To aid human resources, the Robotic Process Automation industry is becoming the most integral part of any and every business.
Other than streamlining entrepreneurial operations, Robotic Process Automation is capable of reducing costs. With its integration, businesses can easily automate mundane business operations and processes while employees can work on other higher-priority tasks.
Hence, there is no denying that Artificial intelligence, Machine Learning, and IoT are already prominent parts of various industries. Now, with Robotic Process Automation, each domain is getting better traction in terms of productivity and efficiency.
As per Statista’s prediction, RPA facts and figures market value will reach over 3 billion USD by 2022.
Here in this blog, we will be taking a look at everything about Robotic Process Automation, RPA facts, and figures along with the cost of it for businesses.
Table Of Contents
- What is Robotic Process Automation?
- Fascinating about Robotic Process Automation facts
- Robotic Process Automation statistics
- Top Seven Benefits of robotic process automation for businesses
- Robotic Process Automation examples for businesses
- Cost of Robotic Process Automation Development
- Top Companies Use RPA for Various Purposes
- Challenges with the RPM Software System
What is Robotic Process Automation?
Robotic Process Automation, also called RPA is a technology that can intelligently automate business processes based on rules that are structured and repetitive. The tools of RPA can be used for easy communication with other digital systems. These communications can be made for capturing data, retrieving information, processing transaction, and more.
Understanding RPA demand in the market, the RPA itself represents the use of robots that are programmed for completing business tasks. RPA’s initial processing was adopted by financial firms. Since its beginning, financial organizations simplify businesses, other domains like Healthcare, retail, manufacturing, and others are a few examples of RPA technology adopters.
Using RPA helps in reducing the overall labor cost along with preventing any human error.
The technology is processing a lot of information, and business operations resulting in its popularity, the surging RPA market size Forrester of robotic process automation, and different domains.
Fascinating About Robotic Process Automation Facts
1. Process Automation
Yes, RPA adoption can definitely automate the organizational processes that are routine-based, and repetitive. However, when it comes to decision-making, taking judgment, or any relative tasks, using RPA can be challenging.
As identifying, evaluating, selecting processes, or taking decisions using business process automation statistics involves human assistance, features of RPA cannot alone work towards it.
2. RPA Selection Processes
When you are beginning with the robot automation integration, it is mandatory to choose the process which carries both-high potential and power.
Let the processes be divided into-
- Low benefit, low complexity
- Low benefit, high complexity,
- High benefit, low complexity
- High benefit, high complexity
For choosing the right and appropriate one, get your team together for brainstorming various RPA processes. Together with your team, pick the best one that satisfies your organizational processes along with streamlining the processes.
3. Partial Robot Automation
Through the benefits of robotic process automation, organizations can automate regular tasks easily, however, it is not necessary to automate processes from scratch to end. By using the technology appropriately, you can identify steps in a process that requires actual automation.
4. An Effective Tool
There is already stiff competition for RPA demand in the market and there are more than 50 RPA vendors available to buy from. There are some vendors who started a little earlier whereas some have got venture capital backing.
All these vendors offer products that are similar in nature and work carrying the same level of technology foundations.
Understanding and analyzing the competitive nature of RPA demand in the market and the products offered by different vendors, there is already a lot of noise stating who delivers better. Hence, in order to eliminate the risk, you can opt for the topmost vendors of RPA. Other than that, instead of buying a costly one, you can buy more and see the differences.
5. Re-engineering Process
There are agencies that re-engineer their processes to make them more efficient and consistent. Until and unless, agencies follow some standard operating procedures, ending up the process ad-hoc is obvious.
For taking forward the organizational process hence, businesses can re-engineer the overall process. Re-engineering the business process is a holistic approach that involves a lot of data flow, IT systems, organizational culture, recruitment, training, and so on.
Therefore, for the benefits of robotic process automation, it is wise to opt for automation processes. The approach not only offers benefits but improves the process also.
6. Preserving Memories
When a person retires from the organization, he/she does not only retire from the position but also takes over from experience, knowledge, business acumen, lessons, and so on.
And then their position is being filled with younger generation employees. The younger generation then uses its own set of RPA tools, techniques, technologies, and smartness for delivering the same thing.
For bridging the gap between the retired and the younger generation, RPA can be a good option. RPA is a way to capture and automate many processes. It is a tool that can hold the institutional memory of the agency even when the person retires or a new one connects.
7. RPA Bots
Just like human resources, robot automation workers also require ultimate care and feed too. The feed can be in terms of updates, frequent bug fixing, etc.
Other than that, once the bots are developed, tested, and deployed into production require monitoring for ensuring that they are functioning correctly.
Robotic Process Automation Statistics
- As per the National Association of Software and Services Companies (NASSCOM), organizations that adopt and implement RPA can reduce their onshore operational costs from 35-65% and 10-30% in offshore delivery.
- The Deloitte global robotic process automation survey found that around 53% of the respondents to the survey had already started the use of RPA for business operations. And it is also a prediction by Deloitte that RPA worldwide adoption might happen within the next two years.
- Robotic process automation McKinsey and Co. suggested that 45% of business tasks can be automated.
- Another report of the Deloitte global robotic process automation survey regarding RPA stated that respondents reported improvement in compliance (92%), productivity (86%), quality/accuracy (90%) along with a reduction in costs by 59%.
- Forested predictions state that RPA will reach an exponential growth to $2.9 billion in 2021.
- Automation Anywhere has raised $550 million using Robotic Process Automation.
And there is a never-ending list of RPA statistics 2022 showcasing the potential and power of RPA. attending to these points, let us now check out some more fascinating robotic process automation facts about Robotic Process Automation in great length.
Top Seven Benefits of Robotic Process Automation for Businesses
1. Saving Cost
The very first benefit of robotic process automation is a significant and immediate reduction in expenditure. As and when the work that requires manual power earlier turns into automation makes the task complete faster. Not just the faster completion of tasks but it also lowers the rate too.
All of these things pushed the tasks to be completed timely without the issue of error.
2. Accurate & Quality Completion
Humans are prone to errors and can make mistakes that cost huge amounts of money. Also, errors in routine tasks of the company also affect the performance of the employees and the company.
Hence, in order to eliminate any such issue, using a robot process is the best solution. It can help in error-free work without compromising the quality of the work too.
3. Enhancing Time Management
Just like how much it costs to develop an app is somewhat similar to how much time it takes a human to perform a certain given task.
Even if it takes a few minutes for a human to perform the task, the robot automation can still complete it within seconds or less than a minute. Also, using RPA, over time and multiple tasks can be done nicely and efficiently.
4. Empowering Employees
We have already mentioned that RPA does not require too much technical specialty. Thus, it is always seen as the ideal application for end-users.
Through RPA, organizations can deploy robots to perform several tasks by eliminating any IT professionals. The robots can efficiently and effectively work towards the signed role automatically.
5. Simplifications & Flexibility
RPA does not require scriptwriting and coding. Hence, complex processes can be easily transferred from humans to machine learning app development. The workflows can be automated without compromising the quality and great returns.
6. Greater Control
Just like outsourcing app development, many organizations are outsourcing their workflows but that comes with its own set of inherent risks.
Using RPA in organizational work practices, the technology can help in providing better solutions, and greater control over the work using the in-house team.
7. Insights & Analytics
To succeed, it is good to learn from past experiences. Thus, integrating RPA can help in gathering, organizing, tracking, reporting, and analyzing along with storing valuable data easily and efficiently.
The stored information can then be used for improving current ongoing operations while addressing any issues and correcting them later in a timeline manner.
Robotic Process Automation Examples for Businesses
1. Call Center Operations
Using RPA in the call center can help in supporting customer requests and queries nicely along with answering solutions via the dashboard.
Whenever a query or issue escalates from the users, RPA helps in consolidating all the information of the customer on a screen. Ditching multiple screens for the report, the agent can have a look at all the necessary information for exemplary customer service.
2. Administrative Claims
Just like the role of IoT in healthcare, RPA for healthcare and insurance can be used for driving input along with processing claims.
The RPA tools can process the work faster without making errors. Other than that, the technology can easily identify exceptions for saving unnecessary payments and resources.
3. Migrating Data
One of the next robotic process automation examples is migrating data. For newer systems, employees must pull out the information from the older systems for data migration work practice.
Using RPA can easily support manual processes without any human error. The RPA software solution can read the forms and drive all the data from the old systems nicely.
4. Onboarding Experiences
With robotic process automation facts, the technology ensures that every employee onboards as per the organizational processes like mobile app onboarding along with informing them of all the company guidelines.
5. Sales Process Support
Starting from updating the CRM systems, building relationships with users, setting up the client billing system, and monitoring systems, to data input into sales metrics, can be done by RPA effectively.
6. Help Desk
RPA software systems can help the human help desk promptly revert back to users, answering their questions while easing in repetitive issues too.
7. System Schedule
Mobile app healthcare advantages are numerous and the benefits of robotic process automation can be also offered via RPA technology like healthcare appointments, patient data records, and so on.
The RPA software bots can easily collect all the patient’s data be it the history, insurance information, location preferences, appointment requests, and so on.
RPA technology is capable of doing everything in a few clicks helping both the end users and the healthcare domain. Using top tech trends in healthcare, RPA technology can be proven greatness.
8. Financial Management
There are RPA-based bots that can easily process credit and debit card applications. They are made to handle everything be it gathering user data, information, or documents along with processing them.
Cost of Robotic Process Automation Development
The cost of RPA development is divided into various segments. The initial RPA software robots cost division looks like this-
- Opportunity assessment
These are the cost factors you will incur before and after the RPA solution.
Top Companies Use RPA for Various Purposes
Challenges with the RPM Software System
RPM is a great deed but there is something it has no control over the future of RPA adoption while challenges.
- It cannot replace humans. RPM can definitely assist humans but it can never replace the existence of humans fully.
- It will change the nature of outsourcing. Yes, companies are using RPA projects opting for RPM outsourcing too, which in turn results in a lot more good things.
- Its software is complex. Lack of RPM software knowledge can cause a lot of loss a firm ultimately needs to bear. Hence, experts or the person with sound knowledge can get control over it and train others for operating and managing the same.
- It cannot improve the flawed business process. RPM is meant for automating the organizational process but it is flawed, expecting to get miraculous results should not be made. In order to get great results, the organizational flawed system needs to be corrected before RPM implementation.
- It cannot automate all kinds of processes. RPM can automate a lot of processes including daily repetitive ones but it can not get a hold of various processes too.
Although RPA requires forethought, planning, and consideration of the metrics for its success, tapping into its power is easier today than ever before.
Platforms such as TotalAgility provide your organization with all the tools to get started and room to grow. By integrating RPA into a complete platform for intelligent automation, you can sunset legacy systems while creating a unified approach to business processes and data analysis.
Appventurez mobile app development company has come to an end with lots of robotic process automation facts about RPA along with some challenges it poses. It has the capability of turning processes into automotive processes resulting in no errors, effective work, precise working of the everyday task and ultimately affecting the ROI of the business.
If you still have some questions related to RPM, RPA facts, and figures, connect with our RPM experts for a clear understanding.
Q1. Is RPA expensive or requires too much investment?
As compared to traditional methods of automation, RPA facts and figures showcase that it is still economical and comes under the budget of the organization. Its ability to work alongside IT infrastructure affects its cost.
Using robotic process automation facts and software, organizations are not required to keep focusing on infrastructure remodeling, offshore/onshore manual processing, or outsourcing.
Q2. RPA consists of cybersecurity risks.
We won’t say that RPA consists of risks but at the same time, we cannot deny the fact that organization often skips this part in the excitement generated by the new technological benefits.
The misuse of data, sensitive information data theft, external theft, and others are the kind of issues software robots are privy to. RPA issues might come in the form of malware, hacking, trojans, and so on.
Q3. How to prioritize what work is suitable for RPM?
Choosing several tasks out of many for automation is challenging. So, before getting started with the automation process, answer a few questions for clarity.
- Any small-scale automation you can opt for at low risk?
- What is the reason for automation for a particular set of processes?
- Do you have a system or a process guiding you through the prioritization and identification of automotive tasks?