Robots and automated processes even after a decade of their introduction are met with skepticism and seen as a competition for human jobs. On the contrary, they have the potential to increase the number of human jobs by lowering costs and boosting efficiencies. Speed and reliability that are a core requirement of new age organizations could be achieved using these advanced technologies. The newer technologies such as robotic process automation, artificial intelligence, internet of things, etc. are here to stay. The faster your organization adapts to them, the better your chances of creating a competitive edge for your business.
Robotic Process Automation in its simplest form can be defined as a process where the logic-driven robots execute pre-programmed functions on a structured data to complete a process or transaction. This process bots are capable of performing human-like functions such as evaluating, deciding, learning, and acting. These abilities of RPA allow organizations to free the human capital of the repetitive tasks thereby improving the efficiency and reducing the chances of human error.
The statistics also point towards a broad scale implementation of robotic process automation. The demand for RPA is experiencing a phenomenal compound annual growth rate of 60.50 percent from 2014 to 2020. The market value of RPA is expected to reach USD 5 billion by the year 2020. One of the prime factors that set RPA apart from other technologies is the return on investment which can be as short as 6-9 months. Robotic process automation can yield operation cost benefits up to 45 percent. The ease of use and benefits of using RPA are far more significant than it may appear to be.
In the current age where your customer is your most prominent marketers, robotic process automation can be way more effective in ensuring a delighted customer than anything else. A customer’s entire journey is a predictable pathway that can be evaluated to deduce the pain points. At certain points in any buyer journey, the experience becomes less than pleasurable. Long waiting periods are one of the most common reasons for customer dissatisfaction. Employing RPA allows you to minimize or eliminate these pain points to ensure complete customer satisfaction at every point in the buyer journey.
By researching the customer journey, RPA can be incorporated to ensure fast and intuitive overall experience resulting in a far better overall experience. Let us look at some of the key touchpoints that can benefit from the robotic process automation.
Customers are always looking for information either before making a purchase or when faced with a problem while using the product. Long waiting times to receive the relevant information can annoy the customer and may even lead to loss of a potential customer. RPA can act as a one-stop shop for agents to work with rather than working with multiple systems. These results in quicker delivery of information leaving the customer delighted.
Robotic process automation can also ensure efficient customer onboarding from websites. A company website is a first place visited by the consumer to seek information about the company or the product. Automated chatbots allow your potential customers to seek information by asking questions like they were talking to an in-person representative. The entire process can help your business improve the lead conversion rates from the website.
Processing information is a mammoth task for organizations due to the stringent compliance requirements. Companies are required to collect the customer’s data, validate it, extract data from the documents, compile the data, and update the data in the future. The entire process is time-consuming which requires immense efforts on the part of human resource and patience on the part of the consumer to wait until all the information is processed.
With the implementation of robotic process automation, the entire cycle can be automated with significant benefits and reduced timelines. RPA can be implemented to identify and enter customer information, merge data, fill different forms, update information in the future, and process structured as well as unstructured data. This results in improved operational speeds and accuracy resulting in enhanced customer experience.
A lot of backend tasks rely on repetitive human efforts. It reduces the morale of the employees while resulting in decreased operational efficiency. Tasks such as email processing and distribution, server backups & monitoring, time & attendance management, inventory management, etc. can be automated to spare the human resources for customer-centric tasks. By implementing RPA to take care of such tasks, employees will have the ability to focus on the front-end.
Implementation of robotic process automation leads to both operational and technical efficiency. The most evident benefits include reduced operational costs, multi-tasking, 24*7 availability, improved quality of tasks, regulatory compliance, and customer satisfaction. The robotic process automation allows the organization to track every step and makes them compliant with industry standards. It ensures that the tasks become error-free and risk-free. Organizations should consider the robotic process automation as the intermediate step in the overall automation of their operations.
However, companies need to remember that robots require continuous fine-tuning and maintenance. A regular quality control check is necessary to ensure that the entire automated process works smoothly. Even though the processes are automated, there could be events where the bots would not know how to react. If these ‘exceptions’ are not addressed immediately, the customer experience can be severely impacted.
We at Conneqt are backed by years of experience and a proficient team capable of end-to-end implementation of Robotic Process Automation. We work with organizations to help them improve their customer experience while ensuring that the backend processes are optimized for better operational efficiency. Get in touch with us to know how Robotic Process Automation can help your organization improve overall customer experience.
Customer Experience is much more than just a fancy word! Do you want to implement its advantages into your marketing strategies? If yes, here’s a CX framework you really cannot afford to miss. Download your framework today to grow revenues, enhance experience and enable efficiency!
As a business-owner, what would be your strategic priority for the year ahead? Would you focus on profitability, customer experience, increased speed-to-market or employee engagement? What if you could derive them all by simply prioritizing Digital Transformation for your business?
In today’s highly competitive world, lack of a Digital strategy could take you towards extinction.
Don’t believe us? Here’s what Gartner has to say:
By 2017, 20% of all market leaders will lose their number one position to a company founded after 2000, due to lack of digital business advantage.
This means that Digital Transformation is no more a choice, but a pre-requisite to business success. Using an innovative approach, you can script success in your business with Digital Transformation.
As businesses languish amid competition, Digital Transformation is no less than a Superhero that helps businesses scale increasing competition and emerge victorious. Here’s a lowdown about the role of digitalization on different factors affecting your business:
Modern consumers value nothing more than their personal convenience, productivity, time and flexibility. They’re more likely to conduct research before buying, rely on consumer reviews, seek quicker resolutions and move to other providers if their expectations are not met.
Digital technologies enable an end-to-end sales cycle, right from opening conversations with prospects to closing a sale. Customers are spoilt for choices, and they engage with businesses on channels of their choice. Businesses need to have Omni-channel presence so that they can cater to the needs of their customers with lesser response time, thereby gaining customer loyalty.
We reduced online complaints from 15 cases per day to none within just 3 months for the India’s first large-format specialist retail chain for consumer electronics and durables. Click here to read how we helped them retain high-value customers by implementing digital technologies for complaint closure. The Digital Age is hence, the age of customers and it has become all the more important to ensure your customers are happy. Digital transformation as a strategic priority can enable you to shift towards customer-driven communications, which can maximize your reach and delight your customers too.
With an increased focus on Digital transformation, businesses are likely to reach Digital Maturity, with an effective strategy in place. This could translate to increased productivity in the form of:
No wonder, studies show that by 2018, 67% of the CEOs of Global 2000 enterprises will have digital transformation at the center of their corporate strategy!
The millennial generation is fascinated by digital technologies and wants to work for digitally-enabled organizations where they can get the best opportunities, well-suited for their digital inclinations. In order to attract the best talent in the industry, businesses would need to step up their digital game.
In addition, digital transformation can help you with marketing & promotions, while also helping you engage your employees and motivate them to do their best.
Businesses need to implement strong digital strategies that can drive growth in their businesses… But how do you attain that growth? Here’s how digital transformation as your strategic priority can help you make massive waves in the ocean of opportunities:
Despite having spilt barrels of ink just to emphasize on the importance of being digital-savvy, just 15% businesses are at the early stages of digital maturity. Among the digitally maturing, more than 80% have a clear and coherent strategy.
Digital maturity helps you:
In order to truly excel in the times of Digital Ubiquity, combining digital activities with strong leadership to fuel transformation with technology is highly important! Being digital mature is a prerequisite to scripting success in these challenging times.
What were your thoughts when you first created a web property for your brand? Did you think about aesthetic elements or the webpages you should add? As you go on to climb the ladder of digital maturity, you start taking your business from static webpages to engaging digital activities that leave your customers hooked to your brand.
When you start viewing technology as a tool for transforming business, you’d come up with digital activities that take your business to newer heights!
Digitally fluent leaders may not be masters of technology, but they need to have a mindset conducive to digital growth. Here’s how a digitally fluent leadership can help an organization:
Digital leaders are willing to embrace the digital world and have the ability to articulate the value of digital technologies to the organization’s future.
Prototyping, a cost-effective method to test digital products or interfaces with users and stakeholders, encourages iterative product development cycle involving building, testing and improvement.
With prototyping, you can enjoy the following benefits:
We have used prototyping to help a Premier Healthcare and Fitness Products Company in USA maintain customer satisfaction scores of 95%. With prototyping, their escalations went as low as 0.00005% and order processing time reduced from 8 minutes to 6 minutes. Click here to read how we helped many more businesses by prototyping.
We are living in times where it can get difficult to know what strikes the chord with your customers, and a digital prototype is much needed for ensuring a better final product, steered by innovation.
High-performing digital companies make data-driven, informed decisions by recognizing importance of data as a strategic asset. You can make optimum use of analytics to automate and optimize your business processes by using insights for:
It is time to incorporate analytics in your digital transformation strategy, so as to get positive results!
Digital transformation can help businesses bridging the gap between now and the future by reducing ambiguity and making processes more agile. When we hold the crystal ball and look into the future of digitally transformed businesses, here’s what we see:
We are excited about the future… What about you? Why wait any longer to make use of Digital Transformation! Jump onto the Digital Bandwagon with a bang by partnering with our leading digital transformation experts. Share your experiences on Digital below.