Robotic Process Automation, also known as RPA, is an up-and-coming trend in the business world that involves using automated pre-programmed software to perform repetitive and time-consuming daily tasks.
With RPA, businesses can save time and resources that would otherwise be wasted if a human executes such assignments. Even though this technology might sound complex at first glance, most entrepreneurs would probably be surprised by how easy it is to incorporate it into the day-to-day operations of their companies.
In the following article, we describe in detail what RPA is, how it works, and why small business loans can be an excellent alternative to finance implementing these innovative solutions.
What is RPA, and how can it help businesses?
The goal of RPA technology is to mimic the actions of a human user by following a set of algorithms that are executed within the boundaries of specific rules. RPA solutions are designed to increase productivity and efficiency as companies can focus their human talent on more strategic tasks while leaving robots to solve and complete the less intricate day-to-day assignments.
One example of how companies are using RPA these days is chatbots. These programmable robots are designed to respond when a customer types specific keywords when interacting with the company through its contact channels.
These bots can be implemented in different platforms, including WhatsApp, Facebook Messenger, and web-based live chat software. They serve as a filter to either redirect the customer to the correct representative or reduce the queue by quickly solving the most common or simple queries.
Meanwhile, other businesses have taken things to a whole new level by incorporating artificial intelligence (AI) into their RPA software via machine learning. The purpose of these solutions is to improve the bots' responses by allowing them to "learn" from previous interactions, patterns, and other available data that the system compiles regularly.
The top 4 benefits of RPA
1: Saves money and time
Assign the bot with multiple repetitive and often time-consuming tasks that would have to be otherwise performed by a human. The company can save money in the form of lower payroll expenses. Moreover, bots can filter out and respond to the most straightforward requests while leaving the most complex tasks to a human.
2: Allow the company to focus on strategic assignments
By delegating time-consuming tasks to an automated robot, the company's personnel can focus on matters that contribute to accomplishing the firm's mission and long-term vision. This is particularly advantageous for startups with a low headcount.
3: Increases response times
Robots don't eat lunch, get sick, or take time off. Therefore, they can be available to customers and perform tasks 24/7. That allows the business to deliver faster response times – which typically translates into higher levels of customer satisfaction.
4: Tangible return on investment (ROI)
It is easy to measure how profitable an RPA solution can be since business owners can calculate the amount of money saved against the cost of implementing the solution to estimate its ROI.
This facilitates the process of analyzing small business loans as a potential alternative to finance the price of RPA software, as those savings will go toward paying the interest expenditures associated with the loan.
Alternatives to finance the implementation of RBA
Small business loans can be an appealing alternative to cash-strapped businesses seeking to incorporate RPA technology into their processes. As mentioned earlier, business owners can easily estimate the ROI of these solutions, making it easier to present their case to their co-founders, investors, and team.
Companies like Camino Financial, a California-based online lender, offer flexible loans with flexible repayment periods to fit an RPA implementation project. With the four benefits we previously outlined in mind, entrepreneurs should consider the possibility of applying for this financing alternative to automate their company's processes.
Have you thought about incorporating RPA solutions into your company but don't have the resources to do it? Camino Financial can become your partner in taking your company to the next level. Find out more about their portfolio of loans and other financing alternatives here.