It is foreseen that 50% of all work will be automated by machines by 2025 (WEF). Technology will change the world as we know it and business must understand that freeing up employee worktime from repetitive tasks would mean tremendous business growth and innovation. This is where RPA or Robotic Process Automation comes into picture. RPA is an easy to use software technology that is used to automate digital tasks. With RPA, software users create software robots, known as bots – these bots that can mimic, learn, and also execute rules-based business processes. What it means is that they are actors, thinkers and analyzers – just like humans. This lets them tackle mundane and error-prone tasks that may not excite humans.
The fundamentals of RPA
RPA uses automation technology with Artificial Intelligence (AI) and Machine Learning (ML) capabilities and automates and handles huge monotonous rule-based tasks that require human efforts, but are mostly mundane. These tasks could be administrative in nature and could include billing, calculations, accounting, handling queries, maintaining records, regulatory filings, transaction entries, GST uploads, among others. Since RPA uses the existing user interface, it can interact with all systems avoiding the need for further IT integration. RPA Consulting and RPA Solutions therefore means that a superior level of digital workforce transformation can be achieved without much change to the current IT landscape of the business.
RPA can also simulate an employee as the software bot has access to varied applications through a password. The bot can replicate tasks that are otherwise done by an employee including information gathering and data entry. Businesses and administrative processes can also achieve complete automation in future.
Also, since RPA is a software running repetitive, rule-based processes, it can be adjusted at any point in time. The software training is done based on functional specifications and it is flexible.
Benefits of RPA
We have already established how much RPA can automate tasks. Here is a look at some of its benefits:
Cost Reduction – Using robotics cuts operational costs by 25-50%. Also, robots can operate 24/7 and they do not need to take any vacation. This will mean visible business gains. With automation, the cost recovery on the investment will also be quicker in the long run.
Increased Compliance – RPA offers enhanced services to processes that may have a high probability of human blunder. This means increasing accuracy and compliance as robots are reliable, and consistent and reduce instances of re-works. Since robots follow all the rules, there is 100% accuracy and better output quality.
Insights & analytics – Error-free and accurate data will also improve the quality of analytics that can better the process execution, leading to decision making.
Eliminate Repetitive Work – With virtual FTEs taking over repetitive and non-value added tasks, there is an elimination of repetitive work. This also frees up human time for more complex tasks.
Better Customer Experience – With RPA’s better quality/accuracy, there is more customer satisfaction and improved customer experience as well. Service quality is increased by up to 100% with RPA and there will be zero fatigue. RPA also reduces delivery time up to 90%.
Rapid ROI – With RPA, within an average of six to eight months, there is very fast ROI. The speed of automation is also rapid.
Enhanced processes – RPA ensures improved process quality, compliance, security and continuity by expediting processes that leads to enhanced productivity.
Non-invasive technology – Since RPA requires no major IT architecture changes, it is a non-invasive technology.
RPA has many benefits for organizations and industries when applied to tasks and workflows. With increase in work productivity, accuracy, speed, and compliance, RPA can benefit your business immensely.
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