What does RPA mean for you, for your organisation and even the wider business?
During this blog post, I’ll be stripping RPA down to basics, looking at what the acronym means, defining RPA, and then how this could benefit not only you, but your organisation as well.
So, what does RPA actually mean?
“Robotic process automation (RPA) is the use of software with artificial intelligence (AI) and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform.” – Internet of Things
OK, so, what does this really mean for your organisation?
For your organisation, this means that you can free up time of your employees, by allowing robots to complete the repetitive tasks that don’t require any analysis or decision making, in order to give them more business beneficial tasks.
It can also mean that you can deliver better customer experiences. If you’re employees are no longer working on repetitive tasks, they can spend more time with your customers, compliments or complaints, and work alongside them to make their experience better.
Additionally, it’ll improve your internal processes. By implementing an RPA solution, you’ll be forced into creating an easy to follow procedure on how you want your back office to function. Clearing this up for everyone will improve the process as you’ll be able to gain faster reporting and on-boarding.
How will this benefit you?
We’ve all heard the saying “treat people as you’d like to be treated”, right? Giving your employees less repetitive tasks will reduce staff turnover, keeping them happier. It’ll also allow them to gain experience in more business beneficial tasks, expanding their work minds, and keeping them engaged in their day to day tasks. Is that not how you’d like to be treated?
This will bring benefit your organisation by giving you a huge cost saving. It’s estimated that when somebody leaves your organisation, it costs you 20% of their annual salary just to replace them. These costs are reflected from the loss of productivity in the department, finding a suitable replacement, and the reduced productivity whilst the new employee gets up to speed.
In terms of your organisation, using RPA means that you’ll get 100% accuracy on all repetitive tasks. In the late 70’s and early 80’s research was conducted on expert typists (who typed 58+ words per minute), which found that 10% of all key strokes were an error.
Now consider that most people manually keying in data from forms are not expert typists, and may even be temps, it isn’t hard to see how these error rates are likely to be significantly higher.
The wider business…
Implementing RPA in your finance function is a brilliant way to move with the times. Increasing not only staff happiness, but also productively and accuracy. But, you can expand RPA into the wider business to help other departments.
Your compliance team will benefit as human contact with sensitive data will be minimised. Using RPA in compliance will allow you to follow laws and legislation, as and when they come into play, meaning that your organisation will not be at risk.
Your Human Resources (HR) team will benefit from using RPA as, over time it’ll reduce the strain of the hiring process. RPA will do this by creating a formal process for incoming CV’s. It can search for keywords in a CV, and without the keywords, it can quickly decide whether the candidate is going to be relevant for the job, or not.
RPA is the latest technology for not only finance functions, but all departments around any organisation, in any sector. Implementing the technology is beneficial for everyone. I certainly think you’re missing a trick if you don’t even research what RPA means for you, for your organisation and especially the wider business.