2022 will be the year that businesses get back on track after a year of unparalleled disruption. Many will be looking towards technology and automation to improve efficiency, reduce costs, and build organizational resilience. One technology that should be at the forefront of those conversations is robotic process automation (RPA). Robotic Process Automation (RPA) technology, although a relatively new technology, has managed to gain a lot of attention in the corporate world over the past couple of years. Business owners and CTOs alike are beginning to take notice. Robotic process automation (RPA) offers several benefits over traditional automation solutions. It enables us to save costs and free up resources with a low, non-invasive technical barrier. Other advantages include increased productivity, higher accuracy, the ability to streamline regulatory compliance, faster service, and higher consistency.
RPA revenue was expected to reach close to $2 billion in 2022, according to Gartner, and will continue to grow at double-digit rates through 2024. As more and more companies around the world employ RPA, it is swiftly becoming a ubiquitous and critical technology for a competitive company. Low-code and no-code solutions are helping organizations accelerate digital transformation by allowing non-developers and non-IT specialists to participate.
Accounting and invoicing, data management, hiring and onboarding, payroll, and much more can all be aided by it.
Specifically, RPA is mainly used to automate business processes such as:
- Update databases and applications.
- Transferring data from location to location
- Logging into applications
- Extracting content from PDFs and other documents
- Managing collaboration tools like email and instant messaging
- Scraping websites
- Standardizing processes and decision-making with the help of machine learning
- Copying and pasting at scale
Finance, accounting, operations, and technology groups are all adopting RPA, which is a rapidly growing business. According to LinkedIn estimates, 72 percent of all firms are expected to employ RPA at some time in the next two years.
Major Benefits of RPA Cost-effective
Cost savings are virtually instantaneous using RPA. Reduced manpower and time, as well as better precision, are all advantages of RPA. Cost reductions of over 30% can be gained by automating tasks.
By providing scalability, reducing errors, and boosting compliance, RPA may drastically minimize operational risks. To get more consistent results and delivery, automation is essential.
Because RPA can automate repetitive and time-consuming processes across your organization, your employees will have more time to focus on more important duties, enhancing overall productivity. This leads to increased staff happiness and engagement, as well as a better customer experience. RPA Bots may work nonstop for 24 hours a day, 7 days a week. This is a significant benefit over human workers. For firms trying to improve efficiency, the ability to work uninterrupted and with greater accuracy is a significant benefit.
When done correctly, robotic process automation decreases the likelihood of errors in any given operation by effectively replacing the human “error” factor. Fewer errors mean lower costs, less wasted time, higher accuracy, and, depending on the process, increased regulatory compliance where errors can have serious consequences (e.g., personal data-related tasks) and much more, which brings us to regulatory compliance.
Start Your RPA Journey Today
During unpredictable times, automation is a crucial tool for making your business more efficient and stable. RPA is one of the most straightforward methods to set up and scale new activities and departments. Consider hiring a seasoned RPA Solutions provider like Reality Premedia Services if you’re interested in RPA initiatives for your company.