Robotic process automation (RPA) applies specific technologies to automate routine, standardized tasks in support of an enterprise’s knowledge workers. By freeing human employees from these mundane tasks to apply themselves to core business objectives, RPA offers a number of compelling benefits to the workplace.
Robotic process automation can create a 25-50% cost savings. Process automation enables 24/7/365 execution at a fraction of the cost of human equivalents. A software robot can cost as little as one-third the price of an offshore full-time employee (FTE) and as little as one-fifth the price of an onshore FTE.
Prior to automation, one BPO service provider that handled the application for processing insurance benefits employed a full-time human employee who could complete the process in an average of 12 minutes. RPA software completed the process in one-third the time, tripling the transaction volume for one-tenth of the FTE cost. By automating this single process, the provider achieved a positive return on this investment within six months.
RPA offers an improved service delivery model by increasing production and accuracy, reducing cycle times and decreasing the need for ongoing training. Unlike humans, robots can work 24 hours a day, seven days a week. Typically, one robot can do the work of two to five FTEs.
An enterprise user of an IT infrastructure RPA tool suite that was designed to work with existing investments improved its overall operational efficiency by cutting its mean time to resolution by 60 percent and by handling over half of its IT problems without manual intervention.
Process automation makes gathering and organizing data easier so a company can predict future outcomes and optimize their processes. Advanced analytic techniques create a feedback loop. The analysis determines areas of improvement, and the improved processes, in turn, produce more specific data that allows for further improvement of operations and higher levels of efficiency. Advanced analytics is an essential element in achieving regulatory compliance, cost effective growth and optimized operations.
Greater PERFORMANCE & QUALITY
Out of every 100 steps, a human is likely to make 10 errors, even when carrying out somewhat redundant work. Robots are trustworthy, consistent and tireless. They can perform the same task the same way every time without error or fraudulence. RPA optimizes capabilities that grow organizational capacity.
After deploying automation software to support a number of IT processes, one company was able to increase organizational productivity and capacity without extra recruiting or training. They achieved payback in approximately 15 months with a calculated return on investment of 141 percent and concluded that they could expect greater returns as they continued to automate more workflows.
As these advanced technologies penetrate new markets, they are changing the way businesses think about and manage knowledge work. What does this mean for you?
Buyers and practitioners of robotic process automation can optimize their business models and increase productivity, allowing them to onshore functions that have been previously offshore and free up budget and people to reinvest in more strategic projects. Case studies show that companies that integrate RPA into their in-house capabilities achieve a return on their investment within a year.
Service providers that leverage robotic process automation in their services portfolio have shown that they can increase value to their existing customers and differentiate themselves to new customers in a crowded marketplace. When providers expedite manually-intensive processes, they are able to broaden their offerings and grow their client base.
Analysts and influencers are saying that robotic process automation is creating a second economy that connects the physical economy in invisible, concurrent systems to speed and optimize knowledge work. Some are calling RPA the biggest change since the Industrial Revolution.
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