In the previous article, we told you about some of the misconceptions about RPA (Robotic Process Automation) in Shared Services. Now we will look further into the topic and investigate how RPA can improve their performance.
Shared services along with centralization have contributed to improving the efficiency and the effectiveness of modern businesses while being under increasing pressure. However, much of the work in shared services is manual, repetitive, and very time-consuming, therefore companies should find a way to minimize it as well as find new ways to enhance performance. The answer to this problem is the implementation of RPA. Here is how:
Shared Services task automation
RPA can automate highly repetitive and mundane processes that involve unstructured data (PDFs, Word documents, etc), saving lots of time and freeing up humans of monotonous work. Tasks that previously have been done manually are completed way faster thanks to RPA. It eliminates administrative tasks like email updates, filling out forms, etc, and prevents duplication of efforts so employees can focus on more important tasks that require more attention and will bring value to the company. Furthermore, in combination with ML and AI, it can generate higher-level insights into operations. According to recent research, almost 20% of non-value-added work is eliminated with RPA.
Let’s illustrate it with an example. Robots are designed to focus on a specific repetitive task. That is why if an employee takes a few hours to complete a report, the robot reduces time to 20 minutes, saving not only time but costs as well. It is important to note here that RPA’s purpose is not to replace human employees but to assist them in completing the work faster. In other words, it will increase productivity.
Acceleration Economy Network found that RPA is the second most important benefit of RPA. The reason for that is that human errors along with low-quality data can cost businesses a lot. And not to mention that it takes time to fix the mistakes manually. Implementing RPA makes that data is not duplicated or missed, and even helps with future analysis and audits. The chances of manual human error are eliminated when the robot takes over the tasks, thereby improving accuracy. Reduced errors lead to higher data quality and more reliable analyses.
Better security and compliance
RPA ensures better security of data, collected from a variety of sources while improving compliance. As we already mentioned, bots are designed to perform a specific task. Due to this RPA operates on a granular level, eliminating the risk of data leaking Automating sensitive data processes via RPA minimizes human contact with that data, reducing the probability of fraud and compliance issues.
Why RPA in Shared Services Organizations?
RPA is different from other types of automation as it is quicker to integrate, mimics human behaviour, and minimizes costly implementation. However, along with the new developments in AI and ML they are bringing self-supporting operations that can change according to the requirements of the business. Robotic Process Automation is reshaping the way organizations deal with repetitive, process-oriented work. By automating back-office processes, shared services operations will see a significant increase in efficiency up to 50% as well as error reduction. According to Gartner, RPA will reduce operational costs by 30% by 2024. But do not wait till 2024, be one of the first companies that will try the benefits of RPA now and book your consultation. Ask for a Free Demo.