The massive transition in the functioning of businesses in the recent years due to digital transformation has led to the rapid adoption of advanced technological solutions by companies for their survival.

When the market around you is running at the pace of light, you cannot afford to spend days and hours on tasks that can be performed within minutes and seconds with the help of technology. Nor can you imagine not optimizing the capabilities of the staff of your organization by engaging them in work that can be easily done with the help of automation.

According to McKinsey and Company, additional labor productivity of RPA will soon equal the output of 110 to 140 million workers.

Impact of Robotic Process Automation

RPA is a technology which helps in automating business processes and operations which are repetitive in nature. Robotic Process Automation is the development and management of software robots that automate structured, repetitive tasks in the software system of an organization. It also ensures error free tasks at minimal time consumption.

You might be surprised to know that RPA has significantly impacted different segments over the past few years namely Banking, Financial Services and Insurance, Healthcare and Pharmaceuticals, Manufacturing, Retail, Telecom, Customer Service, IT, etc. across the globe.

As per reports the largest revenue share in RPA industry for 2019 was dominated by the BFSI segment followed by the manufacturing domain. RPA in banking has bought about a significant change in the operations of the banking and financial institutions which are known to be dealing with heaps of mundane and repetitive tasks, that are prone to errors and are undoubtedly time-consuming.

How Does A Business Benefits From RPA & AI?

Robotic Process Automation is rapidly adopted by companies in order to ensure an enhanced customer experience, which is the epitome of any business strategy today. Benefits of RPA & AI are said to be ensuring error free and quick service abilities to the businesses that have already implemented it. The adoption rate of Robotic Process Automation has grown globally at a much faster pace than ever.

The ultimate goal for any enterprise today is increasing productivity with efficiency. According to Gartner, by the end of 2022, “85% of large and huge enterprises will deploy some form of RPA in their work process”.

RPA Cost-Benefits

When combined with advanced solutions like AI, ML and NLP, RPA is capable of establishing end to end automation of business processes thus enhancing productivity and efficiency of the operations.
Benefits of RPA with AI have played an important role in enhancing seamless customer interaction, customer engagement and improving end user support in the recent years. RPA when combined with AI, NLP and deep learning is capable of delivering business forecasts which are more accurate than ever based on intelligent and complex analysis of data.
AI powered Chatbot is now used on various e-commerce sites, apps and social media platforms are using these bots for answering frequently asked queries, reducing transaction time and improving end user experience.

[Also Read: Transitioning to Hyperautomation – Key strategies by Gartner]

Benefits of RPA & AI
Here is the list of top 20 unparalleled benefits of RPA & AI together for digital businesses.

Benefits of RPA & AI

  1. Engaging Staff In Higher Value Tasks: You no longer need to engage your employees to enter data into excel sheets throughout the day or answer to the repetitive queries of the customers. RPA by automating the rule-based repetitive tasks that were earlier performed by humans have enabled organizations to engage their staff in more value added tasks that require human intervention and creativity.
  2. Reduced Wage Cost: CIOs of organizations are under constant pressure to enhance productivity at reduced Capex and Opex costs. Companies enjoy a high efficiency and productivity in processes when tasks performed by FTEs are supported by software robots.
  3. Enhanced Employee Satisfaction: Employees enjoy a sense of satisfaction when they can contribute to tasks of higher value and demand analytical thinking and creativity. No one wants to spend their day copy pasting records or answering redundant queries. AutomationEdge is the fastest data processing solution to automate excel tasks.
  4. Reduced Operational Risks: Operations performed by humans that are mundane are usually more subjected to errors than when performed by software robots. RPA thus helps in minimizing human errors in operations.
  5. Minimizing Data Entry Errors: Nowadays, data is one of the most valuable assets of organizations which are a key resource to fuel any business strategy. Ensuring correct recording of these data is very important and at the same time is a laborious task. RPA helps in automating data recording, data entry and ensures it to be error free.
  6. Quick Service: RPA has enabled to deliver rapid services to customers 24*7 as well as perform tasks within a few minutes which earlier consumed hours and days. This quick response feature helps businesses to provide seamless and smooth service to its clients.
  7. Increased Data Collection: Today data is collected in various forms and Chatbots are being used by various e-commerce sites, apps and social media platforms for customer interaction to generate and collect better data points. This has turned out to be a reliable source of data, which earlier was a labor intensive task.
  8. Better and Faster Interoperability: Implementation of RPA has enabled more systematic and quick operations in the front, back and middle office, thus enhancing the coordination among them. This also ensures faster service delivery as RPA automates the paper intensive tasks in the back office.
  9. Improved Customer Experience: RPA and AI implementation has helped the organizations to fasten the operations with minimum error rate and hassle-free service to its customers. Today’s customer demands for 24*7 instant service and quick response which is achievable with automation.
  10. Increased Output: RPA allows working all throughout the day round the year without any variation in service quality. When customers demand for a round the clock availability and response, automation is the ultimate solution for it.
  11. Improved Internal Operations: Onboarding of new employees, attendance tracking, record maintenance, timely submission of internal reports and other such internal operations can now be automated within the organization with the help of RPA and AI for smooth functioning.
  12. Reduced Churn Rate: With the various benefits of RPA, organizations are capable of delivering a satisfactory experience to its customers with a seamless service, thus ensuring a loyal customer base and reduced churn rate.
  13. Better Security: Virtual workforces such as bots assure security as there is no risk of employee changing roles or leaving the company, thus lowering the risk of data hacking.
  14. Expertise in Core Domains: By automating simple, mundane tasks, staff can develop expertise in core processes and domains and also enhance productivity by aligning RPA adoption to their business objective.
  15. Enhance Output Similarity: Bots are capable of duplicating processes with minimal variation and almost zero errors. Banking and insurance industries which require such underwriting of policies and other such documents without differences can reach out to RPA.
  16. Improved SLA Analysis: Dashboards monitoring the output of RPA enabled tools and solutions helps the organizations to keep a track of the productivity of the office staff or team. It enables organizations to measure the progress of SLAs in real time.
  17. Assured ROI: Although RPA seems to be a costly affair that requires a major investment, from the data of companies that have already implemented it one can conclude that RPA ROI is visible from a few months of its implementation.
  18. Scalability: RPA is an enterprise wide scalable technology such that you can scale up or down your operations based on the requirements of the organizations. For instance virtual workforce can be increased in the ecommerce industry at times of seasonal sale or festivals when customer requests and queries observe a hike.
  19. Improves Analytical Abilities: RPA technologies are capable of gathering quality data points that enhances the analytical abilities of organizations thus delivering better business forecasts.
  20. Enhanced Accuracy: One of the major benefits of RPA is accurate and error free service. In all spheres, RPA is capable of eliminating processing errors so as to optimize business processes and map accurate business strategies.

AutomationEdge Hyperautomation platform is capable of automating not only mundane but also complex tasks with its artificial intelligence, natural language processing and machine learning capabilities. To know more about benefits of RPA and AI, get in touch.