Technological advancements have drastically changed business operations worldwide. One such advancement is Robotic Process Automation (RPA). Using RPA for modern businesses is essential. It has numerous benefits, like improved efficiency, reduced costs, and enhanced productivity.
Recent forecasts show that the global RPA market size is expected to cross $13 billion by 2030. Such figures do justify that RPA for modern businesses is becoming increasingly popular. Chief Technology Officers (CTOs), prior to investing in such solutions, must understand how the process automation software functions and why it is now necessary for their organisation.
RPA is a software that allows organisations to automate daily operations. RPA software allows businesses to create programs or bots that mimic human interaction. The business process automation software navigates digital systems similar to humans. However, it can perform tasks much quicker. Some people might even say an RPA is lightning quick.
An RPA software is capable of logging into applications, entering data, carrying out calculations, and exchanging information between applications and workflows. This process automation (PA) technology can be combined with Artificial Intelligence (AI). PA and AI, when combined, help the RPA software gain a more contextual understanding of the task being performed.
How Does RPA Work?
An RPA software functions based on predefined rules about what action a bot should perform and when those actions should be performed. The RPA environment basically consists of three components:
RPA bots – the actual bots that perform predefined tasks.
Bot studio – a platform for the design and development of bots and business process automation.
Orchestrator – a platform used for the processing, management, integration and monitoring of the bots.
It’s important to note the combination of these components may vary among businesses. In some cases, smaller businesses may only require two components: a bot to perform the functions and a designer to create automated scenarios.
How Is RPA Used In Businesses?
Since a majority of organisational tasks are rule-based, they can be automated. RPA services, when implemented in a business setting, can be used to empower employees and streamline operations. The applications of RPA software can be seen in various industries. These industries include:
RPA In Banking – RPA in finance and banking is mainly used to automate customer inquiries, account openings, and anti-money laundering processes.
RPA In Healthcare – RPA in healthcare is mainly used to handle multiple rule-based tasks that include information and prescription management and insurance claims processing.
RPA In Retail – In the retail industry, RPA is commonly used for warehouse and order management and processing customer feedback.
RPA is also used for cross-industry purposes, including human resources (HR), finances and accounting. HR process automation is a common reason for using RPA solutions, as they streamline information management. The use of RPA in accounting is also common, as the operations require accurate and rule-based calculations. So, using RPA in accounting basically means: no more maths for you.
Top 10 Reasons Why RPA For Modern Businesses Is Important
Using RPA products for your business can help you automate multiple tasks performed on a daily basis. Some of these tasks include sending emails, data extraction, payroll management and more. The most noteworthy reasons for using an RPA for modern businesses include:
Integrating RPA bots with organisational systems is a straightforward task that doesn’t require extensive employee training. Employees can use a bot studio to create and automate workflows with ease.
This means that using RPA for modern businesses is a decision that can bring tremendous value. In addition, it doesn’t require businesses to indulge in any major infrastructural changes.
Businesses using RPA solutions don’t need to hire employees to perform redundant tasks. RPA software is able to work at a faster pace than human employees allowing them to complete more tasks.
In addition, tasks completed using RPA are more likely to be error-free. Investing in RPA software allows businesses to reduce expenses that would incur if they hire human employees instead.
Reliable Data Security
Global cybercrime damages are expected to reach $8 trillion in 2023, and data security is paramount to businesses worldwide. CTOs can use RPA solutions to ensure that their data remains secure and they are not at risk of cyberattacks.
RPA bots can be configured to monitor user behavior and provide alerts if they recognise malicious activities. Using RPA software for data security not only eliminates human errors but also improves the security posture of an organisation.
Better Customer Services
Customer service is a challenging field that requires extensive commitment. Businesses are expected to address their customer queries regardless of when they occur. However, employees are not always available to address concerns a customer may have.
RPA bots, on the other hand, are readily available and can be programmed to address customer queries. Using RPA software allows businesses to ensure that customers have the required assistance when needed, which can help improve their overall satisfaction.
Efficient Data Processing
Data and analytics are the cornerstones of informed business decisions. However, rapid and dynamic changes in the business environment now necessitate faster data processing and analytics.
Using RPA for modern businesses can help CTOs process ensure the processing of large amounts of data is streamlined. This not only helps business process data faster, but it also helps them analyse data faster and improves their decision-making.
Boost In Productivity
Employees often have to perform various tasks like copy-pasting information, which wastes their time and skills. These tasks drain employees’ energy which then affects their output on tasks that actually matter.
Using RPA software allows businesses to automate redundant and time-consuming tasks. This means employees are able to focus on tasks that harness their skills and abilities, allowing the business to experience greater levels of productivity.
Employees are often limited in terms of their capabilities. These limitations keep them from scaling their outputs to meet business demands. However, using RPA software allows businesses to improve their scalability.
Businesses can choose to create and duplicate bots to perform multiple tasks. In addition, these can also be coupled with AI and machine learning (ML) which allows them to scale their outputs further.
When humans perform redundant tasks, it takes more time. In addition, performing the same task over and over again also leads to human error caused by fatigue. This, in turn, leads to an overall drop in the quality of that business operations.
RPA software, on the other hand, is able to work tirelessly and doesn’t make mistakes that humans would. This not only increases a business’s productivity, it also allows them to improve the quality of their operations and output.
The success of businesses is largely determined by the consistency of their efforts. Businesses that hire a large number of human employees are expected to experience fluctuations in the consistency of their efforts.
However, using RPA software allows businesses to ensure consistency, as the bots can perform without fluctuations in their efforts. This allows businesses to streamline various tasks, such as information management and customer services.
Failure to follow data regulations imposed by legal authorities can lead to severe monetary and reputational damages. These failures often occur due to human misinterpretation or malpractice. These aren’t something you can just leave in the rear-view mirror.
Using RPA bots allows businesses to ensure that these compliance regulations are met. In addition, using bots to process confidential information also reduces the risk of a data breach and violation of non-disclosure agreements.
RPA software allows organisations to automate redundant and time-consuming tasks. The business process automation software is capable of navigating organisational systems and performing daily tasks. RPA bots follow predefined rules about what actions to take and when to take them. Organisations can use a bot studio to create and automate workflows.
Once configured, these bots can perform various tasks. Some of these tasks may include logging into applications, entering data, exchanging information between applications, and more. RPA solutions can help businesses reduce costs, increase productivity, and ensure regulatory compliance.
Get in touch with us now and learn more about how Rinkt RPA can help your business build a robotic workforce you can rely on!