Everything you need to know about Robotic Process Automation and its future

by Nicole Khoo Digital Marketing Consultant

Robotic Process Automation (RPA) has been around for a while and is an emerging business process automation. The world’s top venture capital investors such as Accel Partners, CapitalG, and Sequoia Capital have invested extensive sums in startups like Automation Anywhere, UiPath. As per the report by McKinsey and Company, it has been predicted that automation technologies, such as robotic automation, will have an inherent economic impact of nearly $6.7 trillion by 2025.

What is Robotic Process Automation?

The term ‘robotic process automation’ can be dated to the early 2000s, it had been developing for some time before. RPA is not related to physical robots rather it is based on software robots. It is heavily dependent on artificial intelligence. According to a report, RPA is a combination of automation and artificial intelligence. Robotic Process Automation is known as a synonym to AI, as it allows the employees in an organization to set up computer software and extracts knowledge, reason, collects and adapt to new environments.

Robotic Automation necessarily focuses on automating monotonous activities, such as payroll, regulatory compliance, invoices, insurance claims and many more. Based on research by Automation Anywhere, RPA has provided the employees more time, which they can devote to extra activities.

RPA relies on three key technologies: workflow automation, screen scrapping, and artificial intelligence.

Benefits of Robotic Process Automation solutions

Reduce human error- RPA can virtually eliminate multiple errors performed by a number of people in an organization. It delivers error-free high-quality work, which is beneficial for a company’s profitability.

Improved throughput- RPA completes automated tasks in seconds or minutes, to deliver higher value for your customers.

Cost Savings-

One of the most significant advantages of robotic process automation is the reduction in cost it can deliver. When the work is automated, then it can be performed at a lower rate.

Improves employee morale

Robotic automation is an ideal application for the end-user. Moreover, if you employ robots to perform tasks without taking any assistance from IT then it empowers the end-users to get the job done effectively. Meanwhile, it gives IT plenty of time to work on other projects.

Scalability and flexibility

Self-operating works through RPA doesn’t require script writing or coding. That means complex processes can be shifted from human to machine without any effort. The faster these tasks can be automated, the sooner an organization will get the benefits.

Insights and data control

Robotic automation has the potential to store valuable data, track, analyze and many more. The information available can be used to improve operations, address in an accurate manner.

The future of Robotic Process Automation

Robotic Process Automation (RPA) is one of the significant developments in Business Process Management (BPM) and it has come a long way. Moreover, it also transforms companies approach towards business activities, especially when it comes to streamlining processes and scaling. The benefits which it provides to the companies and the ease with which these benefits can be acquired is just impressive. The market, as well as companies, will continue to evolve and use more unconventional RPA solutions.

According to the industry experts, if RPA solutions will be combined with more evolved technologies then it will be adopted worldwide across all industries. Moreover, robotic automation will free up employees to focus on more experimental tasks and will offer financial benefits too.

Unlike, traditional automation, robotic solutions will apply creativity and judgment to the business process. It will also allow companies automate strengthened visibility, communication, transparency and collaboration across various their value chain.

Automated robots are already making the mechanical process simple, and with the integration of robotic automation with intelligent platforms, companies will be able to improve performance and make complex decision simpler without any intrusion. Robotic automation solutions have the ability to make companies more responsive and agile, which is crucial for global marketplaces.

Robotic process automation has become essential in every business vertical, from integrating financial services to minimizing human error in organizations. As more companies and marketplaces turn to RPA to reduce operational costs and increase revenues, RPA arranged with AI, machine learning and many more will redefine the industries.

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Created on Feb 20th 2019 05:06. Viewed 803 times.

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