What is Robotic Process Automation?
Robotic Process Automation (RPA) is a trending word in the industry of information & technology, it assures to bring a change from the traditional way of doing business, and IT operations in organizations. Businesses that are unable to streamline their processes are often spending a large amount of time and resources to complete repetitive yet essential tasks. Hence, this not only adds overall expenditure but also reduces business efficiency.
Robotic Process Automation does not involve any physical robots, but software bots installed into your computer. Companies looking for ways to optimize and automate as most of the companies can maximize the value that they are getting out of their actual employees. Companies are now creating not just workers but Digital Workers.
Robotic Process Automation (RPA) is a technology that runs on top of a computer, and it works with almost any type of system and helps to automate the repetitive processes and helps organizations to be much more efficient with their human workforce. It was initially adopted by banking, financial services, and insurance industries where they were dealing with a lot of data, and they had large back-office operations. Now we can see RPA in all the organizations over the Globe.
Types of Robotic Process Automation (RPA)
Benefits of Robotic Process Automation
Shortcomings of Robotic Process Automation
Future of Robotic Process Automation: HYPER-AUTOMATION
Robotic Process Automation will be our next level of productivity revolution. Through RPA, we can improve the customer experience by reducing errors and problems, increasing service hours, and putting employees to look on consumers with trickier issues that genuinely require human interaction.
RPA is neither a humanoid robot nor something that can completely replace humans, or it is not purely just another cost play, or it is not something that is replicating human cognitive functions. Hence RPA is configurations that automate manual and repeatable tasks. RPA are algorithms that solve specific problems. RPA is a software robot that plugs into existing business software and works in a flow. Robotic Process Automation is simple to implement, and it can provide benefits quickly and delivers a Return on Investment to over 300%.
In the future of RPA, we will come across of hyper-automation. Hyper-automation usually works with the help of advanced technologies which includes artificial intelligence and machine learning to increase automated processes and augmented humans. Hyper-automation is spread across a wide range of tools that can be automated. It involves Robotic Process Automation, intelligence business management software, and Artificial intelligence to increase AI-driven decision making. The global Hyper-automation market size by 2027 will be around 23.7 bn USD. According to Globe Newswire research by the year 2023, we will be going to see 40% of the infrastructure, and operational teams are using AI-augmented automation, and this will result in higher IT productivity and great scalability. Gartner predicts that by 2024, companies will lower operational costs by 30% using Hyper-automation.