According to Gartner, in the next two years, 72% of organizations will work with RPA. Gartner has also classified RPA as the fastest-growing corporate software category. Robotic Process Automation, or RPA, is one of the ground-breaking technologies that have the power to transform enterprises digitally. By automating labor-intensive, routine, rule-based processes, this technology decreases the need for manual labor while increasing operational effectiveness and accuracy.
Robotic Process Automation is the best choice if you are wondering about an intelligent solution to automate processes. Before applying RPA to a process, you should consider whether the features of RPA are right for your business. Here are five factors you should consider when choosing an RPA.
Ease of Implementation
Robotic Process Automation is one of the most accessible software solutions to implement processes. Automated robots are compatible with existing legacy systems. Therefore, you must check compatibility with old techniques to select the necessary RPA tools for the process. This test will help businesses convert old data quickly, and efficiently and avoid risks.
RPA has a faster working speed than humans. On average, RPA’s job completion time is three times shorter than manual labor. It can work continuously without any time limit. Businesses can optimize processes and improve labor productivity significantly using RPA solutions. Similarly, automatic robots can also solve staff shortages and minimize labor costs.
Technical feature is the most critical factor of RPA that determines whether the enterprise chooses the solution or not. You can consider several features: screen slicing, perceptibility, and scalability.
The security feature of the RPA is also an essential factor that businesses should consider before applying it. When conducting information aggregation, RPA accesses the company’s private data to be able to work. These are all confidential data that the company cannot disclose. Therefore, if the security of RPA is uncertain, enterprises will face the risk of data theft. The system can be easily attacked by malicious elements from the outside, causing great harm to the company.
Any firm can benefit significantly from well-implemented RPA software. Before selecting a RPA tool, businesses should ensure that they have the necessary infrastructure to use the RPA solution, including abilities and competence. Hiring RPA experts is also a good move to help businesses build their RPA strategy.
Scalability should be one of the crucial factors you consider while selecting an RPA solution for your business. Any good RPA solution should allow you to choose a perfectly adaptable software bot for your assessments. Bots available in the market can perform various processes and help you scale up operations as and when required without accruing additional costs to your business.
CASE STUDY 1
A leading manufacturer faced difficulty processing hundreds of invoices from multiple vendors. The format of the invoices significantly varied among the vendors. This required more than four employees to transcribe the data from the invoices manually. The end-to-end process was further delayed due to several hierarchical approvals.
Smart bots were deployed to automate time-intensive and manual operations involved in processing invoices. The Smart Bots read and understand data from several unstructured documents and present the extracted data to users via an intuitive interface. This significantly expedited invoice approval.
CASE STUDY 2
A fast-growing bank was heavily dependent on manual labor for processes related to issuing, managing, and closing letters of credit. Users had to manually identify the records expiring that day for processing closures, which was time-consuming.
Smart bots automated the daily closure process for letters of credit to provide a frictionless trade finance experience. RPA Bot logs into the core banking system to identify the records expiring that day and transcribes that information into an Excel file. The Bot is trained to run rules-based inquiries for each record on the core system to determine if the closure needs to be processed.
Selecting a RPA software healthcare that matches your business requirements is essential. Since no single RPA tool is ideally suited for every process and organization, it requires careful consideration. Your ideal RPA solution should offer scalability, the latest technical features, speed, ease of use, and consistency.
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