8 Benefits of Robotic Process Automation (RPA)

If "machine learning" sounds like the start of a bleak dystopian future – think The Terminator meets The Matrix – then "robotic process automation" has to be the stage when machines rise up to rule humanity with ruthless efficiency.

 

First and foremost, robotic process automation does not involve the use of robots. Fortunately, robotic process automation (RPA) does not entail anything of the sort, with the exception of possibly increasing efficiency. This automation software doesn't use any robots at all.

 

 

What is Robotic Process Automation?

 

RPA, also known as software robotics, uses automation technologies to mimic human-like back-office tasks like data extraction, form filling, file movement, and so on. It uses APIs and user interface (UI) interactions to integrate and perform repetitive tasks between enterprise and productivity applications. 

 

RPA tools automate the execution of various activities and transactions across disparate software systems by deploying scripts that mimic human processes. RPA is a type of technology that uses business logic and structured inputs to automate business processes. 

 

RPA tools can be used to create software, or a "robot," that can capture and interpret applications for tasks such as processing transactions, manipulating data, triggering responses, and communicating with other digital systems. RPA scenarios can range from sending an automated email response to deploying thousands of bots in an ERP system to automate jobs.

 

Also Read | Top Robotic Trends

 

 

Benefits of RPA

 

A Robotic Process Automation (RPA) solution is a software robot that performs many of the tasks that humans do on a daily basis. RPA has numerous advantages and provides a wide range of competitive advantages. Top RPA companies' software can connect to major business applications and complete routine tasks faster and more efficiently than human operators.

 

The advantages of RPA are attracting a lot of money. The RPA market is expected to grow from $1 billion in 2020 to $5 billion by 2024, according to IT research firms.

 

Robotic Process Automation, while still a new technology, works closely with AI, machine learning, and intelligent automation of all kinds. As these related technologies advance, RPA will become more beneficial.

 

Also Read | 7 Applications of RPA in Healthcare

 

1. Cost Effective

 

It's been estimated that using robotics can cut your operational costs in half. Robots can work around the clock and take no vacations, unlike humans who work 8-5 and have a set number of annual leaves each year. 

 

Having robots take over some of the company's labor-intensive tasks could result in tangible benefits. Automation can help you quickly recover your investment, and then it's all about profits!

 

2. Boost productivity across the board

 

RPA automation benefits are based on a simple principle: let humans focus on their strengths while robots take care of the tasks that get in the way. 

 

When employees have to spend time on mindless tasks like copying and pasting information between business systems, they have far less time to devote to work that requires their skills. Manual tasks take up a lot of time and energy, so employees can't get as much done in a day.

 

Software robots can increase a team's capacity for completed work by 35 percent to 50 percent when properly configured for a workflow. At the same time, they can work more efficiently, reducing data processing times by 30% to 50%. Humans and robots collaborate on low-level and back-office tasks, allowing you to get more done in less time.

 

3. Large virtual staff

 

In the majority of cases, businesses have been able to accomplish more with fewer employees thanks to RPA. Some businesses may have considered working with a smaller staff after implementing RPA automated "workers," or at the very least slowed the hiring of new human employees.

 

In any case, a well-managed virtual workforce will boost your total workforce significantly. This larger "staff" will work seven days a week, take no vacation time, and never leave the office lunchroom in a shambles.
 

4. Accuracy & quality

 

RPA improves services for processes that are prone to human error, resulting in higher accuracy. When robots are expected to work nonstop, they are dependable and consistent. They also reduce the number of reworks and improve the quality of the output. 

 

The best part is that robots strictly adhere to all rules, resulting in perfect process results. Not to mention the speed with which this technology can be implemented, which makes this deal even sweeter. RPA maximises organisational capacity by optimising capabilities.

 

Also Read | Self Healing Robots

 

5. Improve Efficiency to Generate Savings

 

More productivity is required for a variety of reasons, including preventing humans from wasting too much time on repetitive tasks. The use of both a human workforce and RPA tools results in cost savings. 

 

Consider using robots in a department like accounts payable or receivable, where employees must frequently transpose data from various portals into your business systems.

 

Processing costs fall and per-employee output rises as RPA reduces processing times and eliminates costly errors. Savings from these efficiency improvements typically range from 25% to 50%.

 

6. Improved Analytics for Workflow Management

 

There are a variety of tracking systems for human employees – workflow analytics – but no human can be tracked nearly as well as a robotic process. A clear grid of activities and timelines can be established, and the effectiveness of an RPA tool can be measured down to the smallest task and time interval.

 

Furthermore, by tracking the RPA system's activities and accomplishments on a regular basis, its planning and governance can be improved – thanks to a clear and precise metric. 

 

As machine learning and AI are integrated into the automated process – and as RPA becomes more intelligent – analytics will become more complex. Nonetheless, the system will have complete control over performance tracking (given a properly trained data scientist).

 

7. Improved scalability

 

RPA solutions are known for their scalability. When it comes to competitive activities, no human team of professionals can match the scope and reach of an army of automated bots. The two teams, humans vs. bots, aren't even close when it comes to scalability.

 

A group of automated robotic processes, for example, can be duplicated and programmed to perform a similar set of tasks but with minor differences. The duplication and reprogramming process can be repeated indefinitely, resulting in a large number of active systems where previously only a few existed.

 

Furthermore, RPA bots are increasingly incorporating AI and machine learning into their automation, allowing for even more scalability. When it comes to scalability, AI and machine learning outperform human employees in this case.

 

8. Improved business data security

 

The impact of RPA tools on operational risk is one of the main concerns that business leaders have about their potential use. Data breaches and leaks are commonplace, and management may be concerned about the data security of such systems. 

 

When your team carefully manages and defines RPA parameters, however, the risk of leaks between platforms is minimal. Choosing a well-developed and well-maintained solution will help you feel more secure.

 

Also Read | How RPA is used in Big Data

 

 

Future of Robotic Process Automation

 

There are many different perspectives on how RPA will develop in the future. We can predict several ways in which robotic process automation will develop based on the current state of the technology and recent trends in its development. So, what does RPA's future hold?

 

•  AI-assisted RPA is more intelligent. Intelligent Automation, a new technology that combines RPA and AI, is already generating a lot of buzz (IA). This trend will continue in the future, as IA automates judgment-based processes involving unstructured and non-digital data, opening up a plethora of new possibilities.

 

• Automation is being widely adopted. Despite concerns about automation and its effects on jobs, RPA technology's acceptance in the workplace is likely to grow as more businesses reap the benefits of successful RPA and AI implementations.

 

• Workforces that are both digital and human are merging. People's work will be supplemented by software robots taking on the most tedious and repetitive tasks. It will result in the development of a digital workforce that will work alongside human workers.

 

Artificial intelligence, business process management, optical character recognition (OCR), and other technologies will be used more extensively in combination with RPA in the future to provide more effective automation. 

 

The convergence of RPA with machine learning, orchestration, and advanced analytics is the technology's future, and it will provide scalable solutions for enterprise-wide digital transformation. 

 

In areas where strict personal data regulations apply, the use of RPA can help businesses reduce the number of human interactions required to process personal data. You can achieve compliance and easier governance practices implementation by facilitating this pullback and reducing contact with sensitive data. 

 

Aside from the money RPA can save you, it can also free up a lot of time for your current employees, allowing them to focus on higher-value tasks like business development.