Deploying a Robotic Process Automation (RPA) tool can be very beneficial for businesses that are looking to automate repetitive and rule-based tasks. In addition, an RPA also eliminates errors that would otherwise be made by a human while saving costs for the company. However, while these seem to benefit right off the bat, there are several more benefits that an RPA tool would have for businesses and enterprises across the globe.
As things stand, reports suggest that only 7% of companies worldwide implement RPA tools for streamlining their processes. For organizations that currently do not use an RPA, they spend 64% more time doing menial tasks that would otherwise be completed by a Robot or a ‘bot’ software. In fact, 35% of companies have even gone on to state that they have little or no plans to adopt any kind of automation let alone an RPA (Robotic Process Automation) tool.
Recent reports have shown a 64% increase in time spent doing manual book-keeping activities. The challenges with manual data capture are manifold. The process of manual invoicing involves several hours in addition to the plethora of people who have already been put on the job. The study also went on to claim that 25% of the time went into routing the invoices, 23% in data entry, and 18% in preparing the paper-based invoices. This effectively adds four hours to the process.
Without automation, a human working on crunching data would probably take approximately 120 minutes to complete a given task. However, a robot or a bot would be able to perform the same task within 8-10 minutes. In addition to this, bot software never gets tired and is ready to work 24×7 and 365 days a year. The same cannot be said for a human who has the tendency to lose interest or get tired following a few iterations of the same task.
‘To err is human,’ says the famous quote and the book. In a humanitarian sense, the quote is accurate. However, when it comes to automation and data crunching, this quote could very well have an adverse effect when it comes to making strategic or C-suite decisions. With humans executing repetitive and rule-based tasks, there is a possibility of a leak in some form. These leaks could lead to wrongful insights being drawn from the data fed in which would, in turn, lead to wrong or adverse decisions being taken by the top management.
Deploying an RPA tool has a profound effect on the effectiveness of an organization’s operations. As mentioned above, it would take an RPA approximately one-fifteenth of the time to complete a task as opposed to a human. This means that in a period of two hours (how long it would take a human to perform one task), the robot or the bot software can complete 15 tasks. Thus, proving that deploying an automation tool is highly scalable.
A human who is skilled in Invoice processing would not be someone who can write code. The inverse is also true. While a human skilled in one action can perform only that task, an RPA can be used to perform a variety of tasks This effectively means that an organization can save costs while scaling up their operational efficiency with a simple deployment of a Robotic Process Automation tool.
Interested In Infoveave ?
Ask for a quick tour, to see how Infoveave can bring in change