RPA- Technology Transforming the Businesses
Don’t you feel the task of entering loads of records into the system every day or answering to the same mundane queries of the customers can get boring at times? Don’t you think these tasks need to be automated so that people can get onto something which is more creative? Here comes the concept of Robotic Process Automation. According to McKinsey and Company, additional labor productivity of RPA will soon equal the output of 110 to 140 million workers.
So What Is RPA?
RPA is a technology which helps in automating business processes and operations which are repetitive in nature. RPA is the development and management of software robots that automate structured, repetitive tasks in the software system of an organization. It is one of the driving forces behind industry 4.0.
RPA as AI chatbots
Chatbots are seen to be playing an important role in customer interaction and engagement in the recent years. Various e-commerce sites, apps and social media platforms are using these bots for answering frequently asked queries, reducing transaction time and improving end user experience. Through its various functions, chatbots are successful in providing a hassle-free and personalized experience to the customers.
These chatbots are not just improving quality of service but is also helping in reducing cost. The workforce earlier needed to perform the repetitive, time consuming tasks can now be shifted from there to something more productive for the enterprise, thus saving extra expenses.
RPA Redefining Business and IT Paradigm
As per a market research report by Grand View Research, the robotic process automation market size had a worth of USD 1.1 billion in 2019 globally and is expected to witness a CAGR of 33.6% from 2020 to 2027.
RPA plays a vital role in improving operations and working efficiency in a business enterprise. In the last few years, RPA has changed the business paradigm significantly impacting the IT Sector. Every organization has set of operations which have a fixed structure and are repetitive in nature, which are laborious and time consuming. The workforce performing such tasks can be engaged into something which is more productive.
So What Changes Does RPA Bring Into The Modern Enterprise?
Tasks performed by RPA are automated which not just reduces the processing time but also remarkably reduces human error. It not just helps the organizations in cost cutting by reducing the number of employees but also allows them to engage into more skilled work thus improving employee satisfaction. You no longer need to sit and solve each and every service request because now a major part of it can be resolved automatically by automation tools. This helps to reduce downtime and also improve incident response and resolution.
Nowadays, with the generation of enormous amount of data comes the laborious task of data processing and management to make the most out of it. With the help of various RPA tools and techniques, these tasks can now be performed within minutes which earlier consumed hours.
Applications of RPA in various domains
You must be wondering to what extent and to which segments is RPA contributing towards? You might be surprised to know that RPA has significantly impacted in different segments over the past few years namely BFSI, healthcare and pharmaceuticals, manufacturing, retail, telecom and IT, etc. across many nations and is still under progress. As per reports the largest revenue share for 2019 was dominated by BFSI segment followed by the manufacturing domain. [
RPA is seen to be readily adopted for HR and Finance handling as a large portion of its activities requires repetitive task which is time consuming and prone to human error. On boarding of employees, customers and vendors can now be automated which used to be a paper intensive task earlier. Customer service and CRM is a segment which is seen to be greatly influenced by RPA with the help of chatbots and virtual assistants as these CRM records are important for the enterprises in making strategic decisions for future.
Order processing involves various tasks such as address verification, printing the invoice, warehouse and inventory management and shipping label can now all be automated. Tasks like generating mass emails can now be done within a few minutes.
Future scope of RPA
According to Gartner, Hyperautomation is one of the leading trends in technology in 2020. Hyperautomation integrates various components of process automation and technologies like RPA, AI, Machine Language, NLP and data analytics, enabling to expand automation abilities.
RPA is considered to improve data processing and big data analytics by streamlining data management. This won’t just reduce processing time but will result in more accurate predictions of future trends.
RPA tools will help organizations to develop a flexible workforce engaging them into more skilled and creative projects with more tasks getting automated.
Things to remember while implementing RPA tools
While purchasing RPA tools you need to keep in mind that it must be able to integrate with the existing system, must be able to collect, analyze and produce detailed report on the operation processes of the enterprise.
There are three types of RPA tools, namely RPA bots, Self-learning solutions, and Cognitive/intelligent automation – the third tool cognitive/intelligent automation solutions are the most in demand.
Things you need to remember-
- Firstly understand your problem statement, the objective and the pilot project into which you plan to implement RPA. If not done so, you won’t get the expected ROI.
- Ensure you have a team of RPA certified professionals who knows the course of action needed to be taken after implementation and deployment of such RPA tools.
- You need to have a sound plan regarding the budget allocation in the RPA project implementation because RPA is a costly affair.
Creating RPA business roadmap
The way to create optimum profit and gain long term results is to have a proper strategy and a business case. Organizations must be clear with their intention of implementing RPA and their long and short term goals for the same.
Following is a list of business case considerations related to RPA implementation:
- Set up your business objective
- Assess the opportunities that can be unlocked by RPA and volume of inputs and outcomes to identify the best opportunities.
- Experiment with different tools and techniques to verify if the bots/tools would meet your expected outcomes, also known as proof of concept.
- Deploy a pilot for the entire process, when the proof of concept is reviewed in order to make sure the right tools are being implemented for automation of the process.
- Develop an efficient team and cross functional departments who have a clear idea of their responsibilities in the entire tenure of the process.
- Create an implementation framework comprising of all the steps, what to do next, the timelines, budget details and notifying each small detail of the project.
- Once the bots are implemented and working, close monitoring is very essential and calculation of ROI on an on-going basis is very important.
Are you scared of it?
It’s observed that a segment of people have a certain negative outlook towards technologies like automation. They think with the emergence of such technologies people would lose jobs, thus giving rise to unemployment.
However, this is not the real scenario. Technologies like RPA are not scraping jobs away but are creating ample amount of opportunities for people in more creative and value-added domains. The tasks which require intellectual thinking can still not be performed by any software or machines or bots. With the present scenario of digital transformation, RPA is a game changer for many organizations.
Author BIO: Richard Smith, is a technology executive with experience leading high-growth, complex businesses. Significant track record of achievement in innovation, technology, business transformation, business development, operations, and strategy.
Author LinkedIn: https://www.linkedin.com/in/richard-smith-9916181a3/