Only if you are living under a rock, you have not heard about Robotic Process Automation in news, technological debates, or trending topics. Though the word ‘Robotic’ suggests that it has a lot to do with metal robots, the reality depicts a healthy mimic of human actions on a computer. Rather the technology is based on software robots. RPA has been bookmarked under the tab of ‘Future of Work’. Large organizations across the globe are integrating automation of business processes and are benefiting from the same.
If technology and its trends are something that piques your interest, below mentioned is the list of facts that you must know about RPA:
- RPA focuses on automating tedious activities, like back administration responsibilities, processing insurance claims, payroll, procurement, bank reconciliation, quote-to-cash, and invoices, etc.
- Some of the world’s top venture capitalists – such as Sequoia Capital, CapitalG and Accel Partners – have invested enormous sums in start-ups like UiPath and Automation Anywhere.
- It is managed just like any other team in the organization and can interact with people just as other employees would interact with one another.
- RPA can play an important role in the analysis of Big Data and the Internet of Things by streamlining data management.
- The costs for implementation are modest, especially when compared to the return.
- RPA software works on customer experience enhancement by mimicking human activities and has proven to be a good alternative to humans while creating a loyal relationship with customers.
- RPA is a great way to infuse AI capabilities into business processes.
- Software BOTs can operate 24/7 and can reduce 25% of the cost with better quality.
- RPA Software allows time to Innovate, develop and focus on customer satisfaction.
- RPA Technology is not only for large organizations.
- RPA Technology will create new jobs in the market instead of eliminating them.
- Your team only needs basic programming skills to have and operate RPA Software.
Any software will give you the best and optimum benefit only when the teams and processes are equipped to adapt them. To begin, organize the key complex processes of your organization in the following category:
- Low complexity, low benefit
- Low complexity, high benefit
- High complexity, low benefit
- High complexity, high benefit
After the first few wins, another way to approach case selection is to identify steps in a process that you can automate.