With the global Robotic Process Automation (RPA) market expected to hit $2.9 billion, the technology is surely poised for tremendous growth. With a growth factor of more than 10, the figure is expected to hit $13.39 billion by 2030 (Gartner), and this number is easily justifiable with the help of benefits that come from deploying RPA.
Bots work round-the-clock, with or without human intervention; reducing error rates and eliminating the manual attendance of data-handling tasks that dominate the better part of any worker’s day.
While considering RPA for the automation of business tasks, it is essential to consider the basic question: Can RPA help achieve cost reduction and a high Return on Investment (RoI)?
The answer is yes. Here are six reasons why RPA is a cost-effective and reliable automation solution for today’s enterprises:
6 ways to reduce costs with RPA
1. Increased employee productivity:
Much of the staff's day is devoted to moving figures and data from one spreadsheet to another. RPA liberates employees from such menial tasks by deploying bots to perform complex rule-based tasks quickly and accurately, requiring human intervention only for custom/intelligent decisions. This frees the staff to focus on strategic and creative thinking for improved business outcomes.
2. Reduced operation and IT costs:
Since RPA is capable of handling rules-based, monotonous business processes, it helps employees to skip manual data entry, reducing labor costs while honing workforce usage for more intellectual assignments resulting in higher revenues and lower costs all at once. This, however, does not denote that RPA will replace human workers; its real practicality is in freeing staff from menial data-handling tasks.
Neebal provides unlimited license-free bots: helping enterprises save expenses on recurring bot license renewals, and eliminating the requirement to make massive IT investments to start automating.
3. Reduced reliance on third-party services:
While RPA reduces IT task costs, it also reduces the reliance on third-party services that enterprises outsource to execute their core business processes such as accounting, customer service interactions, and invoicing, among others. RPA bots provide a cost-effective alternative to third-party services; rather than outsourcing to another company, enterprises can set up the automation in-house, and let the bots handle the tasks.
4. Costly data errors mitigated:
When workers do repetitive work, they get worn out. It’s hard to be as concentrated and accurate on the 1,000th task as you were on the first, and even a silly error adds up to serious costs, with an estimation that human error costs U.S. businesses more than $3 trillion per year (Harvard Business Review).
RPA bots don’t make typos and work round the clock without getting tired. Additionally, RPA with AI enables bots to complete complex processes with a higher degree of accuracy.
5. Intelligent automated reporting :
RPA seamlessly integrates data from multiple systems, creating an intelligent dashboard. By providing valuable insights, RPA enables decision makers to make critical decisions faster while streamlining the reporting process.
6. Enhanced customer experience:
Given that RPA reduces operational risk and data output variability, it inherently improves processes and their outcomes. Additionally, by freeing up resources, employees focus on improving the customer experience. With bots working and resolving customer queries 24*7 promptly, customer experience is enhanced, guaranteeing their loyalty.
Intelligently deployed RPA systems reduce errors and save time and labor costs, boosting employee morale. Reduction in employee hours equals reduced personnel requirements equals labor cost savings. By automating manual tasks, bots enable employees to dedicate more time to problem-solving and analysis, thereby helping enterprises optimize money spent on labor costs.
Deploying RPA is well worth the returns, especially when a reputed RPA solutions provider like Neebal can provide you with unlimited license-free bots, helping you save expenses on recurring bot license renewals. Our team of experienced technology experts enables fast solution development and implementation. Schedule a call with our top experts to reap the benefits of automation today!