Robotic Process Automation (RPA) is the fastest-growing segment of the enterprise application development market. Gartner predicts that worldwide RPA software revenue will reach nearly $2 billion in 2021—a 19.5% increase from 2020. So, what is this technology, and what is all the hype about?
Robotic Process Automation technology automates processes using business logic and structured inputs. RPA aims to reduce tedious manual task loads and increase business and operational efficiency. In the wake of the global Covid-19 pandemic, more businesses than ever have looked to robotic process automation to lower operational costs and maintain business continuity in a fluctuating, work-from-home centric market. In this blog, we’ll discuss what robotic process automation is, how robotic process automation works, the business benefits of RPA, and how your organization can harness this technology in the new normal and beyond, also to accelerate their digital transformation services efforts.
What is Robotic Process Automation (RPA)?
RPA utilizes software applications called “bots” to replicate and improve upon transactional tasks that are typically done by humans. These tasks include executing transactions, triggering responses, manipulating data, or passing data between applications. RPA is powered by user interface interaction and descriptor technologies, with scripts that can overlay other software applications. The bots mimic computer-human interactions and carry out a high volume of error-free tasks. RPA is especially sought after due to its low running costs and ability to reduce human dependencies. It allows organizations to automate repetitive, tedious, once-manual tasks in order to free up their workforce to focus on innovation and creativity.
There are two primary types of RPA bots:
Programmable – these bots are defined by set rules and instructions, and parameters are defined by programmers in advance. This requires mapping out a detailed process that ensures each step is done in the correct order.
Intelligent – these bots utilize the power of artificial intelligence and learn how to perform processes after gathering data. Self-learning and intelligent bots are well suited to processes with unstructured data and flexible parameters.
Suggestion: Legacy Application Services
How Does Robotic Process Automation (RPA) Work?
There is a broad range of technologies that fall under the RPA umbrella, depending upon which task is required. For teams that are already stretched thin and unsure if they have the bandwidth to add a new technology, the good news is that the increasingly competitive RPA market offers a wide range of intuitive, no-code options. Most RPA software requires little to no original coding, making it one of the pioneers of the no-code/low-code trend. The reason for this is to enable anyone, even non-programmers, to easily and effectively set up and execute RPA bots for any business need. Features such as drag-and-drop interfaces and pre-built programs for specific use cases make robotic process automation a breeze and prevent organizations from investing in costly tech support to maintain RPA programs.
Of course, robotic process automation isn’t the best fit for every task that needs to be automated across an organization. It is best suited to predictable, repetitive tasks or sequences that always execute the same way. For this reason, RPA has seen growing adoption rates in accounting, finance, procurement, and customer service for tasks such as data transfer, email autoresponders, or other low-level manual tasks that are business critical but are tedious for human workers to complete.
Here are some examples of RPA uses across industries:
Banking & Financial Services – RPA is used for anti-money laundering processes, simple customer inquiries, and rule-based tasks such as reconciliation, report running, and compliance checks
Insurance – the insurance industry uses RPA for underwriting, claims processing, policy management, and more
Healthcare – RPA is used for patient information management, claims to process, and prescription management
Retail – retailers utilize RPA technologies for warehouse and inventory management, fraud detection, and customer relationship management
Business Benefits of Robotic Process Automation (RPA):
Non-invasive to Existing Infrastructure – RPA works within your existing infrastructure, making it ideal for organizations with legacy technology that isn’t ready to upgrade.
Improved Internal Processes – by automating and governing key tasks your organization benefits from efficiency and clarity of what is happening when.
Quick & Cost-Effective Development – the RPA development cycle is short, and the technology can be deployed quickly, saving on implementation costs.
High Return on Investment (ROI) – automated software improves performance and accomplishes tasks quicker than a human employee might, saving organizations millions of dollars in operational costs.
Improved Digital Customer Experience – with low-level customer interactions covered by RPA technology, your digital customer experience professionals are free to focus on higher-priority and complex tasks.
Lower Operational Risk – RPA lowers the chance of human error, thus lowering operational risk.
Is Your Organization Ready for Robotic Process Automation?
The global Covid-19 pandemic has shifted the market in ways we are still yet to comprehend, but one thing is clear: implementation of automation across the enterprise has become one of the top priorities for organizations hoping to streamline operations to improve agility and ensure business continuity. Robotic Process Automation helps businesses lower costs, improve outcomes, and increase efficiency. Long considered a hallmark technology of the financial and accounting industries, robotic process automation is proving to be invaluable for organizations across industries and verticals. Is your organization ready?