Robots and RPA are no strangers to the world of Manufacturing, but in recent years, this technology has made its way into the business world as well. What is the reason behind the widespread popularity of this innovative implementation? In fact, any company can benefit from the multifaceted advantages of RPA, regardless of its business field.
RPA, or Robot Process Automation, is one of the most promising segments throughout the whole IT industry. According to Gartner, it has the fastest growth rate in the global enterprise software market and will appear in some form in the operation of 85% large to very large corporations. Meanwhile, Forrester reported that the total valuation of the top 3 RPA firms reached $10.8 billion, with total revenue of $1 billion in 2019. The total RPA revenue is expected to increase to $1.5 billion in 2020.
It is clear that RPA has an undeniably rising appeal for businesses around the world. A 2020 survey by Deloitte revealed that 53% of their respondents started to implement RPA, and this percentage will become 72% by 2022.
But the main question is why. Here is a breakdown of the benefits that RPA can bring about to companies in all fields, from individual departments to the overall business.
In our previous blog on RPA implementation in Banking and Finance, one of the key strengths of this technology is its accuracy and scalability when it comes to big numbers. So, if it works wondrously for banks that deal with an enormous amount of highly complicated data sets, RPA will certainly be an invaluable asset to any other kind of business.
One shining example of an RPA application for analytics is the process of Data matching. This solution serves to eliminate duplicated data, merge data from multiple sources, and thereby yield highly reliable data sources with improved quality and consistency.
Moreover, RPA can scale up easily with virtually a click of a mouse. With the help of RPA, the analytics process can now reach legacy systems to uncover data that was previously labor-intensive to extract manually. Thus, more data equals more accurate analyses.
Compliance is an abstract concept for laymen to grasp a high priority yet for the internal process of a company. In general, compliance refers to conforming to or complying with a rule, such as a specification, policy, standard, or law. For businesses, there can be a plethora of compliance requirements, the most popular being anti-fraud and information security. These happen to be areas where RPA excels.
Similar to Data Matching, RPA can also kick-start fraud detection processes that automatically alert human supervisors of suspicious abnormalities in a large data pool the moment the problematic entities enter the database. Thus the fraud is nipped in the bud, causing no long-term harm to the business.
In addition, since RPA reduces the need for human contact, sensitive data also stand less chance of getting leaked. This could mark the make or break for an organization.
All the above improvements in automation result in an overall limit in human errors. Typically, manual workers are susceptible to making mistakes when carrying out repetitive and uninspiring tasks or forfeting information security unintentionally or deliberately. A promise to reduce these shortcomings with RPA might prove to be a great appeal in the eye of the end-users.
After all, the success of a company is reflected in the final products that are delivered to the clients. With RPA, a business sees a direct increase in quality but also in speed as the bots can work non-stop. Faster service with better products is the ideal scenario for any customer and company alike.
An often underrated benefit of RPA is its help to employees of a business. As mentioned above, robots can replace manual workers in laborious and dull tasks. As companies apply RPA to the operational process, they also empower their employees by allowing them to venture into more stimulating projects, raising their appreciation of work. Studies have shown that such can-do sentiment is the drive behind many success stories.
From the perspective of the employer, RPA also comes in handy when lowering churn. Over time, automation will reduce the number and speed at which you hire human resources. Thanks to RPA, the business workforce will be smaller, more effective, and more satisfied.
Last but not least, all of the above HR benefits create an indirect yet valuable effect of making an organization more attractive, facilitating hiring for prospective employees.
Overall Benefits of RPA in Business
A combination of improvements in all aspects of a business, from back-end Analytics to HR and Customer Service, culminates in an all-rounded company. With a wise and strategic RPA implementation, in no time, a business can easily find itself taking off and expanding to new horizons.
In the long run, as RPA penetrates further into company operations, employee numbers and the cost that is required to pay them will start to fall. In such cases, there are three options for enterprises, employing personnel in other functions, upskilling personnel, and letting go of personnel so they can find opportunities in other companies. Whatever they choose, the original funding for wage costs could be better invested in other areas that can facilitate business scale-up.
Because RPA has such a huge competitive advantage, it is imperative that businesses take the initiative and digitalize their operation as soon as possible. To effectively reap the above benefits, enterprises everywhere have been on the search for the ideal RPA vendor.
CMC Global has had extensive experience in implementing RPA projects and is constantly striving to improve our capacity. Previously, in December 2019, we acquired 10 RPA Automation Anywhere certificates, proving our capacity to deploy automation projects. These achievements show our serious determination to build competence in automation and implementing new technology solutions.