by Rajesh Agarwal, on Feb 19, 2019 7:20:11 PM
Estimated reading time: 2 mins
Robotic Process Automation or RPA is used to increase an enterprise’s productivity, reduce error, and enhance quality. It is industry agnostic and of particular importance in automating rule-based, paper-intensive back-office operations, which are found in the Manufacturing industry, such as invoice processing, order processing, account reconciliation, etc.
RPA is about process optimization and is used to automate tedious and routine tasks so that the human resources can focus on complex tasks involving human empathy as well as decision making.
Existing IT assets can be optimized by leveraging the right digital technologies.
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4 RPA benefits for the Manufacturing sector
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What RPA brings to table in the Manufacturing scenario:
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1. Faster turnaround time:
The manufacturing domain back office involves heavy paper work related to procuring raw material and parts as well as purchase orders and invoicing. RPA is used to automate these processes so that the entire value chain becomes streamlined. The faster processing results in an efficient Accounts Payable and Accounts Receivable process resulting in happy vendors and happier clients. Where an accountant can manually process 100 invoices in a day, using RPA he can now process up to 300 invoices a day.
2. Accurate results:
Where excessive amounts of financial transactions are involved, accuracy and speed are the most prized skill-sets. RPA ensures first-pass accuracy up to 99.99%. The automation of a task and the components within it makes the overall process fast, highly efficient, and accurate.
3. Better client communication:
Apart from purchase orders, requisitions, and invoices, a manufacturing outfit deals with many other paper-based documents related to their clients, such as various agreements. RPA helps in digitizing and maintaining all these documents in a singular document management system thus streamlining the communications process by having all the related information at one place.
4. Reduced costs:
RPA automates routine processes and works 24x7 such that the organization can handle more work load that too at a faster pace with the same number of human resources. It improves accuracy and speed for paper- and data-intensive processes. It reduces human intervention in processes of rote, such as investment accounting in ERP, while reducing effort and OpEx to a significant extent. Enterprises have already reaped benefits by reducing costs by 40 to 60% while enabling process owners to quickly complete tasks and reduce the time taken from a number of days to a few minutes.
RPA use cases in Manufacturing
Manage your invoice processing and other critical back-office operations with RPA. Ensure vendor and supplier satisfaction as well as improve operational efficiency.
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In summary
Amidst a highly competitive business market, manufacturing businesses need to stay ahead. RPA transforms the business landscape by enabling them to do more with less, improves speed to market, and increases cost efficiencies.
