Why RPA is Important: A Now or Never Situation!
The only way your business will stop growing is if it stays stagnant. Irrespective of your industry, evolving with your consumer needs and market standards has become mandatory. In this article, we will discuss how RPA implementation can help your business to adapt to market changes at a lightning-fast pace.
RPA Implementation: The Urgency
According to a survey by Salesforce, 76% of your consumers expect you to understand their expectations and needs. This is one of the major business challenges companies are facing nowadays. Besides, you have to find a way to get through to your consumers before your competitors!
Through the years, we have read about companies that have refused to keep up with the disruptive innovation and have been run out of business. This article from Investopedia labels “Innovation Lag” as the reason behind the bankruptcy of companies like Eastman Kodak Company, Polaroid Corporation, Blockbuster, and Borders Group!
Businesses are constantly watching out for new technological advancements to adopt and get an upper hand over their competitors in the market. You need to adopt new technologies to cross the “innovation lag” and, considering the business benefits of RPA – Robotic Process Automation, it is absolutely one of them.
Besides innovation and technological advancement, you can use RPA to save business dollars in your company while boosting efficiency by automating mundane and repetitive tasks in your company.
Why RPA: Hyper-Competitive Marketspace
A survey by Salesforces revealed that 76% of your consumers agree that it has become easier, now more than ever, for them to take their business elsewhere. (in most cases: to your competitors)
Companies are doing everything they can – adopting technology, using high-end UI, and more, to maintain the visibility of their brand and grow a loyal consumer base. And given the stats in the above segment, you don’t want your business to be the only one left behind!
The conversation has entirely shifted. Now, we are way past the point when businesses were just focused on going “paperless”. You now have to walk the extra mile and understand your consumers’ demands before anyone else. Robotic Process Automation can be a really powerful tool to help you reach out to potential consumers before anyone else. But, is that enough?
Keeping your users interested is another major challenge that can be tackled using RPA solutions. Businesses are using Robotic Process Automation (RPA) to enhance user experience and streamline consumer acquisition. Customer-focused automation such as document identification and delivering information can be a powerful tool to make your mark in today’s hyper-competitive market space.
Here’s something to give you an insight into what customer-focused automation is capable of.
We all get newsletters from sites we have subscribed to. But there are a few newsletters we actually wait for every week or month. Every one of these sites use bulk email tools to send their newsletters. A few of them go through the trouble of customizing the entire template to make it sound a little more personal for their consumers and these are the ones that stay with us.
Given that, RPA solutions like Robotic Desktop Automation & Business Analytics can really help you tackle the increasing market competition and evolving consumer needs.
Why RPA: Need for Financial Upperhand
According to a survey, 30% of businesses fail due to running out of money.
Financial Management is a critical part of your business and you, as a business owner, understand this better than anyone else. As such, every business utilizes every occasion they can to save some extra money.
You not only have to be proactive in creating futuristic financial management strategies but you also need to find ways to make the most of your money. Having said that, how can RPA help in getting a financial upper hand for your business?
RPA can help you save business dollars by automation algorithms for repetitive tasks such as sorting emails, recognizing potential leads, recording entries, etc. And not just repetitive tasks! Advanced RPA implementation like Intelligent Document Recognition, Web Scrapping, etc. can help you save big bucks for your business while enhancing your end-user experience.
Robotic Process Automation (RPA), supervised and unsupervised, can help you gain a financial upper hand over your competitors. And believe me, it is one of the good “upper hands” you want to have for your business.
When you have advanced automation solutions at your disposal, why waste your employees on repetitive tasks? This brings me to my next point – utilization of Human Intelligence in your business.
Why RPA: Efficient Utilization of Human Intelligence
Even in 2020, companies are hiring employees and investing resources in executing repetitive tasks. Have a hard look at your employees and their responsibilities.
What percentage of your employees are doing tasks that can be easily automated by a developer?
How many employees on your floor carry out tasks like reading incoming emails and sending newsletters to your potential consumers? Contact us to set up your offshore development team today & know how much you can save using our advanced automation solutions.
Focus your resources and employees on the core competencies of your business. These may include client servicing, product & service development, and acquisition. Utilize the human intelligence of your employees for tasks that hold greater importance.
This will not only help you save a lot of money but will also bring efficiency and a lower risk of error occurrences in your business RPA processes.
Why RPA: Reduced Pain Areas
A study by NASA titled – Human Reliability and the Cost of Doing Business observes:
Human error is responsible for 60%-80% of risks in high-risk industries.
This percentage is huge! Real-time visibility and controlled monitoring are the key areas of risk management in businesses. And the more employees you have as compared to computers/machines, the harder will be the visibility. Increased importance of RPA in your business can help you reduce pain areas in your business by offering you better visibility across your operations.
Imagine this. You have hired Glenn who is responsible for entering data. Now, Glenn dedicates 4 hours of his day in data entry. No matter how focused or sincere Glenn is, there is always a chance of error occurrences. If identified at an early stage, Glenn just has to invest resources in terms of time in correcting it. If not, a single error will waste resources of your business in analytics and other such places. See where I am going with this?
We are humans and we make mistakes. Now, the mistakes you make due to reasons like error in judgement are part of a different story. You, however, cannot afford to invest business resources in mending errors of repetitive tasks!
Using automation solutions you can benefit from faster execution of tasks. And not only this, but you can also be rest assured of any chances of errors or human mistakes. This allows you to identify and eliminate pain areas in your business.
RPA Use Cases in Businesses: A Now or Never Situation
According to a study by SBA, more than 627,000 new businesses open each year and this number is only going to increase in the coming years. If we follow these numbers more than 3 new businesses have opened from the time when you started reading this blog!
Competition is getting fierce every day and ‘survival of the fittest’ has become old news! Even if you have unique business fundamentals, without adapting to the evolving market and use of technological solutions you will run out of business. Without pushing any further, talk to RPA experts about what areas of your business can be optimized by RPA today!
Did I miss anything? Let me know in the comment section below!