The 25% increase in robotic process automation (RPA) revenue from last year suggests that digital transformation is now a top priority for businesses across all sectors. Gartner also predicts also that RPA software revenue will reach nearly $2 Billion in 2021 and forecasts that the market will grow to double-digit rates by 2024.
Despite COVID-19, the interest in RPA increased for large and small businesses alike. The end goal is the same: reduce human error, streamline repetitive tasks, increase productivity, and ultimately better respond to clients' demands.
When To Consider RPA
You should consider using RPA if you meet any of these criteria.
Your processes are set off by standard and readable documents
Your employees perform manual and repetitive tasks
Your processes have few variable outcomes
You need to process high volumes of data
You have mature and stable processes
Benefits of RPA
RPA is gaining popularity, and it's been implemented by an increasing number of companies across several industries. In fact, according to a recent survey by UiPath, one of the leading robotic automation companies, 60% of the companies surveyed will increase their spending in RPA to enhance their processes and improve customer satisfaction.
However, that's not all. Let's take a closer look at the benefits of automation.
● Increased accuracy: Human error is unavoidable. It can be reduced but will always happen. The more workers a company has, the more error-prone it is. RPA outperforms human workers and produces error-free work.
● Faster task completion: In many cases, automation can complete a task within seconds while taking several minutes for employees.
● Empowered employees: Using an RPA solution isn't hard, and employees can use the 'bots' to automate tasks without any help from the IT team.
● Comprehensive analytics: RPA solutions track and analyze data and give companies reports about the overall business performance. Companies can use the data to improve their operations.
RPA Use Cases
RPA is generating business transformation across all industries and as Deloitte surveys suggest RPA will achieve “near-universal adoption” in the next five years.
However, even though most processes can be automated, some industries can benefit more from automation. Let's take a look at them:
Professional services firms often process and analyze large amounts of data to provide high-quality services to their clients. However, many labor-intensive and time-consuming tasks can now be automated: collecting data, defining client needs, performing market analysis and forecasting, automating proposals and contracts, signing contracts, and more. RPA helps professional services firms optimize existing processes and improve workflows throughout the client lifecycle, and thus increase time-to-market, reduce human errors, support business growth, and free up time to stay closer to their clients.
Manufacturers already employ robots to assemble, test, and package products, but when it comes to managing back-office processes, manufacturers struggle to find a way of balancing things. An RPA platform gives manufacturers the ability to automate crucial processes, identify process deficiencies, respond to emails quickly, streamline procurement, and digitize paperwork. With RPA manufacturers can also gain more control over their inventory and production capacity, reduce costs, and improve communication at every step of the supply chain.
Banking & Insurance
The banking & insurance sector can benefit greatly from RPA implementation. The sector has been keen to adopt automation, and large financial institutions and insurance companies use RPA software to automate processes. For instance, banks could automate customer inquiry processes and account opening using rules to assess whether or not someone is eligible for an account or a loan, while insurance firms can automate the claim processing tasks. RPA technology can also help bank & insurance officials generate better reports and improve compliance to avoid fraud.
Healthcare organizations are reliant on paper for most of their processes, and software robots can help digitize customer information and aid in the facility's digital transformation. Also, there's the issue of compliance. Compliance is a need for healthcare organizations and facilities. RPA enables healthcare facilities to track and document each process to stay compliant with external or internal audits. Plus, as an RPA bot parses data, it reduces both human error and confidentiality breaches.
Ready To Automate Your Business Processes?
RPA has the potential to help you automate your business and improve your productivity. And with the help of an automation implementation partner like Fortech, you can have an automation in place tailored to your own business needs.
We provide two RPA implementation services: Automation Anywhere and UiPath. Our process starts with a pilot concept, continues with the expansion and transformation phase, and ends with institutionalization and continuous improvement. Both our services work for many situations and can enhance your business processes. Plus, we also offer our clients comprehensive training in RPA that goes from 1-month courses to 6-month certification programs.
Click on the link to explore Fortech’s robotic process automation services.