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Our Future: Robotic Process Automation

by Jay Baer Digital Marketer

What is Robotic process automation?

In simple terms, Robotic Process Automation is software that can perform high volume and repetitive tasks just as humans do. For example, creating invoices by collecting data and mailing them to the relevant persons.

RPA software is based on artificial intelligence and machine learning. The software is programmed in such a way that it follows a basic algorithm and delivers the required results. They are designed just to mimic a human worker. These software/robots can also perform complex tasks.

RPA can be classified into three main categories,

1. Probots - These types of Robots can perform simple repetitive tasks.

2. Knowbots - It is used to gather and store information and then analyze it.

3. Chatbots - It simulates human conversation through voice or text. Sometimes it is so accurate that it becomes difficult to differentiate between a customer service executive and a chatbot.

Advantages of RPA

Following are the advantages of Robotic Process Automation,

1. Saving time

Automotive and repetitive tasks are often time-consuming and boring. Thus, RPA saves valuable time of employees by performing these monotonous actions

2. Cost-Effectiveness

It can save cost up to 90% when human is replaced by RPA.

3. Error-free

Humans are prone to error when high volume and repetitive tasks are performed by them, while RPA is error-free and you don’t need to recheck the results as it will always give accurate outcomes.

4. Seamless Workflow

It can improve the workflow process by performing a series of tasks in a proper sequence.

5. Increased Output

Humans have a limit they can’t work for 24*7, but robots can work for 24*7, 365 days without stopping unless a technical failure occurs. Thus, automation gives you an edge over your competitors.

6. Improved Customer Experience

It’s a 1 AM customer problem that needs to be solved, robotic process automation solutions will be active 24*7 and will solve the problem by analyzing it and giving an accurate and reliable result.

7. No need for a paper-pen

You do need to note down anything, everything will be stored by robots and information will be available to the employers.

8. Increase in Speed and Accuracy

It can perform an operation in seconds which might take several minutes or hours to do. Not only it is fast, but it will give accurate results.

9. Empowering Employees

The workforce will be free of menial and boring jobs and thus can concentrate on other tasks. This will make the work of employees a lot easier and studies have shown that RPA increases employee job satisfaction.

10. Data Security

Your data is completed secured with RPA. No data leakages are possible unless the algorithm of RPA is changed.

Applications of Robotic Process Automation

Robotic process automation is used in various industries, following are some of the main applications of RPA,

1. Travel and Logistic

Passengers ticketing booking and mailing all the details

Accounting and Data Management

2. Healthcare

Patients records and claims

Customer support, billing, and account management

3. Human Resources

Candidates shortlisting, Job posting, etc.

Employee detail management like salary payment, employee leave details, and sending regular emails.

4. Customer Service

Chatbots and automated call centers to solve customer problems at any time

Verifying Information, automated sales mail, and billings.

5. Supply Chain Management

Automating Order details, package tracking, and inventory management

Order processing, payments, and data management

6. Banking and other Financial Services

RPA in banking helps to Automated account openings and closings, managing foreign exchange, card activation, etc.

Processing insurance claims, sending messages and emails to a customer, online transactions processing, and funds management

7. Big data processing and Data Mining

Management, securing, and storing a large amount of data

Accurate and relevant data can be mined used RPA

Downsides of RPA

1. Unemployment / Job losses

One of the greatest fears of humanity is one day robots will take over most of the jobs in the world. In this competitive market, every organization wants to be at the top and RPA seems to be a cheaper and better option.

Robots are faster, more efficient than humans, thus in the near future, we can expect robots to take over some jobs.

2. Difficult Implementation

Sometimes in complex situations, it becomes challenging to implement and optimize the RPA. As RPA is still in its early stages it will take some years to have advancements in it.

3. High Initial Investment

RPA may look good for the long term but for the short term, it will be very costly. So, some companies can’t risk a large sum of money for the implementation of RPA. But it is sure that after several years the technology will be relatively cheaper than it is now.

4. Skilled Workers Requirement

RPA can be optimized, maintained, and modified with the help of skilled staff. Since it is a new field it is a headache for the company to hire skilled staff. The second thing is the wages of these skilled workers are very high when compared to the wages of people employed in other professions.