How Robotics Technology is Improving ROI in Every Business

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The world is getting advanced and smart with every passing day, thanks to the technology. With technology upgrading itself every day, it has impacted each section of the society. From the way we live our life, to how we behave to how we spend our social life to how we work, technology has impacted every section. Automation is one of the biggest trend that has made the world more productive. By automation, about 45% of work activities, several enterprises are getting potential to save $ 2 trillion in global workforce cost. In this segment of automation, Robotic process automation (RPA) has proven to be faster than any other automation process. The processes of RPA can be inclusive of calculations, maintenance of transactions and data. It is believed by some industry experts that RPA can be even more metamorphosed than cloud computing.

What kinds of tasks are suitable for automation?

Target repetitive tasks, which robots can perform better than humans. For example, copying and moving data from one system to another. Operations which have to be performed 24*7 will require human’s involvement in several shifts and hence, therefore, they are worthy candidates for RPA.

Dimensions of Change which can be experienced after the Implementation of RPA

Vision and strategy
Organization and talent

The Benefits of RPA –

1. It allows the processes to be accomplished much more rapidly by allowing better consumer services for all SME’s.
2. It maintains the decorum of regulations and standards with which it is bounded and ensures better business operations and process respectively.
3. Digitization and auditing process data by provides a platform which improves your efficiency.
4. SME’s are benefitted repetitively by creating cost savings for manual and repetitive tasks.
5. RPA is increasing the flexibility of employees to be more productive and saves their energy from the monotonous tasks.

Applications of RPA –

Accounting Sector: General or operational accounting, transactional reporting and budgeting can be done using RPA which has helped organizations at a great level.
Supply chain management Sector: Usage of RPA also involves features like procurement, order processing automation which includes: payments, tracking of order and its shipments and monitoring of orders at inventory levels.
Financial Sectors: RPA can be used for foreign exchange payments, automation of account openings or closings, for processing or insurance claims and management of audit reports can be done through it.
Healthcare Sections: Handling of customer support, account management, patient records, reporting and analytics, billing etc. can be handled by the use of RPA in medical sectors.
Human resources: RPA is useful in terms of data associated with human resource tasks like onboarding and off-boarding, updating of employee statistics even timesheet submission processes etc.
Customer service Sector: By automation of tasks including the verification of e-signatures, verification of statistics for automated approvals, uploading of scanned documents and rejections.

Long-term benefits of robotic process automation

  • It can help you out in uninterrupted round the clock service
  • You need not be dependent anymore upon any individual and cross-training overheads as it just includes the deployment of robots with few configurations
  • Those who demand this approach can easily manage and almost immediate resource ramp up and scale downs for many relevant situations
  • The work delivery is probably defecting free.
  • The RPA holds the power to audit each and every action and it can be very lucrative, in terms of the Artificial Intelligence and Machine Learning.
  • It holds the credibility to execute and perform highly confidential processes

The Total Cost of New Equipment

If we calculate the total cost of new automation equipment, there are several factors which one have to keep in mind. It is very much vital to understand the cost of this equipment so that one could make decision n automating processes and to find best ROI. Total equipment costs usually include:

  • The initial purchase price of the equipment
  • Spares and emergency spare parts
  • Shipping and installation
  • Utility connections in the plant
  • Tools and custom filtering
  • Training and management overhead
  • Site preparation and disposal of old equipment
  • Information system overhead and maintenance

We cannot calculate the all costs of automation equipment beforehand nor can we calculate the precise degree on the cost savings of automation. But, having an estimation of these will be far more accurate than not at all considering them.

The feasibility or the timeline of ROI can be achieved through automating process just by comparing the calculations for the annual cost of new equipment with the ongoing cost.

However, with the way robotics technology have increased the productivity, made time management much simpler and has made resource distribution easier; it has allowed the improvement in ROI in all the verticals of businesses. This has given the confidence to invest in Robotics and enhance their resources as it will offer benefits in the longer run.

Author Bio

Chirag Kumar is working as a senior web developer in India at NEX, NEX is leading development service India & USA. He runs his own company main focus Java-based web application using JQuery, Struts, JSF, node.Js, spring, Ext Js, etc. He Writes about Emergency technology, Java-based frameworks & tools, Innovative quotes, Social Media News and online marketing.

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