What Are the Innovative Offerings of RPA to Shared Service Sector?

The new-age technologies like RPA have taken several industries by storm. More and more companies are shifting towards RPA adoption as it serves the benefits such as high Return on Investment and improved overall performance along with cost reduction. These perks are quite relevant for service-related businesses which include Shared Service Centers which protect organizations from economic uncertainty and introduce cost savings methods. With the help of RPA, Shared Services can boost its services while bringing about a digital transformation.

What is Shared Services?

Shared services are the blend of business operations, used by multiple parts of the same organization. It is cost-efficient because it centralizes back-office operations used by multiple divisions of the same company and eliminates redundancy.

And when it is mixed with RPA, the latter enables businesses to automate simple, repetitive and mundane tasks. The virtual bots which are programmed to mimic human actions take on clerical jobs and finish them in lesser time and at a lower cost. This befitting implementation helps save human time which can then be spent in other, more nuanced tasks.

Now is the high time when SSCs should move towards digital transformation while making the use of RPA as a tool that helps them realize this vision.

Below are the five ways in which the amalgamation of RPA and SSC works efficiently.

Reduction in cost

While shifting the burden of mundane tasks from humans to robots, RPA enables the reduction in the headcount of employees who need to be paid. Such workforce reduction doesn't affect the quality and speed of work at the same time. This further reduces the amount of floor space needed for operations and hence cut off the amount of expenditure on the facility and its maintenance. As bots are pre-programmed to handle most tasks without assistance, training costs and support are no longer a concern.

Improvement in scalability

The technology helps increase the scalability opportunities for Shared Services. It allows them to scale up, whether geographically in terms of increasing the number of customers they serve to, or offering more services. RPA can help SSCs scale up without having to go through the whole loop of recruiting, training, and managing hordes of new employees. It provides organizations with the freedom to scale their business without having to employ any extra people.

Increasing accuracy while reducing errors

With reduced human intervention chances of error also decreases drastically and hence improves overall accuracy within tasks and processes. Additionally, a virtual workforce is easier to manage, and with less transactional tasks organizations can focus efficiently on the intelligent work that actually makes a difference to clients and the business.

Enhanced adaptability and security

Bots are capable of learning faster than humans and there are lesser chances of them forgetting what they have learned. Over time certain methods and processes are prone to change due to requirements or technological shifts. Bots are conveniently better suited to such changes than humans and their ability to adapt is a lot higher. This further allows for better security of data which is collected from a variety of sources. Also, it helps organizations improve regulatory compliance.

Leveraging meaningful insights and analytics

In terms of handling escalations, Robotic Process Automation possess the capability to match the trends and keywords and change the responses accordingly. The technology also allows the processing of data stored in various databases and comes up with meaningful insights based on this processing. These insights help make important decisions. Also, analytics help businesses extract information from raw data.