Robotic Process Automation (RPA) uses software bots to complete repetitive digital tasks, and businesses across verticals are taking notice. The global RPA sector is expected to expand at a compound annual growth rate of more than 40% through 2027. Clearly, enterprises are increasingly willing to invest in advanced automation—and the reasons are clear.
The benefits of RPA include better accuracy (bots don’t make typos), much quicker processing (bots are fast), and lower costs (bots are cheaper than manual data management). But—as industry professionals looking to maximize productivity—why we need RPA the most is that it removes necessary but mindless labor from the workforce, allowing humans to do what they do best: innovate.
Here are eleven specific benefits of RPA, along with examples of how Nividous has helped clients realize these advantages.
We would love to talk about and identify potential possibilities.
Compared to manual data-handling, RPA bots are incredibly fast. They also operate 24 hours a day, seven days a week, driving essential processes forward while the workforce is asleep. That makes RPA ideal for high-volume, day-to-day business processes like customer onboarding. In fact, one leading insurance company automated their onboarding process with Nividous smart bots to achieve a 60% reduction in Full Time Equivalent (FTE), a measure of the time it would have taken human employees to complete this work.
Robotic process automation is particularly helpful for companies that operate in highly regulated environments like health care, insurance, and financial services. When bots perform compliance tasks like reconciliations and routine controls, error rates plummet. Health care provider Kane Wound Care uses Nividous AI-enhanced RPA bots to translate patient documentation into billing codes and invoices. With RPA, Kane Wound Care’s coding accuracy improved by 90%.
One of the clearest benefits of RPA automation, compared to traditional approaches, is the remarkable speed of roll-out. Traditional automation requires developers to create custom integrations or new software platforms altogether. That could take many months, even years. Smart bots from Nividous learn to use the systems that are already in place—which is why automations built on the Nividous platform can start production in just weeks, without changing the current digital ecosystem. The Nividous Quick Start Program produces a custom RPA bot for your key business processes in four weeks or less.
Request a Quick Start Program.
Manually updating customer-facing data management systems is slow. RPA bridges the gap between multiple systems to enable nearly real-time updates—and that translates into a better customer experience. Meanwhile, software bots accurately perform manual tasks, so employees can focus on delivering improved customer experiences. One of the fastest-growing banks in India uses Nividous RPA bots to automate trade finance operations—and now closes letters of credit 70% faster, leading to happier customers and faster growth.
It’s not just a drain on human resources when people manually handle data—it’s also much more expensive than RPA. One U.S.-based manufacturer of high-tech products automated back-office processes with Nividous smart bots, reducing operational costs by 40% with an annual savings of more than $90,000.
When businesses grow, RPA grows with them. Nividous smart bots are flexible and can be easily scaled up to meet heightened demand. You can quickly deploy more bots with minimal cost and no additional bot-training, meeting the demand no matter how high it goes. One leading eyecare group grew to more than 120 optometry locations in the U.S. Adopting Nividous RPA bots saved them 1,500 employee hours every month—while boosting data reporting accuracy to 100%.
RPA bots will certainly change your labor equation—but that doesn’t necessarily mean cutting staff. As you offload repetitive tasks to the RPA bots, human workers can tackle higher-value tasks, usually with a greater level of engagement. Nividous RPA bots helped a major Indian wealth advisory firm decrease rote human labor by 65%, while improving productivity by 60%.
All of these benefits of robotic process automation contribute to very quick returns on investment, usually within months—and often even faster. One insurance brokerage firm automated both policy management and review using Nividous smart bots. They realized a full ROI within just weeks.
Risk management businesses, such as insurance companies, often need to inspect new proposals to decide if they can accept a new customer, policy, or partnership. For one major insurance company, 25 full-time human scrutinizers were hired to manually validate proposals and applications, undergoing an arduous process of comparing new proposals against internal data and customer identity documents. But when this company began using Nividous smart RPA bots—with native Computer Vision-based Optical Character Recognition (OCR) capabilities—they were able to automate the proposal process and save 6,000 staff-hours per month.
Technological advancement for businesses can come with great risk and expense—especially if a business needs to move data and functions away from legacy applications they’ve been using for a long time. RPA allows for automation of legacy systems without the need for hard coded integrations or deep knowledge of the system architecture. This is possible because the automation it does is directly through the user interface.
One of RPA’s key benefits is its ability to revolutionize revenue management systems. Many companies struggle to overcome the challenges posed by siloed information; when information is trapped in different pieces of software located in various departments and physical office locations, it can’t easily be shared with everyone who needs it. This often interferes with critical functions, like claims and invoice processing, that support reliable revenue streams. When Nividous deployed RPA bots for AEG Vision, an optometry company that provides acquisition and operational support solutions for other practices, AEG was able to increase revenue to $75 million per year and saved $4 million.
Any business willing to explore and implement RPA is likely to experience a number of the above benefits, which in turn lead to other positives that directly impact the bottom line, such as a higher employee retention rate, increased employee engagement, and improved customer experiences.
Perhaps most importantly, however, taking advantage of RPA puts your company in a better position to achieve its core vision, which ultimately helps maintain your competitiveness.
The best way to start is to research how RPA can best be used to solve your company’s unique business challenges. To start your research, take a look at our ebook on RPA, which includes an implementation roadmap designed to help you imagine RPA in your organization.
Download our robotic process automation ebook.
While RPA is a powerful automation tool, it’s just the beginning of what automation can do in conjunction with your human workforce. Combine RPA with artificial intelligence (AI), machine learning (ML), and other advanced automation technologies to achieve end-to-end business automation and greater benefits. With RPA as a starting point, companies can create human-bot work orchestration, greater process visibility, more processes to automate, and higher productivity—all benefits that are amplified if RPA is combined with other technologies.
The Nividous platform uses RPA within a larger system of intelligent automation.
After reading our ebook, if you want to know more about RPA or our platform — contact us to start a conversation, or schedule a demo today to see RPA bots in action.