All that Robotic Process Automation is and a little more
So what exactly does Robotic Process Automation mean? Robotic process automation (RPA) software uses bots to automate repetitive tasks involving software applications. There are various automation products available in market which are extensively being used to achieve anything from handling queries to taking care of calculations as well as maintenance of records and perform transactions.
Another way to explain it would be that it is a robot that matches and assimilates the actions of a human working together with computers to accomplish a business process. Robotic Process Automation (RPA) is a vital part of the ‘Future workforce’. Studies have revealed that around 70% to 80% of rules-based business processes can be automated. Myriad organizations of varying sizes have come to realize the importance, as well as advantages of automation and, are adopting this really effective tool. RPA is used by everyone ranging from financial institutions to healthcare to accounting to retail organizations and many more.
Advantages of RPA
With Robotic automation, an organization can easily deploy virtual workers who can take on the tasks of human workers. For example with robotic agents answering basic queries, it allows humans to tackle more complex problems and improve the speed and efficiency of decisions. If at all there is a change in process, it would always be easier to retrain a robot than retrain quite a few employees. Technologies such as machine-learning and Artificial Intelligence (AI), are playing an imperative role in boosting RPA.
Here are some reasons why Robotics Process Automation is advantageous:
- A human has the capacity to go on working with concerted efforts for about 8 hours a day whereas robots can work 24hours without any tiredness.
- The average productivity of human is 60% factoring in a few errors as compared to Robot’s productivity which is 100% with accuracy and no errors.
- Robots can multitask easily and handle multiple tasks extremely well as compared to a human being.
Applications of RPA
RPA has tremendously impacted various business processes. According to researches, there is an estimate that organizations can save up to $5 trillion to $7 trillion with RPA, by 2025. Organizations who wish to propel their businesses ahead need to consider RPA as part of their digital roadmap.
Following are some use cases that exist in various industries in different functions.
Customer service: RPA can come to the aid of many organizations by offering better customer service. This can be achieved by automating contact centre tasks. This would also include authenticating e-signatures, uploading scanned documents and substantiating information for automatic approvals or rejections.
Financial services: Organizations in the financial services industry can employ RPA for insurance purposes, card activations, fraud claims, payments and managing audit requests.
Travel and Logistic: Organizations can use RPA for ticket bookings, passenger details, general accounting as well as operational accounting.
Healthcare: Medical organizations can use RPA for handling everything from patient registration, claims, records, customer support, account management, billing, reporting and analytics.
Human resources: RPA can help with automating everything from new employee joining formalities, payroll processes, hiring shortlisted candidates, and also updating employee information and timesheet submission processes.
When compared to other, traditional IT solutions, RPA lets companies automate at a fraction of the not just the cost but also the time that was used earlier. The return on investment (ROI) with RPA is extremely quick and high in the first year as compared to the traditional IT solutions which takes much longer to yield numbers. RPA also does not disrupt existing systems being a non-invasive technology. RPA is quite easy to adapt. Configuring the robot is almost akin the modeling of processes, instead of programming a piece of software. With RPA, compliance, as well as cost efficiency, do not come across as operating costs but rather become the by-product of the automation.