Improved Workforce Productivity

RPA automates mundane and time-intensive tasks performed by your workforce. Let’s understand with the help of an example - if an employee takes four hours for order management, with the help of RPA tools, the same employee can finish the task in roughly 20 minutes.

Since Robotic Process Automation (RPA) software is designed to end routine tasks, it enables your workforce to invest their productive time in the tasks they are good at. By freeing up your employees from manual and repetitive tasks, RPA enables them to focus more on improving relationship management, customer and client interactions, and other critical operations where humans naturally have an upper hand over intelligent bots (RPA tools). Having satisfied customers and clients will improve your bottom line. From this, it is clear that Robotic Process Automation (RPA) won’t destroy human jobs, instead, it is there to help them in completing the same amount of work in a small amount of time, which in turn, drives their productivity. In a nutshell, after opting for RPA integration services, your workforce will be more productive but you need to provide them comprehensive training to leverage the potential of emerging technology to their advantage.

#2 Reduced Labor Costs

It is undeniably true that RPA Solutions come with an upfront cost. You have to buy RPA tools, hire seasoned professionals for seamless implementation without disrupting your IT infrastructure and then there are ongoing maintenance costs. Furthermore, upgrading your RPA system may also incur some expenses. However, all these expenses are far less compared to onboarding a pool of skilled professionals. 

You would be amazed to know that an intelligent data entry bot can handle the work of 4-8 full-time employees. Imagine the cost you would save with RPA implementation in your business. Not to mention, intelligent bots can work round-the-clock without taking any leaves, unlike humans who have fixed working hours along (9 to 6) with pre-defined annual leaves each year. If reports were to be believed, businesses can cut down operational costs by 90% with software robots. Moreover, a report by KPMG states that RPA can cut costs by up to 75% for financial services. 

#3 Better Accuracy 

To err is human. However, at times, even small mistakes can cost an arm and a leg to a business if go unnoticed. You would be surprised to know that human errors in business cost $3 trillion every year to the United States, as per the Harvard Business Review. Not to mention, it takes a good amount of time to reflect on the same errors and rectify them manually. Fortunately, with RPA implementation in your business, you can eliminate all the critical mistakes committed by your workforce that cost dearly. 

Intelligent bots (RPA tools) are more reliable and consistent for performing manual and repetitive tasks and the best part is that they don’t even whine when expected to work round-the-clock. With RPA tools, you can also cut down on the re-works, which in turn, improves the output quality of your workforce. RPA automates rule-based jobs, thereby delivering 100% accuracy in mundane and repetitive tasks. 

#4 Enhanced Security 

Believe it or not, most fraud in businesses happens internally. There is always a certain amount of business risk associated when humans are dealing with critical information. You might not know that businesses end up losing nearly 5% of their annual revenue to employee fraud. What’s more surprising is that businesses in the United States lose up to $110 million per day owing to employee-related crimes. According to the U.S. Chamber of Commerce, 75% of working professionals admitted to stealing from their employer at least once. 

Luckily, you can overcome this challenge by implementing RPA in your business. Intelligent bots won't be able to comprehend the importance of the critical data they are dealing with, which in turn, protects the privacy of your clients as well as vendors. Furthermore, bots don’t have to memorize/save important credentials the way humans do, so naturally, there is less risk of a security breach. 

#5 Fast Implementation

Implementing RPA tools in your business can be quick by partnering with an RPA services company. Unlike onboarding and training new resources for a period of 3-6 months to manage your tasks, you can get intelligent bots up and running in a small amount of time. 

Summing Up

Robotic Process Automation (RPA) is a popular emerging technology that is poised to empower your workforce, which in turn, improves your business profitability. If you also want to unleash the potential of RPA in your business, it’s considered wise to seek end-to-end consultation on its implementation in your business environment from seasoned RPA professionals. Besides the above-listed benefits, some other reasons for embracing RPA in your business include a boost in scalability, increased efficiency, advanced governance, improved analytics, enhanced customer service, optimized resource usage, improved communication, and more.