Robotic process automation (RPA) modernization has been the hallmark of operational improvement for several businesses, with some able to install the operative capacity of 230 full-time employees at 30 percent of the cost using the tool, according to a Deloitte report.
Central to the RPA implementation argument is automation. Appropriate RPA software automates repetitive, rules-based processes usually performed by people sitting in front of computers.
This includes addressing rule-based digital tasks such as filling in the same information in multiple places, re-entering data, or copying and pasting.
In achieving this, the technology does not use actual ‘robots’ in the traditional sense, but rather a concept based on metaphorical software robots or on artificial intelligence (or digital workers). in particular, RPA usage has been increased by manufacturing firms in order to minimize the risks associated with the global coronavirus situation. Therefore, demand for robotic process automation is anticipated to elevate once the coronavirus pandemic abates.
Given RPA provides additional layers of efficiency and visibility into the data infrastructure or businesses, companies who fail to modernize are at risk of losing out on significant returns. Scalability and flexibility are often called out as the key characteristics that attract businesses.
According to Accenture: “RPA is at the forefront of human-computer technology and provides players in the financial services industry with a virtual workforce that is rule based and is set up to connect with your company’s systems in the same way as your existing users.”
The report adds: “With robotics, you automate and build an automation platform for your front office, back office and support functions.”
As industry is expected to spend $2 billion on RPA in 2021 (as per the University of Stanford analysis), companies that have already embraced RPA have seen more of their operations streamlined, processes automatically updated through machine learning and enhanced communication between channels in the digital infrastructure.
