RPA or robotic process automation has come a long way. It has revolutionized business processes. It helps companies improve efficiency and cut costs. It also provides organizational resilience. Let’s learn more about RPA!
Research into Robotic Process Automation
Many companies have a misconception about robotic process automation cost. They believe that it increases their operational costs. But that’s not the case. Read some studies by various companies below:
- A study presented by IBM shows that more than 90% of C-level executives that use intelligent automation believe their firms outperform while managing an organization change in response to changing business trends.
- EY research concluded that RPA can facilitate cost efficiency worth 20% to 60% of baseline FTE costs for financial services.
- Deloitte’s Global RPA survey saw 85% of the respondents believe RPA surpassed their expectations for non-financial benefits. These include timeliness, accuracy and flexibility.
- Gartner estimates that by 2024, firms will reduce operational costs by 30%. They will do so by restructuring operational processes and implementing hyper-automation technologies.
Robotic Process Automation Savings
Businesses worldwide RPA for cost savings and operational efficiency. Let’s learn how RPA transforms various critical functions.
Here’s how businesses can use RPA as a catalyst to cost savings in the coming years.
1. Invoice Processing
Processing invoices is one of the areas of business. It demands significant manual intervention leading to a higher scope for errors. The invoice processing task goes through various layers of approvals. So, it can be cost and time intensive. Businesses can deploy robotic process automation into the task. It helps systems automate and monitor new invoices. It also captures/evaluates existing invoices across any given format. The system flags any discrepancies. It does it by issuing a warning. Firms are implementing RPA into their invoice processing tasks. This helps them save high costs. They don’t need to maintain a dedicated department and resources to process invoices. Also, the business achieves efficient and error-free results.
2. Payroll Processing
Payroll processing can be very complex. It is commonly handled by in-house employees. Robotic process automation can help businesses in this case. It can generate significant efficiency and cost-savings across these tasks. It can compute remuneration details. It can also verify and validate employee data across various systems. It can be timesheets or other biometric systems. This leads to lower manual intervention. Thus, RPA makes the payroll processing tasks resourceful and cost-efficient.
3. Recruitment
Implementing RPA into the recruitment process helps many companies. RPA can screen candidates by conducting repetitive tasks efficiently. Such tasks, when done manually, can be very time taking. Also, using RPA to manage such processes can save the costs of manual intervention. RPA systems can also reduce paperwork and streamline department coordination. Besides, it can increase recruitment accuracy.
4. Customer Relationship Management (CRM)
CRM is vital to most businesses. Robotic process automation systems automate redundant tasks. They ensure customers receive accurate services promptly. Besides, huge costs are associated with developing and managing dedicated departments for CRM. Thus, firms can achieve RPA savings by utilizing this technology.
5. Inventory Management
RPA automates inventory monitoring. It automatically reorders products falling short of a minimum threshold level. Also, it can generate real-time updates about stocks etc. Thus, robotic process automation has transformed the inventory management process. It provides increased efficiency in such processes. Deploying RPA into inventory management processes has also reduced manual intervention. There is no doubt that RPA can generate significant cost-savings for a firm.
ARDEM's Advanced Technology in BPO Services
Many companies wish to implement RPA in their processes and seek enhanced efficiency. They have reached out to Business Process Outsourcing companies. BPO service companies use advanced technology. ARDEM is among the outsourcing companies that cater to its client base using the latest technological advancements. This includes advanced automation, robotic process automation, artificial intelligence, and machine learning, etc. There are also invoice management OCR and ICR technology etc. So, we can help transition a firm’s business operations/processes. We can make them less costly, time-efficient and error-free.
ARDEM’s RPA technology – Robotic process automation involves the use of software robots or “bots”. These bots automate repetitive, rule-based tasks. These bots can mimic human actions. These include logging into applications, copying and pasting data, and performing calculations. RPA is particularly useful for specific tasks. The tasks that are time-consuming and prone to errors when done manually. We use highly customized bots based on specific rules to ensure consistency. This leads to well-defined processes.
Conclusion
RPA helps enhance productivity and efficiency. It also helps with cost-optimization. Thus, it helps companies stay ahead of the competition. Technology has revolutionized business processing services. Businesses continue to embrace digital transformation. So, robotic process automation will play a crucial role in shaping the future of work. Partner with ARDEM and witness how RPA can transform your business! Reach out to ARDEM now!
