Twenty unanimous advantages of RPA and AI to Digital Enterprises
The massive transition in the functioning of enterprises in the latest years owing to digital transformation has caused the swift adoption of sophisticated technological solutions by enterprises for their survival.
When the market surrounding you is operating at the speed of light, you cannot afford to spend days and hours on activities that can be executed within minutes and seconds with the assistance of technology. Nor can you visualize not optimizing the functionalities of the employees of your enterprise by engaging them in work that can be simply done with the assistance of automation.
According to research from McKinsey and Company, extra labour productivity of RPA will soon equal the output of 110 to 140 million staff members.
Impact of Robotic Process Automation
RPA is a technology which assists in automation of enterprise processes and operations which are monotonous in nature. Robotic Process Automation is the development and administration of software robots that go about automating structured, monotonous activities in the software system of an enterprise. It also makes sure that tasks are error free at reduced time consumption.
You might be shocked to be aware that RPA has considerably impacted various segments over the previous few years specifically banking, financial services and insurance, healthcare and pharmaceuticals, manufacturing, retail, telecom, customer service, IT etc. throughout the globe.
According to reports the biggest revenue share in RPA industry for 2019 was dominated by the BFSI segment followed by the field of manufacturing. RPA in banking has bought about a considerable change in the operations of the banking and financial institutions which are known to be tackling tons of monotonous and repetitious activities, are susceptible to errors and with are without a doubt time-intensive.
How does a Business gain from RPA and AI
Robotic Process Automation is swiftly adopted by enterprises in order to ensure an improved client experience, which is the epitome of any business technique currently. Advantages of RPA and AI are stated to be ensuring error free and swift service capabilities to the enterprises that have already gone about implementing it. The adoption rate of Robotic Process Automation has expanded internationally at a much quicker rate than ever.
The ultimate objective for any business today is enhancing productivity with efficiency. According to Gartner, by the conclusion of 2022, 85% of massive and big enterprises will deploy some variant of RPA in their work process”.
When brought together with sophisticated solutions such as artificial intelligence, machine learning and NLP, RPA has the potential to establish end to end automation of business processes therefore improving productivity and efficiency of the operations.
Advantages of Robotic Process Automation with Artificial Intelligence have had a critical part in improving seamless client interaction, client engagement and enhancing end user support in the latest years. RPA when brought together with artificial intelligence, natural language processing, and deep learning has the potential to deliver business forecasts which are more precise than ever on the basis of smart and complicated analysis of data.
AI-driven chatbot is now leveraged on several e-commerce sites, applications, and social media platforms are leveraging these bots for responding to consistently asked queries, minimizing transaction time and enhancing end-user experience.
Advantages of RPA and AI
Here is the list of leading 20 unanimous advantages of RPA and AI combined for digital enterprises.
- Engagement of employees in higher value activities: You no longer require to engage your staff members to input data into excel sheets throughout the day or answer to the monotonous queries of the clients. RPA through automation of the rule-based monotonous activities that were prior performed by humans have allowed enterprises to engage their employees in more value added activities that need human intervention and creativity.
- Minimized wage cost: CIOs of enterprises are under consistent pressure to improve productivity at minimized Capex and Opex expenditure. Enterprises enjoy a high efficiency and productivity in processes when activities executed by FTEs are assisted by software robots.
- Improved staff satisfaction: Staff enjoy a sense of satisfaction when they can contribute to activities of higher value and demand analytical thought and creativity. Nobody wishes to spend their time copy pasting documentation or replying to redundant queries. AutomationEdge is the quickest data processing solution in automating excel activities.
- Minimized operational risks: Operations executed by humans that are monotonous are typically more subject to errors than when executed by software robots. RPA therefore assists in reducing human errors in operations.
- Reducing data entry errors: Today, data is one of the most valuable resources of enterprises which are a critical resource to drive any business technique. Ensuring right recording of this information is very critical and simultaneously is a laborious activity. RPA assists in automation of data recording, data entry and makes sure that it is error free.
- Quick service: RPA has facilitated to deliver swift services to clients 24*7 in addition to carry out activities within a few minutes which prior took up hours and days. This swift response feature helps enterprises to furnish seamless and smooth service to its customers.
- Improved data collection: In the present day, data is gathered in several forms and Chatbots are being leveraged by several e-commerce sites, applications, and social media platforms for client interaction to produce and gather improved data points. This has become a dependent source of data, which prior was a labour intensive activity.
- Improved and quicker interoperability: Implementation of Robotic Process Automation has facilitated more systematic and swift operations in the middle, back, and front office, thus improving the coordination amongst them. This also makes sure quicker service delivery as RPA goes about automating the paper intensive activities in the back office.
- Enhanced client experience: Robotic Process Automation and Artificial Intelligence implementation has assisted the enterprises to fasten the operations with reduced error rate and hassle-free service to its clients. Present day client demands for 24*7 instant service and swift response which can be accomplished through automation.
- Enhanced output: Robotic Process Automation enables working the entire course of the day round the year, round the block with no variance in service quality. When clients demand for a round the clock availability and response, automation is the ultimate answer to it.
- Enhanced internal operations: Onboarding of new staff members, tracking of attendance, documentation maintenance, timely submission of internal reports and other such internal operations can now undergo automation in the enterprise with the assistance of Robotic Process Automation and Artificial Intelligence for smooth functioning.
- Minimized churn rate: With the several advantages of Robotic Process Automation, enterprises have the potential to deliver a fulfilling experience to its clients with a seamless service, therefore making sure of a loyal client base and minimized churn rate.
- Improved security: Virtual workforces like bots ensure security as there is no danger of staff changing roles or exiting the business, therefore, reducing the danger of data hacking.
- Expertise in core domains: Through automation of simple, monotonous activities, employees can gather expertise in core processes and domains and also improve productivity through alignment of RPA adoption to their business goal.
- Improve output similarity: Bots have the capability of replicating processes with reduced variation and literally nil errors. Banking and insurance industries which need such underwriting of policies and other such documents with no differences can take up RPA.
- Improved SLA Analysis: Dashboards surveying the output of RPA-based utilities and solutions assists the enterprises to keep a track of the productivity of the office employees or team. It facilitates enterprises to quantify the progress of SLAs in real time.
- Assured ROI: Even though RPA appears to be an expensive affair that needs a major investment, from the data of enterprises that have already implemented it one can come to the conclusion that RPA ROI is visible from a few months of its implementing.
- Scalability: RPA is an enterprise wide scalable tech so that you can scale up or down size the operations on the basis of the requirements of the enterprises. For example, virtual labour force can be improved in the ecommerce industry during times of seasonal sale or festivals when client requests and queries observe a hike.
- Enhances analytical capacities: RPA technologies have the potential of collecting quality data points that improves the analytical capabilities of enterprises therefore furnishing improved business forecasting.
- Improved precision: One of the dominant advantages of RPA is precise and error free service. In all domains, RPA has the capability of eradicating processing errors so as to optimize business processes and map precise business technique.