What Is Robotic Process Automation (RPA)?
Robotic process automation, or RPA, is an excellent answer for a business seeking to cut costs and increase productivity.
This good innovation, which uses the power of automation in the form of software robots, can be used in various business settings.
Robotic process automation (RPA) is a software technology that builds, deploys, and manages software robots that mimic human actions while working/interacting with various systems and software.
As part of RPA, software robots understand what’s on a screen, execute the right keystrokes, navigate systems, identify and extract data, and perform a wide range of defined actions.
The advantage is that software robots can do all these works, in a faster, consistent way…24/7.
In essence, the software robots package repetitive tasks to allow for quick and efficient automation.
Businesses can use RPA to reduce the burden on their employees and optimize their day-to-day operations.
Robotic process automation should not get confused with Artificial Intelligence.
While AI is data-driven, RPA is process-driven. RPA can learn/mimic/follow the processes defined by end-user. On the other hand, AI uses machine learning to identify patterns in the data, create models & learn over the period.
Evolution of RPA
Earlier, we have ‘screen scraping’, which can be called as the first form of automation.
But current RPA is much more extensible, consisting of API integration into other enterprise applications & a lot more.
It combines APIs and user interface interactions to integrate and perform repetitive tasks between various applications. RPA can fully execute, various activities/ transactions across a variety of software systems.
Possible Applications of RPA
There are several applications for RPA.
Simply put, RPA is the process of automating manual, rule-based, or repetitive human tasks using software tools.
RPA occurs when different tasks are processed through software systems.
Unlike human workers, robots can automate basic tasks using software or hardware.
A computer program or robot can be taught a workflow with multiple steps and applications.
Input forms can be entered into a spreadsheet that updates the form and date filed, for example.
Employees who complete repetitive, simple tasks with RPA software will have fewer burdens.
These are some of the examples of industries/use-cases of RPA
- Banking and Finance Process Automation
- Mortgage and Lending Process
- Customer Care Automation
- eCommerce Merchandising Operation
- OCR application
- Data Extraction Process
- Payroll processing (relevant for all industries)
- Form processing (relevant for all industries)
- Insurance Industry (Claims processing, Underwriting processing, Policy administration & servicing)
RPA’s power lies in these 5 points
- Flexibility
A robotic process automation bot can handle almost any repetitive task. Just think of how many daily tasks are repetitive. Either by email or system notifications, workers receive input from robots through automated processes. Then, they take actions, such as making changes to files or programs, based on the rule-based analysis.
- Reduces operational risks
Outsider associations are sometimes re-appropriated by some companies to perform busy work, and this can lead to human blunders and failures. Because the work stays in-house and the operational risk is negligible with robotic process automation, it offers superior results over other approaches.
- Ease of implementation
Next-generation RPA bots, also known as cognitive or intelligent robots, allow employees’ actions to be learned and automatically implemented. The process of setting up an RPA can be as simple as recording your actions. You can set up automation by dragging and dropping. Good RPA solutions are of low code/no-code nature.
- Cost: Robots are cheaper than humans
As automated processes yield better results and require less cost than outsourcing, business process outsourcing solutions are no longer economically feasible.
BPO firms have also cut costs even further by implementing RPA. The efficiencies that BPOs offer allow some BPO components to compare well with RPA but are also far more efficient as well.
- Better accuracy and compliance
Because RPA robots can be programmed to follow specific workflows and rules, they are less likely to make mistakes, particularly when it comes to work that is required to be accurate and compliant, like regulatory compliance. In addition to providing a step-by-step audit trail, RPA makes it easy to monitor progress and resolve issues at a faster pace.
Myths about What Is Robotic Process Automation (RPA)?
Robotic process automation also has some myths that exist around its implementation and usage. Some of them are as follows-
- Human supervision is not needed:
That’s incorrect since robots cannot function without human supervision. Since humans are responsible for programming RPA bots, feeding them automation tasks, and supervising them.
- Coding skill is required for RPA software:
For using RPA software, people think that they must learn coding skills. Although it is incorrect since people who are not technically trained also utilize it, but some knowledge of coding will be helpful as it would make it easier for them if they understood the front-end.
- RPA is valuable only for software companies:
Robotic processes automation can create computerized bills, voice services, and other types of invoices, regardless of the software used in the enterprise.
- Only large corporations can utilize RPA–
Many people are in error when they think RPA is exclusively for large industries. Robotic Process Automation (RPA) can be used to automate an organization of any size.
What is the Future of RPA?
RPA is on the cusp of great success. Recently, several companies have observed business growth because human resources and software robots interact cleverly.
RPA market is expected to grow by 10.7 billion by 2027 according to a recent report by Grand View Research, Inc., which also predicts a CAGR growth of 33.6% from 2020 to 2027.
Approximately $12 billion is expected to be spent on collaborative robotics by 2025, according to Marketsandmarkets. The Forrester research group estimates that revenues from the RPA market will rise to $2.9 billion by 2021, up from $250 million in 2016.
Summary : What Is Robotic Process Automation (RPA)?
What Is Robotic Process Automation
Robotic process automation is the process of designing, creating, deploying, and executing computer-controlled robots to automate repetitive tasks. The complex algorithms for RPA are built in-house or by outsourced vendors to standardize these tasks.
The benefits of robotic process automation are eliminating repetitive manual tasks, increasing productivity, faster execution of tasks, lower operational costs, and increased accuracy. RPA also reduces the risk of human error.
RPA, as we have discussed in this blog, is on the rise at an accelerated pace.
RPA is a powerful element of any business process automation platform, whether used to optimize end-to-end automation initiatives or enhance employee productivity.
Increasing productivity and reducing costs are among the benefits of robotic process automation.
