Robotic Process Automation (RPA) is a relatively new technology that has already firmly claimed its place in improving the productivity of organizations alongside tried and true methodologies such as lean and six sigma. We have put together a comprehensive list of RPA benefits based on our many years of experience implementing RPA solutions with Financial Services, Insurance, Telecommunications and Healthcare clients.
01. Cost reduction.
Cost savings of approximately 80-90% can be achieved when a full-time, human performed business process is replaced by a software robot.
02. Release of personnel for higher value tasks.
Automating time-consuming and repetitive processes frees up your staff to make a higher value-added contribution. For example, when evaluating an insurance claim you can spend more time evaluating instead of filling in the same data in 5 different systems.
03. Increased employee engagement.
When staff can focus on high-value tasks, they tend to feel more involved in the work they are doing. When implementing RPA projects we often see staff performing repetitive activities, for example copying data between 10 different systems while completing a single customer request, with RPA they can serve 3 additional customers instead.
04. Reduction of operational risk.
RPA reduces the error rate because robots make fewer mistakes. Avoiding purely human errors, such as those made due to fatigue or deviating from the process, implies a lower level of operational risk.
05. Reduction of production variability.
Robots are excellent at duplicating tasks consistently with little distinguishable variability. It ensures that similar tasks are managed in the same way, for example, underwriting insurance policies is consistent across the same risk groups.
06. Reduction of paper use and waste.
RPA enforces digitization as it requires companies to have the data and files that software robots manipulate in digital form. Work that in the past could be done partially or totally on paper, can now be purely electronic.
07. Promote the improvement of processes.
In an automation project, the processes to be automated are often first analyzed and then simplified (where possible), creating more manageable processes (for both people and machines). For example, if you have 10 different ways to set up a new client on your system, it would make sense to streamline this process first and then automate it.
08. Increase in production.
Automation allows you to work 24 hours a day, 7 days a week, 365 days a year, without tiring people or varying quality. Customers often want to interact with service providers outside of the 9-5 hours, in the evenings and on weekends, and automation allows you to offer this level of service.
09. Higher speed and performance.
Customers receive faster service as the machines are able to process requests in real time, for example credit checks, etc.
10. Mejora de la experiencia del cliente.
With the implementation of RPA, the expensive and high-value resources are released, the most helpful and repetitive tasks; return to the front line of customer support.
11. Improvement of internal service levels.
With RPA things like internal reports can be delivered faster and without errors, new hires can be set up very quickly, and even IT issues can be greatly accelerated.
12. Defined governance structures.
RPA forces companies to define clear governance structures around IT applications, forcing organizations to agree on who owns each application. This leads to a clearer definition of access rights for each application, since robots, like humans, will need to use the same access.
13. RPA does not require the replacement of existing IT systems.
A virtual RPA workforce uses the same systems that your employees use. This is one of the biggest advantages of RPA compared to other automation solutions. In the past, business process management solutions and workflow management tools had to be integrated with every application they interacted with. RPA simply uses existing systems.
14. RPA is scalable.
Being able to easily scale up or down your operations as needed ensures that businesses can make adjustments based on seasonality. In the insurance sector, for example, the virtual staff can be increased to process claims for rains and floods in winter.
15.Virtual templates are very safe.
The IT security management of RPA robots is very simple, since they do not change their role, or leave the company, or retire. They also don’t hack your data.
16. Increased expertise in core domains.
By automating simple tasks, your business can develop greater expertise in your core domains, such as developing more sophisticated fraud analysis or creating algorithms.
17. Increased expertise in core domains.
By automating simple tasks, your business can develop greater expertise in your core domains, such as developing more sophisticated fraud analysis or creating more accurate underwriting algorithms.
18. RPA eliminates customer pain points.
A successfully implemented virtual workforce can improve your customer experience and eliminate common customer pain points. For example, traditionally, when processing a loan, the client has to fill out several forms and present the necessary documents. They are then submitted for processing, review and approval. The overall process can take several weeks, with multiple human contacts, after which the client receives information on the status of their loan application. With RPA, one robot can take over the entire process, reducing delivery time to a few days or less.
19. Impact occurs quickly.
From the moment the robots go live, a matter of weeks, organizations start to see the benefits. Typical implementation time for RPA projects is approximately 8 weeks.
20. Improvement of the capacity to analyze service level agreements.
Improved ability to analyze service level agreements. RPA solutions allow management to know the progress of the “service level agreement” in real time. Those who track the performance of their virtual workforce will address a common problem faced by back-office and operations managers: understanding where their team is and how they are evolving.
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Many benefits for an undeniable reality
Although RPA has many benefits, there remains a clear need for humans in the workforce. The question is no longer which jobs will be replaced, but which job will be redefined and how. In the future, most processes will consist of a mixture of human and mechanical work. Nothing will be fully automated. Even in the most automated production plant, humans will still be at work.
Automation makes traditional jobs more fluid, ensuring greater human work efficiency. By breaking free from high-volume, low-complexity administrative work, humans can continue to drive and innovate in areas such as customer service, experience-based tasks, new product development, and more. This article is just a glimpse into the world of RPA topics – if you are interested in exploring RPA opportunities in your industries or want to understand how to apply or deploy RPA in your organization, please contact us for a free discussion and without obligation. We will be delighted to hear from you.
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