3 Reasons You Should Invest in RPA Earlier than You Are Planning
January 18, 2018 | Technology
Robots are coming to take our jobs. Thankfully, not yet!
For now, they are coming only to make our jobs easier.
RPA (robotic process automation) – basically software robots built to automate rule & logic based tasks – is the first step towards a company’s long digital transformation journey.
Given its obvious advantages – cost reduction (up to 70%), faster turnaround time, 24×7 operations, improved accuracy, and so on – automation is rapidly becoming an industry norm. According to Research and Markets, the RPA market is estimated to grow 30.14% YoY for the next 5 years, reaching $2,467 million by 2022.
So, if automation is on your agenda (which it must be), but you’re being reluctant when it comes to implementation, here are 3 reasons why you should stop thinking and start doing RPA.
1. Stay Relevant to Your Customers
RPA helps companies do the same amount of work in less time, with less resources and more accuracy. This certainly reflects on the cost and reliability of their offerings – both of which are crucial to stay competitive in the market.
For example, in ecommerce, with automated management of inventory, invoicing, supply, returns, etc., businesses can maintain their SLAs (service level agreement) with various stakeholders and effectively manage product availability (especially during peak seasons).
However, RPA implementation cannot be done overnight. According to SSON Analytics, more than 60% executives think that the implementation process takes a minimum of 3 months and can last up to one year. And since automation is going to become an industry standard, the sooner you start using it in your operations, the larger will be its competitive advantage.
2. Free up Skilled Resources for Strategic Tasks
A recent McKinsey report found that in industries like finance and insurance, employees spend as much as half their time collecting and processing data. RPA offers such organizations a cost-effective solution to achieve superior capabilities to handle customers’ queries and manage compliance requirements.
According to McKinsey, by freeing up their skilled resources to focus on more strategic and creative work, companies have been able to achieve significant boost in their ROI – from 30% to up to 200% . And best part is, in most cases, RPA frees us employees from the tasks that they will happily relinquish; making it beneficial for both – organizations, as well as employees.
3. Scale Business More Swiftly
With RPA businesses can handle fluctuations in product volumes, inventory etc. with agility and resilience. This in effect makes operations easily scalable; thus, enabling organizations to take initiatives to expand their business to new verticals and geographies. Clearly, RPA can not only act as a catalyst in bringing back-office operational excellence but can play a pivotal role in an organization’s expansion strategy.
In the startup environment especially, where there is a dearth of resources, RPA can be a great aid in handling an array of operations such as staffing & recruitment, human resources, finances, and training to lay a smoother path to run and scale the organization.
So, how to begin?
While RPA is on most organizations’ agenda today, how to get started is still a blur for many. Its implementation involves automating high-volume, transactional processes across your organization. This requires an organization-wide assessment to identify automation opportunities and train teams to develop skills and capabilities to manage new business operations.
Clearly, the job requires external help from RPA experts. And the key to finding the right RPA vendor is – to not to choose a solution based on price or popularity, but how it fits with your organization’s needs to help you achieve the targeted growth.