When the concept of Robotic Process Automation or RPA first popped up, it seemed like something that came fresh out of a sci-fi flick. Now RPA is one of the most observed forms of business process automation.
If you are wondering what it is, it’s just an advanced form of BPA (Business Process Automation) that leverages software robots or an AI workforce to handle high-volume tasks that previously only humans were capable of performing.
Researchers from MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) developed a new system that enabled people to easily coach robots, through simple tasks, to perform complex tasks. Their demonstration resulted in the subject (robot) successfully performing tasks on its own 87.5% of the time. With a human operator overseeing the operation and rectifying minor errors, the accuracy further improved to 100%.
Forrester Research in 2018 also recommended that CIOs should leverage RPA to optimize operations in order to create and act upon insights that subsequently drive business technology innovation.
The Impact of RPA in Business Growth
In just a few decades, millions of baby boomers across the globe will be retiring. And baby boomers make up the majority of the planet’s population. We won’t have enough new workers to replace them all. This is one of the reasons why RPA is seen as a feasible solution now to thrive in a future where the demand for labor will be very high. However, due to this fact, RPA is also misunderstood as a career-buster.
That said, let’s take a look at why RPA adopters are on the rise.
Great cost savings
This is obviously one of the biggest benefits of implementing robotic automation -the business can enable 24/7/365 functional operations at a fraction of the cost of having a human worker. Automating business processes can cut administrative costs to a considerable extent and doesn’t require any extra back-office resources. All it takes is an initial financial investment and an effort to set things up for maximum efficiency and reduced errors.
Complements advanced analytics
Modern businesses can maximize their potential by mining valuable insights from the seemingly irrelevant data they generate. Data hold that much importance among enterprises today. Using Robotic Process Automation properly can also ensure compliance of data-driven regulatory standards while also enhancing the business’ ability to predict outcomes and optimize business processes.
This optimization can be measured provided the organization has an advanced analytics strategy in place. Analyzing the business’ performance data will prove that the overall operational efficiency and productivity have increased thanks to RPA. The interesting fact here is that such an enhancement isn’t possible to achieve with human operation alone.
Better performance & more reliability
Business Process Automation techniques are meant to improve business performance significantly. That’s what RPA does, and the researchers from MIT can vouch for it as mentioned earlier in this blog. Robotic automation workflows are more efficient and can grant 100% accuracy if certain criteria are met. Such an automation strategy eliminates repetitive tasks allowing human workforce to focus their skills and experience on core business objectives essentially driving innovation and ensuring faster growth.
No need for IT resources
Another major advantage of RPA is the flexibility it grants a business to integrate with many popular technologies. You don’t need back-office IT resources for efficient RPA integration. As a matter of fact, it’s the technology integration part that many organizations find challenging. Large IT projects require systematic integration with existing systems and applications in the enterprise which is easier said than done. RPA integration is free from such complications. It has its own ecosystem.
The RPA’s core engine is designed to facilitate integration through its View layer, and is designed to communicate with existing desktop-level applications. A Robotic Process Automation solution can even ‘coach’ other systems to perform certain tasks.
With a growing market size valued at over $350 million in 2017, RPA can certainly bring about the future enterprises dream about. The increasing demand for AI-based enterprise solutions adds fuel to the flame as more companies integrate AI into their environments to transform things for the better.
RPA is trending in various parts of the globe. Back in 2017, North America bagged the trophy for the highest use of RPA emphasizing the increased penetration of automation approaches and business process optimization solutions. Asia Pacific, on the other hand, is the fastest growing when it comes to RPA adoption.
At AOT, we know our way around all forms of Business Process Automation including RPA driven by complex AI algorithms. If you want to give RPA a shot, drop a message to our experts.