Digital transformation is the term used to describe technical advances created to solve traditional problems - and this is something that all businesses need to be thinking about this year. In fact, in a recent study from Bloomberg, it was revealed that 65% of businesses anticipate that they will have to undergo radical innovation in the next two years if they hope to retain their status and success.
One perfect example of this is the case of Blockbuster vs Netflix. The best Blockbuster could hope for in the way of innovation and creativity was attractive new outlets. In contrast, Netflix was able to jump on the Cloud bandwagon, making the most of the media streaming boom. This case study just goes to show how important technological innovation is right now. Companies that want to be successful, especially through tough economic times, need to re-invent and innovate their existing operations to achieve the best possible results, at the lowest prices.
This is where Robotic Process Automation (RPA) comes in. RPA is one of the most important technological developments for increasing process efficiency and is something that businesses need to take into consideration. Below we’ll outline in more detail the importance of RPA and why businesses need to embrace it in 2019.
1. Reducing business costs
There are a number of ways that RPA can help cut down business costs. For one thing, these technologies are usually put in place to take on processes that are highly repetitive; mostly structured data or rule-based tasks. This means that the technology can cut down the risk and cost of human error.
What’s more, the processes are able to take on more tasks cheaper and faster than a human can. This makes them more beneficial for businesses, boosting productivity and output at a lower cost. Especially when you discount the need to pay human wages, saving even more money.
2. Encouraging innovation and creativity
Using robots for repetitive, mundane and time-consuming tasks, frees up the time of your staff. This gives them the opportunity to apply their skills elsewhere, leading to increased innovation and creativity from employees, sharing new ideas and helping to drive your business forward. This is key for remaining competitive, especially in today’s digital age when everything is fast-paced and in demand.
3. Boosting productivity
Robots don’t need to stop for food or sleep, and they certainly don't take holidays or call in sick. Therefore, these technologies can be great for boosting productivity. Additionally, with 24 hour services now available, customers can expect automated responses and connectivity at any time, no matter what their location or time zone. This is something that many businesses are embracing, especially in the form of automated pop-up chat windows.
4. Improving efficiency
As previously stated, these machines and technologies can take on a huge number of tasks at once. But more than that, they’re able to continue working 24/7, increasing efficiency and output in a way that humans wouldn't be able to. After all, working 24/7 is simply not feasible and it’s costly to pay numerous members of staff to work around the clock.
Plus, these tasks will be completed faster. Jobs that would have previously taken hours if done manually, can now be completed in a matter of seconds. In some of the more competitive industries, this can really set you ahead of the competition. What’s more, it also reduces the risk of human error, once again boosting efficiency.
5. Enabling flexibility and scalability
One of the major benefits of these technologies is that they are flexible and scalable. Firstly, this means that during peak times or quieter periods when you have fluctuating volumes of work, you can use these robots to scale up or down to meet demand. Furthermore, these processes can be scaled up when required to take on new tasks or more work, helping to increase output when needed. RPA can always be adapted to meet the needs of your business.
Finally, this reduces the need to take on more staff, as would have been traditional many years ago. This reduces the cost of recruiting, hiring and paying for new employees, who again, would only be able to give so many hours in a day. The flexibility and scalability of these tools makes them a key resource for any business.
6. Complying with changing regulations
With changing regulations, such as the recent updates to GDPR, it’s vital that you ensure you're always abiding by the rules. This can be tricky, especially when you're dealing with a huge amount of personal data (and this applies across most industries). Through using RPA, businesses can make sure they're meeting all the correct regulations and are better able to keep track of, and protect, this data.
Robotic Process Automation is at the very tip of innovation right now. It’s such an important part of the development and success of many businesses, which means it’s something you simply cannot afford to ignore. With the ability to cut costs, boost productivity, increase capacity and reduce the risk of error, businesses need to embrace RPA and make it a priority this year.