RPA: Long-Term Cost Savers. Work Smarter in Digital Age

RPA can help businesses save costs in the long run. Costs are not only about capital. Time is a cost as well. Whether in the analogue or digital age, man-hours have been an expensive implicit cost because time cannot be recalled.

Business owners are well aware of the 8-hour workday. Employees should spend these 8 hours on important and value-added work instead of menial, repetitive tasks. Technologies are constantly developed to help with this problem.

Nowadays, we have plenty of technology that can complete human tasks so that people can spend their time more effectively. RPA is a technology that steadily grows. During the COVID-19 pandemic alone, the industry grew by 19.53% This article will provide more insight into RPA.

What is RPA?

Robotic Process Automation, shortened to RPA, is a technology that builds "software robots," or "automated robotics’ emulating human actions. You can configure or design a workflow or work process for RPA to complete repetitive tasks.

RPA is a software robot combining machine learning, rules engines, image recognition, and AI together. RPA can thus learn, analyse, and complete certain tasks as humans would. But RPA can work faster, 24/7, error-free, and more effectively. 

Examples of RPA Tasks

A survey by Automation Anywhere shows that 10–25% of man-hours are spent on repetitive and unnecessary tasks. 70-80% of those tasks can be automated. These are examples of tasks RPA could fulfil.

• Repetitive data with a fixed format that requires recording and verifying.
• Tasks with high volume, but low complexity.
• Tasks with predetermined decisions.
• Keying in basic information to systems or applications.
• Tasks that can be completed by the same process.
• Tasks with fixed processes and designated applications.
• Archiving, classifying, and analysing data
• Tasks requiring people's involvement or people working in shifts.

These tasks are mostly document-related: approving and signing, adding customer’s information to databases; extracting and compressing files; extracting e-mail attachments; collecting data from websites or social media; classifying information; and creating reports. 

Which RPA Tools are Available? There is a variety of software available.Examples include Automation Anywhere, Blue Prism, PEGA, Redwood, UiPath, and WorkFusion.

The past few years have revealed humanity’s many limitations. The pandemic directly affects the operations of businesses. Many of them are interrupted because employees cannot come into offices. That leads to low productivity, and eventually no profits. Businesses are forced to close down because they cannot pay their employees. Organisations start looking for solutions to the human resources problem. The RPA market is expected to reap some profits from the situation. 

How Does RPA Work?

RPA processes may differ slightly from industry to industry. Still, there are 4 core processes to RPA.

Setting and Designing

We configure or design processes and workflows so RPA could build bots to complete specific tasks.

Learning

With your data input, RPA starts learning workflows and processes automatically. Machine learning helps bots learn about tasks. AI helps analyse data keyed into RPA so they can automate assigned tasks. There is also image recognition to help scan texts and images, as well as a rules engine to help manage business logic and to act as an information pathway.

Automating

When the RPA finishes learning about assigned tasks, they can automate processes and quickly complete them with precision. This helps reduce human errors.

Results

Work done by RPA has the same results as that done by humans. But RPA takes less time, completes them more effectively, and is verifiable. RPA also stores data in an organised manner. Organisations could practically use the data to assess results.

How Many Types of RPA Are There?

Robotic Process Automation (RPA) could be categorised into 2 types based on how software operates.

1. Attended RPA

RPA starts working only when users trigger it. Users need to key in data and instructions. Attended RPA will start working at intervals set by users.

2. Unattended RPA

Unattended RPA is designed to work 24/7. Updates to the software take effect immediately. This type of RPA is suitable for large-scale work or work requiring automation.

Which Business Is RPA Suitable For?

RPA can be adapted to match the operations of various businesses. Examples include

• Insurance
• Finance and banking
• Healthcare
• Manufacturing
• Telecommunications
• Government
• Life science

Case Study

RPA in Banking and Financial Services

One of the major tasks of banking institutions is ‘document processing’ – be it storing data, creating financial statements, as well as processing bill payments, paychecks, and invoices. Then there is the matter of delivering those documents. These tasks are high in volume and time-consuming. Also, despite being menial, information must be thoroughly verified. RPA is always a good choice for accounting and document tasks. It can fulfil them efficiently and error-free.

‘Approval and verification’ are also major banking processes. When customers open or close accounts, or confirm their identities, someone must verify and approve their information. This type of work is not complicated. Results can be predetermined. Thus, RPA will be very useful in this area.

‘Service’ is another essential area. Banks must provide information to customers, remind them of due dates, deliver confidential information, and deliver online services. In the highly competitive landscape, banks that provide a faster experience will gain more customers.

RPA in General Businesses

‘Invoicing’ is complicated and requires accuracy. To stop wasting time and paper, invoicing is now handed to RPA. The work is done faster and more efficiently. Information is also more secure.

‘Human resources’ tasks can be tiring, especially in top companies. Countless people send their resumes every day. The number of HR executives is limited, whilst there is endless data from candidates. RPA can help HR personnel work more efficiently. It can be configured to sort and filter candidate information. RPA can also be used to manage existing personnel. 

What are Advantages of RPA?

RPA is an ‘investment’ to ‘long-term cost reduction’. Today, more than 53% of businesses around the world (Deloitte Global RPA Survey) have implemented RPA solutions so employees will spend less time on menial tasks. They can focus more on essential work, and use the time gained to develop their potential. There are several advantages RPA can bring to your organisations. Let’s explore them together.

1. Smarter Work with RPA and Technologies

Steve Jobs once said, ‘Technology alone is not enough’. That is because technology was created to fulfill human’s needs, assist our work, solve problems, and drive our development. Exponential growth requires humans to work hand in hand with technology. Implementing RPA is an important step in working with technologies.

When an organisation implements RPA, it can work smarter and more efficiently. RPA also works with other applications or programs on different platforms. You can also rest assured that it comes with better cyber security.

2. Cost Reduction

RPA helps you save costs in the long run, including labor, recruitment, and overtime. A Pwc surveys shows that, since bringing in RPA in 2020, organisations around the world can save 65 trillion Baht in labour costs. In addition, RPA can save other costs, like paper. Some tasks require a large amount of paper, especially during verification processes. But RPA can make it paperless.

3. Optimised Working Hours

Man-hour is one of the major costs. RPA can significantly assist an organization in saving money.RPA helps reduce a 15-hour work day into a 20-minute one. You get more productivity in the same time period. Also, RPA can work 24/7.

4. Greater Accuracy

A Pwc survey clearly states that RPA has 100% accuracy whilst there is a 5% chance of human errors in performing the same repetitive tasks. Thus, organisations around the world are now implementing RPA solutions to automate tasks in order to make them error-free.

5. Increased Productivity

RPA helps you increase productivity. The work is error-free, done in less time, and is steady. This is also a positive thing from an operations and management perspective. Data from RPA is stored in databases, which you can backtrace and measure. When your processes are fast and effective, it results in enhanced customer experiences.

6. Employee Development

RPA takes unnecessary tasks off employee’s hands, letting them focus on more essential tasks. They will also have more time to develop and enjoy themselves. When employees do not have work overload, the turnover rate stays low, and organisations can retain talents who keep developing their potential.

With these benefits of Robotic Process Automation (RPA), ROI will increase with lower costs over time. Gartner’s survey shows the RPA market grew by 19.53% in 2021 alone, or 1.8 billion US dollars. This is because RPA is a technology that can help you transform into a fully digital organisation. 

Will RPA Replace Human Jobs?

This question is one of many concerns. Will robots take over our jobs? Will we lose our jobs after RPA implementation? Rest assured that Robotic Process Automation (RPA) can do many of human jobs, but, in practice, humans are still needed to work together with it.

We need humans to key in data, design workflows that match operations, and update instructions and input when situations change. There are also several areas requiring human touch. Examples include customer services which involve emotions, consultation which involve complicated and sensitive details, or artistic and creative work.

RPA simply takes menial tasks off so we can focus on more essential work in a more efficient way. RPA will definitely create new opportunities for jobs and businesses. If you are afraid to change, your organisations will be disrupted and left behind. The best solution is to incorporate technologies going forwards.

Summary

Robotic Process Automation, or RPA, is a solution that fulfils modern business’s needs. With digital disruption happening around us, RPA can be a safeguard against unforeseen risks. This software robot technology can assist in several areas of your businesses. It can decrease workload of your employees and help them work more efficiently. RPA is a worthwhile investment because it also reduces your costs in the long run.

Despite its advantages, there are risks. Investing in RPA requires a large amount of capital, and there are too many vendors and options. Each brand has different features and limitations. Thus, you should choose ‘the right software’ as a solution to your organisations. It will help boost your agility and open new opportunities. Thus, it is important to recruit expert’s help. 

Let G-Able help you work with the right smart technology. RPA is a technology that helps you grow exponentially in this digital world.