The global Robotic Process Automation (RPA) software market is expected to reach $8.75 billion by 2024, according to Grand View Research. And Gartner, Inc. estimates that there are 2,000-2,500 companies now using RPA software. With the growth in interest mounting, how do companies decide which tasks to automate that would bring the greatest efficiency?
Mimicking the actions of a human being, RPA software works in the presentation layer of your existing applications to process transactions, manipulate data, generate responses and coordinate with various data systems. The utility of RPA software quickly expands beyond the initial data automation need, so companies can cover a wider range of data tasks. For example:
- Data processing and file transfer
- Data migration and web scraping
- Revenue cycle management
- Loan onboarding
RPA software eliminates the manual and routine back-office processes that are necessary when running a business. To begin implementation, operations managers should focus on those repetitive, rules-based tasks such as invoicing, customer and account maintenance, etc. Taking these first steps and then moving throughout your organization will help you gain the most value. Soon, your organization will be more efficient and productive.
In fact, Karamouzis shared a mortgage approval case study where a leading financial institution applied RPA software to four mortgage processes totaling approximately 550 daily transactions and achieved a 10-day reduction in the approval cycle, the savings equivalent of 80 full-time employees.
Discuss RPA with Your Team
The Gartner analyst cites RPA’s low risk, reasonable cost and very quick implementation as the key reasons for its high adoption rate. It is unobtrusive as it requires very little systems integration or other IT involvement.
Not surprisingly, the more tasks that the robot covers the higher the ROI, but an organization and its operations team should focus on strong governance and consistency of tools. Speak with your employees and staff to brainstorm their daily activities and potential tasks that may can be automated. RPA not only improves data flow and quality, it also tends to stimulate discussions about how to implement technologies to increase an organization’s efficiencies and save your employees some time.