RPA or Robotic Process Automation is creating a ripple effect within businesses across the world due. This is due to the continued evidence that its implementation produces short ROI, optimises business operations, has a short payback period and enforces digitisation. Further evidence is showcased by its impressive growth with Gartner stating in 2019 that RPA is currently the fastest growing enterprise software. RPA forms part of Industry 4.0 technologies and is often the leader as it presents opportunities for organisation to implement machine learning and AI at scale.
For those still unaware of RPA, this short video will give you a simple high level view of what this tool is all about:
It has become quite clear that organisations currently have two paths to take with regards to RPA. The first is to rely on current legacy systems and fall behind and the second is to adopt this technology and experience the true benefits of the 4th industrial revolution. However, in order to experience this careful planning together with an experienced implementation partner is critical for success.
Taking the above into account, business leaders are taking RPA very seriously with Deloitte stating that they are expecting market saturation by 2024.
As the video above explains, RPA is suited to high volume repetitive transactions with BFSI, manufacturing, healthcare, telcos and government to experience the greatest benefit from RPA. So where to start...
Shared service centers are ideally geared to introduce RPA into an organisation due to their current responsibility to reduce costs, spread risk and protect organisation from economic uncertainty. As such, shared service centers are detracting from labour arbitrage and exploiting RPA to allow employees to move away from repetitive tasks and focus on more strategic responsibilities.
With digital transformation being the word of the day in many organisations, shared service centers have the opportunity to fully transform business with RPA. Shared service centers already possess technical capabilities and operational intelligence to kickstart a RPA initiative that drive digital transformation across the business.
RPA Business Case
As with any technical implementations, the initial steps require the compilation of a business case. However, where RPA differs to other technical implementations such as ERP and BPM is that the ROI is experienced in months vs years. Additionally, RPA is a business tool with multiple business units being able to experience the benefits from finance to procurement to HR. This allows for the budget to be spread across the businesses without it being sourced from one area.
SSON, the largest shared services and outsourcing network, have conducted extensive research of organisations that have implemented RPA vs those that have not and have come to the following results:
As you can see there are numerous benefits to implementing this technology, another being the speed of turn around. In our experience implementations took no longer than 4-8 weeks with a few taking even less than that. We would be happy to introduce you to our clients to hear it from the horses mouth...
So lets get back to the title of this article: 8 Benefits to implementing RPA with Shared services:
1. Reduce Costs
A 30-35% reduction in costs is achieved due to a reduction in headcount from RPA implementations. This is due to mundane, repetitive tasks being performed by machines vs humans. As such, floor space, individual working stations, training and support are all directly affected allowing for a size-able cost saving.
2. Accuracy and a reduction in errors
With tasks being performed by machines, human error is limited allowing for an increase in overall accuracy. A bot will perform exactly what you program it to do without putting a toe, or a circuit board, out of line.
A bot works 24/7/365 and is able to perform tasks quicker, allowing bots to be the perfect answer when dealing with fluctuating demand.
4. Employee Happiness
I know this seems counter-intuitive to the 1st point, however, in our experience employees are overall a lot happier with their roles after implementation. Back to what a bot does, high-volume, repetitive tasks, there is no human alive that wants to be performing these tasks, hence an overall improvement in job satisfaction.
5. Improve Efficiency
This is an obvious one, bots do not get bored or fatigued, focusing on the job at hand and performing it consistently.
6. Security and Compliance
A bot can be programmed to better extract information in a more secure manner allowing for better compliance and data security.
7. Better Adaptability
Unlike traditional scripting/coding, bots can be easily and quickly re-programmed to deal with changes in system applications and/or dashboards.
8. Business Insights
Having a digital workforce allows for consistent and relentless extraction and scraping of information from internal or external sources. This allows leaders to make well informed decisions without having to worry about the accuracy of the information.
RPA has the ability to greatly benefit an organisations shift to towards business-wide digital transformation whilst, simultaneously, allowing for time and cost savings. An introduction to RPA, allows HR, finance and operational departments to focus on pressing tasks without being distracted with activities that a bot could easily perform.