Small businesses usually don’t invest enough in digital tools and technology and therefore, always lag behind in the competition. In other words, such organizations don’t have the right assets that they must have.
However, small businesses can step into the digital world by making the most of Robotic process automation (RPA).
RPA software is programmed to do simple tasks across applications just like humans do. It is designed to free up employees from the burden of performing repetitive, basic tasks.
Just think of the vendor’s invoices you receive in your email. The RPA toolbox gets you the right email by going through its content. This way, it creates an entry into one of the bookkeeping records frequently utilized by private companies.
RPA, in the same way, can help the entrepreneurs with working capital supervision, robotically go through the transactions, and make the cash flow statements every day or week. This way guarantees that a proprietor or an executive is constantly aware of their fiscal condition.
For small businesses lacking required assets, RPA makes it possible to deal with business in a better way, particularly administrators who can’t afford to hire professionals to offer further reports, charts, diagrams, introductions, presentations, etc.
No doubt, RPA has a lot of potential not just for small and mid-sized enterprises but also for big organizations.
10 Reasons that Prove RPA Implementation is Necessary to Stay Competitive
According to a recent study, the market researchers forecasted that RPA technology spending has risen to US$846 in the last year and has reached to 63.1% from 2017 figures. It is expected that the budget would go to US$1.3 billion in the future.
SMEs, irrespective of their size, can enable themselves to stay competitive with RPA for a number of reasons mentioned below:
1: Company’s Soundness/Consistency
An SME is differentiated based on the maximum organizational involvement and less control of power in comparison to larger businesses. A small business may face some internal crisis in the process implementation. RPA can help them to achieve consistency in the work of employees, managers and so on.
2: Process Partner
In comparison to the employees of a big company, employees in SMEs would be more beneficial when they are aware of the business process. For example, an executive in a company needs to work with different processes to complete a task.
However, in an SME, an executive who is familiar with the work process can handle the execution process and easily establish automation as there is no need for the cross-department interloping.
3: Fewer Chances of Mistakes
RPA can be easily set up by one or two people in SMEs. Automation results in fewer or no errors and the companies who are implementing RPA techniques need to pass the testing and optimization process.
It proves beneficial SMEs as they are able to recognize the issues and resolve them in the initial stage with the help of automation. With this integration, SMEs are able to achieve the same level of performance as the big companies in the market.
Despite their small size, SMEs can have the same RPA benefits as a large enterprise. The SMEs can easily reduce the costs, have a better understanding of the customer needs, improve customer service, and frequently understand the market trends.
Finally, they are able to deal smartly, just the way large companies do. This can easily bridge the gap between them and their competitors.
4: Improved Customer Satisfaction
Let’s say you deal with a chain of hotels operating at different locations with a staff of over 100 employees who are packed with their daily scheduled tasks like answering emails, a record of the daily expenses, and much more.
RPA plays a significant role as the technology is capable of dealing with daily business activities like customer queries and issues and can give personalized attention to everyone.
5: Cost Reduction
It doesn’t matter how small or big your business is, there are certain tasks involved everywhere. An SME hires the staff to complete day-to-day tasks like tracking orders, regular invoicing, collecting the figures to be filled up for the payrolls, and so on. Hence, a company needs to bear all such expenses.
On the other hand, when SMEs decide to integrate RPA technology, automation can save labor costs on repetitive tasks. In addition, the expense of RPA integration is less than FTE expenses. This way, SMEs can reduce costs and generate profitability in the business.
6: Information Safety
RPA offers you the absoluteness in the work and submission of data by keeping away the risk of human errors. This way, your data, and information remain secure.
RPA doesn’t work just for the larger businesses, as it has become a part of the software-as-a-service and that is a reason, it is affordable for SMEs. The integrated technology is quite basic to use and needs less or no infrastructure.
8: Improved Customer Service
Implementing the RPA technology allows your employees to focus on the productivity of the business and offers them improved customer service.
9: Forecast Business Plans
One of the significant reasons to implement RPA to automate your business is to forecast and plan your business tasks. The software robots serve as virtual workers that update the real-time sales, provide market information, and collect complete information and record all this the whole day for detailed forecasts. Generally, the entire process takes around 8-10 man-hours every day.
10: Automating Repetitive Tasks
In the end, business results in improved productivity and you get more time to plan. Your employees have time to connect and offer customer service and strategic planning.
So, if RPA is integrated, various repetitive tasks like keeping a record of the order, generating invoices, and so on can be automatically done.
This way, SMEs can stay competitive in the present age and can bring down the workload. Even with fewer workers, SMEs can better focus on customer needs.
Whenever customers need any help, your support team is available to respond to their queries. This way, you can avoid miscommunication and streamline your business processes by implementing RPA.
Author Bio: An entrepreneur, Kapil is a qualified CPA and Fellow Chartered Accountant, first class management and law graduate. He is the founder and chairman of HostBooks, Inc. an accounting software company based in San Francisco, CA.
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