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Project Manager RPA

How Does Robotic Process Automation Work for SMBs?

How does robotic process automation work for SMBs? 

Robotic Process Automation Market in Surge

Just how fast does the robotic process automation (RPA) market grow? In 2016, the RPA market was already worth more than $270 million. In just a few years, in 2020, the market reaches $2.5 billion. How big of an increase it has!

On the other hand, today, the RPA market is also in surge among small to medium businesses (SMBs). Not to mention that this adoption is surpassing most expectations. As years grow, SMBs and alike are seeing the need for RPA adoption.

If you are an SMB-owner, how can you get started with RPA? Which processes and operations can RPA better serve you? In this post, we will be listing the ways where RPA can hit SMBs.

How Does Robotic Process Automation Work for SMBs

1. Revamp Customer Service

Dealing with hundreds of customer complaints manually can be daunting and time-consuming. Not to mention how customer satisfaction reduces the longer you respond. 

On the other hand, with RPA, customer’s concerns can be addressed in real-time. Perhaps concerns can be grouped and have pre-determined courses of action accordingly. This way, resolving matters are quicker and more efficient.

2. Invoice Processing 

Automating invoices can also improve your customer’s experience. It will take less time to process invoices because bots can do the job instead. Moreover, invoicing is primarily best for automation since it is rule-based and repetitive in nature.

3. Improve Productivity

Employees are now hired not only to spend 8 hours inputting and gathering data. Because with RPA, the bots can do the job instead.

Besides, bots can do the tasks without tiring out without compromising the quality of work. Bots can work 24/7. So workflows continue even when you are away.

4. Hassle-Free Onboarding

Another mundane and repetitive task is employee onboarding. But with RPA, automation can automate the sending of offers. When an employee’s account is created, it triggers an automated workflow to proceed with the process.

Not only does it lighten the onboarding processing, but it also reduces the amount of paperwork HR staff are used to deal with.

5. Payroll

Automating payroll processing can serve your HR staff very well. For example, RPA can standardize payroll processes. 

  • Writing checks
  • Issuing salaries, overtime, commissions, bonuses, raises, wage deductions
  • Calculating expenses
  • Attendance management

These processes are rather automatable. Thus, letting HR staff focus on tasks that need them more.

6. Centralized Data Repository

Storing and sorting through massive data can be both tedious yet necessary even for SMBs. This is why this task appeals mostly to RPA. Because RPA can manage your data all around the clock. RPA can streamline data storage and transmission, for instance.

7. Data Analytics

Data gathering and analysis can be time-consuming and more prone to errors. However, with RPA, bots can ensure to deliver high-quality and useful data.

Bots do excel in this. They do so by how you configure rules in them. So the kind of data they extract is according to what you filtered.

By doing so, you get the data that you only need in less time. These data, in return, can serve as valuable insights in improving internal processes or customer service, for instance.

Categories
Digital Adoption RPA

What is Robotic Process Automation Meaning in Business

What is robotic process automation meaning in today’s business? Well, you can only know by knowing what RPA truly means by context.

In this article, let us discuss what RPA means in today’s evolving business landscape. Also, we will be discussing what drives companies in believing RPA. By knowing these factors, you will then know how to rightly implement this technology in your own business.

What is Robotic Process Automation Meaning

Robotic process automation (RPA) is the technology that mimics how a human works in the software. These works or tasks are most often rule-based, in high volumes, and repetitive in nature.

The most common tasks that an RPA bot can perform are the following:

  • Log applications
  • Enter data
  • Calculate & complete tasks
  • Migration of data between applications

Although these tasks somehow appear simple and basic, when done repetitively, these most often result in more human error. Not to mention that repetitive tasks also degrade human productivity. 

Besides, RPA technology can also be integrated with artificial intelligence (AI) and machine learning (ML). As a result, RPA can do more than just the context. It can extract entities like invoice terms, addresses, names. All of this is possible through natural language processing (NLP). Not to mention that it can even automate the estimation of accident damage in an insurance claim picture.

Because of this, RPA is growing in more popularity. Not only that it streamlines business processes and operations. But RPA reduces business costs while driving a better customer experience.

Lastly, RPA can evolve and transform a business without interfering with the existing systems. Which makes it an ultimate attraction for business leaders.

Challenges of Robotic Process Automation

However, adapting to this new technology also has its own set of challenges and limitations. Below, we will be listing the following. Perhaps knowing these beforehand can help you manage your expectations from implementing the technology.

1. Hard to Scale

One of the most common challenges with RPA is the limitation it brings with scalability. Although it is true that RPA systems are easy to implement, RPA is hard to govern. As a result, implementing it can be a bit of a challenge in management and in scalability.

2. Limited Capabilities

Stitching multiple tasks in a single process is a bit complex. This is where RPA often creates its own limitations. This is why experts suggest observing the “rule of five” in building applications. By doing so, you can avoid the tendency of a bot to break.

3. Poses More Security Issues

In order to operate, bots need to gain sensitive information in completing tasks. For instance, data is compromised, then this is an additional security issue for organizations.

Final Thoughts

RPA can be both promising and challenging at the same time. So gaining a balanced perspective in between can help you better manage the implementation. 

Apart from its challenges, RPA is being useful in many business cases. For example, in healthcare, human resources, supply chain management, customer service, financial services, and accounting.