Robotic Process Automation is a vital part of Intelligent Automation. It's an innovative technology that simplifies structured business processes.
RPA works exactly like one of your employees, interacting with the user interfaces of your present software and carrying out structured procedures automatically. Automated solutions that use RPA can offer a business several advantages such as, increased productivity, reduced costs and accelerated ROI.
In 2016, RPA started appearing as the buzzword of the day in presentations and sales pitches around the world. By 2019, the worldwide RPA program market achieved an evaluation of $1.41 billion dollars, and forecasts for double-digit growth persist through at least 2024. Today, RPA is widespread throughout many business sectors, including insurance, utilities and energy, manufacturing, health care, banking, and financial services.
According to a 2019 study commissioned by UiPath, a top RPA technology vendor, and conducted by Forrester Consulting, 86 percent of respondents indicated increased efficacy, 57% reported improved customer service, and 57% reported improved employee participation.
RPA + Artificial Intelligence (AI)
The integration of RPA with AI takes the software robot’s abilities to a whole new level beyond rule-based processing.
These tendencies span strategy, operations, as well as the tech combination underpinning all aspects of business in the 21st century. Coupled with the Macro Forces of Change that affect our collective futures, the ascendency of automation is changing the lives of each member of the workforce, professionally and personally.
Intelligent Automation is Reshaping Business
Intelligent automation can be implemented in several areas of your business. Nevertheless, organizations must have a holistic approach to maximize value and understand the forces of change impacting the future.
While some organizations may think they have time before preparing for and understanding Intelligent Automation, this technology is an integral part of our everyday routines. Alexa, a bot (short term for "robot"), reads stories to children and plays music with voice cues for seniors; the start of the pandemic drove interactive sales bots to engage in conversation with prospective clients via email, in addition to qualifying sales opportunities; visitors reporting combined with commuting advice, etc. As in our personal sphere, Intelligent Automation also has entered the business industry.
A recent MIT study explains, "Improvements in technology negatively affect wages and employment through the displacement effect, where robots or other automation finish tasks previously done by employees. Technology also has more positive productivity effects by making tasks easier to complete or creating new tasks for employees. The researchers said automation technology always creates both displacement and productivity consequences, but robots produce a more powerful displacement effect."
During the last five decades, possibly the most obvious manifestation of change in the workforce is that the ubiquity of smart automation technologies. Automation solutions produce and update case management documents for insurance companies, execute journal entries for banks and handle invoices to support procurement teams. Executives, managers, and office employees around the world increasingly face demands to socialize or even collaborate with electronic workers -- computer-generated "robots" ranging from desktop macros all the way to multi-application solutions with interactive voice abilities. As employees and businesses around the world shape the new norms of post-Covid dynamics, business leaders can construct the strategies and operating models required to incorporate a distributed workforce with software-driven solutions that change how people work. Bank of America analysts refer to those worker-robot collaborations as "robo sapiens," and others refer to them as collaborative robots, or "cobots."