Paramount Software Solutions Inc

Decoding Robotic Process Automation (RPA) for Digitization Strategy.

A recent Deloitte study reported that 53% of surveyed organizations have started their Robotic Process Automation journey and by 2020, the number is expected to jump to 72%. For organizations that haven’t yet included RPA as a digitization strategy, it may mean

  • Falling behind when it comes to speed of doing work
  • Losing out on the opportunity to utilize the precious time that could be saved by automating routine activities
  • Missing a chance to boost employee morale by training them in emerging technologies to improve their productivity and quality of work.

“A Fortune 1000 organization with around $20 billion in revenues and 50,000 employees would save around $30 million in bottom line impact every year!”

RPA thus has the potential to become the go-to solution for many routine items of work that are critical for organizations, yet use up significant amounts of employee productivity unnecessarily due to their monotonous and repetitive nature.
Simply put, RPA is the automation of standard, well-defined tasks using a software toolkit. It is essentially about automating the standard tasks that may not always require cognitive abilities or insight. The RPA suite is programmed to handle instruction-led, repetitive tasks with minimal human intervention.

Some of the examples where RPA is ideal for handling routine work is receiving filled forms, sending receipts, checking form completeness, filing the form in the correct folder based on its contents, updating a reporting sheet with the details of the form etc. Organizations are beginning to rely on their robots for automating work like retrieving emails, downloading attachments (i.e. invoices) into a defined folder, and creating the bills in the accounting software with copy and paste. Thus, a highly customized solution built using RPA tools would be a good fit for accounting and finance.

Another area where RPA could bring in phenomenal transformation is Human Resource Management. RPA has the ability to sizeably condense on boarding processes and also to provide new employees more seamless and personalized on boarding experiences. This enables the HR teams to focus on the most important areas for large enterprises such as employee experience improvement, training, and growth.

So, is RPA really worth the investment?

When viewed in its entirety, the RPA effort promises a windfall for those prepared to take the journey. Yet, many companies are still sceptical about the shift to RPA, given the commitment required. However, organizations that are venturing forward are witnessing some phenomenal value from including RPA in their modernization strategy.

Some of the benefits of implementing the right RPA solutions are:

Saving Costs

RPA software distinctly reduces costs by eliminating the need for dedicated employees to do standard jobs and also reduces the chance of human error, thus improving the quality of output.

Recent research conducted states that operational costs can reduce as much as 25-50%. Deloitte concluded through its research that a Fortune 1000 organization with around $20 billion in revenues and 50,000 employees would save around $30 million in bottom line impact every year!

Save Time

Robots are purpose-built for performing procedural tasks. According to Ernst and Young, the improvement in efficiency for these tasks when performed by robots can be over 50%, saving time that employees can use for more productive work.

Improved Employee Morale

Employees are freed from the routine tediousness of manually intensive work and are at liberty to focus their attention on more important and critical tasks and projects.

Governance and Control of your Business Activities

Many of the product oriented companies pass off the monotony to other organizations. This entails significant risks (for example: data security, quality standards, cost control issues, etc.) that maintaining the work in-house would eliminate.

Is RPA 100% Self- sufficient? It needs no human intervention?

We must be aware that, since RPA software must be precoded with step-by-step instructions about the task it must accomplish, it naturally cannot handle any exceptions it encounters to the rules it has been programmed by. Take for instance, a robot that has been created to categorize a set of customer forms. And let’s say a customer forgets to fill in a form field, the robot would require human intervention to complete the job. So in general, most RPA tools do need a certain level of superintending. However, present-day RPA software from leading providers like UiPath are guaranteed to be perfectly customizable, and user friendly.

The Road Ahead – Decision Making

According to a recent survey, over 50% of managers spend one full workday every week on repetitive tasks. Owing to the fact that the advantages associated with RPA far outrun the efforts involved, businesses are increasingly leaning towards accepting the RPA revolution as a chance to reclaim this lost time and money. If digitization and modernization of your processes are critical business decisions you know you have to take, RPA should be one of the areas to consider.

Paramount can support your RPA transition efforts seamlessly using the most proven RPA tools. Contact us to investigate how we can help improve results at your organization with RPA.

Resources:

“Robotics and Intelligent Automation: Combining the Power of Human and Machine” – Ernst and Young
“Global RPA Survey 2018” – Deloitte

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Decoding Robotic Process Automation (RPA) for Digitization Strategy.

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