The world we live in continues to change at a lightning pace, thanks to the technological advancements. New technologies are exploiting the power of Artificial Intelligence (AI) and Machine Learning (ML) to mimic human activities. The goal of this automation is to perform tasks more accurately and quickly than human resources can. One such cutting-edge technology that has been gaining a lot of traction lately is the Robotic Process Automation (RPA).
What is RPA?
RPA is a technology that allows software to emulate and integrate the actions of a human interacting with digital systems to perform a business function. RPA robots utilise the user interface to manipulate applications and capture data just like humans do. They communicate with other systems, interpret actions and trigger responses to execute a wide range of tasks that are repetitive in nature.
How does RPA differentiate from the traditional automation tools used by enterprises?
As opposed to traditional automation IT solutions, RPA allows businesses to automate their processes at a much lower cost and quicker time. Being non-intrusive in nature, RPA leverages the existing infrastructure without causing a disruption to the underlying systems. Additionally, cost efficiency and compliance come easy with a robust technology like RPA.
How does RPA work?
RPA robots can log into applications, fill in forms, move files and folders, scrape browsers, extract structured and semi-structured data from documents, and so much more. It can also open email attachments, make calculations and is capable of many-if-not-most-human user actions.
What are the business benefits of RPA?
Some of the benefits that your organisation can enjoy after adopting RPA include:
- Better accuracy and better customer service
- Greater compliance with the necessary regulations and industry-set standards
- Completion of processes at unprecedented speeds
- Flexible business resources and reduced overhead
- Better efficiency by digitising and auditing process data
- Lower attrition rate and increased staff productivity
What are the biggest challenges faced by organisations considering RPA?
There are two types of challenges. The first one deals with organisations struggling to determine the rate of investment (ROI) that they can expect after adopting RPA. The second is finding the right business processes to automate. Both the challenges require the involvement of top executives who can work on the project to ensure everyone is on the same page when it comes to launching an RPA system.
Which verticals are demanding the use of RPA technology more?
RPA is developing into a game-changing phenomenon for multiple industry verticals ranging from insurance, telecom and manufacturing to finance and accounts. Financial services are leading the demand for this breakthrough technology.
How Is RPA Transforming The Finance and Accounts Industry?
Accounts payable is one of the most critical routine processes that every financial organization deals with. With robotic software implementation, the mundane task can be taken care of by software freeing up the employees to focus on business improvement. RPA can also be programmed to calculate whether the quantity and price are different across shipping documents, sales orders and sales invoices. A large number of areas such as data entry, billing, payroll and more can be a good fit for RPA implementation.
Is RPA creating new job prospects for humans that didn’t exist before?
One of the most pressing concerns surrounding RPA is whether the technology will eat into human jobs. The flipside is, RPA is also generating new roles that don’t exist today. These roles demand tech-savvy configurators who know how to configure different processes with the technology. There is a dire need for people who understand these RPA solutions and can work in tandem with the organizations.
How is the RPA market growing?
Based on industry analyses, the market is increasing by 70% to 80% compound annual growth rate (CAGR). By 2021, it is estimated that there will be more than 4 million robots performing administrative and office tasks. Additionally, the Enterprise Robotic Process Automation market is expected to reach over $2.9 billion by 2023.
Proteam Tech is a technology and consulting company which can improve the productivity of your organization through its RPA services. If you are in need of our services, drop us a text and our team will be happy to discuss how your business can benefit from the adoption of RPA.