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Most of us can relate to having way too much to do and not enough time to do it in. For businesses, this is especially true.
One of the common blocks to growth within an organization is having inefficient processes, which hinders the ability to scale the decision-making process.
For example, in order to scale, businesses have to employ a different approach to position their companies for scalability such as rethinking customers and markets, people and processes, products and services, partners and branding, and more.
All of these divergent aspects of a business’s approach involves a series of processes and big decisions that need to be made on an individual and group scale.
This is why many businesses turn to outsourcing to avoid getting overwhelmed with decision and process fatigue. But they don’t just turn to outsourcing. They also turn to robots.
Many entrepreneurs deploy BPO (business process outsourcing) and RPA (robotic process automation) as part of a bid to offload excess, tedious tasks that drain energy and resources.
But before we deep dive into the benefits of BPO and RPA, let’s circle back: what are they?
BPO is defined as a practice in which one business hires another for a specific process, task or service. For example, a business may hire an accounting firm to manage their finances if they either can’t afford or do not need an in-house accounting team.
On the other hand, RPA is a type of software technology that is designed to perform transactional IT tasks in the way a user would.
It uses software robots to perform tasks, parse, and trigger error-free responses.
So now let’s discuss some key stats and benefits of both.
According to the "Global Business Process Outsourcing (BPO) Industry" by ReportLinker, the worldwide BPO market is projected to rise to $108.3 Billion. This will be driven by a compounded growth of 6. 2%, while the United States will maintain a 5.3% growth momentum in outsourcing.
RPA is also being adopted by businesses who are looking for a more efficient way to automate and scale business processes.
Separate research published within the Deloitte Global RPA Survey 2020, revealed that more than half (53%) of businesses polled have adopted RPA, although this is expected to increase to 72% in the next two years.
The combined benefits of both BPO and RPA are significant. Payback was reported at less than 12 months, with an average 20% of full-time equivalent (FTE) capacity provided by robots.
Moreover, 92% of businesses reported improved quality after using RPA, while 86% of businesses reported increased productivity.
Companies that adopted BPO experienced similar benefits. Research published by PriceWaterhouseCoopers revealed that the majority (68%) of companies said that outsourcing reduced costs at their organization.
However, while BPO and RPA can have significant business benefits, not all outsourcing solutions are created equal.
It seems a bit weird to highlight the virtues of BPO and RPA and then immediately poke holes in them.
But it would also be rather remiss to pretend that some businesses have not already tried BPO/RPA solutions and gained unsatisfactory results. Indeed, many of our customers here at Invisible turned to us after having problems with their previous providers.
Some of the issues they were experiencing with other BPO/RPA vendors include, poor business process knowledge, infrastructure problems, inadequate process standardization and inferior management methods. Although BPO has grown exponentially over the last few years, there have been a number of failures because of bad suppliers.
Indeed, many businesses have found that there is a good degree of risk in BPO outsourcing contracts and suppliers have to be evaluated very thoroughly.
Research published by Statista showed that 68% of companies are facing issues with BPOs when trying to upgrade to cloud-infrastructure, while 35% of organizations are always anxious about the data shared with the outsourcing agencies.
The problem is that when the right checks and balances are not in place, the benefits of BPO/RPA can be potentially overshadowed by the risks.
This is why it is important to have a dedicated team that has oversight and accountability to ensure that these technologies are implemented properly. It is also essential to pick a trustworthy provider.
Clearly, something else is needed to make the machine run just a little more smoothly.
One of the best approaches is to use a flexible, hybrid model that contains all the benefits of outsourcing but with human oversight to add that additional layer of security and trust to the equation.
In an ideal world, intelligent robots would run the machines for us all and do everything from submitting your tax returns to making your tea. In that world, humans would be free to focus on the creative stuff and leave the grunt work to the robots.
However, today’s technology still has its teething problems and not all bots (or vendors) are created equal. Furthermore, an omnipotent all-encompassing AI that generates perfect results alongside automation and machines is not yet in existence.
The truth is that in today’s world, if you just leave all the rote jobs to the bots, without any oversight, there will be kinks in the machine, even with the most sophisticated technology.
What the bots really need is human masters that can supervise their activities. Actually, what most businesses need is a form of intelligent automation where the bots automate the bits at a scale beyond human capabilities, and trained teams provide the additional checks and balances to ensure the robots behave.
That would give companies all the benefits of BPO and RPA but without the headaches.
Now meet Invisible - the man behind the machines.
Our powerful combination of robots and humans means that even if the results from automation are not 100% perfect, our global workforce of vetted and security-cleared agents will cross-check and finalize any document or fix process to fix anything that is not quite right.
So you never have to worry about robots messing up your workflows again.
We’ve spent many years building a powerhouse of exclusive tools, apps and trained personnel who have a diverse range of skillsets and specialist knowledge.
One of the reasons we created our own unique tools was to solve the problems created by traditional cloud vendors and apps. As a notoriously picky company, we really can’t afford to leave things to chance, so we’ve created our own tech in response to the unique and changing nature of client demands.
Essentially, we’ve built the best of both worlds - where robots work side by side with people to create the outcomes that clients want.
Moreover, our model ensures that only a limited number of agents with security clearance have delegated access to sensitive accounts and projects. So you never have to worry about the humans either.
Find out more about what we do here.