SMB's In Pursuit of Exponential Growth.

One of the biggest challenges for Small & Medium Business (SMB) is the lack of time & resources to rapidly grow the organization. Employees often multi-task and also feel on occasion that their time could be better utilized than in doing manual, mundane, repetitive tasks such as data entry, filing etc.

Deploying a technology to save time is generally perceived to be expensive; and thought to be only affordable by the larger organizations. In my experience, there are less SMB leaders who make time to do a careful and proactive review of their value-chain in an attempt to allocate the right resources for maximum leverage. Hence either they push too hard on themselves and their team or deprive themselves of the exponential growth that could have been achieved by leveraging accelerating technologies and utilizing their human resources for much higher value tasks.

One of the lesser-known, or rather lesser understood technologies in the SMB is Robotic Process Automation, also known as RPA. In essence, RPA enables knowledge workers in performing tasks with enhanced accuracy at a rapid pace. As a result, people can focus on other processes which require more creativity and intellect. Incorporation of AI in RPA can help in building digitally potent and capable resources.

Organizations in the banking & insurance industry, along with numerous telecommunications firms located in different parts of the world have been reaping benefits of RPA as early adopters. They are all set to increase their investment and automate more business processes in the coming years. Last year, Forrester predicted that the global RPA industry is expected to generate revenues to the tune of 2.9 billion USD by 2021. I think the number will surpass expectations given the emergence of COVID-19.

How can SMBs benefit from RPA?

For SMBs, RPA can be one of the most significant driving factors in the times to come. Competing with the ‘big boys’ in your industry will become extremely difficult if you don’t get ahead on the technology front.

Here are some of the crucial advantages guaranteed by the implementation of seamless RPA software in your business processes:

• Enhanced accuracy in performance and completion- Repetitive tasks that don’t require any creativity often tend to be monotonous and tedious. Employing human resources for these tasks always leave a room for glitches and mistakes. RPA will maximize accuracy.
• Minimizing total time for task completion- These tasks are also substantially time taking. Opting for automation by software robotics will ensure that even the most tedious, repetitive actions within processes can be completed in minimal time. Isn’t that desirable?
• Superlative ROIs and cost savings- On a strong contrary to popular opinion, automation with software robotics can be incorporated without significant investment. Plus, they will give excellent returns on your investment. The human resources can then be utilized for tasks that require higher intelligence, creativity and innovation. Done right, you can expect a payback between 6-9 months post deployment.

Some of the processes which can be fast-forwarded and made more effective by incorporation of intelligent RPA in your systems include:

• Manual data entry and transferring of data across systems
• Order & Invoice Processing
• Handling of customer complaints
• Onboarding of new employees
• Payroll management
• Compliances and reporting

Many other tasks can be completed in less time, lower costs and greater efficiency by embedding RPA in existing systems. The best part of RPA is that they don’t require complete overhauling of systems. Use of RPA implies increased efficiency with minimal inconvenience. Besides, its lightweight, flexible, and scalable and could be deployed within 4-8 weeks depending on the complexity of the process within SMB organizations.

Companies generating substantial revenues maye be less vulnerable to small glitches in the allocation of resources, but SMBs simply can’t afford to misallocate monetary resources. Optimized use of even the smallest sums can lead to a more robust and balanced bottom line. The fact is that RPA can help SMBs hire & retain more talented professionals for performing crucial managerial as well as technical roles within their organizational setup.

Are you up for the challenges?

Keeping up with competitors isn’t enough. You need to get ahead by making use of top-notch technologies, and RPA tops the chart of up and coming strategies for business growth. You can contact us to discuss your business processes and the most viable software to automate them.