Read on to reveal the top robotic process automation (RPA) trends for 2019 — and learn more about how this business process phenomenon can help your workforce streamline productivity at every level.
RPA: Transforming Business Operations
Robotic Process Automation (RPA) has disrupted the scenario of how business operations are managed in recent years. This technology has been leveraged in different sectors and it improved efficiency and reduced costs. RPA helps to automate the monotonous work, allowing employees to concentrate on the strategic tasks. Consequently, many companies have turned to RPA in order to improving their processes, and so as not to leave the competition in an ever more agile world.
Growing Demand for RPA in Modern Industry
RPA business processes emerged to meet the requirements for efficiency and productivity in the 21st century. A McKinsey report states that around 60% of all jobs can be automated by 30%. This statistic shows the huge capacity for RPA to increase productivity in different industries. The RPA Worldwide Market was evaluated at $1.57 billion for the year 2021, and it is expected to reach $13.74B by 2028 with an average annual rate of 32.8%. Its meteoric growth signals the rising profile of automation in the business.
Industry Applications: RPA in Finance, Healthcare, and Manufacturing
RPA in industries like finance, healthcare, and manufacturing have shined with stellar results. For example, in finance, RPA is commonly used to automate tasks like data entry, transaction processing, compliance etc. A top bank deployed Robotic Process Automation to streamline its lending application and slashed processing time by a margin of 60 %. The initiative also resulted in labor savings of approximately $1 million, according to the bank. The improvements reveal the potential of RPA to deliver efficiency and operational cost savings in finance.
Enhancing Patient Care through RPA in Healthcare
Use of RPA in healthcare has also seen great progress. Healthcare professionals are able to spend more time with patients, as administrative activities like patient appointments and billing are being automated. Research from the Institute for Robotic Process Automation and Artificial Intelligence says that when healthcare organizations incorporate RPA into their organization, administration costs are reduced by up to 30%. In addition, when healthcare providers were able to concentrate on providing quality care rather than paperwork, patient satisfaction scores increased.
Streamlining Manufacturing Processes with RPA
One of the significant impacts made by RPA in manufacturing is changes in production processes. Robotics and automation have assisted in supply chain management, inventory control and quality assurance as well. A leading global automaker, for instance, adopted RPA tools to monitor production lines and detect inefficiencies. This proactive strategy led to: 20% improvement in production efficiency; 15% decline of operational costs.
RPA’s Role in Reducing Errors and Ensuring Compliance
For organizations, the RPA transformation has been synonymic with adopting process automation technology. Companies have identified a way to help streamline this: they use RPA tools to make it all possible. Organizations that adopt RPA are able to remove manual data entry errors, expedite processing time and maintain compliance with any regulatory standards. According to a study by UiPath, 78% of businesses saw increased accuracy with RPA implementation.
Boosting Employee Satisfaction and Productivity
RPA, however, has increased productivity and delivered higher employee satisfaction. The automation of the day-to-day tasks has released employees from decision fatigue and mundane work, enabling them to concentrate on activities which add value. However, 63% of employees said automation would improve their job satisfaction by allowing them to do more meaningful CX work according to a report published from PwC.
Cost Savings: A Key Driver of RPA Adoption
In the following years, Enterprises have also observed considerable RPA cost savings because of RPA implementation. However, cutting down on operational costs has been one of the major reasons for taking up this automation technology. According to a Deloitte study, organizations save on an average 25%-50% in cost by adopting RPA solution.
Emerging Trends: AI Integration and Intelligent Automation
Recent trends in RPA have continued to change, and the addition of AI and machine learning technologies is being incorporated into RPA solutions. The integration with Sisense is one of the ways Ayehu has introduced pioneering intelligent automation capabilities that enable these RPA systems to auto-learn data patterns so they can act on more informed decision-making.
Strategic Planning and Change Management for RPA Implementation
RPA Tools Implementation Needs Planning & Strategy Enterprises have understood the need already to benefit their existing processes and to recognize areas which could be automated. MUST READ: Change management to make the organization adopt and see the benefits for which you invested this huge money.
Future of RPA: Expanding Capabilities in Customer Engagement and IoT
What and where are we: RPA as a tech is expected to grow more advanced by the day, with increasingly better natural language processing (NLP) and cognitive capabilities. Just like the Oxford research team or Aitken and Ben’s employees, as RPA systems evolve to handle more complex tasks, it will also start behaving more humanely.
RPA and IoT: Enhancing Real-Time Processing Capabilities
Furthermore, RPA will continue to merge with complementary technologies such as cloud computing and the Internet of Things (IoT) to spark additional process innovation. RPA systems can communicate directly with IoT devices and process the data as it comes in, leading to real-time processing of physical processes.
The Future of RPA in Business
The automation robotic process has transformed its business processes in riffs so that it is a game changer. RPA, after all, has viable benefits — the organization becomes more efficient and keeps budget down while increasing employee satisfaction. With more businesses adopting the RPA technology, endless possibilities of advancement and innovation await in the future.
