The years 2020-2021 acclaimed the start of an era that no one will soon forget. It also sparked renewed interest in robotic process automation as a must-have for businesses looking to thrive now and in the future. Let us understand the basics of RPA.
What is robotic process automation?
RPA is an emerging technology application that automates business processes by utilizing stored procedures and systematic inputs. Organizations can use RPA tools to configure software known as a robot to capture and interpret applications for data manipulation, transaction processing, response triggering, and communication with other digital systems. It mimics humans while interacting with digital systems and softwares. It facilitates the creation, deployment, and management of software. Also, it can understand what is on a screen, navigate the systems, identify-extract data, and carry out a variety of defined actions in business processes.
RPA in business process:
RPA provides bot services to organizations, which can reduce staffing costs and human error. Bots are typically low-cost and easy to set up, as they do not require custom software or extensive system integration. Enterprises can also boost their automation efforts by combining RPA with cognitive technologies like machine learning, speech recognition, and natural language processing, which automate higher-order tasks that previously required human perceptual and judgment abilities.
How is RPA replacing humans?
Software robots, rather than humans, perform repetitive and low-value tasks such as logging into applications and systems, moving files and copying folders, extracting and inserting data, filling out forms, and completing routine analyses and reports. Advanced robots can even perform cognitive tasks such as participating in chats and conversations, interpreting the text, comprehending unstructured data, and making complex decisions using advanced machine learning models. When robots perform these repetitive, high-volume tasks, humans are free to focus on what they do the best and enjoy the most: innovating, collaborating, creating, and interacting with customers. Enterprises benefit as well, with increased productivity, efficiency, and resilience.
Benefits of implementing RPA:
- Great resilience
- Boost productivity with happier employees
- Improve compliance with increased operational security
- Improve the customer experience and ensure good ROI
- Organizing and processing complex data and eliminate manual errors
RPA, as a stand-alone solution, supports structured data-based automation. Organizations are looking to include data from unstructured sources as they seek to expand the variety of processes they automate (like scanned documents, emails, and letters).
Here comes sophisticated cognitive solutions with RPA into play. RPA solutions can unlock value for an array of organizations in a wide range of domains, such as:
- Data entry and validation
- File and data manipulation
- Automated formatting
- Message creation in a variety of formats
- Using web scraping
- Text exploration uploading and exporting files
- Downloading and importing
- Workflow acceleration
- Currency/exchange rate processing
- Establish a business relationship
Revenue from Robotic Process Automation (RPA) increased by approximately 25% over the previous year. Organizations are making significant investments in the growing RPA trends that indicate digital transformation.
Growing trends of RPA
Vendor Differentiation: The development of software bots is a current trend to develop new products. Strategic transformation necessitates the identification of vendors with whom you can form long-term alliances. As a result, one of the hottest RPA trends is differentiation.
Digitalizing manual work: RPA trends are shifting toward intelligent bots for online data extraction, filing, and processing. The virtual workforce of bots could be on its way to eliminate paper invoices, client forms, and anything else that could go missing in the office. The pre-programmed bots will ensure that the enterprise’s paperwork will be minimum. It will also increase productivity for mundane paperwork-related tasks.
RPA and cloud deployment: RPA cloud deployment enables businesses to process data on the fly, meaning that they can virtually construct an RPA infrastructure and deploy bots. In essence, cloud technology will become a source for self-driven bots capable of performing multiple functions within the same data. Cloud bots are available from vendors, which can help to reduce the cost of physical infrastructure.
RPA integration with ERP: Better customer experiences would result from the integration of ERP and RPA. Companies can deploy continuous triggers for one task to another using a centralized data source. The entire process will be seamless, making it easier to streamline automation activities. Furthermore, the employees would have access to the processed data without having to search multiple systems.
Intelligent automation: The next RPA game-changer is process automation. The combination of rule-based bots and machine learning algorithms will result in a radical overhaul of digital processes. Businesses can gain insights from repetitive tasks with RPA tools.
To summarise, RPA industry trends are rapidly emerging. As a result of the growing popularity of automation and its significant benefits. It is not a new concept now. Without a doubt, robotic automation has already influenced you and your organization in some way. However, it is said that nothing is more impacting than a well-timed idea, and the time has come to implement that idea in the form of RPA-powered transformation.