Today, Robotic Process Automation (RPA Technology) has become a trend in tech industry as one of the most advanced Digital Transformation technology to cut costs, save time, and maximize resources through the automation of repetitive and high-volume tasks. The global market for Robotic Process Automation (RPA) is expected to reach USD 3.11 billion by 2025, according to a recent study by Grand View Research, Inc. It is expected to expand with an average annual growth rate of 31.1% during this period.
This article will discuss about 10 things about Robotic Process Automation (RPA).
1.RPA is not a Physical Robot
When we hear “Robotic Process Automation” it reminds us of robots or things we don’t understand how they work. Nowadays, everything around us is getting automated, but NO, RPA technology is not a physical robot, Robotic Process Automation (RPA) is a software with artificial intelligence (AI) and machine learning to handle massive amounts of work and repetitive work.
2.Software BOTs can operate 24/7 and can reduce 25% costs with better Quality.
Software BOTs are like virtual workers who work 24/7 non-stop or based on a arranged schedule and will also increase productivity and produce more accurate predictions and higher process quality.
3.RPA Technology Doesn’t Replace Your Enterprise Software.
Regardless of the platform or ERP your company uses, the RPA application, or the context, RPA software is easy to install, integrate and generate. Designed for enterprise-level security, Robotic Process Automation supports third-party credential storage with FIPS (Federal Information Processing Standards) compliant crypto and enterprise key management for enterprise-level security.
4.RPA software provides an opportunity to Innovate, Develop and Focus on customer satisfaction.
Because RPA handles menial tasks, employees have more time to focus on core employee responsibilities such as sales, marketing, strategy, and solutions. In turn, this will build higher business value and foster effective customer engagement. When Robotic Process Automation is deployed, staff roles may need to be reviewed and employees will be moved to more important customer service activities, as tedious back-office processes are now automated
5.RPA technology is inexpensive and worth the investment.
When compared to the price of Business Process Management (BPMS) or Enterprise Resource Planning (ERP), which are quite expensive, Robotic Process Automation seems to be a much more budget-friendly. In addition, the ability of RPA to reduce costs and increase the company’s ROI is quite significant. The Experts argue, while there are a number of other solution options, RPA technology is able to offer a superior user experience by reducing process errors quite dramatically, providing significant cost and efficiency benefits in a short business time. Because it is relatively easy to implement, RPA can deliver benefits quickly and ROI of between 300 – 800%
6. Robot software will not replace human labor.
While it is true that some activities that were previously performed by employees will be automated in recent times using RPA technology, it certainly does not mean that human staff is no longer needed. Simply, software robots cannot function independently without humans. So employees is supported by Robotic Process Automation technology and will be able to improve their performance but will not be able to replace their overall function. So this will be beneficial to both the company and its employees
7. RPA technology is not just for Big Companies.
There is a thought that RPA is only suitable for certain industries, such as banking and finance. But the fact is that back office activities must be carried out in all types of industries, this is what makes Robotic Process Automation relevant to a much larger business reach than previously thought. Wherever there are repetitive, standardized and multiple tasks to complete, RPA will always have a potential place to help make the job easier. RPA can be used to manage detailed tasks such as retail order processing, insurance claims processing, accounts payable/receivable, audit and compliance, communication between manufacturers and customers, as well as in the healthcare industry, where it can manage patient visit schedules.
8. RPA technology can create new jobs.
Companies which already use automation processes will be able to create new opportunities for employees, because their role will move towards analysis and strategy, and of course this will be able to encourage the company’s business development. In addition, employees will be able to learn new technologies and improve their current skills, especially those that support RPA. RPA technology has a very large scope in the future because the world is currently being transformed into the digital era.
9. Your team only needs basic programming skills to master RPA Software.
To complete nearly 80% of RPA projects, basic programming skills are required such as basic Java or .Net automation functions. RPA technology and bots are so easy that any employee can use them – for any process, anywhere in the business.
10.RPA Steps to IPA (Intelligence Process Automation).
As mentioned by many technology experts, Intelligence Process Automation will be a future technology trend that will meet between enterprise systems and intelligence automation. Companies will adopt services and technologies that are likely to interconnect with their existing systems
RPA will accelerate the journey of digital transformation.