With the advent of technology infiltrating every sector, more and more industries are now turning towards robotics and are willing to explore the possibilities of cognitive and artificial intelligence technologies. Robotic Process Automation (RPA) is basically a software robot that is equipped with artificial intelligence (AI) and machine-based learning capabilities that can be used to automate several business processes that are high in volume and repeatable. It is one of the best cutting-edge technologies created in the 21st century that saves time and resources, has a high return on investment (ROI) by automating routine and rule-based tasks. RPA is already delivering high value and achieving significant benefits through its automated solutions.
It is predicted that the Robotic Process Automation software market will grow by 72% in the next two years as 53% of the organizations in the world have already entered the RPA journey. Experts are of the opinion that if we continue at this rate, we will have achieved universal adoption of RPA by the next five years.
The benefits of RPA are humungous as you will be able to see the results of automation and receive high ROI within 12 months, with an average of 20% of full-time equivalent capacity provided by robots. This is of special significance with regards to the recent lockdown that the entire world has experienced. Automation could be the answer to all the different crises that industries experience and allow them to even work remotely without any glitch with the help of RPA.
Although RPA has deployed multiple advantages for organizations that have adopted this process, there are a number of myths that have been circulating about RPA and it is time we busted these and talked about the reality of matters.
This is one of the most common misconceptions when it comes to RPA. But the truth is, this process helps improve job productivity. Employees are freed from repetitive, mundane tasks, and have the opportunity to concentrate on research-based, productive work as RPA will handle all the daily ‘paperwork’ processes. This will allow your employees to explore the creative, strategic, and innovative side of their job responsibilities thus increasing their output and productivity. As a result, they are more satisfied with their responsibilities, which may even prompt them to stay longer at your organization. RPA has also contributed tremendously to creating job opportunities. As more and more organizations are seeking to join the RPA force, they are looking for qualified individuals who can help them smoothly implement this process.
when people hear the word ‘Robot’ or ‘Robotics, the first thing that comes to their mind is a walking talking ‘human-like’ machine that is going to take over the world. (We blame sci-fi movies for this) But on a more serious note, RPA does not have any physical form, since it is a form of software and not hardware. It is integrated with artificial intelligence as it automates using algorithms, data entry, and clicks and copy-and-paste activities that are also carried out by humans on a daily basis. Think of RPA as an intern who learns from you and then those tasked are handed over to him to be carried out every day so that you can concentrate on more important tasks. RPA just imitates what you do but through software and through a more accurate, efficient, and scientific method.
Many companies are still reluctant to adopt RPA, as the hype surrounding automation has made them wary of the potential cost. One of the biggest advantages of deploying RPA throughout your organization is that you get instant results. In fact, by employing a machine to carry out the functions of multiple human workforces, you automatically end up freeing them to concentrate on other productive tasks such as innovation or business development which, in the end, is going to benefit your organization.
Yes, cost-cutting is ONE of the multiple benefits of RPA but that does not mean that it is good enough only to reduce costs in your daily systems. It has a number of other advantages such as improving operational efficiencies, improving employee productivity, eliminating any errors which may otherwise be caused due to human errors, enhancing customer service quality as you get a chance to concentrate more on your front-office processes and leave the back-office tasks to the RPA, and increasing compliance.
RPA is a software process that is created with the perfect blend of artificial technologies such as machine learning and natural language processing, where you get intelligent automation that helps you to conduct end-to-end business process automation and other more complex tasks. RPA is not limited to mundane or simple back-office tasks as it is capable of automating all types of repetitive tasks and orchestrate work across combined teams of bots and humans. You can input structured and unstructured data into intelligent automation, analyze the data, make decisions based on it, and learn from it to regularise future processes.