Predictions 2020: RPA Projects Will Strike Gold
By 2025, one third of robotic process automation (RPA) projects will reveal opportunities to accelerate and diversify revenues, but over half of those opportunities will be missed by obsessive focus on the bottom line.
RPA usually serves as a way to improve the bottom line, by reducing labor, avoiding human errors, or speeding up processes. RPA can also help you grow your revenue.
- An oil company uses RPA to manage land-use agreements. There are just too many to manage manually. Similarly, RPA helps Sumitomo-Matsui bank to prepare sales people for upcoming sales calls. In both cases revenue depends on RPA. Also, some products and services are possible only with automated processes. Process automation, including RPA, increased revenues in one third of “leader” companies, according to a May 2019 survey by The Economist Intelligence Unit and funded by UiPath.
- RPA projects scrutinize tens, hundreds, even thousands of work processes. Though RPA projects sometimes reveal unexpected revenue-growth opportunities, many opportunities may go undocumented and be forgotten.
- Expect to read about RPA-driven revenue in future financial reports, press releases, or case studies. Even product launches seemingly unrelated to RPA may mention that the idea grew out of an RPA project. Some of these launches will come years later, due to development pipelines.
- RPA software providers will promote how they help workers document and report revenue opportunities. Also look for signs of RPA developers and consultants using AI to imitate how humans flag revenue opportunities.
- Business and technology leaders: Encourage RPA project managers and participants to to log business opportunities they find during automation projects. Build this into project milestone reviews and evaluate the most promising ones for action.
- Encourage your RPA-enabled workers to report unanticipated growth opportunities while their insights are still fresh. Then recognize their efforts.