In uncertain economic times, reducing costs through efficiency becomes a high concern for most companies. The hard part is getting it done without sacrificing the very thing that makes the company competitive and risk losing market share in the process.
One solution that has gained significant traction is Robotic Process Automation (RPA).
With it, you can automate repetitive tasks with software robots or bots. These bots mimic human actions and perform tasks with speed and accuracy, freeing up your employees’ time for more strategic and value-added activities.
The best part: you will see cost savings in difficult times and your customer service may even get better, faster, and more competitive.
Let’s take a look.
Why RPA Matters
Robotic Process Automation is an attractive solution for businesses of all sizes. By offloading mundane and repetitive tasks such as data entry, invoice processing, and report generation with automation, your company can achieve faster turnaround times, reduce errors, and improve overall productivity in no time.
With bots handling routine tasks, you can optimize your workforce and allocate resources towards more critical areas of the business. This not only saves money but also reduces the risk of human error.
RPA also promotes scalability and flexibility. As businesses grow and evolve, RPA tools can easily adapt to changing requirements. Whether it’s handling increased transaction volumes or integrating with new systems, RPA provides the agility needed to support business growth.
Key Factors to Consider
When choosing the right RPA software product, you’ll want to consider several key factors to make sure it’s the right fit:
- Scalability
As your business grows, it is crucial that your chosen RPA tool can scale accordingly. Consider the tool’s ability to handle increased transaction volumes, support multiple processes, and accommodate future expansion. Look for flexible licensing models that allow for easy scalability without incurring significant costs. - Compatibility
Ensure that the RPA tool you choose can seamlessly integrate with your existing systems and applications. Compatibility is essential for smooth process automation and data exchange between different platforms. Look for tools that offer robust integration capabilities and support a wide range of technologies. - Pricing
Consider your budget constraints when evaluating RPA software options. Compare pricing models, including upfront costs, licensing fees, maintenance charges, and any additional costs associated with training or support. Also, assess the potential return on investment (ROI) that the tool can deliver in terms of time and cost savings. - Features and Functionality
Different RPA tools offer varying features and capabilities. Assess your organization’s specific requirements and prioritize the features that align with your business needs. Look for features such as workflow automation, analytics and reporting, exception handling, and cognitive capabilities like natural language processing and machine learning. - Ease of Use and Implementation
Ease of use and implementation of the RPA tool will matter a great deal to your workforce. Look for intuitive user interfaces and drag-and-drop functionality that allows for easy bot creation and configuration. Additionally, assess the availability of comprehensive documentation, training resources, and support services to ensure a smooth implementation process.
Real-Life Examples and Challenges with RPA
When evaluating your RPA software options, it’s a good idea to identify and sketch out exactly what processes you want the software to automate.
Here are just two ideas to get you started:
Implement RPA to automate your customer onboarding process
Customer onboarding usually involves manual data entry and verification. By deploying bots to perform these tasks, you can reduce the onboarding time from days to just a few hours. This not only improves customer satisfaction but also frees up employees to focus on more strategic customer engagement activities.
Streamline Accounts Payable
By automating invoice processing, data extraction, and reconciliation, you can achieve significant cost savings and reduce the risk of errors. Good RPA solutions can seamlessly integrate with your existing ERP system, eliminating the need for manual data entry and improving overall accuracy.
There are many examples out there in the wild to draw from. It’s a good idea to seek them out and sketch your scope before evaluating RPA software solutions.
While RPA offers compelling benefits, there are also potential challenges to consider. These include:
Change Management
Implementing RPA requires change management efforts to overcome resistance and ensure successful employee adoption. Proper communication, training, and support are essential to address any concerns or skepticism.
Process Complexity
Some processes may be highly complex, involving decision-making and judgment that is difficult to replicate with bots. Be sure to carefully assess the suitability of processes for automation and identify areas where human intervention may still be necessary.
Final Thoughts
Our chosen RPA tool is Fortra Automate for its ease of use, scalability, and pure automation power (click here for more about Fortra Automate). Fortra’s customizability suits it for a wide range of applications across unlimited industries.
CM First Group Can Help
Our deep experience with legacy enterprise systems puts us in a unique position to help companies reinvent their modernization efforts with RPA. We have the knowledge and real-world experience needed to implement emerging RPA technology effectively and help you target and achieve the highest ROI possible.
This article has been adapted from our white paper “Robotic Process Automation.” Get the full white paper here.
Please feel free to contact us for more information or to schedule a demo. You can also call us at 888-866-6179 or email us at info@cmfirstgroup.com.
4. Features and FunctionalityDifferent RPA tools offer varying features and capabilities. Assess your organization’s specific requirements and prioritize the features that align with your business needs. Look for features such as workflow automation, analytics and reporting, exception handling, and cognitive capabilities like natural language processing and machine learning.
