Post-Pandemic Scenario: Will RPA Be An Important Part of Your Organization’s Budget in 2021?
Robotic Process Automation (RPA) has been a buzz word for at least the past 5 years. For years, organizations have known that automation helps streamline delivery, consistency of products, reduction in costs, etc.. However, never before did we realize the importance of cloud computing and process automation like last year (2020). The pandemic of 2020 showed us the world could completely shut down, when humans cannot show up for work for months at a time.
Whether it is manufacturing plants or corporate offices, only the ones that were leveraging some kind of automation were able to continue operations up to a certain point and survive.
We have all learnt the lesson. It is no longer a “nice to have” but imperative that companies implement automation solutions ASAP and make sure their organizations will not suffer in similar situations anymore.
Most organizations are coming into 2021 with a new mindset. Budgets are being allocated towards Cloud Computing and RPA based solutions.
The pandemic has shown us that we must upgrade and update our businesses with the latest technologies to survive and grow in the future and Robotic Process Automation is at the top of this list.
What is Robotic Process Automation (RPA)?
RPA is a cutting-edge technology that can imitate, emulate and integrate human actions to elevate and execute a business process by the use of “bots”. It has the aim of increasing efficiency, reducing costs and streamlining operations within an organization.
A group of analysts at Forrester Research predicted a few interesting things for RPA in 2021:
- Intelligent automation suites will provide one quarter of all RPA solutions.
- 20% of organizations will expand intelligent document extraction investments through IDEPs (intelligent document extraction platforms).
- In a rush to push out automation, some organizations will fail.
- Up to 30% of organizations will focus on quality by better planning and testing before deployment of automation.
Forrester data revealed that only 52% of enterprises had launched their RPA initiatives and gone beyond their first 10 bots. But in 2021, this is set to change. Keeping in mind what experts in field of automation have predicted, here are some things that you may soon see in your organization, while you embark on your RPA journey.
- A significant overall cost reduction upto about 30% with bots working 24×7, saving money.
- A boost in efficiency due to the automation of manual, repetitive tasks that were time-consuming for your employees.
- An improved, shorter cycle time from ideation to market due to faster, simplified work processes and better operational control.
- An improved, data-driven work environment where there is easy access to intelligent analytics and the ability to analyze and extract insights from these analytics.
- A large chunk of your budget will be dedicated to RPA — ultimately leading to a higher ROI.
- Considerable amount of your efforts going into creating an automation mindset within your organization, fostering a culture where your human workforce works in sync with your bot workforce.
- Formation of strike teams who deploy and manage projects using RPA practically. These teams will also help you scale your RPA deployment by minimizing governance and regulatory compliance issues which are often a challenge.
- End Result: Better accuracy, agility and efficiency bringing about an enhanced customer experience. Also with repetitive tasks taken care of by RPA, employees will have free time to build better and meaningful relationships with customers.
If you haven’t thought about RPA for your organization yet, we would highly recommend you start looking into it soon. But it is important to do it right. This is where the experts at NGenious Solutions will come in to help. We will ensure that your RPA journey is completed without any roadblocks and within your IT budget. Contact us now!