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Intelligent Automation is becoming a big part of how we work, making the days of manually processing data and filling in forms a thing of the past.
But what is RPA?
RPA—Robotic process automation—is a type of technology that can automate all of those dull, repetitive yet critical business processes.
Some RPA examples are: Invoice processing, accounts payable, accounts receivable, onboarding a new employee, creating invoices, or processing customer data. With RPA, performing these time-consuming administrative tasks takes just a matter of moments.
While you may be on the fence about transforming your current business process operations, we’re here to show you that RPA is an investment worth making.
Here are seven major benefits of RPA to show you how it’s sure to change your company for the better.
1. Reduce your business costs
According to a study by KPMG, RPA has the potential to cut costs in the financial services sector by up to 75%. Roland Berger found that companies could save 40% each year, while reducing time spent on processes by 40–70%. By automating some of your business processes, you’ll save money by reducing the amount of time your employees have to spend on these processes. You may be able to pare down your team size, or, alternatively, take on more clients with your new-found time. Having RPA in place provides long-term cost savings as your scale your organization.
2. Save time for more important tasks
As we mentioned above, RPA will cut down on the time your team members need to spend on certain processes which can save up to 90% of your workforce's time. While you may decide to decrease the size of your team, most companies will redeploy their associates time to do more high value tasks such as manage client relations and strategic organizational initiatives.
RPA means that your employees won’t have to spend countless hours on menial tasks. Instead, they can spend their time focusing on more important tasks that only humans can perform, such as client interaction and account management.
3. Avoid the risk of human error
When your employees perform the same mundane tasks over and over, there will always be the chance of human error. After all, people make mistakes.
These errors, while unavoidable, can be incredibly harmful to businesses. They account for roughly 82% of production errors and 50–70% of failures in electronic equipment.
Regardless of your industry, human error can be costly and time-consuming to correct. By automating business processes, you’ll never have to deal with these mistakes again. This will save you and your clients time, resources, and eliminate the amount of rework required.
4. Ensure traceability for analytics and audits
When utilizing RPA at your organization, you’ll always have a complete and fully traceable trail. You’ll be able to trace every process from start to finish, which can improve your analytics and help during financial audits.
At ANZ bank in Australia, RPA helped avoid 34 regulatory breaches over the course of a few years. The ongoing, traceable support that RPA provides to organizations can be a lifeline when issues arise.
5. Reconcile data from various systems
With a sound RPA strategy in place, you’ll be able to interact with data from any software system. In other words, you’ll have the ability to seamlessly integrate processes across multiple applications.
6. Improve service times for clients
In order to stay competitive in an ever changing landscape, speed is vitally important. When you have data or reports that need to be delivered to clients, the faster you can process their information, the better.
RPA makes it possible to provide almost instantaneous service to clients. This, in turn, can help you to retain customers and increase overall customer satisfaction.
RPA can be useful in all types of organizations. At one financial institution, RPA transformed the claims process. RPA digital workers took control of the 1.5 million yearly requests: 85 digital workers could handle the work of 200 human employees. Customers got served faster, and the company saved time and money.
7. Increase employee satisfaction
Not only will the speed and efficiency of RPA result in improved customer satisfaction, but it can also lead to increased levels of employee satisfaction.
RPA gives your staff more freedom for creativity and growth. Let’s face it: No one wants to be stuck at their desk mindlessly processing data. With RPA in place, your employees will have the opportunity to take on more intellectually challenging, stimulating tasks.
In turn, this increased rate of employee satisfaction can lead to better employee retention, saving you up to 33% of your employee’s annual salary for each employee. Plus, it can help you to develop a better sense of workplace culture.
RPA can also be used to improve your employees’ experience at work—you can set it up to send automated reminders about employee training and other opportunities.
Start seeing the benefits of RPA with Thoughtful
Deciding to implement RPA in your business model can be one of the best decisions you’ll ever make for your company if done the right way. RPA will save you time and money while improving the experience of employees and clients alike.
Many small and mid-sized organizations shy away from RPA solutions because they have concerns about high initial cost, complexity, total cost of ownership, and internal resources or expertise required. We eliminate these barriers with our full-service, bots-as-a-service model. Here are some highlights:
- Cost effective, Month-to-month billing (no yearly contract required)
- $0 implementation fee - we build your digital workers with no steep up-front cost
- $0 maintenance fee - monthly bot maintenance Included into our service model
- Continuous reporting on cost-saving metrics
- No internal expertise needed - we take care of everything...really, everything
Thoughtful designs and builds customized intelligent automation solutions for organizations of ALL sizes. Our intelligent designs can automate your mundane, repetitive processes so you can focus on the stuff that really matters. To better understand why we started this revolution, check out our Outcomes-Based Automation (OBA) article written by Dan Parsons.
Request a demo to find out how we can help.