2020 has brought many changes to our lifestyle, way of thinking, habits, and, of course, business. The lockdown proved we could work from home, get rid of many unnecessary things, and change our routine. Companies who had started some organizational changes with the aim to become more agile got some new hints on how to optimize themselves even more. First of all, many companies stepped much further and, having estimated the advantages of remote working, started applying innovative technologies into their daily tasks, especially those connected to finance and accounting. Nowadays, different types of business automation are widely involved in the company’s management, and RPA (robot process automation) has certainly proved its efficiency. RPA is invented to reduce the workload on employees and optimize the quality of routine daily tasks fulfilling. For smaller companies, this technology has become indispensable find, as it allows raise productivity, widen the list of services and make the company’s management easier without hiring more employees, and renting a bigger office. So, it’s cost-efficient, modern and useful. Now, let’s analyze why.
If your company’s routine tasks are closely related to financial operations, accounting, multiple financial transactions with different clients, or even opening bank accounts, RPA is a proper choice to optimize the efficiency of your company. The human factor is remaining as one of the most controversial topics in every industry. If it is supposed to analyze big clusters of data, structure, and enter the information into the database, a lot of concerns rise in means of human concentration and general attention management of the employees. It’s proved that at the end of the week, the concentration of employees at work may get low, so the probability of mistake occurrence gets higher. But if you share some duties of the human analysts with RPA, you’ll get the routine monotonous tasks done with a high level of stable accuracy. If your company’s activity suggests opening bank accounts or entering payment information, RPA will cover your needs, as the system helps avoid any mistake, which is likely to accrue in the case of manual data entry.
Software development for business usually suggests the improvement of time-efficiency, as you want to make some processes automatic. If you have an active customer support system but want to make it more efficient and your clients more loyal, you’ve probably come to the conclusion of how important it is to answer every clients’ inquiry on time. Human operators might lack time to analyze all the requests immediately and give short feedback, but everyone would agree that robots type faster and will cope with this task easily. So, adding such a function to your system will help become closer to your clients, and as a result, raise their loyalty. Besides, the human brain analyzes data into two steps: structuring and analysis. Robots are faster in data analysis, as they can operate a bigger amount of unstructured information within minimum time.
Safety here is closely tight with accuracy and speed because you need to hire many human analysts to check all your clients’ financial history and make sure the future transactions won’t lead you to the risk of frauds and money-laundering. The financial condition of the clients and partners, and also their complete authentication is still a big deal for many companies. There are a lot of open sources that can provide detailed information about the person’s or company’s financial status, but it will take long man-hours and endless effort to monitor any changes in it. But if you add a task of client authentication and its constant upgrade to your RPA, working 24/7, the system will always help you keep up-to-date and minimize the risks of untrustworthy clients. Here, a couple of additional functions will be very useful. You can make your RPA connect with the governmental institutions, banks, and financial organizations to collect the information on the possible financial volatility of the business contacts. On the other hand, collecting data from social media will also help check why one of your clients, who’s shared the new pictures from Bali on Facebook hasn’t paid the monthly fee.
Even the best and the most responsible employees get annoyed by fulfilling routine tasks. They might get distracted by the sound of an incoming message or the desire to have a cup of coffee. Employees might get ill, take a sick-leave, or go on a vacation. So, the sustainability of routine tasks may suffer from any of the mentioned changes in the employees’ schedule. Robots don’t need to rest at lunchtime, never get tired or distracted. That’s why, companies who have inserted the RPA to their managerial system have noticed its significant advantages, as it provides the round the clock data support, which is almost never interrupted. The quality and speed of data analysis are stable, the information is always updated.
Many entrepreneurs still ask themselves whether they need RPA for their business. If you still hesitate, analyze the following issues. If they are the truth about your company, then you should start looking for a professional developer:
- You want to decrease the workload of your employees
- Your company deals with different clients and operate online and offline payments, so you must be sure there’s no risk of financial frauds
- Your company works with big databases and needs the constant update of the incoming information
- You possess a big customer base and get many inquiries daily
- Your company is involved in data analysis, and you always need to structure the upcoming information
- You have applied different types of automation and want to continue this process, or vice versa, you are at the beginning of your way and looking for some innovative tricks on your startup development.
If at least 3 of the mentioned statements are true for you, check the potential cost of the RPA development. Compare it to future profit. Analyze the scope of the project and the main steps of it. Check the deadlines. And don’t forget about the cost optimization on the stage of development. Check the articles on how to reduce the mobile application development cost. They will give you insights on how to reduce the RPA development cost too.