Robotic Process Automation is fast becoming key to the success and profitability of many shared services ventures. Shared services firms that have already made the jump to an automated and intelligent environment are reaping unprecedented levels of success, including incredible levels of productivity, cost reduction and error elimination. Companies such as Netflix and GE Healthcare use Robotic Process Automation to virtually eliminate the need for thousands of employees. In fact, GE Healthcare now has fewer than 100 employees who are solely engaged in administrative duties. In the past, these types of businesses would have had to hire and train thousands of people, in addition to purchasing and maintaining labor-intensive machinery and staffing, as well as full-time staff for operating the machinery.
One of the key benefits of using Robotic Process Automation is the elimination of repetitive tasks. Think about it: the monotonous, mundane act of typing text on a keyboard or monitoring a customer-service representative on the phone can take an incredible amount of time. In fact, it can take an incredible amount of time, even with the most sophisticated and efficient computers and software programs. With robotics and artificial intelligence taking over much of our work, we can automate repetitive tasks, thus greatly reducing the amount of time that tasks must be performed. Not only does this reduce costs but also increases company profitability.
Another benefit is the digital transformation of manual work. The primary drivers of Robotic Process Automation are efficiency, speed and accuracy, but it also reduces the human factor. In traditional business, the “human factor” refers to the untrained eye, who may not add value or simply miss key actions. With Robotic Process Automation, key actions and tasks are automatically performed. This digital transformation greatly reduces errors and also reduces training time for a given task – something that traditional businesses can greatly benefit from as well.
Robotic Process Automation is also made possible by a shared services platform. As companies such as Honeywell and Xerox have realized the value of providing a common source of input for all of their customers, they have developed open platforms that include basic functionality and functions that can be customized. This digital transformation allows a company the ability to not only focus on its core competency, but to do so while greatly reducing training and support needs and streamlining processes.
A final benefit of using Robotic Process Automation is in the area of operational continuity. Although many people and companies have become comfortable with the idea of outsourcing certain or all of their work, there is still a growing trend towards utilizing robotic process automation to save time and money and increase company productivity. For example, many hospitals have started using robotic contractors to provide routine care such as X-rays and other tests and procedures. Similarly, insurance companies have discovered that they can significantly reduce their staff requirements by utilizing robotic process automation to perform a large number of different tasks instead of having employees performing them.
Many of these same services and benefits can also be applied to the business environment. Companies can utilize their human resources to perform repetitive or monotonous tasks which are rather unskilled in nature. In effect, by utilizing robotic process automation, companies will free up human resources for more lucrative projects. Likewise, robotic process automation provides a company with a great way to reduce overhead costs and streamline operations, which results in increased profitability.