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Robotic Process Automation: Everything You Need To Know

A look through the benefits and downsides

20Mar

In this highly competitive world, work areas are burdened with time-consuming and repetitive processes. Clients want to improve delivery, reduce costs, and ensure consistent quality in their work. Robotic process automation, or RPA, has now become a trend for all types of businesses. It’s a different and modern way to cogitate how business process solutions are managed and delivered effectively.

Robotic process automation empowers knowledge workers, business advisors, and judgment based roll staff by allowing them to spend their precious time on customer centric business processes. According to the latest report, the global market of IT robotic automation was valued at US$ 183.1 million in the year 2013, and it is expected to see growth at a CAGR of about 60.5% between the year 2017 and 2020. Future leading enterprises will be those that know how to blend creatively these two effectively taking steps toward a virtual workforce. And, to that end automation delivers proven results.

RPA is not about robot-looking creatures that move awkwardly, it’s about SMART SOFTWARE. Applying intelligent software to do high volume, repeatable tasks that are usually mundane and boring for human beings. Automated RPA tasks are typically:

  • Time consuming
  • Repetitive
  • High volume
  • Back office
  • Manual tasks such as data entry

Where is RPA typically used?

RPA are widely used in different industries that include:

  • Supply chain management
  • Accounting
  • Finance
  • Procurement
  • Customer services
  • Human resources and many more

Are all RPAs Same?

All RPAs are not same. These technologies vary from a simple software that sits on a personal computer, to a wide array of technological steps that improve the input, flow, transformation and output of data. For instance, companies like Nestle, Ferrero, Bacardi, or Unilever utilize Customer Automation Management - an advanced form of RPA - to enhance their supply chain management process.

RPA Pros & Cons

I. Pros:

Improved Efficiency

RPA is designed to relieve workers of their ordinary, monotonous everyday tasks. When advanced technology manages these mundane tasks, the entire process runs promptly and efficiently.

Greater Productivity

When technology like RPA does the heavy lifting, the output of task can be increased significantly. Moreover, workers can be freed to apply their experience and skills to more important tasks and projects that drive growth & innovation towards your business.

Elimination of Human Error

To err is human: even the most careful and experienced human being can make mistake occasionally. Unluckily, these human errors can prove to be costly sometimes. With the help of RPA technology, this risk can be eliminated easily that results greater precision in work.

Cost Savings

While implementing RPA technology requires an upfront investment, the overall increase in productivity & efficiency, as well as a reduction in human-made errors more than justify the overall expense.

Lower Turnover

When your employees are no longer bogged down by repetitive, boring, and mundane tasks, the overall satisfaction levels will rise naturally. In addition to this, your employees will acknowledge the ability to participate in more important and high-level projects that leads to greater employee satisfaction.

II. Cons

Monetary Expense

Budgetary restrictions are some of the biggest reasons why businesses (especially small & medium scale enterprises and startups) opt not to implement robot process automation.

Lack of Technical Ability

There are many people who believe that to leverage RPA, the end user must own significant technical knowledge. Often, this misconception holds them back from realizing the plethora of benefits that are available to them with RPA.

Major Change

Adoption of new technology like RPA requires change, but with the right tool & techniques, the impact of change is less noticeable and disruptive than many people realize.

Redundancy

Another concern that is responsible for not choosing RPA is the fear that robots will replace workers. However, this is not the case. The main purpose of RPA is to support humans in the workplace.

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