If you hadn’t noticed, these days it’s all about the robots, or more specifically Robotic Process Automation - applying software to repetitive tasks to free up our time.
RPA has gone from being a specialist technology to a major market almost overnight. Gartner has just released its first Magic Quadrant for RPA software, showing it’s the fastest-growing software subsegment it tracks, with year-over-year growth of more than 63% in 2018. The technology is believed to save companies huge amounts of time and money, so Gartner estimates demand for this type of software will reach $2.4bn annually by 2024. For its part, analysts Forrester expects RPA to be a $2.9bn industry in its own right by 2021.
Why this huge growth? RPA is software that blends some AI (Artificial Intelligence) and Machine Learning capabilities to allow businesses to handle high-volume, repeatable tasks that previously required humans to perform. These tasks can include anything from queries, calculations and maintenance of records and transactions; RPA software mimics a human worker by logging into an application, entering data or calculating and completing tasks.
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Richard Mill[/caption]
Without a doubt, potentially hype aside, RPA is a great tool to increase efficiency, accuracy and speed, allowing your call centre agents to focus on tasks that are less mundane and of greater value to the business. Robotic Process Automation can be applied to a wide range of operations across a diverse range of industries and is especially suitable for any structured, rule-based, repeatable processes undertaken on a computer. This includes searching for, processing and completing information, interacting with multiple platforms to complete a task and making decisions using pre-set algorithms.
In terms of specific scenarios where RPA is deployed, a good example would be in large customer-facing operations - particularly those with very complex back-office operations and strict compliance regimes, such as financial services, insurance, local and central government and healthcare. That is because RPA has been proven to be a highly effective tool in establishing ‘blended workforce’ approaches, where the gap between customer-facing operatives and back-office staff is reduced, and distinctions in responsibilities blurred in a bid to make service the central focus of all operations.
For example, in a bank or insurance company, where an application for a new product might have to undergo a series of statutory checks, the time it takes to complete these necessary tasks in the back office manually can work against service excellence. But with RPA, the speed and efficiency with which such routine processes can be completed contributes to a better overall customer experience (CX). RPA therefore offers a way to meet or exceed customer expectations at every point of contact, direct or indirect, in front or back office.
What we are increasingly seeing is that the benefits of RPA are being recognised outside early adopting sectors like finance, government and healthcare. Small and medium-sized businesses are embracing the technology as readily as large enterprises. Here are seven key benefits any organisation can expect to gain from RPA.
Reduced costs
Let’s start with the bottom line. One of the key aims of automation is to improve efficiency and reduce the time it takes to complete core tasks, which carries over into lowering operational costs. According to one survey of medium-sized businesses adopting RPA, 44% identified reduced operating costs as a main benefit. Meanwhile, Indian IT trade body NASSCOM reported cost savings of up to 65% for members adopting RPA, while the Institute for Robotic Process Automation calculates that software robots can cost as little as a fifth of the overheads involved in employing staff full time.3
Improved productivity
Unlike people, robots can work around the clock, seven days a week. Not only that, they are able to complete repetitive IT-based tasks much more quickly. It is therefore little surprise that, out of the many benefits of RPA adoption mentioned in one recent industry survey, increased productivity came out on top (cited by 53% of companies).
Increased accuracy
As well as working more quickly and efficiently than people can, RPA is also much more accurate, with most adopters reporting a complete elimination of error. In Softomotive’s study, improved accuracy was the second most common benefit of RPA cited by respondents, mentioned by 47% of businesses. And as well as saving the time and money it takes to rectify mistakes, being assured of high levels of accuracy also supports compliance and quality control, as automated processes are fully auditable.