Robotic Process Automation streamlines an enterprise’s overall operations while simultaneously reducing costs. Once implemented an RPA can automate a lot of business processes which leaves the workers free to do other complicated tasks. This makes people in the enterprise more focused on high-value tasks and being more efficient than before.
RPA can be said to be the next step in Intelligent Automation (IA), Machine Learning (ML), and Artificial Intelligence (AI) combined.
RPA can be trained to make judgments about its own decision and also about the future outputs.
What is It?
RPA can be said to be the implementation of the above-mentioned technologies that work in tandem with business acumen. It uses structured inputs and business logic to automate a wide variety of tasks in the business. Using this tech a company can train or make a machine learn more about data interpretation, triggering responses, and manipulating data. RPA can either be responding to predefined situations like replying to emails or full-blown automation likes of which are seen in car factories.
Many financial service providers are also embracing this change as we go into the next decade of this century. Video has worked with RPA in healthcare, retail and financial services with great results. The broad range of applications and being able to improvise is one of the main reasons RPA is getting popular. It takes the best bits of ML, AI, and IA and combines them into versatile automation that saves labor costs and time.
What are its benefits?
As soon as you think about automation you will realize that it significantly reduces staffing costs and also reduces errors. It also frees up the workforce to do better and high-value tasks. According to a study a bank once redesigned its process using automation. They had 85 bots for 13 of their claims processes that handled well over a million requests in a year. The results were amazing as they were able to do more work than ever at the 30% of the cost it would have taken otherwise.
Bots are easy to maintain and a low-cost alternative to stuff when made to do easy tasks. Usually, they do not require deep system integration or custom software to do their tasks. This makes them ideal for replacing workers as they do not use resources or charge as much too. RPA is great for expanding businesses that are looking for cost-saving measures. It makes expanding your business cheaper and outperforms workers as it requires little to no training.
You can use ML with RPA and your automation becomes even more efficient than before. Learning from different scenarios gives the automation the capability to judge and perform duties in the favor of the business.
RPA automation with more than 15 steps will require intelligent automation which further reduces the costs of operations. These can be high-value work tasks that can then be dependent on RPA. For example, language processing and executive decisions would come under this category.
What’s the catch?
As we move towards the smart city and smart energy, many of the middle management positions will be rendered obsolete. Talent management would be a skill of the past and that can lead to many workers finding new jobs. ICT and ICT trends have also seen the side effect of such automation. Automation threatens the livelihood of people who work in factories too. Their jobs would be the easiest to automate which would make them.
RPA offers smart solutions for companies that have the network and infrastructure to implement them. It is going to be the next big thing in the future and will save companies valuable time and other resources.