WHAT IS RPA?
RPA (Robotics Process Automation) helps companies to automate tasks through applications and processes in the same way that a person does. RPA software robots interact with systems and data in the same way that humans do, but with much greater precision and speed. Furthermore, bots can work 24 hours a day, 7 days a week, 365 days a year, improving productivity, freeing employees to concentrate on higher-value tasks, breaking down data silos, and extracting more value from legacy systems.
So basically, RPA is a form of business process automation that allows anyone to identify a collection of instructions for a robot or ‘bot’ to pursue. RPA bots are capable of simulating the majority of human-computer interactions in order to complete a large number of error-free tasks at a high volume and speed.
The key objective of the Robotics process automation process is to replace repetitive and tedious clerical tasks performed by humans, with a virtual workforce. That’s also how RPA promises to improve productivity for businesses.
IMPACT ON BUSINESS
- Optimize workload
- Introduce adaptability and flexibility to processes
- Aim for cost-effectiveness
- Improve communication
- Discover automated responses and triggers
- Implement RPA hassle-free
- Empower the workforce
- Insights and Analytics
- Improved Supply chains
- Secure enterprise data
FUTURE OF RPA
Robotic Process Automation (RPA) is invariably the future of automation. Robotic Process Automation is not about employing physical robots, but leveraging software robots to automate monotonous, repetitive, time-consuming, and structured tasks. According to Grand View Research, the RPA market is currently worth USD 1.1 billion and is expected to develop at a CAGR of 33.6 percent from 2020 to 2027.
RPA investment is expected to hit $2.4 billion by 2022, as per Gartner.
THE FORECASTS ON ROBOTIC PROCESS AUTOMATION OVER THE LONG HAUL:
- Adoption around the world
The advantages of RPA are becoming more widely recognized. In the coming years, there will be a significant increase in the adoption and implementation of RPA. It will be used by various processes and will be expected to handle both internal and external processes. Several businesses are going from pilots and POCs (proof of concepts) to full production, which is why RPA’s capabilities are becoming more widely known.
- SPA Emergence
RPA is considered to be an extension of SPA or Smart Process Automation. The aim of SPA is to automate the unstructured data tasks that robotics can’t handle on its own. Machine Learning is used by SPA instead of scripting the if/then rules. To optimize processes and build and refine models, a combination of machine learning, big data, AI, and cloud is used.
- Increased Optimization
Due to the rapid advancement of automation, the automated workforce (robots) has the ability to reskill and arm the human workforce in a cost-effective and productive manner. According to some estimates, the automation market will be flooded with easy-to-deploy RPA models with pre-built functionalities for automating a wide range of paperwork in an organization by 2025.
- Integration with most tools
RPA can be used in conjunction with most software and tools. RPA does not operate optimally on its own, and it cannot grow on its own, according to an increasing number of businesses. Consider RPA to be a large, versatile, and flexible tool that can do a lot of things when used in conjunction with most tools. When RPA is combined with human Labour and tools, it creates a full and evolved workforce.
- Artificial Intelligence
The next move for the RPA market is AI (Artificial Intelligence) and self-learning capabilities. RPA will evolve as we step into RPA 2.0, and AI will no longer seem to be a futuristic technology. RPA will progress beyond being a rule-based technology and will begin to incorporate AI elements. How and to what degree this is done will be primarily determined by the needs of each
- Patient Registration
- New employee joining facilities
- Payroll Process
- Hiring shortlisted candidates
- Claims processing and clearance
- Premium information
- Manufacturing & Retail
- Bills of material
- Calculation of Sales
- Service Order Management
- Quality Reporting
- Travel & Logistics
- Ticket Booking
- Passenger Details
- Banking & Financial Services
- Cards activation
- Frauds claims
- Change of Address
- License renewal
- Issues processing
- Account setup and communication
- Greater Productivity
RPA bots boost employee productivity by speeding up workflows and allowing them to complete more tasks by running processes independently.
- Greater Accuracy
Employees are human, so errors are bound to happen. The ability to remove processing errors is the most important aspect of robotic process automation. It necessitates research, preparation, and governance because it is not a turn-key solution. Businesses, on the other hand, should not be worried about robots making mistakes that their workers might make as long as the business processes are correctly optimized and accurately mapped.
- Cost Savings & Fast ROI
With an average handling time of four minutes per object, an HR service provider in the United States processed 2,500 sick leave certificates per month. They introduced an RPA solution in three weeks and achieved 90% process automation. The RPA robot collects information from the SAP transaction, inserts it into the customer’s systems, and prints it out. With error rates reduced to 0%, manual effort reduced to 5%, and processing time reduced by 80%, the HR service provider saw a return on investment in just six months.
- Customer Experiences
Most businesses today are finding it difficult to satisfy the wide range of consumer demands. However, in an RPA-adopted business, routine, repetitive, and boring tasks are assigned to robots, allowing employees to focus more on customer service. Companies may meet consumer needs with the aid of professional and experienced employees. Furthermore, they can comprehend the needs of the consumer through automatically created reports, such as analytics performance.
- Analytics & Insights
Organizations may use RPA technology to collect data on task execution that can be used for analytics. Among them are job volume patterns, cycle times, defects, and exceptions. Perceptions gained from this type of research can help in a variety of ways, including promoting process improvement initiatives. When data is effectively collected, compared, and distinguished from data collected in other areas, it allows for better micro and macro decision making. Furthermore, the organization should identify holes in business processes that could be further optimized to improve performance.
Robotic process automation allows you to adapt to the needs of the moment in terms of the form and number of tasks required to achieve any given goal. Robotic automation can assist companies in meeting specific objectives’ requirements. And small businesses can handle the unpredictably changing consumer demands thanks to the robotic workforce’s ability to adapt to time and task-specific requirements.