Did you know Robotic Process Automation (RPA) emerged as a strategic solution for businesses to curtail expenses after the 2008 financial crisis? While we have long grown the crisis, 2023 has been marked by a series of bank collapses that threaten economic stability.
In this challenging financial landscape, RPA stands as the ideal solution for businesses. By turning to RPA service providers, organizations can reduce costs, enhance efficiency, and boost productivity, fortifying their position in an uncertain economy.
Valued at USD 2.3 billion in 2022, the global robotic process automation market is anticipated to grow at a CAGR of 39.9% from 2023 to 2030.
RPA is transforming businesses by enhancing efficiency and reducing costs. As a vital tool in today’s competitive landscape, RPA Service Providers play a crucial role, offering expertise in implementing these sophisticated technologies. In this blog, we dive into the indispensability of RPA and the value brought by specialized service providers.
Table of Contents
- From Outsourcing to Automation: The Rise of RPA in the Global Market
- Selecting the Right RPA Service Providers: A Strategic Approach
- Selecting the Right Processes for RPA
- Choosing a Suitable RPA Tool
- Experience in Accelerated RPA Deployment
- Choosing the Right RPA Service Provider
- The Power of Collaboration: Building Synergy with RPA Service Providers
- RPA Case Study: Insights from the Industry
- Choose Kanerika: The Leader in RPA Service Providers
From Outsourcing to Automation: The Rise of RPA in the Global Market
RPA, though a relatively new concept, has rapidly become a pivotal force in the global enterprise software market. It’s now amongst the fastest-growing segment, with 85% of large enterprises expected to deploy some form of RPA in 2023. But how did RPA reach this popularity?
The evolution of RPA can be traced through its transformation into a more profitable alternative to outsourced labor. As the global market of outsourced services climbed from the turn of the century to 2014, factors such as rising wages in developing countries and the opportunity cost of mismanaged coordination began to diminish the appeal of outsourcing. India, a major outsourcing market, saw a 9.7% rise in wages by the end of 2022, making RPA a more economical choice.
RPA’s cognitive evolution to carry out a wider range of tasks, suitability for COVID-induced remote working conditions. As well as the ability to shed light on process inefficiencies further fueled its growth. With RPA, businesses can automate repeatable tasks prone to errors, such as document processing and customer service.
The role of RPA service providers in this journey cannot be overstated. They perform complex analyses, decide on the tech stack, develop and test solutions, and provide ongoing support. Moreover, partnering with an RPA service provider can help businesses optimize expenses and generate free cash. The rise of RPA is not just a technological trend; it’s a strategic response to a changing economic landscape, reflecting a shift in priorities toward innovation, efficiency, and sustainability.
Selecting the Right RPA Service Providers: A Strategic Approach
The allure of RPA’s efficiency and high ROI has prompted business leaders to explore further automation possibilities. With an estimated 70-80% of manual tasks being automatable by RPA, the potential for leveraging intelligence automation (IA) is immense.
Here’s a strategic framework for selecting RPA service providers, focusing on alignment with business goals, scalability, and ROI:
Selecting the Right Processes for RPA
Identifying the right processes for automation is a critical challenge. Non-standardized processes requiring frequent human intervention can complicate RPA implementation. An RPA service provider can establish a framework to evaluate the Suitability, Value, and Risk of automating specific processes and recommend reengineering to maximize benefits. The right processes will guide the choice of RPA software to fit specific business requirements.
Choosing a Suitable RPA Tool
Selecting the right solution is vital with multiple automation tools like UiPath, Blue Prism, and Automation Anywhere. Cost alone shouldn’t be the deciding factor. An RPA Service Provider can conduct a thorough analysis, assessing the capabilities of each solution to ensure alignment with your specific business processes and operations.
Experience in Accelerated RPA Deployment
Experience in deploying RPA technologies can significantly reduce project time and enhance ROI. Working with an RPA Service Provider can be more affordable and efficient than recruiting in-house RPA talent.
Choosing the Right RPA Service Provider
If you decide to work with an RPA Service Partner, consider the following key parameters while choosing them:
RPA Experience and Qualifications: Look for a partner with vast experience and certifications in implementing the specific technology.
Industry-Specific Experience: A provider with experience in your industry can offer tailored solutions to your specific pain points.
Existing Relationship: Working with RPA service providers that already understand your processes and technology initiatives ensures a more cohesive approach.
By aligning with the right provider and focusing on scalability and ROI, decision-makers can create a robust automation strategy that positions the business for future growth and innovation.
The Power of Collaboration: Building Synergy with RPA Service Providers
The journey toward automation is not a siloed effort but a collaborative endeavor that can transform manual and error-prone processes into streamlined and efficient operations.
A shared vision for the automation project is foundational. The business and the RPA service provider must understand and commit to the same goals and expectations. This shared understanding becomes the roadmap to success, guiding every decision and strategy.
Cultural fit is equally vital. 94% of entrepreneurs say that healthy work culture is vital for success. Your RPA services providers should also fit into that mix. Corporations that cultivate a positive and robust workplace culture could see a 400% growth in revenue. In the context of RPA collaboration, this cultural alignment ensures that the ‘how’ of the project is in harmony with both parties’ values.
Open and regular communication channels are the lifeblood of this collaboration. Transparency in discussions and a focus on collaborative problem-solving can lead to innovative and effective long-term solutions for your business.
RPA Case Study: Insights from the Industry
In the intricate landscape of insurance and protection, the transformative power of RPA shines through the success story of one of our clients. Managing claims and policies from over 500 partners and brokers via Excel files over email, our client faced a labyrinth of challenges — delays, errors, and inefficiencies.
Kanerika implemented a solution that automated the entire process, transforming data handling and generating real-time insights.
The software simplified the company’s operations across various operations such as email receipt, auto acknowledgment and insight generation. Data enrichment, transformation, real-time insights, and proactive notifications became integral parts of the solution, all orchestrated through a blend of technologies like Beanstalk, Java, Angular, Azure Cloud, and Power BI.
The results were transformative: improved accuracy, increased efficiency, and significant savings in manual efforts. The solution’s scalability streamlined the onboarding of new partners. This success story is more than a triumph; it’s a lesson in innovation, adaptability, and vision. Even complex business challenges can be overcome with the right technology and partnership with experienced RPA service providers.
Choose Kanerika: The Leader in RPA Service Providers
In today’s fast-paced corporate landscape, Kanerika stands as a beacon of innovation. With our unique approach to RPA, we are not just a service provider but a partner in your digital transformation journey.
We deliver scalable and sustainable automation solutions, eliminating monotonous tasks and freeing employees for value-added work. Our proven track record of 25-70% cost efficiency, 70-90% improved process agility, and 40% employee productivity growth speaks volumes about our expertise. With experience in platforms like Automation Anywhere, UiPath, Blue Prism, and over 150 processes automated, our X factor lies in our customer-centric approach and leadership in the field.
Explore RPA with us at Kanerika, and embark on a journey toward growth and innovation. Book a consultation with us today!
FAQ
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