Limit Labor Expenses
IPA solutions are very useful for tasks that have specific rules to follow. A great example of this that has already been mentioned is data entry. Data entry has set rules you must complete in order to fill out something like a customer profile, however, the task is repetitive and mundane.
IPA bots can be used here so you can reduce your labor costs and have your employees get paid for more important things. By using a mix of IPA, artificial intelligence, and business process management solutions (BPM), some of the biggest multinational consumer goods providers have reduced their invoice processing by 50-90%, saving some of these businesses nearly 50% of their spending on their full-time employees.
These numbers do not mean that human workers are being replaced. Human workers are simply being freed from time-consuming and mundane data entry tasks so they can go work on more important things.
Increase Employee Productivity
Many business positions require an employee to manually transfer figures from one document/spreadsheet to the next. This kind of task is not only tedious and time-consuming but also mind-numbingly boring.
With an IPA solution, the time an employee spends on these kinds of tasks could be diverted to more lucrative tasks, allowing a worker to improve their productivity and promote innovation. When employees have more time for creative thinking, an employer opens new doors for improved business outcomes in the present, as well as the future.
Although this point is not strictly meant for cost savings, it leads to higher numbers in revenue, which should be just as good as saving money.
Lower IT Expenses
An important thing to remember about IPA solutions is that the bots within them operate through the user interfaces in all software applications inside of a given business. Many IPA solutions come with a code-free bot design studio where you can create the kind of bot you need, which means your business doesn’t need to spend large amounts of money on IT to start automating business processes.
You can even automate certain IT tasks like system maintenance. These kinds of tasks usually take up a bunch of time, but with IPA, you won’t need to hire an IT specialist from a third-party service, saving you even more money over the years.
Reduce the Need for Third-Party Services
In the previous point, I mentioned how IPA solutions reduce the need for hiring IT specialists. This is a plus, but it’s not the only outsourcing cost that IPA reduces.
With the rise of software as a service (SaaS) for things like finances, personalized customer profiles, and customer service engagement, businesses are forced to outsource even more of their core processes.
Automation with IPA bots provides cost-effective alternatives for third-party services. Instead of paying for the services of another company, you can create automated processes inside your business that is handled by the bots completely.
Customer service is a great example of how IPA can reduce processing times. If IPA bots are programmed to handle customer service requests, then a company can reduce its processing times by more than 80%. This, in turn, boosts the customer service department’s productivity without the cost of outsourcing the work.
Reduce/Eliminate Data Errors
As I mentioned before, mundane, repetitive work leads to employee fatigue and burnout. It may have been exciting to learn the repetitive task when an employee first started, but when you’re doing it for the one-millionth time, it can be hard to tell if you’re staying as accurate as you once were.
Although these mistakes are small, they can add up over time and lead to some expensive costs. It has been estimated that human error costs US businesses nearly $3 trillion a year.
Unlike human workers, IPA bots don’t get tired or distracted. If programmed correctly, they don’t make typos or errors. If you add some AI to your IPA bots, they will be able to complete even more complex tasks with a higher degree of accuracy.
In a recent Digital Workforce Solutions blog, we discussed how some IPA solutions have completely eliminated manual invoice/processing errors inside hospitals entirely. Money, as well as monthly staff hours, was saved in big ways. You can read more about that here.