Robotic process automation (RPA) is one of the miraculous technologies humans have created to ease their arduous, repetitive works. The benefits of RPA go from boosting efficiency to, enhance security and scalability.
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RPA technology has not only changed the nature of getting work done in current times, but also has a brilliant future secured for organizations, with its diligence wonders.
RPA has made it easier for humans to get their boring day-to-day jobs done in no time.
It helps streamline businesses with boosted efficiency and productivity in lower costs, providing greater employee and customer satisfaction.
Organizations are rapidly embracing this technology, and especially after COVID-19, a major spike in the use of robotic process automation has been recorded. We hope that by the end of this post, you’ll get to know the benefits of RPA enough to consider its incorporation in your business.
10 Major Benefits of RPA
Below is the list of major benefits of RPA:
1) Boosted Efficiency
The first and major benefit of RPA in business is that it increases efficiency.
A robot, unlike a human, never gets sick, feels tired, or asks for a leave.
It can work nonstop, 24 hours a day and 365 days a year, without a break and with a higher level of efficiency, as compared to a human employee.
A human employee might take half an hour to open a slew of emails, whereas a robot gets such tasks done in 2 to 4 minutes. Similarly, going through all those emails might take an additional 60 minutes for a human. On the other hand, a robot gets all the work done in 16 to 20 minutes.
That’s how convenient it is to get boring work done through friendly bots.
2) Boosted Productivity
Many organizations and employees are of the view that RPA technology can endanger employment opportunities. But that is surely not the case.
RPA helps you get your work done with both human force and bots.
The cooperation of both the resources helps organizations in getting work done efficiently with a fair increase in productivity.
There are different forms of automation tasks where humans work in collaboration with bots.
Attended automation requires a human for decision-making tasks while the robot employee does all the chunks of boring work, like collection of data and performing calculations, among others.
Unattended automation is a collaborative automation task that needs a robot as an assistant to do back-office operations.
3) Increased Accuracy
Well, we know that humans make mistakes but machines don’t.
Machines are efficient and highly accurate in what they do.
Though mistakes are learning opportunities, they might cost you an arm and a leg at times especially if you’re running a business and in it some repetitive but important tasks. But if you use RPA technology, you don’t need to worry about mistakes any more.
86% of the respondents of the Deloitte Global RPA survey conducted in 2018 claimed that RPA increased productivity on another level.
4) Enhanced Security
RPA can be your best friend, guarding you from potential cyber attacks that are rapidly increasing.
As of 2021, the average cost of data breach incidents owing to negligence was amounted to $4.24 million, a sharp 10% increase from $3.86 million in 2019.
With the help of RPA, only a limited number of employees get access to sensitive data.
Moreover, bots can efficiently mitigate a virus from spreading throughout the network, giving security alerts in no time as soon as a threat is detected.
5) Increased Scalability
Businesses on a large scale have huge responsibilities and high work demand to deliver in a limited span of time.
High level of flexibility is needed to achieve the target, since even the most successful organizations end up collapsing due to lack of scalability.
This is where RPA comes to your rescue! RPA technology helps you manage increased workload with efficiency and quality, in limited time.
6) Cost-effectiveness
One of the most significant benefits of RPA technology lies in its major cost-saving prospect. Although the cost of setting up a robotic system is high, it is less expensive than hiring human employees for tedious tasks in the long run.
Research concluded that a robot costs 1/10th of a human employee.
According to Deloitte’s Global RPA Survey, organizations have seen as much as 59% cost reduction and claim that RPA meets their expectations.
7) Customer Satisfaction
There is nothing harder than pleasing your customers and exceeding their expectations. One wrong move is enough to displease them and drive them away.
RPA bots make it easier for enterprises to satisfy their customers by allocating precious employee time in looking into their queries rather than handling tedious, mundane tasks. When bots are there to deal with the heavy work, competent employees put their efforts into solving the customer queries that can’t be automated.
For example, Hospitals don’t depend on their employees anymore for the data collection of their patients. They utilize RPA technology for this purpose and dedicate their human staff in solving patient queries.
8) Employee Satisfaction
Enterprises face issues in efficiency when staff’s expertise is wasted to carry out the mundane tasks, leaving no time and energy to look into more productive ones.
Enterprises face issues in efficiency when staff’s expertise is wasted to carry out the mundane tasks. This leaves no time and energy to look into more productive ones.
RPA technology allows enterprises to keep their employees happy, by lifting up the boring tasks from their shoulders.
With the help of friendly RPA bots doing the boring work, enterprises can make the most of their employees’ full potential to generate a high level of profit.
This leads to high employee morale and job satisfaction. This is because their talent is being invested in works that are valued letting them see stakes in the company.
9) Better Analytics
Another significant benefit of embracing RPA technology is improved analytics. RPA isn’t just limited to data collection but it analyzes the data, makes reports, and sends it to departments responsible for further processing.
Customer data gathered and analyzed by RPA bots is taken into consideration when making several decisions.
Products or services are directly offered to the target audience, analyzed by the bots. This helps companies to achieve higher levels of efficiency and customer satisfaction. That’s because the data helped in improving the qualities of services or products.
10) Brings Innovation
As the world is progressing, it’s the need of time to take a step forward and embrace technology.
RPA provides companies utilizing the technology an upper hand over their competitors, in terms of production and management.
People and organizations skeptical about RPA replacing the workforce need not to worry about it.
RPA system is designed to work in collaboration with the human force, not without it.
Human and bot collaboration can help enterprises generate huge profits by being innovative, instead of wasting time on tedious work.
How RPA Can Impact Your Business
Over the years, we’ve seen RPA technology making it’s place in several fields. From finance industry and telecommunications to health and educational institutes, the application of RPA technology in these areas have elevated their shortcomings boosting their growth.
It is estimated that the rapidly growing RPA market will reach $7.64 billion by 2028.
RPA can help you streamline your business processes, by increasing efficiency and productivity along with scalability. The best part about the technology is that it saves you the cost that went into hiring employees for tedious work.
If you’re still on the fence about implementing RPA technology, taking assistance from reliable RPA partners like Logic V facilitates a hassle-free transition to the RPA world.
Get in touch with Logic V so they can help you plan the best strategy for RPA implementation.
Frequently Asked Questions
RPA helps organizations streamline their business processes with an increase in efficiency and productivity, along with low costs and enhanced security.
The process of handling mundane clerical tasks virtually with the help of bots is known as robotic process automation.