Robotic Process Automation (RPA) Cue up
Organizations who have digitized their work on various areas of back office functions, IT Operations are looking for ways to optimize the time taken to perform the task and improve quality of work delivered. Traditionally many of these types of work are outsourced. In the past, after continuous optimization effort, the process would mature and run in an optimal level. At this stage, organizations would not further intend to revisit the process for further optimization. However, Robotic Process Automation (RPA) could come into play and help further reduce the time taken and can bring more accuracy and improve quality.
A report published by “Market Research Future” states that the robotic process automation market is expected to grow by USD 2,700 Million approximately by 2023 at 29% CAGR between 2017 and 2023
Before you embark on the RPA journey there are quite a few basics that are to be thought through. Continue to read on to understand more.
Let’s get started
Let’s try to understand why you as an organization should care about weighing in on RPA
- Is your workforce tangled in repetitive work than getting involved in value added work?
- Are you concerned about traditional business process automation which is quite invasive because of the need for changing the underlying systems?
- Are you getting worried about time to market on traditional business process automation?
- Are you concerned about reduction of errors?
- Are you looking for consistent outcomes?
- Are you planning to expand your business with the ability to cater to larger customer base?
- Are you having your operations spread thin in multiple geography with different language support?
- Are you worried about your workforce being over worked and not available round the clock and not being able to scale-up quickly?
If you answered yes for any of the above, Robotic Process Automation (RPA) could be a potential solution for you!
The Basics of RPA
Having answered the above, you would want to know what is RPA. RPA is essentially a software tool that creates virtual workforce (software Bot) which can perform human tasks that are highly repetitive, less of human judgement and driven by rules.
- Extraction of data from a printed/handwritten form and feeding into another system.
- Invoice processing
- Inventory management
- CRM (Responding emails, follow-ups etc.,)
- Service desk incident management
- Application access provisioning
In certain business processes, RPA can be looked at as semi automation where a human does part of the business process and the bot does the pieces assigned to it. This is called assisted automation.
RPA can be broadly categorized as,
- Systems that do the repetitive human task where there is no judgement involved
- Systems that can think, learn and adjust to perform a task like human
There isn’t a better time to start on RPA
In your complex system’s environment, digital transformation can take longer and become very complex in changing technical advancements and customer expectations, RPA can certainly intercede and help achieve your goals. It will help optimize operational cost and bring direct benefits to your customer. As the technology is emerging, it is the best time to start looking at the potential of RPA and unleash the capability of Machine Learning for advanced usage like predictive analytics, Risk Management, Reconciliation, Compliance Management, Audits etc.,
In essence, RPA should be an initiative that is inclusive of Artificial Intelligence (AI) and Machine Learning (ML) as it can open doors for numerous avenues for the business and customers to experience better products, decisions and services.
Do not think of RPA as “the final solution” for automation. Organizations (Small/big) embarking on an RPA journey should definitely think of how RPA fits into their digital transformation agenda.
Is it giving a temporary solution or is it aligned with the transformation goals?
Talk to us and learn more on getting into the exciting journey of RPA
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