Why Companies Should Invest In Robotic Process Automation
Looking to future-proof your business in light of a Looming Recession? Consider RPA.
With a down economy looming, companies must think critically about how their tech stacks benefit employees and the company. Dave Dabbah, CMO at Robocorp, highlights the effectiveness of robotic process automation and its ability to drive overarching success, even in the face of a recession.
Over the past year, the United States economy has experienced a plethora of turbulence, including supply chain shortages, spiking interest rates, inflation, and more. While many businesses still feel the effects of these issues, our economy now faces a new storm – a recession – forcing companies to reevaluate operations to weather the macroeconomic conditions quickly.
As we look ahead to a potential down economy, businesses must ensure that they’re utilizing the best tools to their fullest advantage while focusing more on profitability as growth may become more challenging. The trick? Open-source robotic process automation (RPA). While some companies have already begun putting robots to the test as a potential solution, a pending recession calls for businesses to lean into automation even further.
The Unique Power of Open-Source Robotic Process Automation
Open-source RPA is an improved version of RPA that gives greater control to developers than proprietary versions of the technology. Specifically, open-source automation allows users to interact more closely and collaboratively with the bots they create and, due to more flexible technology, increases accessibility in automation.
Open-source RPA is a powerful new wave of robotic process automation that is not only benefitting developers but consumers as well. It’s a key solution to help companies power through down economies and see increased profits, greater employee happiness, and more accurate and powerful work.
Robotic Process Automation: The Key to Recession-proofing
In a recession, companies face new challenges: keeping employees and reducing attrition, retaining customers, and ensuring profits. Open-source RPA is an excellent tool to help companies achieve these goals and potentially thrive in macroeconomic conditions.
One of open-source RPA’s key selling points – both in and out of a down economy – is its ability to take over mundane processes. This not only gives employees time to focus on more meaningful work, like driving innovation, brainstorming new technologies, or collaborating with colleagues but also allows them to maintain a more sustainable work-life balance. Tradeshift’s recent study found that workers who utilize automation in their daily tasks are happier, more optimistic about their future career prospects, and more likely to recommend their role to someone entering the job market. Moreover, employees are happier and more productive when automation is introduced.
Further, when employees can relinquish tedious tasks to bots, they can spend more time connecting with customers and being more hands-on with solutions. Boosting the customer experience in this way can have an incredible impact on profits. Forrester found that when companies invest in consumer-centric business models, they yield at least a 700% ROI over 12 years. Additionally, investing in consumers often leads to greater loyalty, increased referrals, and new customers. With open-source RPA, focusing on the consumer is easy, and companies can expect a profit increase and happier customers.
Further, introducing open-source automation increases accuracy and efficiency, which also has shown a positive impact on earnings. By creating a streamlined and transparent process for bot building and management, developers can rapidly identify and fix any error-prone bots holding up productivity and quickly and seamlessly manage valuable opportunities and follow up faster on customer inquiries.
Lastly, SnapLogic’s study found that investments in automation are directly linked to increased business revenues (up 5-7%) and long-term productivity (up 15%). Within three months of investment, United States companies witnessed an average year-on-year increase in revenue of 7% or an extra $195 billion per month. It’s clear that automation, particularly open-source RPA, can save companies ample time and money.
See More: How RPA will Improve the Onboarding Process for New Employees
Creating a Clear Financial Future With Robotic Process Automation
While a down economy can be scary for even the largest enterprises, now is the time to think critically about your tech stack and invest in the technology tools like open-source RPA that protect your business and your employees.
Fortunately, we see more and more CFOs and IT leaders prioritize digital acceleration, even in the face of a recession. Recently, Gartner found that CFOs and other finance leaders view digital acceleration as a significant investment priority, with 99% saying they’ll continue to protect and fund them and 66% planning to increase their spending. This is a trend that should continue.
With an economy on the brink of recession, it’s time to invest in open-source RPA. Not only will it optimize performance, boost your bottle line, and support employees, but it also provides many other long-term benefits that can help your company navigate a down economy and beyond.
Do you think investing in robotic process automation is recession-proofing? Why? Share with us on Facebook, Twitter, and LinkedIn.
MORE ON ROBOTIC PROCESS AUTOMATION
