Need for Robotic process automation in business operations

Introduction:

In simple language for the non-tech savvy crowd, Robotic Process Automationsoftware imitates a human work with software within a process. This business process automation outperforms repetitive task more quickly, accurately, and tirelessly than humans. RPA technology reduces the workload and helps human resources do other functions like emotional intelligence, reasoning, judgment, and interaction.

The RPA technology market is increasing in a plethora of industries around the world. Statistics says just over the past year alone, the market has grown by over 63%. As per reports of 2019, the demand for RPO is $1.3 billion and will be approximately 9.86 billion by 2022. Here is a list of few notable ones which have successfully managed to incorporate RPA in business. Brands like Walmart, Deutsche Bank, AT&T, Vanguard, Ernst & Young, Walgreens, Anthem and American Express Global Business Travel are among the many.

Key Benefits of RPA:

There are a plethora of benefits for businesses that choose to use RPA implementation services, including:

·           Cost savings

·           Significant process improvements

·           Redeployment of resources to higher-value functionsImproved

·           Productivity

·           Improved quality

Today the RPA business industry offers a vast range of applications for RPA automation. Below enlisted are the top reasons why the use of EdgeVerve RPA software services is the best choice for your business in the long run:

Accurate Data Entry – RPA Software tools aren’t prone to human error, and they don’t get tired or distracted. Thus, RPA data entry is more accurate than manual entry. The absence of typing mistake and no entries going in the wrong field makes it all the more popular. The degree of accuracy depends on the optical character recognition (OCR) that the RPA robotic software uses.

No Down Time – Humans needs rest, whereas Software bots can work 24*7 at 100% capacity. RPA doesn’t need a break, holidays, doesn’t sleep, won’t need sick days, and never has an unproductive day. And entirely understandable that human employees need the things mentioned above.

Increased Productivity – The RPA can do the data entry job without pausing to fix errors which means it gets more work done than a human doing the same position.

Fast Implementation – RPA software system indeed happens to be much quicker than training a new person. In just a few days, software bots are ready to operate.

Accessible To Scale – Too much work for your robotics process automation to handle is never a problem. Just adding extra bots during the inflow of more work is a pretty simple solution. It is much easier than recruiting and training new employees for data entry tasks

No Training Time – If business operations change and demand the bots to learn something new, one can either replace them with new bots or alter their programming. It is less time consuming and goes much faster than training employees in new tasks.

They Never Quit – The best part of RPA is you don’t have to worry about employee’s turnover or quitting. Bots don’t care how hard-working they are. They neither retire nor decide it’s time to move on to a different position.

Repatriate Jobs – A new study shows that people are often concerned about robotic process automation taking jobs away from real people.

Tighter Security – Data entry by employees always have a certain amount of risk. Entering sensitive data can still be a privacy concern. Robots don’t understand the significance or meaning of the data while working, which means there is less risk of a password breach.

Minimal IT Resources – Software robots requires minimal IT resources. Perhaps, IT doesn’t need to get involved at all; sometimes, RPA systems will be managed by the software provider.

Advantages of RPA Applications:

High accuracy and quality, improved analytics, increased employee productivity, and highly consistent and reliable outputs are a few of the benefits that RPA process has. This is why everyone from small organizations to big ones like Cognizant, Accenture, and Deloitte is employing RPA platforms to automate their labour. Some prime applications of RPA include:

1. Healthcare

○       Patient Registration.

○       Billing.

○       Scheduling appointments.

2. Insurance

○       Processing and Clearance of claims.

○       Premium Information.

3. HR

○       Hiring shortlisted candidates

○       Joining procedures of a new employee

○       Payroll process

4. Telecom

○       Service Order Management

○       Quality Reporting

5. Manufacturing & Retail

○       Invoice Management

○       Calculation of Sales

6. Government

○       License Renewal

○       Certificate Registration

○       Address Change

7. Banking & Finance

○       Record-Keeping

○       KYC Process

○       Activation of Cards

8. Infrastructure

○       Account setup and communication.

9. Travel

○       Travel Booking

○       Passenger Details

Conclusion: RPA (Robotic Process Automation) software is a technology application. RPA businesses improves automation and uses structured inputs and business logic to do so. RPA system has various RPA implementation services, including the recent trends of RPA implementation on Banks to communicate data with other digital systems, process transactions, capture applications and trigger responses. RPA services creates a system that’s very easy to scale with your growing business. You get in touch with the top RPA companies or the best RPA software provider. All you do is let them know about your business needs and sit back and relax while RPA vendors do the rest.