Current Trends In Robotic Process Automation (RPA)
Robotic process automation (RPA) is a common topic of discussion among managers. According to McKinsey & Company, robotic process automation (RPA) is expected to have about $6.7 trillion in economic impact by the year 2025. Today we see that RPA combined with machine learning and artificial intelligence can make exciting changes in business processes. Here are some RPA trends you should be aware of.
Adoption of RPA
More companies will adopt RPA in their business to streamline businesses and make good use of their data. It will be more prominent in companies that are currently exercising manual repetitive tasks. It is expected that RPA will become a billion-dollar industry this year. IT and telecommunication industries will be on the front line to adopt RPA for reducing operational costs. RPA will reduce operational costs by up to 75%. According to a study conducted by PwC, companies can expect to get a positive ROI within 14 months of adopting RPA. So, no wonder we will see more companies going for it.
Intelligent automation is a concept that combines process automation and cognitive artificial intelligence. Business leaders will focus their attention on this technology this year. It will improve operational efficiency and workforce capacity. There will be more interaction between humans and robots; so managing the digital workforce will become vital.
RPA is generally considered as a tool that improves business productivity and efficiency. But now you will see its application in data security. There will be RPA bots that will detect threats and fight to protect data. They will be defending from the front which will reduce the chance of error.
Many companies, like travel agencies, will use RPA to do tasks like booking tickets, canceling them, or refunding the money. These tasks will be automated and the customers will interact with RPA. Smart bots will be able to handle customer requests and process transactions without error.
RPA won’t replace the entire back-office processes; rather, it will complement them. It is not necessary to change the entire infrastructure to incorporate RPA. It will reduce the workload of the employees working in financial processing, procurement, IT, and other areas. With accounting process automation, for example, the accounting process will remain the same. The task will be accomplished faster and with high accuracy using RPA.
It is believed that business growth now will depend on the interaction between human and software robots. So, to stay competitive, businesses need to incorporate RPA into their system. Unlike before, the transformation is not very costly or troublesome. As RPA is seen as a complementary technology, it won’t lead to any huge changes to the way people work. RPA will assist employees to do works faster and without any mistakes. Employees can free themselves from mundane tasks and focus on something more important and useful. This way, companies will be able to utilize their talents properly.