Robots in the BPO Industry? Robots? Really? Yes. First, Robotic Process Automation (RPA) is not an actual robot assembling something on a production line. These robots aren't going to take your job away (at least not yet). RPA is a tech service that Business Process Outsourcing vendors (BPO) provide along with other services. Outsourcing business processes automation with a BPO vendor is another way to combine the benefits of BPO and RPA. Lower operating costs.
What exactly is Business Process Outsourcing? Business process outsourcing (BPO) is contracting certain business functions and responsibilities to a third-party vendor. This is usually divided between Front Office and Back Office. The reasons for the popularity of RPA in the BPO Industry become apparent when looking at the services offered in detail.
Back-Office Outsourcing consists of functions like finance, accounting, customer service, and human resources:
Front Office Outsourcing consists of various services like:
It's a natural combination since one of the advantages of partnering with a BPO is reduced costs. To further streamline those outsourced business processes, add a dash of RPA. Robots can work 24/7/365. They don't need vacations, they don't need insurance coverage, and they probably will never ask for a raise.
Business Productivity - Improved
The time to accomplish any given task can be further reduced by using RPA. It has instant access to the latest market news and direction.
Costs - Slashed
reducing the costs of a vast IT infrastructure, hiring, training, and managing more workers to do those processes and operations. Across the board, reductions in operating costs are realized with Robotic Process Automation.
Security - Boosted
since security is always a concern when using a BPO, RPA can maintain security protocols by accurately managing sensitive and strategic data with 100% accuracy.
Workforce Management - Enhanced
BPOs now rely on a manual (human) workforce to maintain and monitor automated systems. Using RPA to do these tasks makes it more efficient and dependable.
Data Exchange - Increased
Manual data exchange and heavy traffic only increase the possibility of errors, which slows down task completion. RPA strengthens both the speed and the accuracy of data management.
New and flexible solutions enhance customer retention and increase opportunities for gaining new ones. The business has a long-held fascination with technology, sees its advantage, and eagerly accepts new ones.
Still in its infancy really, RPA works best in data-heavy sectors performing the following:
Data Entry and Cleansing
Converting speech to text and voice-to-data s can be performed in real-time. Robotic Process Automation in data management is evident with keyword analyzers that eliminate keyword stuffing and other predictive data tools. RPA can combine, convert, and validate customer feedback and draw conclusions from them.
File And Data Manipulation
data files can be retrieved from storage, evaluated, copied, deleted, or formatted within minutes, in mass quantities, or individually. Spreadsheet processing is another RPA solution, updating data and using the new information to change conclusions.
Reconciliation
RPA bots in monitoring systems can reduce errors and risks. RPA facilitates automated systems handling consumer complaints, system inconsistencies, and downtime. Introducing RPA solutions provides quick and efficient reconciliation tasks.
Let's not forget the root of BPOs' popularity. Namely:
Before the changes implementing RPA, BPOs were valued for their speed and economy. Accuracy was sometimes at risk, but safeguards were available from human monitoring. Security was also a key component important to BPO customers. But now, with the added advantage of RPA, BPOs further strengthen their ability to deliver even more value for the dollar. If you have any reservations, get in touch with Rely Services for a detailed examination of how a BPO partnership can benefit your business.