Robotic Process Automation (RPA) is a relatively new technology that has already firmly claimed its spot in improving the productivity of organizations alongside tried and true methodologies such as lean and six sigma. We’ve put together a comprehensive list of 22 RPA benefits based on our many years of experience implementing RPA solutions with Financial Services, Insurance, Telecommunications and Healthcare clients.
1. Decreased costs. Cost savings of approximately 80-90% can be achieved when a business process performed by an FTE is replaced by a software robot.
2. Freeing up staff for higher value tasks. Automation of repetitive and time-consuming processes frees up your staff to make a more value-add contribution. For example, when assessing an insurance claim more time can be spent in the assessment as opposed to populating the same data into 5 various systems.
3. Increased employee engagement. When staff can focus on high-value tasks they often feel more invested in the work they are completing. When implementing RPA projects, we often see staff engaging in repetitive activities e.g. copying data between 10 different systems while completing a single customer request, with RPA they can serve an additional 3 clients instead.
4. Reduced operational risk. RPA reduces the rate of errors because robots make less mistakes. Avoiding purely human mistakes, such as those made while tired, or by deviating from the process, means a lower level of operational risk.
5. Reduced output variability. Robots are great at duplicating tasks consistently with little to no distinguishable variability. It ensures that similar tasks are handled in the same way e.g. underwriting for insurance policies is consistent across the same risk groups.
6. Reduced paper use/waste. RPA forces digitization as it requires that companies have the data and files being manipulated by software robots in a digital form. Work that in the past may have been done partly or in full on paper, by an FTE, can now be purely electronic.