Hoping to enable better outcomes for clients, Quantaco has been embracing enterprise level technology for the hospitality industry for the better part of ten years. Now, for the last several months Quantaco has been taking the lead to integrate Robotic Programming Applications (RPA) into their offering for hospitality businesses.
Also known as bots, RPAs are designed to execute simple, repetitive tasks as well as receive, interpret and process information. So it’s no wonder that RPA has grown into a $3 billion industry, and it’s projected to grow to $23 billion by 2030.
As Quantaco is taking advantage of RPA technology, here are some of the applications and benefits to hospitality clients:
Current Applications for RPAs in Hospitality
Bots are only limited by their own programming and how well humans can design its purpose. Two of the ways Quantaco is currently applying RPAs in hospitality are:
Downloading Bank Statements
Historically hospitality businesses have to download a statement and reconcile every line, every day for every client. But using RPA in bank statements means a bot downloads the statements automatically ready for reconciliation. While this doesn’t sound like a lot, for businesses with hundreds of clients it can equate to a full-time job role that can be reallocated elsewhere.
When it comes to supplier payments, this can be an error-prone process open to fraud. Quantaco often undertakes this task for clients and uses bots in the final stages to make sure that payments that are approved are correct at source. A similar process is used to ensure correct payroll which is much more efficient.
The Benefits of RPAs for Hospitality Businesses
Chief Commercial Officer, Scott Barber outlined why Quantaco started to bring on RPA technologies by saying,
“We have always been at the forefront of technology, and we feel RPA provides significant benefits to our customers including accuracy, speed as well as security.”
Here are some of the benefits RPAs bring:
Decreasing Incidences of Fraud
In the Australian economy, as much as $100 million per day is spent on human error or fraud in finance, and 36% of fraud cases have been found to be conducted by management.
Using bots can greatly decrease the potential for fraud as they validate and process highly sensitive information. Whether invoice processing, accounts reconciliation, or filing payments with banks, by removing the human equation, there is no temptation or opportunity to commit fraud. “Quantaco uses RPAs to help increase compliance and security while reducing the risk of fraud and personal liability.” says Barber.
Reducing Instances of Human Error
Aside from fraudulent acts, human error can be costly too. Because of the repetitive nature of certain tasks, it can be demotivating and make it easy to miss mistakes.
But because bots don’t suffer from mental fatigue or energy drain, they can perform mundane and repetitive tasks consistently and accurately. With RPAs, you can be sure that the data being processed is correct, leading to an accurate outcome.
This can improve productivity across your teams. By freeing up your staff from repetitive tasks, they can now focus on more important activities. In hospitality businesses, this means having more people to focus on customers while leaving the numbers and documents to the bots.
Lowers Cost and Improves Efficiency
When it comes to the bottom line, RPAs can help companies improve ROI. Automation costs are lower than hiring someone and bots can also do the work much faster, enabling the business to be more efficient while lowering labour costs.
In fact, a survey reports that there is an 86% efficiency increase thanks to automation. There is a common misconception that RPAs are replacing people, but it actually allows people to do more work that involves collaboration, experience, and creativity which is something bots can’t replicate. This allows your team to be more engaged at work, resulting in better output.
“By embedding RPA in our workflow, we have seen up to an 80% increase in efficiency with a bot undertaking a process compared to a human,” Barber says.
Use RPAs To Automate Processes
Quantaco is focused on helping hospitality businesses unlock their true potential and RPAs play a big part in making this happen. Even though they take over menial tasks, it has a huge financial impact and lets your team focus on people-centric tasks that are essential in the industry.
Ready to have RPAs as part of your business? Contact us and we’ll show you how.