RPA: An Asset to Reduce Costs and Increase Productivity

Have your operational expenses increased? Are you experiencing low productivity? If yes, then you should definitely consider Robotic Process Automation (RPA). This cutting-edge technology can help you revolutionize your business by improving your productivity and lowering your expenses. 

Here we discuss how RPA is an integral asset to a company and how it can help you.

Supercharging your ability to work  

Robotics process automation, used especially at lower-level, basic or manual jobs, can help companies improve their productivity tremendously. Research indicates that RPA can increase productivity by 86%. It can do so by automating repetitive tasks such as:

  • Data entry
  • Data validation
  • Downloading files
  • Order placement after reaching low inventory level
  • Product costing
  • Attendance & timesheet management
  • Etc.

But RPA isn’t helpful just for automating manual tasks. In fact, it can be used to improve the efficiency of more complex tasks such as sales forecasting and tax accounting too.

This is mainly because: 

  • RPA minimizes human contribution, which reduces the chance of errors on the job. Bots have been found to reduce errors at work by up to 80% in some industries. Your team can avoid wasting time on correcting any errors or re-doing the work.
  • The output of the work is consistent because you can set specifications for your robot. Your RPA system will follow these requirements to the tee.
  • RPA reduces time spent on finishing a specific task and enables the business to do more in less time. Robots have been found to work 2-5 times faster than people can.
  • The RPA can be deployed at any time. It can work 24/7 and not suffer from the fatigue that human workers will. Additionally, RPA can be effective in various conditions – as a new stand-alone technology or as part of the existing system.
  • RPA gives employees the freedom to stop wasting time on their monotonous tasks and use their creativity for complex tasks. Additionally, it gives employees a well-deserved break Together, this reduces employee attrition and increases workplace productivity. This strengthens employees’ desire to work better for the company.
  • RPA can be better than hiring when you have introduced a new role in the company and there are not enough employees to fulfil the task. It can also be of help when you’re looking for a specific skill that doesn’t exist in your staff.
  • When integrated with artificial intelligence and machine learning, RPA can help generate more relevant and powerful insights from reports and data. This is because it has a greater frame of reference compared to a real person with lesser life experience.

All of this together benefit the company.

Maximizing your technology investment through cost reductions  

Did you know that Robotic Process Automation provides up to a staggering 59% in cost reduction in the IT domain? In other domains, it’s an average cost reduction of 25%-40%. This is fantastic. 

Even if you spend a couple of thousands of dollars acquiring and setting up your RPA, getting licensing for operation, training your employees and putting the RPA to use across the company, you’ll still save a lot of money. Based on a study by Deloitte, some companies are able to recover the complete investment they make in RPA within 12 months of implementation. 

One of the biggest reasons for this is that RPA has a cross-functional utility. Its versatility and its ability to handle large quantities of work can help you generate real value from your investment. Additionally, RPA can be used to augment legacy systems, allowing companies to automate their processes without completely replacing the existing technology. 

A one-time investment in RPA can help you eliminate the need for significant IT up-gradation as your company grows. This is really helpful since even incremental maintenance and upgrades to your IT can eat up more than 20% of your technology budget in a single year.

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