What Is Robotic Process Automation?
Common results associated with Robotic Process Automation solutions include an improvement in information quality and a reduction in lead times. Organizations striving towards a successful digital approach can position Robotic Process Automation not as THE solution, but as a tool to be used in conjunction with existing approaches to boost efficiency and productivity. This approach is often viewed by clients as providing an additional tool to an already excellent payroll system, which in turn provides real savings in time and money over traditional manual processes. But what are the different benefits inherent in implementing such a system, and how can they be applied to current business requirements?
Strategic Planning – The adoption of Robotic Process Automation has the potential to rapidly improve strategic planning by automating previously costly tasks. In many cases, human input into such tasks is still required, but is less frequent. Such tasks can involve managing materials, labor and/or time, or negotiating contracts. Such tasks can also involve negotiating with external organizations and suppliers. In all these instances, the automation of such tasks allows for better management of the organization’s resources, and better decision-making about strategic direction.
Global Businesses – Robotic Process Automation can also be applied globally, opening up new opportunities for expansion. In today’s global business environment, international markets are quickly becoming the norm, rather than the exception. Automating certain processes in one country, for example, can help minimize the labour costs of outsourcing that process, while giving the company the ability to access higher value added services in other countries. In addition, companies can obtain the same benefits as their domestic counterparts while putting their own unique mark on the market. Robotic Process Automation solutions are therefore fast replacing manual office jobs worldwide.
Efficient Business Processes – The potential applications of robotic process automation are further enhanced by its accessibility to a wide variety of business processes. Human effort in many business processes has been greatly reduced, while the associated costs have been dramatically reduced. For instance, manual labour in sorting, storing and delivering goods has been replaced by computer systems. In addition, data-related activities such as inventory control and order processing have likewise gone digital, thanks to the invention of artificial intelligence. All these activities together imply greater productivity and efficiency at lower cost.
Better Decision Making – As part of the benefits of robotic process automation, it also offers the opportunity to make better decisions. Because of its increased accuracy and reduced error, the system can now give more accurate estimates of product requirements. It also helps reduce the risk of information and data errors in business. Furthermore, as information and data become more secure, the need for human intervention in decision making is reduced, thus, improving the quality of the outcome. All in all, the introduction of artificial intelligence into business is opening up entirely new vistas in terms of business productivity and overall customer satisfaction.
Productivity Boosts – Robotic process automation not only frees workers from mundane tasks such as data entry and typing, but it also boosts overall productivity, as businesses become more efficient and customer satisfaction goes up. In fact, studies show that the introduction of this technology has led to an overall 20% increase in the hourly rate of output of businesses. Meanwhile, as tasks become more diverse, there is less need to train human resources in specific tasks. Consequently, there is an improvement on the quality of the finished product, with the resulting product being more elastic and appealing to customers.