Robotic Process Automation (RPA) is already a rising trend in the IT and business sectors with every software and technology aficionado talking about it. In fact, it is one of the fastest-growing software categories in enterprises along with various other credits to its name. As the name suggests, it allows businesses to automate mundane tasks and processes, enabling them to devote their time to other high-value and core work.
But, what is exactly RPA, what is the concept behind it? There are many questions that people have about this emerging technology and we will answer them today. So, first, let’s start with understanding the accurate and precise definition of RPA.
RPA is an application of technology that uses robotic software to automate business tasks and ensure efficient utilization of a company’s available resources. It is a software tool that is governed by business logic and structured inputs and aims at taking over repetitive, rules-dependent, and structured tasks by automating them on a large scale. IT consulting firms recommend RPA to help businesses configure software or you can say ‘robot’ to interpret applications manipulating data, processing transactions, communicating with other digital systems, and triggering responses. Some even see RPA as a stopgap to smart technologies, including Machine Learning (ML), Artificial Intelligence (AI), and Intelligent Automation (IA) that can be trained to revert and make judgments.
Organizations can’t ignore routine operations even if they are repetitive as they constitute the workflow infrastructure, so RPA mimics these key activities. It can range from something as simple as generating an automatic response to something complicated like deploying numerous bots that are programmed to automate jobs in an ERP system. These robots streamline an array of processes, such as front-office, support, and back-office management, and facilitate resource allocation to attain business targets optimally.
As you look around and study the IT industry, you will find that there is a lot of information available on RPA and AI. However, businesses still have a hard time understanding the benefits of automation. They can’t determine if their business is ready to adopt this rising technology and how it will contribute to their success and growth. Although thousands of global companies have embraced RPA in the past few years, the biggest misconception is that it is easy to adopt. Despite businesses being eager to leverage its benefits and potential, they are not sure if the organization is ready for robotic process automation or is it right for them.
Below, we have listed a few points to help you identify whether you must consider RPA for your business or not:
The Volume of Repetitive Tasks
Is your business struggling with an increasing volume of repetitive tasks? Do you think that most of your employees are indulged in repeating the same tasks rather than high-value activities? Then the application of RPA is the perfect solution to automate high-volume and repetitive tasks. Thanks to the technology that your employees can finish a pile of tasks at the earliest with utmost accuracy and precision. These smart robots can handle voluminous tasks that are prone to duplication that too without causing disruptions, fatigue, or stress. When integrated with AI, you can automate structured and unstructured data. It can compare data and give conclusions with in-depth insights to help you find discrepancies.
The Necessity of Additional Hirings
Another factor that you must consider before adopting robot automation is the growth of your business. Of course, as your business expands its horizon and processes, you will need to hire employees to manage increased activities and operations. This cost of hiring additional personnel may lead to various significant difficulties and challenges. Hence, to keep with the development and growth, RPA is highly recommended. It is a cost-effective solution that offers scalability. It can scale up and down based on your enterprise operations without hampering the processes. Apart from this, there are other benefits too that you can reap from RPA, thereby paving a right path to RPA implementation.
The Need for Fraud Detection or Internal Audits
Although RPA is used for an array of business processes and scenarios, it adds significant value to reduce fraud and monitor internal audits. Companies are sparing no efforts to detect frauds but they fail most of the time due to ineffective tools and techniques. By implementing the RPA solution in the internal security management system, robotic software can assist humans in fraud investigations and background checks which are otherwise time-consuming. From financial tracking to fraud monitoring to investigations, it gets your back at every step of day-to-day financial transactions, accomplishing tasks at a fast pace. Moreover, when combined with machine learning, it observes human behavioral patterns, analyzes them, and detects all the hidden correlations in data. Thus, identifying possible frauds and notifying you about them instantly.
The Number of Manual Tasks for Employees
Are you still stuck with outdated and strenuous manual tasks to process data and conduct business operations? The immensely long list of work for your employees will make them bored, tired, dissatisfied, and burned-out. They will be exhausted from meaningless tasks that can be automated by RPA. It can replace consistent data entry across various systems, especially in a finance company that is involved in accounts, financial statements, invoices, etc. The robotic automated processes can access a lot of data within a few minutes, evaluate the information, and generate reports effortlessly which are often challenging and prone to human errors if done manually. The technology mitigates any chances of errors and risks in business transactions, activities, and processes, such as incorrect data entry, mistakes in applying rules, incomplete steps in tasks, etc. Therefore, making sure that data accuracy and interpretation are not compromised at all while making decisions.
The Time to Update Inefficient Processes
It’s been years that you have not updated your business system or processes, and now it’s time to switch to an efficient solution that can solve all your issues effectively. The robotic process automation is the answer you are looking for in such a scenario as it will add a layer of technology, hence solving all the underlying problems. Start with a thorough investigation and analysis of business processes that need to be updated. Evaluate all the departments realistically of your company, areas that are underperforming consistently, and the reason behind it to find the right technology to implement and procedure to streamline it. This will help you eliminate all the inefficiencies from the organization and implementation of the RPA platform will promise lower costs, enhanced quality, and faster turnaround.
Summing It Up!
Increased competition and escalating customer expectations require improved productivity, reduced costs, and the best quality, and RPA delivers all of them proficiently. It lays a strong foundation for organizations by processing their data and identifying the right solutions. Its benefits are not limited to now but also in the future. As you have gone through these points, so do you think that your business is ready for Robotic Process Automation? If your answer is yes, then this is the right time to make the transition and take your business to a new level.
Author’s Bio: Scarlett is associated with the editorial team at A3logics, acompany offering IT and Software Solutions. She loves to explore about new technologies and is often found busy with documenting the details of the technology used in different development processes. She has a keen interest in the latest technologies and when not busy with her technical writing work, she is found enjoying her coffee at the nearest cafe with a book in her hand.