Robotic Process Automation (RPA) is the process of automating business operations with the support of robots, thereby reducing human intervention. RPA robots utilize the user interface of the software, which captures data and manipulates applications, and that’s what exactly humans do in a manual equivalent. They interpret all data / information and communicate with other systems in order to perform repetitive tasks. RPA is an advanced form of business process automation that records and performs all the tasks performed by a human worker.
In layman’s language, RPA is the process in which a software bot uses a combination of computer vision, automation and machine learning to automate high-volume and repetitive tasks. The software is taught to follow a workflow with multiple steps. A lot of businesses have started opting for RPA applications, as they help boost productivity with a range of stakeholders – customers, employees, sales, accountants, legal and financial analysts, and marketing folks to name a few. Let’s look at the latest trends in RPA.
- Evolve as a complementary technology in finance: RPA complements well with most existing technologies. According to a global study, around 53% of finance professionals are planning to adapt with rapidly changing circumstances and automatically manage the right response, be it related to accounting process or financial analysis. RPA helps streamline a broad variety of processes at the back offices. It replaces humans with machines for even banking processes, creating a direct impact on everything right from staffing requirements to performance and efficiency levels. These days, most banks have initiated the use of RPA to reduce the cost of their (manual) processes. It has also led to increased accuracy.
- Intelligence automation will be prevalent: By 2021, Artificial Intelligence (AI) is likely to take charge of RPA services. AI technology provides a platform to address ever-changing client expectations and business demands. It is expected that in coming time, AI and programming bots will be key drivers for steady growth of RPA. The convergence of RPA and AI is going to take automation to the next level. Organizational departments such as contact centers, service desk and IT will be the biggest beneficiaries of RPA solutions. We can also expect the corporate sector to opt for an integrated intelligence automation approach to efficiency in workforce and collaboration between human talent and digital workforce.
- Enhance overall efficiency with data security: RPA makes for a versatile tool to improvise overall productivity and efficiency of organizations. Since it is driven with advanced technologies like AI and Analytics, data security methodologies are properly followed along with it. In today’s fast paced entrepreneurial world, a lot of sensitive data keeps on transmitting across devices, vendors, partners, customers etc. In this scenario, it becomes difficult for humans to handle the large stream of resultant data. RPA assists enterprises overcome human mistakes. Its bots are well-programmed to deal with data centralized tasks in an accurate manner.
- Elimination of paper work: RPA is a data-driven automation process. The digital workforce (read, robots) has the full potential to arm the human workforce in an efficient manner. It helps enterprises stop focusing on repetitive tasks and other mundane time-consuming duties. It is also predicted that RPA models will deploy pre-built functionalities which help automate prevalent paperwork in an enterprise. In this way, it helps speed-up processing times of every application and brings agility to the entire process. This use case is best applicable during month-end or quarter-end, when work pressure is at its peak.
- Attract huge investments: RPA likely to attract a huge growth in the automation industry. According to a global survey, spending on RPA software will reach USD 1 billion by the end of 2020. It has also been predicted that the RPA market will be USD 2.9 billion in totality by 2021. More than 70% of surveyed business leaders have stated that they would plan to invest bigger amounts in the deployment and development of Robotic Process Automation. Automation is bound to become a billion-dollar industry in the near future.
- An optimal collaboration of machines and humans: It has always been a debatable topic that RPA would take away human jobs from the industry. However, future trends suggest that there will be an optimal collaboration between machines and humans in various applications. This trend will help create newer jobs and solve pressing business problems. Studies have proved that employees are satisfied when they are assigned worthy jobs, instead of tedious ones. They perform better with strategic tasks. Ultimately, RPA would enhance employee satisfaction, which makes businesses even more productive.
- Improved communication with audiences: With a modern technology like RPA, brands can improve their connections with the audience by effectively carrying out the communication process. Customers feel touched and delighted when they are up-to-date all the time.
Over the past few years, the world of businesses has undergone a significant flux, and a lot more is yet to come Thanks to RPA and AI, more efficiency is on the cards through replacement of time-consuming manual process steps with automated interventions and informed decisions, that help organizations grow in multiple domains and levels.