Robotic Process Automation (RPA) is the new buzz word in the IT industry as it promises to bring in a shift in the traditional way of manually doing the business and IT operations in organizations. The term Robotic Process Automation brings into your mind the picture of physical robots doing some labor intensive human physical tasks like unloading heavy goods from a vehicle or cleaning your house. However, in reality, the picture is different. The ‘robot’ in the term RPA is not a physical robot but a virtual system which can efficiently automate repetitive manual computing or business process tasks. A March 2017 report from Research and Markets reveals that "The robotic process automation market is estimated to reach USD 2,467.0 million by 2022, at a CAGR of 30.14% between 2017 and 2022. The major factors that have propelled market growth are ease in business processes offered by robotic process automation, and convergence of robotic process automation with traditional business process industries".
In IT environment, not all the business processes are smart and intelligent. Many of them are dependent on multiple IT systems and not always talk to each other. Such mundane and repetitive tasks are time consuming and labor intensive for human beings. With the current automation methods, it takes massive IT transformation plans and implementation processes to make a transition to it. Here comes the relevance of Robotic Process Automation (RPA). RPA holds the power to automate almost all the repetitive, mundane and rule based tasks more quickly accurately and tirelessly, compared to a human being. It uses a machine (robot) that possesses tangible integration and automation capabilities which can mimic human interactions with web applications, web sites, portals, Excel worksheets, legacy green-screen apps, and email and helps automate the tasks. RPA is economically efficient than any other automation solutions that exist currently. Implementing RPA for redundant business processes also enables human beings to shift their focus from repetitive tasks to tasks requiring emotional intelligence, reasoning, judgement and interactions with the customers.
Benefits of RPA
RPA automates repetitive tasks and enables improved business efficiency, data security and more effectiveness without altering the existing infrastructure and systems in an organization.
• Increased productivity and efficiency
• Faster and easier implementation
• Flexibility and scalability
• Improved regulatory compliance
• Cost savings
• Financial Services: RPA can be used in financial services sector for automating the tasks including account closure and opening, managing audit requests, foreign exchange payments and insurance claims processing.
• Accounting: RPA can be used in operational accounting, general accounting, transactional reporting, planning and budgeting.
• Human Resource Administration: RPA can automate HR tasks in organizations including onboarding and off boarding tasks, time sheet submission processes, updating and amending employee details and so on.
• Healthcare: There are many areas in healthcare sector which RPA can play a significant role. This includes patient care record handling, claims, underwriter, account management, customer support, billing, reporting and analytics.
• Supply chain management: RPA in supply chain management involves automation of order processing and payments, procurement, monitoring inventory levels, and tracking shipments to ensure on-time delivery of materials.
• Customer Service: RPA can play a key role in redefining the customer service experience by automating the contact center tasks including uploading the scanned documents, verifying e-signatures, verification for automatic approval or rejection recommendations and so on.
From RPA, we are moving into the world of Intelligent Automation (IA), where Robotic process automation is combined with Artificial Intelligence including Natural Language Processing, Machine Learning and Cognitive Computing. With IA, the automation is maturing to the next level where the robots are transitioning from ‘doing’ machines to ‘thinking’, ‘learning’ and ‘adapting’ machines capable of anticipating the requirements and acting accordingly. Happiest Minds mCaaS- Digital Query Assistant (DQA) is a game changer Intelligent Automation solution powered by artificial intelligence and cognitive computing. The DQA solution holds the power to manage and optimize customer interactions across disparate channels including mobile, the web, social media, and voice mail, driven by automation. The platform has intelligent search and self- learning capabilities. Digital Customer Onboarding (d COB™) and Digital Contact Center Modernization (DCCM)solutions from Happiest Minds are also two solutions which are backed by RPA. RPA holds the power to amplify human potential which results in a much more efficient business and IT oriented process. Robotic Process Automation is no longer an alien concept and is gaining a lot of traction in the IT industry. It is set to be one of the fast growing technology sectors in the next few years to come and early adopters are going to reap the benefits.