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Robotic Process Automation Simplified

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RPA – Robotic Process Automation is a form of business process automation technology based on metaphorical software robots (bots).Whoa! Sounds like a sci-fi movie, doesn’t it? But don’t worry it is not and if you have a knack for it you could create a rewarding career out of it!

Don’t have the ‘knack’? Don’t worry you can learn it!

So, Robotic Process Automation is one of the coolest and revolutionary things to hit the technology and business industry easing the work of the people and redirecting human talent to areas that provide more return. It frees up the resources to focus on tasks that require creativity, decision-making and judgment. It automates the task just like a human being was doing it across platforms and systems.Any company that uses labor on a large scale for general knowledge process work, where people are performing high-volume, highly transactional process functions, RPA will boost their capabilities and save money and time with robotic process automation software. Such as the Banking sector, this sector is known for its lengthy processes around information input and exchange but not anymore as RPA is introduced into the equation it is becoming a much smoother and shorter ride. United Overseas Bank (UOB) for instance was able to considerably reduce the time taken to process requests for letters of credit from the corporate clients.

Just like industrial “robots” or machines reshaped the manufacturing industry by creating and developing higher quality products in half the time RPA “robots” are remodeling administration, business, IT support processes, remote infrastructure and other back-office and virtual office work.You know how cool it is to watch “How stuff works” in any given manufacturing industry such as making cheesecakes on a large scale or the speed packaging of beauty products. RPA is like that only on virtual plane instead of physical. One of the major improvements it provides is the increased accuracy lowering the human error and increased productivity while removing people from dull, repetitive tasks to more rewarding ones!

Why RPA?

So when we think about RPA we think its main goal is simple – to replace the repetitive and boring clerical and often low-value tasks performed by humans with a virtual workforce. But is that it? We fail to realize what this ‘simple’ goal can achieve for us.

Consider this – the business, technology and every other industry now being linked with technology is rapidly evolving, sometimes at such a pace that it is hard for us to keep up with it. With the changing business processes imagine how much human workforce would be in need of frequent updates if we try to keep up with these changes. Increased workshops and meetings every couple of days discussing the new changes, hiring individuals who have the ability to fill this gap and so on. This lengthy approach to tackle small and frequent changes clearly highlights one thing – Waste of time and resources

Solution? RPA!

With any change in the business process be it tiny or colossal, a company would only need to make a few changes in the software code which is always cheaper and faster. So weeks of work is reduced to a mere few minutes! But the real question is,

Do the ever-changing business sectors find value in this asset? and Is there a future in RPA?

Yes! And Yes! According to a report at Grand View Research, the global robotic process automation market size was valued at USD 1.1 billion in 2019! Increasing demand for business process automation (BPA) through the use of Artificial Intelligence (AI) and software bots is anticipated to be the key growth driver. The businesses across the globe are transforming into a dynamic digital environment. And by 2027 the RPA market is expected to reach USD 10.7 billion! Read the report here.

Do something today you will be proud of tomorrow

Knowing how the market works and where it will flow gives you the opportunity to invest your time and skills in the right thing which ensures return and increases value. We don’t even realize that currently RPA does play a role in our lives. In banking, shopping and even basic customer feedback, bots are already a crucial part of our experience. In the near future we can expect the following,

  • RPA will be widely used in different domains and industries like BFSI, Manufacturing, Retail, Analytics, Aviation, Oil and Gas and even Legal!
  • Data entry and Data rekeying jobs will be managed with automated tools and techniques
  • All computer aided processes that can be governed by a set of protocols will be managed with the help of RPA and most of them already are
  • RPA can even be used for formatting tasks given a set of rules

In the near future almost every industry would require the input of Robotic Process Automation, this change is inevitable as we move into the realization that we need to redirect the time and resources we are spending on mundane tasks towards our growth and value. It is anticipated an abundance of jobs in the following industries and most of them do have some level of input of RPA.

  1. Banking

This one is obvious as right now the most in need of this powerful asset. With a massive number of account documents, templates, deposits, withdrawals and other transactional files the most effective management can be achieved through RPA

  1. Insurance

Insurance is one of the industries with a lot of back office work easily divided into a number of sections –  be it car, health, travel, real estate. Insurance agencies are now turning over to bots to help them streamline their business processes and increase their ability to take on more clients

  1. Telecommunications

The current bot experience in telecommunications requires a dire need of improvement and the companies are working to make this happen

  1. Utilities

Gas, electric, water etc. – deal with monetary transactions every day, so an opportunity for the RPA would be in accounts and billing and further expanding this into meter-reading, handling customer service queries or debt recovery.

  1. Manufacturing

The manufacturing industries are swiftly moving towards linking their mechanical machines with computer-aided software processes so with just a few simple commands large man-power can be managed single-handedly!

To sum up, this skill is proving to be a powerful asset and it is the demand of today and tomorrow. Being skilled in RPA also provides you with the opportunity to explore all industries with smooth transitions. So if you are thinking about going into RPA then I say go for it! The demand is high and the returns are apparent.

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