RPA has revolutionized business processes and helps companies improve efficiency, cut costs and provide organizational resilience.
Some of the latest research into RPA shows the following results:
- A study presented by IBM shows that more than 90% of C-level executives that use intelligent automation believe their firms outperform while managing 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 such as timeliness, accuracy, and flexibility.
Gartner estimates that by 2024, firms will reduce operational costs by 30% through restructuring operational processes and implementing hyper-automation technologies.
Many companies have reached out to Business Process Outsourcing companies to implement RPA in their processes and seek enhanced efficiency. BPO service companies use the technology and can help transition a firm’s business operations/processes making them less costly, time-efficient and error-free.
ARDEM is among the outsourcing companies that use the latest technological advancements to cater to its client base, that includes advanced automation, robotic process automation, artificial intelligence, machine learning, OCR and ICR technology etc.
Here is a deep dive into how businesses can use RPA as a catalyst to cost savings in the coming year.
Invoice Processing
Processing invoices is one of the areas of businesses that demand significant manual intervention leading to a higher scope for errors. The invoice processing task goes through various layers of approvals and can be cost and time intensive. Implementing RPA into the task helps systems automate and monitor new invoices and capture/evaluate existing invoices across any given format.
The system flags any discrepancies by issuing a warning. Firms implementing RPA into their invoice processing tasks save high costs for maintaining a dedicated department and resources to process invoices. At the same time, the business achieves efficient and error-free results.
Payroll Processing
Payroll processing can be very complex and has been commonly catered to by in-house employees. RPA can help businesses generate significant efficiency and cost-savings across these tasks by efficiently computing remuneration details and verifying and validating employee data across various systems such as timesheets and other biometric systems. This leads to lower manual intervention making the payroll processing tasks resource and cost-efficient.
Recruitment
Implementing RPA into the recruitment process helps companies with candidate screening by conducting repetitive tasks efficiently. Such tasks, when done manually, can be very time taking. Additionally, firms can save the costs of manual intervention by using RPA to manage such processes. RPA systems can also reduce paperwork, streamline department coordination, and increase recruitment accuracy.
Customer Relationship Management (CRM)
CRM is vital to most businesses. RPA systems automate redundant tasks and ensure customers receive accurate services promptly. Firms can save on huge costs associated with developing and managing dedicated departments for CRM.
Inventory Management
RPA has transformed the inventory management processes by automating inventory monitoring, automatically reordering products falling short of a minimum threshold level, generating real-time updates about stocks etc. Implementing RPA into inventory management processes has reduced manual intervention and can generate significant cost-savings for a firm while also providing increased efficiency in such processes.
ARDEM’s RPA technology utilizes highly customized bots based on specific rules to ensure consistency, leading to well-defined processes.
Conclusion
RPA helps firms stay ahead of the competition by enhancing their productivity and efficiency while providing cost-optimization. The technology has revolutionized business processes and equips numerous tasks with complete accuracy.
ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information please reach out to us at pricing@ardem.com or call us at 908-359-2600.
