When there are talks of Economic Uncertainty, people tend to either “prepare” or “panic.” Smart organizational leaders know that although nothing is for certain, preparing your organization for potential recession or economic downturn is the best thing to do to ensure their business weathers the storm. While there are some logical first steps to take, such as ensuring cash flow, reducing expenses, and securing outside financing, there are other tactics and technologies that can also help mid-sized businesses prepare for financial stress.
One of these opportunities is through Automation, specifically by the way of Robotic Process Automation, or RPA. Robotic Process Automation is technology that allows anyone today to configure software (aka a robot) to replicate the actions of a human using digital systems to complete tasks. RPA robots capture data and use applications just like humans do, and can move data, enter information, open and read emails, and more.
When choosing to implement Robotic Process Automation it’s important to be tactful with what tasks you give it. Being strategic and identifying processes that have hiccups or bog down your employees with manual data entry are a good place to start.
It’s tough to invest in new technology for your business’ future during times of economic uncertainty, but making the right investment can help your business down the road as well as right now.
Why is now the right time to invest in RPA?
Every business faces different challenges, especially when it comes to the impact of a recession or other crisis. There are some common challenges that Robotic Process Automation can solve for just about any organization, and many more that can be uncovered when you begin to understand the power of automation.
Adapt to face an ever-changing market
If businesses learned anything in the last 3 years, it’s that no amount of planning can fully prepare an organization for the unknown. The challenges faced by organizations since 2020 have led to adaptability and flexibility being high-priority in order to “expect the unexpected,” but many businesses are still playing catch-up.
Automation isn’t just the way of the future, it’s here right now. By investing in this technology now your organization can stay ahead of the curve and continue to be a strong contender against your competitors.
Address the labor shortage head-on
Between a tight labor market, “the great resignation,” changing employee needs and habits, and many other factors, organizations have struggled to fill roles, especially positions tasked with completing unfulfilling repetitive tasks. In order to combat this domestic labor shortage and seek out less costly alternatives to full-time employees, many organizations have made an attempt to outsource work. Unfortunately, outsourcing work, while cost-effective, can have its frustrations including lack of consistency, communication gaps, and outsourced employees not understanding the history and mission of your business.
Automation entirely eliminates the need to hire additional headcount or outsource work. With “digital workers,” your organization can complete processes 24/7/365, no sick days, breaks, or holidays.
Run more efficiently at a lower cost
Implementing new technology requires an upfront investment, which sometimes can seem daunting for organizations. Long term, automation technology, specifically Robotic Process Automation, saves your organization money. Through either replacing or reallocating employees you can run your organization more efficiently without the overwhelming expenses associated with adding additional headcount.
Specifically within accounting and finance you can see a direct financial impact. By processing invoices faster and with no errors, you can make payments on time, avoiding late fees and securing early payment discounts.
Reduce costly mistakes
Unfortunately, one of the risks associated with human data entry work output is the potential for mistakes on occasion. When working with sensitive data, specifically in finance and accounting, these small (and rare) mistakes can quickly become costly and frustrating to remediate. Through no intentional fault of the employees, data can slip through the cracks and even if it’s over 99% accurate, those few mistakes can lead to heavy remediation tasks that derail your organization.
A massive benefit of RPA is that a bot can never make a mistake, so even if you consider your processes to be “mostly” accurate, you can move to 100% accuracy with the addition of Robotic Process Automation. RPA can also help to improve data accuracy and consistency by automating tasks such as data validation and reconciliation.
For example, a bot can be programmed to validate the data being entered against a set of predefined rules and to automatically flag any discrepancies. This can help to reduce errors and inconsistencies in the data, and improve the overall quality of the information being entered into accounting systems.
How to implement Robotic Process Automation
If your organization is wanting to implement RPA, you don’t want to wait until it’s an absolute necessity. Being an early adopter of this technology gives your business the opportunity to grow alongside the evolution of RPA.
Thought leaders like Gartner and Forrester have provided readily available reports sharing the benefits and impact of the technology, which has led to widespread understanding and adoption. For organizations looking to implement Robotic Process Automation, it may be difficult to find a reputable partner and understand where to start.
When considering an RPA Consulting Partner, it’s best to gain an understanding of their longevity in the marketplace, the number of projects they have completed, and their ability to share a reference regarding that customer’s experience with their Partner and the RPA technology provider. PiF Technologies has been deploying RPA technology for more than 10 years and has hundreds of success stories.
If you’re ready to get started on your Robotic Process Automation journey, take the first step by completing the form below.