Robotic Process Automation- What is RPA? A Revolution in business process automation

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More and more CEOs are looking for Robotic process automation in order to make life easier for their employees. The unique and inventive technology, RPA unfolds for you, is just beyond the ordinary. You can free up tedious tasks allowing employees to concentrate on higher value work. However experts feel that this particular design requires proper planning and governance to be able to execute.

Well, in this online guide, let us have a brief overview on what is RPA? And how is it a revolution in business process automation?

Conceptual understanding on RPA

Robotic process automation or RPA is a unique technology that can help the business streamline its enterprise based operations. The technology also aims at reducing costs. With the help of RPA, businesses can easily automate their standardized operations that go with a defined set of rules. Therefore business enterprises can devote more of their time on serving customers or helping employees perform goal oriented tasks. Business enterprises can club Machine Learning or ML, Artificial Intelligence or AI and Robotic Process Automation or RPA to have a variety of mundane tasks automated.

Helping you delve deeper into RPA

RPA is a unique technology that takes in machine based inputs while applying business logic. These structured inputs aim at automating a wide variety of business operations. RPA also gives you access to a number of tools. These tools can help business enterprises come up with their very own software. Or introduce bots in getting tasks done. The software robots configure and interpret applications the same way as humans do. Hence these bots can process complicated transactions, manipulate data and trigger responses while also being able to communicate seamlessly with multiple applications.

You can use the software bots for something that is as easy as opening a customer email and generating an automated response. Up until deploying thousands of bots to automate functions in an ERP set up. Today, RPA is used as a favored technology touching upon a wide range of verticals. Some of them include banking and financial services, retail, health-care and human resources.

Strategic advantages of using RPA

Robotic process automation proves a boon for industries struggling to make a mark. This is with respect to satisfying customer requirements. These bots are typically low-cost and easy to implement. You do not need a custom software or deep-rooted integration to allow things to happen. These bots can easily scan through financial transactions or areas where there is a higher scope for human error. Though the bots work at a lightening speed, they maintain the accuracy and precision of a pro. This can help business giants attract more clients on a global level. Again as these bots can work tirelessly and answer customer queries 24/7, the organization saves money on deploying additional staff in getting the job done.

You also have the provision to club RPA with AI and ML. This way, higher order processes like Natural Learning Process or NLP can be redefined. RPA is likely to join the billion dollar club by the end of 2020.

Disadvantages of RPA

Every technology, however super sophisticated it is, comes to you with its own set of pros and cons. The technology is so good at automating even complex business functionalities. Therefore the technology has the immense potential of eliminating jobs too. Forrester Research estimates that RPA could cause a threat to the global workforce by a whopping 230 million. This number is a huge 10% of the global workforce.

Again installing thousands of bots and programming them to do several functions can be tedious, time consuming and expensive for small scale enterprises. The platforms on which the bots interact often change. The bot will not have the right degree of flexibility to adapt to the change, the way humans do. Like say, there is a project that is nearing completion. A new business mandate requires minor changes to populate on application forms. This can leave a dent amounting to several months of back office work, these bots need coping with. But with human beings at work, changes to business processes can be handled at ease.

There is one more theory that is added to the RPA technology indeed. Even if you try automating 30% of work tasks, you cannot guarantee if the firm can reduce business costs by the same 30 percent. To determine whether this technology has proved to be a boon or a bane, one just needs to sit back and watch.

Companies that are currently using RPA

Several globally acclaimed firms have now started using RPA owing to the multi-faceted benefits, this technology can provide you with.  Walmart, AT&T, Deutsche Bank, Bank of America, Ernst Young, Walgreens and Anthem top the list when it comes to firms adopting the technology.

Conclusion

What is RPA? How is it a revolution in business process automation? You have the answers to both the questions now. With proper guidance and governance by IT or business firms, you can pull it off in style. At the same time, the employees must be retained in their job positions but with more challenging tasks to take care off. Automation technology like RPA cannot afford to let millions lose their jobs as it can lead to global unemployment. This can severely dent the economic growth of countries around the globe.

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