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The Future of Work: Real-World Applications of RPA

     

future_of_workFor decades, robot-led automation has transformed human work environments. Once the domain of industrial machinery and factory floors, automation is now transforming the knowledge economy in profound ways. The automation of knowledge work[1] has already left its mark on the economy, and promises hugely transformative potential for businesses looking to unlock productivity.

RPA: Expanding Its Presence

Robotic process automation (RPA) – the application of robotic technology to human workflows that maximizes output while eliminating manual error – is the main conduit for this transformation. RPA is already a multi-billion industry that is expected to grow manifold over the next decade as professional services and healthcare segments continue to expand their AI capabilities. A recent study from Grand View Research Found that the RPA market will be worth nearly $9 billion by 2024, with the professional services segment anticipated to grow at a CAGR of more than 60% over that period.[2]

In addition to these areas, RPA is already making significant inroads into regulatory compliance, mortgage processing and telecommunications. Society’s growing emphasis on productivity and “smarter” applications suggests RPA will continue to transform industries that have traditionally been resource intensive.[3]

Maximizing Knowledge Work

The phenomenal thing about RPA is that it doesn’t require a full-scale IT makeover to reap its benefits. RPA tools that introduce repeatable and predictable interactions can be integrated into your existing workflow to improve efficiency without the need for a major process overhaul. Despite being a relatively new technology, RPA platforms are neither expensive nor complex to manage.

YayPay is a perfect example of an RPA solution businesses can use to streamline their accounts receivable without the need for fundamental process redesign. YayPay’s predictive accounts receivable software leverages data and automatic payment communications to accelerate collections, enable better management of customer relationships and empower finance teams to better project cash flow.

Empowering the Human Worker

RPA tools have been found to be 65% less expensive than full-time workers,[4] and can also boost the morale of existing employees by freeing up their time to do more meaningful work. Back-office workers already spend four-fifths of their day performing repetitive manual tasks, which lowers performance and overall motivation.

By eliminating repetitive tasks through RPA, workers have the capacity to perform higher value work and improve customer care. At the same time, it enables CFOs and managers to utilize true talent more effectively. All while this is happening, businesses are reaping bigger productivity gains and reducing the motivation to offshore their services. This process creates healthier companies that are likely to hire more workers in the future as their business grows.

We’ve said it before – RPA takes the robot out of the human, allowing human workers to focus on more important tasks. This important transformation can fundamentally change the way society approaches work. For CFOs, the benefits of RPA will extend beyond ROI and compliance to also include improved employee and customer satisfaction. And all of this is good for business.

YayPay: RPA in Action

Accounts receivable is one of the best places to begin your RPA rollout. YayPay provides powerful software tools that allow your company to get paid faster by automating the entire collections process. To learn more, explore YayPay's product features or calculate your potential AR savings in less than 60 seconds.

[1] Institute for Robotic Process Automation & Artificial Intelligence.
[2] Grand View Research (October 2016). RPA Market Size Projected To Reach $8.75 By 2024.
[3] Deb Sarkar (November 9, 2016). “Robotic Process Automation (RPA) and its impact.” Nalashaa.
[4] Capgemini Consulting. Robotic process automation (RPA).

Mitch DeForest

About the author

Mitch DeForest Mitch DeForest is a member of YayPay’s founding team. A graduate of UNC’s Kenan Flagler Business School, Mitch has experience optimizing sales funnels and scaling lead generation processes. Previously a product manager at Ecoland Institute, Mitch is skilled at building and managing sales teams. He is currently a senior member of YayPay’s sales growth team and leads growth initiatives through the Inside Sales team. He was a Division 1 Athlete on the Men’s Swimming Team at UNC. Read more articles by Mitch DeForest.

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