For streamlining the business process, many organizations are shifting their focus to automation in technology that helps to reduce cost along with saving time. The market share is estimated to reach up to $1.04 trillions of software that enables hyper-automation, with a CAGR of 11.9% according to Gartner. By having such business process automation (BPA) the repetitive task could be eradicated and lots of hours saved for focusing on higher opportunities.
Robotic Process Automation (RPA) is the most advanced technology that comes under the practice of BPA – Business Process Automation. This leading automation technology is an introduction to replacing manual and mundane work with an artificial intelligence-based process.
Let’s deep dive into what Business Process Automation and Robotic Process Automation stand for and how they can help to achieve organizational goals with no time lag.
What is Business Process Automation – BPA?
Replacing manual efforts and removing recurring tasks with the use of technology is known as business process automation. The workflow process has been set automated through software robots, bots, and AI that helps to enable achieving digital transformation. According to Expert Market Research, the worldwide process automation industry market is estimated to increase at a 6.6% CAGR between 2023 and 2028.
BPA not only implies traditional data management that keeps all the information and records, but it also integrates all the applications and programs of the system. Such emerging automation helps to fix complex work tasks, network issues, personnel management, social media marketing services, and more.
From document routing to invoice processing, employee onboarding, expenses recording, data entry, transaction monitoring, records auditing, compliance improvement, error minimization, and best standards, are all covered under BPA.
What is Robotic Process Automation – RPA?
RPA-Robotic process automation is a part of BPA technology that allows AI – artificial intelligence or bots – computer software robots to consolidate human interactions with digital systems for the execution of a business process more efficiently. With the help of UI, these tools automate the interaction of a human for repetitive tasks by demonstrating actions. Along with this RPA intended to replace manual work with automation technology by cloning human behavior.
Why should businesses deploy RPA?
The benefits of robotic process automation can not be ignored as the future relies on this. Other than freeing oneself from mundane tasks regularly, it empowers one to focus on core business activities and many other benefits such as:
1. Productivity maximization with less cost:
Technologies like RPA help to minimize human errors and reduction in operational costs. According to reports by McKinsey, after deploying RPA the potential ROI could be 30% -200% in the first year. Unlike human capacity, the RPA process operates 24*7 without any pause and work with more capacity than human. It is estimated that only a single data entry bot has the capability of 4-8 regular personnel.
2. Advance Scalability:
Many organizations face an increase or decrease in workload capacity considering many different aspects. With that, for saving the cost an organization either goes for downsizing or bears hiring and training cost for an easier workflow process. By having RPA systems, the scalability increases as such personal costs could be eradicated by adding/removing bots for the growth of the business.
3. Near Zero downtime:
Without causing any interruption, bots can work at maximum capacity. It does not take any vacation, holidays, sick leaves, or pre-fixed no annual leaves, it works for 24 hours rather unlike a human who takes all such leaves and works for 7-8 hours. It also does not require any supervision or training to work in a certain manner as its workflow process is automated.
4. Quick and Smooth Implementation Process:
RPA process is very different from the traditional process like procuring new human staff members, training them, and mentoring them at every phase. This process implements bots into the system which makes it quicker and less complicated. The manual process comprises job posting, screening of candidates, going through their resumes, telephonic interviews, personal interviews, group discussions, training, staffing, and more. With the help of RPA, an organization can set up bots that would be ready in a couple of days to go live.
5. Best Security:
With an expansion of an organization, more teams are made and more staff is joined. By having such large personnel, the risk of data leakage and fraud activities is also high. For keeping the information confidential and within the boundaries, RPA provides the best security measures. Also, traditional approaches may commit fraud or betray but bots won’t be programmed to do such activities. Furthermore, unlike humans, bots don’t need to remember the passwords or save those which leads to a lower risk of a password breach.
Why Begin with Aarav Solutions?
Did you know that according to Gartner, integrating hyper-automation technology with improved operational procedures would reduce operational expenses by 30% by 2024? Aarav Solutions helps businesses to reach the fullest opportunities and endless possibilities through our collaborative partnership. We are here to answer your questions at every stage throughout the process to bring transformation to your business. Talk to our team of experts and find out which process or software could be a turnaround for your organization.
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