What is RPA (Robotic Process Automation) ?
Let me explain you with an example first for better understanding:
This is John. He is an accountant in a multinational company. He handles several invoices and other Financial records like monetary transactions, liability, checks and ledgers on a daily basis. One of his tasks is to copy all the relevant information from these invoices, such as: name of the company in invoice ID and data processing into a spreadsheet and mail the sheet along with other Financial reports to his superiors by the end of the day. As any prompt employee he transfers all the information to the sheet attached is the reports and sends them over to his boss via email every day. But over a period of time, he starts finding this task to be time-consuming and repetitive, frustrated. John looks for a way to reduce the time and effort it takes to complete the task. He stumbles across Robotic Process Automation RPA, using Robotic Process Automation he builds a simple bot that extracts information from several invoices into an Excel sheet, attaches all the necessary Financial reports and sends them over to his superiors via email at a specific time everyday.
So what exactly is RPA. Robotic Process Automation (RPA) is the use of software with artificial intelligence and machine learning capabilities to handle high-volume repetitive tasks that previously required humans to perform some of these tasks. This includes address inquiries, making calculations, maintenance of records and performing transactions.
There are several misconceptions about RPA. RPA is not a humanoid robot, it does not have a physical form and no resemblance to humans. RPA cannot replace humans or replicate human cognitive functions. It doesn’t have a brain of its own and cannot perform logical or critical thinking as humans do.
Working of RPA
The working of RPA includes four crucial phase:
1. The planning phase typically involves gathering the process that has to be automated, identifying the test objects and finalizing the implementation approach.
2. The development phase includes the creation of automation workflows as pretty as a green plant.
3. The deployment in testing is a vital face since it uncovers any unexpected outages and ensures a bug free product.
4. The support and maintenance phase which ensures that the product is continuously updated with smooth deployment across the user base.
RPA Tools in the Market
To meet the objectives of RPA- tools are used, these RPA tools are software applications that can configure tasks and automate them. Some of the popular RPA tools in the market are: UI Path, Automation Anywhere, BluePrism, workfusion, Pega,etc.,
Advantages of RPA
When it comes to Quality: RPA ensures consistent error free output, leading to reduced operational risks and this intern improves customer satisfaction.
In the area of delivery: RPA can help decrease the average handling time – this enhances the customer experience and ensures 24/7 business continuity.
With respect to cost: According to NASSCOM domestic businesses can reduce the costs by up to 65% through RPA. It offers a higher ROI by driving positive returns within quarters of the upcoming years.
Other advantages of RPA include: Reduced training costs, minimal utilization of IT resources and easier software migration.
Applications of RPA
Today many domains in Industries like Banking and Finance, IT integration processes, Human Resources, Insurance agencies, Marketing and Sales and Customer Relationship Management readily deploy RPA.
RPA service adoption has been showing tremendous growth since 2016 and will continue to increase beyond 2020. According to McKinsey’s research: knowledge and work automation to have an economic impact of 5 to 7 trillion dollars by the year 2025. Will impact more than 230 million knowledge workers which constitute 9% of the global Workforce.
Any company which is labor intensive where people are performing high volume, high transaction functions stand to benefit the most with RPA adoption, boosting their capabilities, saving money and time.
Please share your comments below & let me soon see you on my next blog on different use cases of RPA.