Robotic Process Automation (RPA) continues to gather massive attention from organisations for multiple reasons. One of them is its profit-boosting capabilities which work wonders for business efficiency. Moreover, it also helps make the employees more productive as it automates the repetitive and monotonous tasks, which diverts the employees’ attention towards more significant tasks.
One of the most common places for a business to start with RPA is data reporting. It is the process of pulling data from business resources, rearranging it in a meaningful way, and distributing it to relevant decision-makers or customers.
The major challenge lies in gathering information quickly, accurately, and reporting coherently, which may take up an ample amount of employees’ time while extracting data from various business systems. This is where the incorporation of RPA results in data consolidation, speed, and accuracy, thus streamlining and automating business data reporting.
Automated Reporting with RPA- Which Departments Benefit the Most?
Today, most businesses want to be more data-driven to enhance their operational and strategic decision-making as they deal with growing expectations on accuracy, insightfulness, and the speed of report delivery. As a result, RPA makes a strong use case in transactional-based activities that are redundant and substantial in nature, including the cumbersome tasks in data extraction or report distribution. The automated data extraction and entry enables employees to send consistent error-free reports, thus saving time and providing essential insights.
The business departments where RPA can help the most with automated data reporting are:
- HR: RPA can be very useful during the recruitment process in generating dashboard reports and provides easy to read data concerning credit checks and data lookup activities. When necessary, this information can also be pulled together for analysis and produce to the management.
- Marketing: RPA bots are capable of pulling data from business platforms, including the CRMs, ERPs, and the company’s digital channels in order to generate business analysis reports related to marketing performance, reviews, existing customers, and trending products and services. The automated data reporting may help create consistent datasets which can further be used in advanced marketing analytics.
- Finance: It is extremely essential to keep financial reports updated and error-free as they ascertain an organisation’s market status, compliance, and future forecasting. Therefore, several reports, including Annual Financial Statements, Compliance reports, P&L reports, and Tax reports, can benefit from RPA as they require regular submission.
Industry Use Case Examples of Report Automation with RPA
Automation of logistics data, data monitoring
Automated data validations, report creation, form filling, updating loan data
Reporting for doctors, insurance data automation & claim processing, patient records storage
Collecting, consolidating, and uploading of data from customer phone systems, report generation on connectivity issues
Order processing, data entry
Automating customer relationship management by suggesting factual data to sales reps
Benefits of RPA in Business Reporting
- 1. Increase in ROI
In general, automation is a stress relief tool that allows organisations to minimise operational costs and rebuild businesses. There are majorly two kinds of operations in any business- revenue drivers and support functions.
The role of automated business reporting is to optimise the entire workflow in the whole system, thus enabling the revenue drivers to focus on the strategic goals and leave the routine work to bots. As a result, these bots handle the necessary paperwork and data transfer round the clock, boosting the overall effectiveness of the operations without additional hiring, resulting in enhanced revenue and an increase in ROI.
- 2. Reduced Risks
Leveraging RPA to automate error-prone processes minimises the risk of human errors and is one of the most significant benefits of RPA use in business reporting. Thus, using RPA can provide better quality data and generate event logs that may be used for further analysis and audit.
However, RPA operations need to be checked from time to time to ensure successful operation.
- 3. Increased Employee Satisfaction
A Salesforce study indicates that workplace automation plays a significant role in increasing employee satisfaction. This is due to many factors, including reduced workload with reporting automation, which helps them focus on their business-oriented goals, motivates them to learn new skills and take on new challenges and projects.
- 4. Maintaining an Audit Trail
An audit trail is created to maintain security with data processing and other automated data reporting activities. This allows the digital workforce to provide a report including complete event logs and processing time with the concerned department.
Plan for Success
All in all, as more businesses adopt RPA for report automation, there is no doubt that it delivers results with the right mindset and approach. It has wide applications across reduction in the operational costs to raising the productivity and upgrading the data management systems. All these aspects positively impact your business growth and help enhance your ROI in previously unthinkable ways.
On that account, reach out to our automation experts if you wish to learn more about the use of RPA in reporting or want to explore more on RPA.