The technology-based application in which business logic for automating business processes is involved is called Robotic process automation aka RPA. Robotic process automation has evolved over the past few years. The main aim of RPA is to replace rule-based manual tasks with software robots.
RPA is not directly AI or ML but it is all about deploying software robots to automate monotonous processes which are repetitive too.
Why does RPA matter?
- According to Automation, Anywhere Workers invest 10%-25% of their energy on computer-based tasks which are repetitive.
- By 2027, the RPA industry is predicted to be worth $25.56 billion, while the AI market will be worth $390.9 billion.
- IT offices invest 30% of their energy on essential low-level undertakings (Automation Anywhere)
- Half of the organizations spend between $5-25 dollars for manual receipt preparation (Automation Anywhere)
- A commonplace guidelines-based cycle can be 70%-80% robotized. (Automation Anywhere)
RPA Today and Future Potential
RPA technology aims to make use of software to automate rule-based, high volume, repeatable tasks. This is done to mitigate human intervention in services and enterprises. According to the Forrester report, these technologies will tend to contribute $2.9 billion by 2021. Automation is completely disrupting the growth of the workforce. Moreover, it has also eliminated various jobs and will open doors for new opportunities. Already 40% of the enterprises have automation centers.
Essentially, RPA offers sufficient benefit to organizations that work with not very many individuals or deficiency of work. The two circumstances offer a welcome chance to save money on cost just as smooth out the asset distribution by sending computerization.
The immediate administrations market incorporates execution and counseling administrations emphasizing building RPA capacities inside an association. It does exclude more extensive operational administrations like BPO, which may incorporate RPA getting progressively installed in its conveyance.
Examples of Robotic Process Automation
Numerous industries have already benefited from Robotic process automation.
Call center operations
Call centers receive customers’ requests with the aid of RPA technology. The dashboard is used for providing solutions to common customer queries.
RPA can reduce the human help desk workload by addressing repetitive issues. These issues handled by RPA are simple but on the other hand, they are time-consuming too.
Data migration/entry and forms processing
RPA helps with data migration and data entry services without any kind of error. RPA solution helps read the forms and transform data into the system. It frees the humans to do some other work.
RPA is very effective in the healthcare sector also. It assists in the online scheduling of patients. In the future, it will boost the scheduling process by adding more enhanced features.
Obtaining information from many websites to locate the greatest offer
RPA is your friend when you are searching for purchasing a vehicle and grabbing the best deal. It helps in scraping data from various websites and then comparing it for showing the best deals.
The Future of Robotic Process Automation
RPA assists human computers to proceed with error-free tasks at high speed. This intelligent automation can solve more business-based critical applications of RPA. In the future, RPA will indulge in outsourcing numerous tasks to robots and automating work for improving efficiency.
RPA and AI both are popular technologies. Both tend to revolutionize digital transformation. RPA and AI, together bring intelligent automation that alleviates end-to-end business processes. RPA is not a physical robot, it is a software robot that assists in automating repetitive tasks and processes. Moreover, it eliminates human error. The role of RPA bots is to copy/cut, paste, move data. It is also helpful in web browsers, fill forms, etc.
Robotic Process Automation with Artificial Intelligence
RPA is the hottest trend most C-suite people follow. This software bot, when combined with AI, leads to intelligent automation. The integration of AI with RPA can tackle more complicated processes and solves various challenges on its own. This integration can alleviate productivity, enhance data management and assist workers to be completed more smartly.
Integration of RPA with AI
RPA and AI can complement one another and work together to provide a more powerful stage for intelligent mechanization — robotizing any front- or administrative center company measure and managing work across consolidated human-bot groupings.
Here is a portion of the reasons why you would utilize RPA and AI in a solitary bundle:
- Skyrocket the usefulness of your labor force.
- Save your labor force of painful and repetitive tasks.
- Take out human mistakes from the working environment and make certain to arrive at the right outcomes.
- Improve information the executives all the more successfully and save costs.
- Gain total interaction straightforwardness through a customized dashboard and reporting system
In 2022, The labor value of Smart Automation (RPA Plus AI) Will Releases $134B.
Future Predictions for Robotic Process Automation
We should begin with Gartner’s forecast. According to Gartner, RPA spending will reach $2.4 billion by 2022 across the world. Organizations will employ RPA engineers to execute this innovation correctly in their frameworks. A portion of things to come expectations for RPA are-
- Rise of SPA (Smart Process Automation)
SPA is the integration of humans in the loop+Business logic+machine learning. In SPA there is more emphasis on electronic and unstructured data. RPA is deployed for automating the structured data along with some rule-based data. But when RPA integrated with machine learning, it gave way to SPA bots.
- Paperwork Elimination
RPA when integrated with AI gives data-driven technology and supports enterprises in managing time-consuming as well as repetitive tasks. The automation market will make use of the RPA model that will support automating the paperwork by 2025.
- Centralized Automation Platform
As YouTube works like the video repository, the RPA is expected to do some work for automation.
- The emergence of RPA 2.0
Alongside typical RPA, if we incorporate programming robots, AI, ML, computerized change, and a distant working environment, we will get RPA 2.0. This pandemic age is an impetus in the distant work development, and pushing ahead, it will either make or blemish organizations across the world. Organizations can recruit RPA designers to capitalize on distant working and computerized change through shrewd RPA boats. RPA 2.0 will be a distinct advantage as far as usefulness, development, and proficiency across all offices.
RPA and AI can be considered a great strategic investment in the enterprise world. RPA in integration with AI can open new doors and improve productivity too. RPA when integrated with AI offers flexibility, user-friendliness, centralization, scalability, nondisruptive, and security.
I hope this article is useful for you. RPA bots and intelligent automation (IA) setups have recently become a must to survive and thrive. Organizations require RPA implementation to deal with the situations that arise during the pandemic and post-pandemic events. RPA may help your company reach new heights in terms of providing a superior and personalized client experience.