According to the latest forecast from Gartner, a leading industry analyst, “Global robotic process automation (RPA) software revenue is projected to reach $1.89 billion in 2021, an increase of 19.5% from 2020. Despite economic pressures caused by the COVID-19 pandemic, the RPA market is still expected to grow at double-digit rates through 2024.”
Undoubtedly the adoption is on the rise as businesses have seen the benefits of RPA and its impact on their digital transformation journey. Today, RPA has become a necessity than just an instrument to improve productivity. Organizations are compelled to improve their business processes to sustain and compete in this rapidly evolving digital era.
With RPA, businesses can dramatically transform their business processes by automating manual, error-prone operations. RPA Bots perform a range of tasks navigating through several business systems and applications the same way as humans do. With the Bots completing tasks at lightning speed without making any errors, efficiency, and accuracy are improved significantly. One of the key benefits of RPA is that companies can free up employees and leverage their intelligence for innovation and other high-value outcomes. You can learn about RPA in greater detail here >
The benefits of RPA are far-reaching. Organizations across the globe are using RPA to streamline both front and back-end operations while realizing unmatched process efficiency, improved turnaround time, and cost savings. Here are some of the key benefits of RPA:
Increased productivity and quick ROI
The speedy adoption of RPA technology can be highly attributed to quick ROI and accurate results. Robots are more productive because they can work 24×7. In addition, the RPA implementation can yield a quicker ROI compared to traditional IT projects. RPA proof-of-concept can be accomplished within a few weeks without impacting the existing IT infrastructure and the final roll-out can be done within months versus years.
Companies that operate in highly regulated environments are affected the most by the adoption of technologies like artificial intelligence, machine learning, and RPA. Many companies have started integrating these technologies into their digital transformation platforms. This demonstrates how the rise in the adoption of these technologies is bringing in immense benefits in terms of improved compliance:
Easy to implement
RPA is a rapid solution; easy to build and quick to implement compared to traditional solutions. The interfaces are intuitive and don’t require highly skilled resources. Instead of replacing existing systems, RPA solutions link together all the applications used in the current environment, making it non-disruptive and quickly integrating it into the existing ecosystem.
Improved customer experience
Forrester data shows that 72% of businesses prioritize
improving customer experience as their number one goal.
With multiple applications, customer data can be scattered within organizations. When the data gets manually updated in the systems, the end-to-end process that includes customer interactions can experience delays. RPA bridges the gap between multiple systems to enable nearly real-time updates. Software bots accurately perform manual tasks while employees focus on delivering improved customer experiences.
Read on to learn about the other important benefits of RPA and how it can be used across industries:
Reduced costs: With RPA, you can reduce processing costs by 80%. When you automate your manual tasks with RPA, you not only cut down your operational costs but also free up your employees to perform more productive tasks.
Scalability: Scalability is one of the selling points of RPA. The RPA Bots are flexible and can be easily scaled up to meet heightened demand. You can deploy more bots quickly with minimal cost and no additional training required to get more work done.
Increased efficiency: Unlike humans, RPA bots work 24*7, 365 days a year, meaning you can get more work done in less time. Moreover, bots are much faster than humans, allowing you to improve the overall process turnaround time.
Resource utilization: RPA Bots will be your digital co-workers and certainly change your labor equation – but that does not mean that you will be cutting down your human full-time equivalents. As you offload repetitive tasks to the RPA Bots, your human workers are better utilized to tackle higher-value tasks, usually with a greater level of engagement.
According to a report published by McKinsey on emerging and disruptive technologies, it is estimated that automation technologies, such as RPA, will have a potential economic impact of nearly $6.7 trillion by 2025.
Let us take a look at some real-world use cases of RPA Bots and their immediate benefits.
Kane Wound Care, a leading wound care provider in the north-eastern United States, automates its medical coding process with Nividous’ AI-powered RPA Bots. The Bots with native machine learning capabilities can learn understand and analyze each patient’s wound documentation and then create billing codes to generate invoices. Kane Wound Care achieved a 90% improvement in coding accuracy and a 95% reduction in manual work.
Insurers can offload their manual tasks related to claim processing, business underwriting, policy validation, and cancellation to RPA Bots. Leading insurance companies are already using RPA tools to streamline labor-intensive processes such as customer onboarding, compliance reporting, and bulk payments to reduce overall processing time and minimize operational risks. Learn how this insurer automates its customer onboarding process with Nividous Smart Bots.
Edelweiss Financial Services, one of the fastest-growing private wealth management firms in India, utilized Nividous ‘Attended Bots’ to generate and distribute reports with heightened accuracy and speed. The Bots also encrypt the reports (PDFs) before sharing them with the customers, improving security measures. The automation allowed for an 80% reduction in administrative efforts and a 70% reduction in report generation cycle time. Read the complete success story.
RPA enables banks and other financial institutions to regulate compliance, cut down operational costs, mitigate risks, and reduce manual efforts. Banks can leverage RPA to automate several tasks that are manual and time-intensive such as loan processing, account reconciliation, account opening, and closure processes, regulatory reporting, etc. Take a look at this practical use case:
A leading bank automates the processes related to issuing, managing, and closing letters of credit – the most preferred trade finance instrument using Nividous Bots. With 70% faster turnaround time and 80% improved process visibility, the bank is able to provide a frictionless trade finance experience to its end-customers.
As traditional approaches to process automation have become outdated, it is essential to harness sophisticated and advanced automation tools such as RPA and Artificial Intelligence to drive higher business value. If you are new to RPA and want to explore automation possibilities for your business, you can contact the Nividous team at [email protected].