Robotic Process Automation (RPA) continues to exceed expectations. A Deloitte Global RPA Survey showed that 92% of respondents say it improves compliance, accuracy (90%), and productivity (86%). It's also creating opportunities for business process outsourcing (BPO) companies to expand their service offerings and create a competitive edge.
RPA can help BPO companies drive efficiencies in operations and create a differentiated offering for their clients. It improves quality and compliance while reducing costs and tapping into new revenue streams, providing clients with insights derived from data that was previously difficult to capture and analyze.
As the technology continues to develop and be widely adopted, BPO companies that are early adopters of RPA will have a significant competitive advantage in the marketplace. Continue reading to see how RPA can help companies achieve their productivity goals.
BPO companies embracing RPA can improve their performance in several ways:
1. Processing data faster
RPA can quickly process large volumes of data that would otherwise tie up human resources. This is valuable for companies that need to process loads of data regularly such as customer, financial, or inventory.
2. Automating repetitive tasks
RPA can automate data entry that would otherwise need to be done by human employees. It can free up employees to focus on more value-added tasks.
3. Reducing errors
RPA can help reduce errors in processes prone to human error such as data entry. It can improve quality and compliance.
4. Enhancing analytics
RPA can help gather data from multiple sources and format it in a helpful way for analysis. It can provide valuable insights that would otherwise be difficult to obtain or costly.
5. Generating new revenue streams
By offering RPA services to clients, BPO companies can generate new revenue streams. Companies looking to diversify their revenue sources and tap into new growth opportunities will benefit the most.
How to utilize the benefits of RPA
BPO companies that want to take advantage of RPA should consider the following:
1. Assess which business processes to automate
Identify the business processes that can best benefit from RPA. Not all processes are suitable for automation. Repetitive, rules-based, and well-defined processes are the best candidates.
2. Implement a pilot program
Test the feasibility of automating specific processes. It helps identify potential issues and allows for adjustments before full-scale implementation.
3. Train employees
Employees should be comfortable using the RPA software and understand its capabilities and limitations.
4. Partner with an experienced RPA provider
Work with an experienced RPA provider that can help you implement and use the software effectively. Make sure they have a good understanding of your business processes and requirements.
5. Monitor and adjust
Ensure that the RPA software works as intended and provides the desired results. Otherwise, make the necessary adjustments. For example, if your RPA software is not delivering the expected cost savings, consider redeploying it to another process.
Get the edge
RPA is a powerful technology that will enable BPO companies to increase productivity, drive efficiencies, and create a competitive edge in the marketplace. When used effectively, it can create a new source of revenue and provide valuable insights for further business growth.