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5 Reasons Why Your Repetitive Task Needs Automation – The Old & New, Tried and True
Robotic process automation is one of the most talked-about technologies in the business world today. And it’s no wonder why. RPA can transform our work by automating repetitive, time-consuming, and rule-based tasks. RPA is already being used by businesses of all sizes across various industries. And its popularity is only expected to grow in the years to come. The global RPA market is forecast to be 23.9 billion U.S. dollars by 2030. RPA is an integral part of the digital transformation that is taking place in businesses all over the world. By automating manual tasks, RPA can help companies improve efficiency, accuracy, and compliance to a greater extent than ever before without breaking the bank.
This article will provide you with the most critical RPA statistics to understand how RPA can become an integral part of your operations and transform your business like never before.
Workers spend 4 hours and 38 minutes per week on average performing duplicate tasks that could be automated. (Clockify)
The U.S. economy, on the whole, loses as much as $1.8 trillion on different types of repetitive tasks every year. This is a colossal waste of time and resources, and it’s something that businesses need to address. The repetitive tasks include data entry, scheduling, and emailing. While some of these tasks may seem minor, they can add up to a significant amount of time wasted each week. Automating these tasks can help improve efficiency and motivate workers to focus on more critical tasks.
RPA offers a potential ROI of 30% – 200% in the very first year of implementation.
The ROI of RPA can be extremely high, with McKinsey research claiming that it can reach up to 200% in the first year. This high ROI is because RPA can automate many tedious and time-consuming tasks typically carried out by human employees. This not only saves the company money but also frees up employees to focus on more productive tasks. Of course, as with any new technology, there is a bit of a learning curve when implementing RPA. But once you get over that hurdle, the potential ROI is more than worth it. So, if you’re looking for a way to boost your company’s bottom line, RPA is worth considering.
78% of enterprises have already implemented RPA in one way or another.
In a recent Deloitte survey, 78% of enterprises said they have already implemented RPA as a process toward intelligent automation. This is a significant increase from 53% in 2018. Adding to the astonishing numbers, another 16% of enterprises said they plan to implement RPA within the next three years. As enterprises continue to adopt RPA, we expect global adoption in the next few years and even more amazing things to be accomplished with this technology.
On average, an RPA bot costs 1/3 of an offshore employee and 1/5 of an onshore employee. (IRPAAI)
When it comes to the cost of labor, RPA bots are a fraction of the cost of both offshore and onshore employees. This makes them a cost-effective option for companies looking to reduce labor costs. Of course, the cost of an RPA bot is not the only factor to consider. RPA bots also have the potential to improve efficiency and quality, as well as to free up employees for other tasks. RPA bots are an excellent option for companies looking to reduce labor costs when all factors are considered.
The top performers earned nearly 4X on their RPA investments, while other enterprises earned nearly double. (Everest Group)
Enterprise RPA deployments are already delivering impressive results, with top-performing organizations earning nearly four times their initial investment while other enterprises are making roughly double. These numbers are encouraging for enterprises considering RPA. Still, it’s important to note that RPA success comes with proper planning and execution. Enterprises that adopt RPA without a clear plan or don’t invest in the necessary infrastructure are less likely to see the same success. So, if you’re considering RPA for your business, do your internal assessment and develop a comprehensive plan before getting started.
Summing it up
With results like these, it’s no wonder that more and more organizations are turning to RPA to automate their business processes. If you’re thinking of deploying RPA in your organization, there are a few things you should keep in mind to ensure a successful deployment. First, you need a clear idea of what processes you want to automate and what objectives you want to achieve. Once you’ve identified your target processes, you need to assess the feasibility of automation and identify any potential obstacles. Finally, it would be best if you planned for deployment, including choosing the right RPA platform and partners.
Why Choose Eleviant’s RPA solution?
With over a decade of automation experience, we design, develop, and deploy bots customized to your unique company needs, allowing you to save money while improving operational efficiency. In addition, Eleviant’s automation services help you maintain the integrity of your bots and eliminate any necessity to commit to a total overhaul of system architecture. Our professionals can also assist you in organizing your automation efforts into a unified roadmap for managing existing bots and developing future automation projects.