Robotic Process Automation (RPA) is a software technology that enables the automation of digital tasks. With RPA, businesses can create digital robots, or “bots,” that can learn, mimic, and then execute rule-based business processes. RPA automation allows users to create bots by observing human digital actions. The process is incredibly simple; you just show your robots what to do and then let them do the work. RPA software can interact with any application or system the same way people do, except RPA robots can run around the clock, nonstop, much faster, and with 100% reliability and accuracy. However, the gap in AI education means that several misconceptions remain about RPA. It is essential that knowledge workers understand that robotic process automation is unable to replace humans due to lack of conscious reasoning. Simply put, he has no mind of his own. Therefore, he is unable to perform logical or critical thinking like humans do.
Consider a legal operations team looking for a better way to understand and manage the business intelligence related to their interactions with outside legal counsel, legal service providers and other departments within the business. ‘business. The Legal Operations team manages a variety of data. This can relate to invoicing, monetary transactions, liability, and many other things that knowledge workers deal with on a daily basis. An example could be copying relevant data points such as vendor / advisor name, billing IDs and their relevant dates into a spreadsheet, then emailing the spreadsheet, along with d ‘other financial details to management and / or accounting by the end of the day.
Over time, this process will prove to be long and repetitive. Frustrated, organizations concerned with the growing size and types of data will be looking for a way to reduce the time and effort required to get the job done. This is where Robotic Process Automation comes in. Using RPA, organizations can develop simple bots that pull relevant information from multiple invoices into a spreadsheet, attach all relevant financial / legal records, and then send them to management at a specific time each day. It is the process of using software with artificial intelligence (AI) and machine learning (ML) capabilities to handle repetitive, high-volume tasks that would previously have required the execution of humans. Tasks may include addressing requests, performing calculations, recording maintenance, and executing transactions.
There are four critical phases to the operation of RPA:
- Planning: Usually involves gathering the processes to be automated, identifying the test objects and finalizing the implementation approach.
- Development: includes the tuning of automation workflows according to the plan agreed in the first phase.
- Deployment and testing: discover all unexpected failures and guarantee a bug-free product.
- Assistance and maintenance: ensure the product is continually updated with a smooth deployment across the user base.
To achieve the goals of RPA, various tools are used. These are software applications that can configure and automate tasks. Popular examples include UiPath, Automation anywhere, Blue prism, Fusion Work, PEGA, and Sequoia (among others). When it comes to quality, RPA ensures consistent and error-free output, which reduces operational risk. This improves operational performance and ultimately customer satisfaction. In the area of delivery, RPA can help reduce average processing time, improve the customer experience, and ensure 24/7 business continuity. On the cost front, domestic businesses can expect to cut costs by up to 65% with RPA. It offers a higher return on investment by generating positive returns in a few quarters rather than years. Other benefits include lower training costs, minimal use of IT resources, and easier software migration.
Today, many fields and industries, such as banking and finance, IT integration processes, human resources, insurance agencies, marketing and sales, and customer relationship management are easily deploying the RPA. This service option has seen tremendous growth since 2016 and will continue to increase beyond 2021. According to McKinsey, knowledge and work automation will have an economic impact of $ 5-7 trillion by 2025. This is expected to affect over 230 million knowledge workers, representing around 9% of the total workforce. Any business that is labor intensive and where people perform a high volume of transaction functions is most likely to benefit from RPA. It will increase their capabilities, save money and save time.
Ultimately, RPA offers the ability to automate business processes quickly and easily. It helps to pave the way for digital transformation by providing the user with automation tools.