RPA stands for Robotic Process Automation, which is the use of computer software ‘robots’ to handle repetitive, rule-based digital tasks. Robots execute these tasks by emulation and interaction with applications and data sources in much the same way as human workers do. Cognitive RPA means Robotic Process Automation (RPA) tools and solutions that leverage Artificial Intelligence (AI), Text Analytics and Machine Learning (ML) to improve the experience of your workforce and consumers. Such processes embody self-learning, reasoning and self-correction.
The key point is to understand how different the RPA technologies work, to find the best fit for your organization. Unattended robots perform batch operations that do not require user intervention whereas attended robots are helpful when the entire end-to-end process can’t be automated. Unattended RPA bots get triggered by events and can be scheduled whereas attended bots have the functionality to work hand in hand with human employees.
Cognitive RPA automates operational processes that require the handling of unstructured data (such as scanned documentation). Cognitive automation is designed in such a way that it can support greater process complexities. Cognitive RPA can be used to improve the data. You can use natural language processing and text analytics to transform unstructured data into structured data. Cognitive RPA can be used to make automated decisions like predictive analysis, judgment calls based on the situations which present themselves and can enable the system to learn or expand the capabilities to continually improve the certain aspects of its functionality on its own.
Benefits of RPA and Impact on ROI
The benefits of RPA are various and always developing, as automation and AI software develop quickly. RPA is an incredible tool for businesses to assist in increasing and enhancing productivity. It helps companies in delivering a much better experience.
- Reduces Human Error
one of the major advantages of RPA is, it reduces human errors because it works on set programs. It would be a significant relief on the human’s side as they no longer are required to spend long hours correcting errors.
“They are robots, they don’t get tired. They are compliant and consistent.”
According to a whitepaper by IDC, human error costs organizations over $62.4 million every year! With RPA, organizations will be able to cut over 65% of their cost and gain a return on investment within six months of its implementation.
- Increases Employee Productivity
RPA ultimately facilitates humans and robots to try and do simply what they are good at. As RPA frees the employees from their monotonous tasks, they will be able to focus more on client and customer interaction, relationship management and other such activities where humans are naturally well versed with. Having satisfied clients and customers – turns out to have a better business.
Robotics is one amongst the safest and non-invasive technologies, it wouldn’t interfere with the inherent systems, providing good consistency in performance.Cost Savings
Leading AI experts like Andrew NG also predicted AI would possibly result in the loss of multiple jobs for the one who works in automatable jobs and lacks abilities. “RPA vendors estimate 25-60% cost savings due to RPA roll-out.”
“Machines can do many tasks better, cheaper and faster.”
– Cliff Justice
Industries that use RPA. How and when a business realizes when they need RPA?
Automation technologies are encouraging advancements across varied industries that come with the benefits of improving productivity and quality of work while reducing errors. Below are a number of the foremost vital sector-wise use cases RPA in today’s world:
- Finance and Banking: By providing more value addition to the overall organizational benefits and efficiency, RPA reduces costs in finance and banking like other sectors. Let’s see how
- Automate unstructured data from emails, PDFs, documents and forms.
- Put automation in the hands of your bank’s advisers, in customer-facing functions.
- Automate the processes: attended, unattended or hybrid, with a human in the loop.
- BPO: In BPOs RPA solutions have been used in a wide range of areas that include
- Data entry and validation
- File and data manipulation
- Automated Formatting
- Multi-format message creation
- UI manipulation
- Web Scraping
- Text Mining
- Workflow acceleration
- Insurance: Here are some of the use cases how RPA is beneficial in the Insurance Industry
- New business and Underwriting
- Claim processing
- Business and process analytics
- Manual data entry process
- Usage of legacy applications
- Blend new technologies with existing systems
- Policy cancellation
- Form registration
- Healthcare: In multiple industries, RPA has simplified the work procedure. Let’s see how it’s simplified in the Healthcare department
- Simplifies Patient Appointment Scheduling
- Speeds up account settlements
- Streamlines claims management
- Implements discharge instructions
- Records audit procedures
- Improves health care cycle
- Manages population health systems
- Telecom: To smoothen the work-life at telecom, there are quite a lot of services are covered by RPA, below are some of them
- Network Management
- Invoice and Purchase Order Processing
- Customer Onboarding/ Off boarding
- Efficiently Responding to Partner Queries
- Manual Sales Order Processing
- Data Transformation
- First Call Resolution
- Debt Collection
- Improves average revenue per user
- Manufacturing: Let’s see what the functional areas that RPA are effectively used are
- Bill of Materials
- Administration and Reporting
- Customer Support and Services Desk
- Data Migration
- Logistics and Data Automation
- ERP Automation
- Public Sector: Let’s see how RPA is beneficial to the Public Sector
- Document handling and validation
- Reconciliation and reporting
- Form processing
- HR task
- Financial management and audit trail
- Retail & CPG: Let’s see what all are the functional areas in Retail and CPG that are effectively used
- Returns processing
- Workflow Management
- Customer Support Management
- ERP Management
- Accounting and Finance
- Marketing and Consumer Behavior Analysis
- Demand and supply planning
- Logistics and Supply Chain Management
Where do you see the future of RPA?
With worldwide offered RPA developers and tools, it is foreseen to examine the beginning of successive waves as a totally RPA adoption. Small and medium-sized companies will have an approach to fuse business data tools without their committed IT employees. The demand for open-source RPA is going to increase much more than in today’s world. Because companies favor open-source solutions since they offer more transparency and it would be more cost-effective.