How you can maintain business operations even in times of crisis and recession, Therefore, in this article, we discuss Corona and RPA: How RPA helps companies through the crisis.
Maintain business operations even in times of recession
New technologies such as Artificial Intelligence (AI), especially Robotic Process Automation (RPA) or Cognitive Process Automation (CPA) have the potential to ease the fear of a recession. Because they can reduce costs, make organizations more productive, and keep business going even in bad times. RPA in connection with process mining is, for example,
- An approach to surviving any economic weakness through efficiency,
- excellence, and digital transformation and to bridge any kind of personnel bottleneck.
Processes in the areas of accounting / controlling, taxes, human resources, supply chain management, sales, and customer service offer a particularly high potential for automation.
The more efficient, the more crisis-proof
Professional process mining makes it possible to identify the automation potential in every corporate structure and to use it effectively. By using RPA, companies save material and human resources and at the same time increase the efficiency of corporate processes. This is especially important in the face of a recession such as that to be expected from the coronavirus. Because the more efficiently a company operates, the more secure its market position is in times of recession.
More and more companies are therefore using tools such as RPA and its AI-enabled siblings, Cognitive Process Automation (CPA) and Intelligent Process Automation (IPA) to accelerate processing times, broaden the database, improve data quality and increase the operational risk to reduce. In general, these technologies help to understand customer preferences and optimize business processes. Process and cost-optimized organizations do not need to lay off employees, but rather navigate around every cliff even in difficult times.
And with enough underlying data – obtained through AI tools – even crises can be predicted at an early stage. which then loses their horror through the preventive measures that are then possible.
Recognize negative developments in good time with RPA and CPA
But intelligent software robots can do more than just automate processes and optimize them from a cost and resource perspective. They know the degree of processing of each process and independently recognize non-compliance with key performance indicators, service level agreements, compliance guidelines. It can counteract negative processes and anomalies in processes by initiating suitable measures or showing those responsible options for action. In this way, they also ensure that the entire company structure is continuously optimized.
Functionality guaranteed even with reduced staffing levels
Of course, in times of recession, companies may have to reduce their workforce because they have to employ employees for operational requirements. E.g.. due to a decline in orders – can no longer employ them in their company. However, this does not necessarily have to lead to production or performance losses or even to the end of operations. A large number of tasks can also be taken over by software robots to ensure the functionality of the company even with a reduced workforce.
Automate ordering processes
For example, the processing of customer orders can be automated using RPA. As a rule, the ordering process is a standardized process that includes:
- sending an order confirmation,
- a payment request,
- printing a delivery note,
- creating the invoice, and sending it to the customer.
The individual steps can be automated quickly and easily using RPA. Also, the software robot can adjust the current inventory so that repeat orders are automatically initiated. Furthermore, the logistical processes can be optimized by intelligent storage systems.
Payroll accounting under control
In the area of payroll accounting, software robots can make changes to master data, payroll tax classes, or tax exemptions. The transfer of data from the time management systems can also be optimized and automated with the help of RPA. In the area of travel expense accounting, the bot can transfer travel expenses into the booking system and check all data for completeness, consistency, and plausibility.
Basic functions of the company are not endangered
Bots can be used to analyze incoming customer complaints and evaluate the current number of complaints. Intelligent chatbots can even take over customer communication in support to a certain extent. All standardized processes that are associated with a high administrative effort can be carried out by a bot. So, if companies are forced to lay off employees for various reasons, business operations are certainly no longer optimally organized. However, the use of bots does not necessarily endanger basic operational functions.
Avoid imminent bankruptcy
Since the use of software robots has been shown to increase efficiency and reduce costs. The use of bots is particularly important for situations in which the aim is to avert an impending bankruptcy. Many mistakes are made in the area of invoice verification, supplier evaluation, receivables management, incoming payment processing, liquidity planning, and key figure management. And which leads to insolvency or accelerates insolvency in times of crisis could be avoided by using a software robot. Because such processes are made for a solution using RPA, which automates these activities quickly and without errors.
Loss of employees cannot be fully compensated
To underline it once again: The use of software robots can only compensate for the loss of employees to a certain extent. But they can prevent companies from falling into a sometimes deadly downward spiral due to the loss of manpower. However, automation solutions such as RPA cannot completely replace people in the company. Especially, when it comes to activities that require emotional intelligence, nuanced judgment, and cultural understanding.
Bots can save companies and jobs
The often-observed bunker mentality of stubbornly sticking to the course that has been taken in the approaching storm according to the motto “It will be fine “. But is no longer the ultimate ratio. As a preventive preparation for possible recessive developments, promising technologies have paved the way for proactive business optimization. By investing in intelligent process automation at the right time, employees can be relieved of simple (routine) activities to close the gaps in processes that cannot be automated elsewhere that arise.
For example, in the course of demographic change. Cognitive automation solutions can evaluate the most important key figures and issue reliable forecasts about the company’s development or sound the alarm to be able to counteract undesirable developments in good time.