All You Must Know About RPA (Robotic Process Automation)

All You Must Know About RPA (Robotic Process Automation)

RPA (Robotic Process Automation) is currently one of the most popular sectors of the technology market.

A number of the planet's top venture capitalists -- such as CapitalG, Sequoia Capital and Accel Partners -- have spent enormous amounts in startups such as Automation Anywhere and UiPath. According to Grand View Research, Inc., the spending on RPA is forecast to reach $8.75 billion by 2024.

The irony is that this group has been around for a while and was kind of a backwater. But with all the breakthroughs in AI (Artificial Intelligence), the sector has come to life.

So what is RPA? Well, to start with, the "robotic" part of the expression is somewhat misleading. RPA is not about robots. The technology is based on applications robots. They essentially are concentrated on automating tedious activities. These include calculating quote-to-cash, payroll, procurement, bank reconciliation, insurance claims, and invoices.

And the impact can be transformative in an organization. By way of example, a firm can leverage RPA to reduce its reliance on outsourcing, which can be a significant cost saver. There might also be less of a demand for hiring.

Yet even if there is not much of a dip in headcount, there should continue to be substantial improvements in productivity. Based on research by Automation Anywhere, RPA could automate processes 70% faster. In other words, employees will have more time to dedicate to pursuits that are value-added.

Below are some other advantages:

  • Accuracy: RPA removes human error.
  • Compliance: Legal and regulatory conditions could be embedded in the systems.
  • Tracking: There could be the identification of technical problems and tracking of risks, for example with customer service.

"RPA is a method for enterprises to make an actual virtual workforce that drives business agility and efficiency," said Richard French, who is the CRO in Kryon. "It is managed like every other team in the organization and can socialize with folks just as other employees would interact together."

The procedure for utilizing RPA is also simple. "Show your robots exactly what you do, then let them do the work," said Mukund Srigopal, who's the Manager of Product Marketing at Automation Anywhere. "They can interact at any platform or application the exact same way that you do. Bots can learn and they can also be cloned. It's code-free, non-disruptive, non-invasive, and easy. Leading RPA programs can add a layer of cognitive intellect into the automation of business procedures."

Today RPA isn't without its challenges (hello, no other technology is a panacea!). There does need to be a part of the processes in place of a company. It's not a fantastic idea to automate a system that is sub-par!

Next, in case there are significant changes to the existing transaction platforms, then it will take some time to retool the RPA. This can be a prolonged effort if there are lots of bots.

Bottom Line On RPA

When it comes to RPA, the costs for implementation are modest, particularly compared to the yield. "Once employed, the capacities may be scalable," said French.

RPA is also a fantastic way for a company to transition into AI. "There has been a proliferation of AI-enabled services in the past few decades, but companies often fight to operationalize them," explained Srigopal. "However, RPA is an excellent way to infuse AI capabilities into company processes. A platform like ours can offer profound learning models constructed on networks to automate tasks like file processing. For the most part, traditional RPA functions well in very predictable and structured scenarios."