With a projected compound annual growth rate (CAGR) of 40.6% from 2020 to 2027, the adoption of Robotic Process Automation across industries has been nothing short of phenomenal. These statistics suggest the rising demand for automation in businesses as leaders are becoming increasingly aware of the multitude of benefits RPA offers.
RPA is essentially a set of tools that industries can use to relieve the human task force of mundane, repetitive tasks. Robotic process automation technology emulates human interaction with a robust computer interface, such as a CRM system or website, to input data, collect and file information automatically.
In this blog, we explore more about the benefits of RPA and some of the top ways RPA can be used for industrial solutions.
1. Purchase Order Creation
Purchase order creation is a very time-consuming process for most organizations because of being entirely manual. If there is any issue encountered in the process, it impacts other parts of the operation, causing severe downtime.
Robotics Process Automation (RPA) bots can fully automate the purchase order generation
process. The bot can automatically evaluate and compare the order recommendation report with the vendor master report, followed by efficiently generating purchase orders based on priority.
The result is much less dependency on manual labor as the bot can send the report to each client daily, thus creating an added benefit that customers could benefit from.
2. Inventory Management
Inventory management is largely about procuring, storing, and utilizing an organization’s inventory, including different components, raw materials, and finished products. The process ensures that a company always has the required materials and products handy while minimizing costs. It allows the company to supervise the flow of goods from manufacturers to warehouses and the point of sale ultimately.
RPA can be a great solution here as the software bots can seamlessly monitor inventory, generate notifications as soon as levels are below threshold levels, and reorder products as and when needed.
Apart from this, RPA solutions in industries also offer real-time reporting to determine optimal inventory levels based on earlier needs and modify levels based on patterns in demand.
RPA makes it much more convenient and well organized for organizations to retrieve inventory levels and assess their existing needs.
3. Improved Vendor Communication
Manufacturers, in general, experience a lot of manual effort communicating with their vendors. It is their day-to-day business of communicating with vendors for sending updates to customers, queries including tracking the status of shipping goods in the ERP system, closing out PO’s and more.
Robotic Process Automation solutions can streamline the entire process from opening & reading emails, downloading the attachments, logging into the company’s ERP, checking inventory availability, determining the shipment status, and replying to the customer.
It helps to increase the overall efficiency and reduces manual errors as well as rework time. Besides, RPA also leads to quality enhancement in data processing and operational performance.
Benefits Of RPA In Business Perspective
RPA is applicable in almost every industry today with a lot of scope and value it can offer to businesses. Here are some of the most significant of those benefits:
Being an automated bot, RPA software can work 24*7. This means that a single RPA robot can be equal to 2-4 full-time employees and even more. These boots can complete the same or more volume of work in much lesser time, leading to increased efficiency in overall operations.
With RPA based bots, the chances for errors are minimized. The power to eliminate mistakes is, in fact, one of the main features of robotic process automation. As long as the business processes are optimized and accurately mapped, businesses can be assured of complete accuracy with RPA based bots.
Robotic Process Automation offers much higher flexibility to adapt what the business demands regarding the type and the number of tasks required for any given objective. RPA can support businesses to accommodate the specific requirements of certain goals.
RPA technology allows businesses to easily gather data about task execution that can be employed for various analytical purposes. Among these include cycle times, work volume patterns, errors, and exceptions. Insights gathered from such analysis can help organizations in multiple ways like better productivity and decision making.
Robotic process automation has varied use cases across industries that reflect the versatility of automation technology. Further, convenient deployment cycle time and a quick ROI have made RPA solutions in industries a preferred choice to bring in positive changes within an organization.
As more organizations start to recognize the full potential of RPA, the future will see robotic process automation emerging as a strategic tool to build the capabilities required to reach an industrial robust digital workforce solution in place.
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