RPA technology is increasingly applied across diverse industries, including banking, finance, insurance, healthcare, and more. Wherever businesses commonly process a huge number of operations, there’s a high chance you need to hire RPA developers to harness the power of top-notch automation solutions.
In recent years, millions of companies globally have moved from asking “What is an RPA developer?” to hiring and implementing RPA solutions across their business domains. McKinsey estimates many such companies achieved an ROI of 30–200% within the first year. But what spectacular advantages do businesses expect from implementing RPA? Discovering why RPA is important to ambitious companies can help you move forward with the best RPA development solutions.
This article offers seven insightful ways your business can benefit from adopting RPA solutions.
Table of Contents
Why Do You Need an RPA Developer to Build Your Virtual Workforce?
It’s a fact that employees spend time on mind-numbing tasks like copying and pasting across business applications and systems. RPA developers employ robotic process automation (RPA) tools and solutions to build bots that act as low-cost workers in your business. The resulting virtual workforce made of robots will take over mundane and repetitive tasks, thereby freeing up humans to focus on high-value activities. This leads to a happier and more targeted human workforce, driving high-value results every day. Ultimately, the biggest benefit of RPA technology to any business is the improved productivity it brings to every employee.
That said, we can apply RPA development to diverse businesses across industries. Some application examples include:
- Account reconciliation
- Loan processing
- Healthcare billing
- Invoice processing
- E-commerce order fulfillment
- Loan processing
- Lead scoring and data segmentation in marketing
- Energy monitoring and management
- Tax preparation
- Customer onboarding
- Inventory management
Benefits of RPA Development in Modern Business
Scale Up or Down with Demand
Your virtual workforce is available to operate 24/7 and can scale up or down with demand. No longer will you need to onboard temporary hires or shift employees, especially during seasons of the year with higher demand. This increased flexibility will also enable your business to seize new and emerging opportunities. The ability of robots to scale up and down instantly to handle high volumes of work keeps your business agile and adaptive to remain competitive in your ever-evolving market.
Harness Better Performance Insights
RPA bots improve how you leverage data across different domains in your business. When automation is paired with advanced analytics, you can capture, generate, and analyze large data sets and hundreds of business parameters. Process gaps, and opportunities for improvement are some of the areas RPA development will focus on. By bridging all gaps, you can make better and improved decisions geared towards better business performance.
Improve Customer Experience
How do you handle peak demand, resolve customer complaints, or use customer feedback to improve products and services? Exceptional customer service is a must for all businesses. It is one place you should harness the best technological solutions to enhance your customer service offerings. It’s no wonder that these aspects often require a large amount of time and employee. A huge chunk of the tasks associated with customer service are tedious and repetitive. When employees no longer have to deal with these activities, they spend more time handling the needs of your customers. Automation will improve resolution time and even decrease disputes, leading to higher customer satisfaction.
Enhance Data Security
A big concern about implementing RPA tools is the risk of data leaks and breaches. Yet, a great number of data breaches have been associated with human error. The tighter scope of work RPA brings to the table can, in reality, help improve data security. For instance, RPA tools can reduce human contact with sensitive data. RPA can also reduce the risks associated with undiscovered and unintended cybersecurity threats, unapproved access to privileged data, and duplicate, erroneous, or obsolete data. The decreased room for human error, paired with the strict RPA parameters your team must follow, leads to greater confidence in security. In turn, this can help your business achieve compliance and improve governance practices.
Hit Accuracy Goals with Reliable Consistency
Errors are immensely expensive and estimated to cost businesses billions of dollars yearly. RPA technology allows businesses of all shapes and sizes to minimize risk for such errors. For instance, rework is a massive time waster and money guzzler. Employees spend over 30% of their time in rework, as postulated by Gartner. In contrast, RPA bots can handle a huge number of hotspots that previously were tedious and often the focus points of human errors. Estimates by Gartner also state that RPA can save over 25,000 hours per year when bots handle tasks with higher error risk.
Gain Massive ROI and Labor Savings
The combination of a human and virtual workforce leads to immense labor savings. Consider all the administrative work that you can hand over to RPA tools, and you can see how accelerated productivity leads to higher revenues. Paired with lower processing costs, and reduced costly errors, RPA development is a must for your business. Even so, it’s important to note that automation will not replace jobs, but rather transform how they are done. McKinsey estimates that less than 5 percent of occupations could become fully automated, but at 30+ percent of employee tasks in over 60 percent of occupations could benefit from automation. This means operational costs will be reduced, shifting employees to focus on value-added occupations and activities.
Hire RPA Developers to Automate Legacy Systems Without Disruption
Established businesses often have challenges evolving their legacy systems. It’s no wonder businesses often ask about the risks they are taking by automating their systems. Fortunately, many RPA projects are low-risk and non-invasive. RPA tools based on no-code platforms cause no disruption in existing systems; they simply require the training of robots on the legacy software by providing features intended to mimic human interactions, such as keystrokes and clicks. Hence, automation at scale can be the answer to complex operational problems associated with legacy systems. Again, these tools can be immensely tested before complete deployment to ensure that their impacts are only positive.
No doubt, RPA development offers every business a variety of growth opportunities. But then, answering the question “What is an RPA developer?” may translate to automating tasks, but it never stops there. RPA bots improve efficiency, thereby opening more opportunities where human problem-solving, strategic thinking, and creativity thrive. And as with any technology, RPA is evolving. More recently, RPA developers are focusing on cognitive automation, which expands beyond the limitations of conventional RPA software solutions. To put it simply, your bot solutions will only get smarter and be able to do more than follow their basic programming. Harnessing these fresh trends and technologies determines that you hire RPA developers who are committed to offering cutting-edge automation solutions.
Overall, RPA technologies are not going anywhere. They are reshaping industries, redefining job roles, and altering the way we work.
If you’d like to learn more about what RPA can do for your business, leave us a note.