The global Robotic Process Automation (RPA) market size was valued at 597.5 million dollars in 2018 and is expected to register a CAGR of 31.1 % over the forecast period (2019 – 2025). Increasing demand for Business Process Automation (BPA) through the use of Artificial Intelligence (AI) and software robots is anticipated to be the key growth driver. Improving core business with RPA enables an organisation to streamline IT and business operations, according to a report by business consulting firm, Grand View Research.
Furthermore, the report adds that its ability to learn the countless skills without human intervention while consistently carrying out prescribed functions and scaling up or down to meet the demand is expected to augment the demand for RPA. The role of technology is evolving continuously at a faster pace. The last few decades witnessed various waves of technology progression that significantly impacted business growth.
Many people might be wondering why this concept has become so popular and how does it impact business operations. To answer these questions, have a look at the six main advantages of Robotic Process Automation:
Data Precision – Data entry is one of the most common functions in any organisation. The bigger the firm, the greater is the work load. Data entry was always done manually and hence, issues such as errors or typos were difficult to avoid. Today, with the rise of Robotic Process Automation in organisations, these problems are now passé. RPA ensures extreme accuracy and is less prone to errors or typos.
Motivates employees – RPA takes care of all monotonous work thus, leaving employees to take on more challenging jobs rather than filing forms or transferring data from one system to another. This process motivates employees to perform better.
Productivity – Manual work processes are time consuming and there is a high chance that the results may not be accurate. However, with the assistance of robotic process automation, process cycle times are much shorter, faster and accurate.
24 hour service – RPA makes use of software robots more commonly known as bots and is responsible for responding to frequently asked questions from employees or customers. This automated process saves time and energy of employees who are in charge of the respective department. Offering round the clock service, bots can be easily accessed without much difficulty.
Programming skills – Configuration of bots into the work process does not require specialised skills or programming codes. In fact, robotic process automation ensures that bots are configured smoothly into the business operation.
Consistency – Robotic process automation ensures that processes are automated in a consistent manner each and every time. The parameters for carrying out the automation process are fixed by the employer and RPA follows the same. Thus, delivering accurate results in line with the parameters set.