WHAT IS ROBOTIC PROCESS AUTOMATION (RPA)?
Robotic process automation (RPA) is the use of software tools that partially or fully automate human activities which are manual, iterative & rule-based. The software or robot can be taught a workflow with multiple steps and applications, such as taking received forms, sending a receipt message, checking the form for completeness, filing the form in a folder and updating a spreadsheet with the name of the form, the date filed or respond to simple customer service queries. Indeed, the “chat bot” that has started to become omnipresent on websites is mostly robotic process automation tool, not a human.
RPA is automation technology that anyone can use to deploy software bots that can execute any business process.
RPA software is designed to reduce the burden of repetitive, simple tasks on employees. RPA (Robotic Process Automation) is a software virtual workforce to perform repetitive tasks that are currently being done by humans. The bots emulate the activities using the existing platforms and applications that a company is currently using.
To sum things up, how RPA software can work for us:
- Execute an intricate calculation faster than humans and validate data that are complex in nature for people to understand.
- Robotic process automation (RPA) refers to software that can be easily programmed to do basic, repetitive piece of work across applications.
- Interact with and update multiple applications in a transactional manner to keep everything in sync.
- It is designed for routine office-type functions, by doing the inconvenient task which eat up employees’ time and would be time taking process, it works like a digital assistant.
- RPA creates and deploys a software robot with the ability to launch and operate other software.
Robotic Process Automation (RPA) for Profit & Loss calculations are quickly evolving as the most efficient process automation systems with extremely small value realisation time for finance companies.
The cost of implementing RPA are significantly lesser than building a custom solution to eliminate human tasks that can be error prone.
Robotic process automation tools are not replacements for the underlying business applications; rather, they simply automate the already manual tasks of human workers. They essentially look at the screens that workers today look at and fill in and update the same boxes and fields within the user interface by pulling the relevant data from the relevant location. This serves a couple of purposes:
- It frees humans from monotonous, low-value-added tasks like data entry and makes them available for higher-value tasks that require human creativity, ingenuity, and decision making.
- It helps to ensure that outputs are complete, correct, and consistent between tasks and between human workers
- It helps to ensure that tasks can be completed more quickly because the robotic process automation tool can find and retrieve any necessary data in the background.
WHAT INDUSTRIES USE RPA?
RPA really is for everyone and the benefits span all industries and business units. Applying RPA for business process automation is limited only by the imagination and putting bots to work has never been easier, with a growing marketplace of ready-made, ready-to-deploy Digital Workers available on demand, requiring no specialized IT infrastructure. Find RPA solutions already set up to take on functions such as hiring and onboarding or insurance claims processing. Put bots in, anywhere.
Some of the top applications of RPA include the following:
- Customer service: RPA can help companies offer better customer service by automating contact center tasks, including verifying e-signatures, uploading scanned documents and verifying information for automatic approvals or rejections.
- Accounting: Organizations can use RPA for general accounting, operational accounting, transactional reporting and budgeting.
- Financial services: Companies in the financial services industry can use RPA for foreign exchange payments, automating account openings and closings, managing audit requests and processing insurance claims.
- Healthcare: Medical organizations can use RPA for handling patient records, claims, customer support, account management, billing, reporting and analytics.
- Human resources: RPA can automate HR tasks, including on-boarding and off-boarding, updating employee information and time sheet submission processes.
- Supply Chain Management: RPA can be used for procurement, automating order processing and payments, monitoring inventory levels and tracking shipments.
HOW DOES RPA WORK?
Robotic Process Automation (RPA) is simple—and powerful—automation software enabling you to create your own software robots to automate any business process. Your “bots” are configurable software set up to perform the tasks you assign and control.
RPA bots can learn. They can also be cloned. See how they are working and adjust and scale as you see fit. It’s code-free, non-disruptive, non-invasive, and easy.
Think of RPA as your Digital Workforce. Show your bots what to do, then let them do the work.
Robotic Process Automation bots have the same digital skillset as people, they are a digital workforce that can interact with any system or application the same way you do—everything from copy-paste to correcting data to making calculations. So there’s no need to change underlying business systems or applications, or any part of existing business processes in order to automate.
RPA automation can be up and running in an instant and business users can get started with it on their own. Digital Workers can be set up and deployed in a matter of weeks—then see ROI in a matter of days.
WHAT ARE THE BENEFITS OF RPA?
The benefits of Robotic Process Automation are immediately quantifiable and impact multiple areas, such as error reduction, increased compliance, and audit savings. RPA unlocks even greater return on investment by facilitating digital transformation, enabling incremental revenue opportunities, and freeing resources to focus on process improvements and value-added work.
Reduce Human Error
That means no rework and near-perfect compliance
Integrate Across Platforms
Legacy or new, RPA bots know their way around any application
Create time to focus on the customer with bots doing the data legwork
Harness Artificial Intelligence
70%within 4 Weeks
AI enables end-to-end process automation at high speed
HOW DOES RPA DIFFER FROM TRADITIONAL
RPA can plug and play with all applications and systems, current and legacy
RPA is intuitive to use
The drive to automate back-office, data-entry-heavy processes is certainly not new. Enabling knowledge workers to spend less time connecting the dots for legacy systems and executing repetitive, simple tasks has been a worthy cause for decades. However, tools that were able to assist with streamlining work—such as screen scraping—remained unintuitive for the everyday employee. RPA allows business users to build bots on their own, and realize ROI in a matter of days.
RPA empowers your workforce
RPA represents the convergence of multiple technologies within a consumer-friendly user interface. Advances in machine learning (ML) and artificial intelligence (AI) have enabled RPA to leap forward from its first emergence 20 years ago. RPA empowers your workforce to automate on their own, in real time. Flexible and intelligent, RPA executes 10X faster and 100% error-free.
Start, stop, and scale — your Digital Workforce of RPA bots on demand
Today, RPA delivers automation in a fraction of the time traditional approaches required, while being able to execute in any environment and across any application, anywhere. Robotic Process Automation bots can start immediately, scale on demand, and keep working at 100% capacity non-stop. Add intelligent automation and your Digital Workforce can handle even complex unstructured information to automate any business process from end to end. You choose how many software robots you need and deploy the instant they’re required.
HOW DOES RPA IMPACT DIGITAL TRANSFORMATION?
RPA is at the center of many organizations digital transformation strategies. RPA offers the ability to automate business processes quickly and easily, eliminating human intervention and simultaneously providing a wealth of business intelligence that was never available before.
RPA enables seamless business continuity. Whether facing crises like COVID-19 or everyday system and process changes, bots can operate from anywhere and automatically handle system and process changes on their own.
RPA has the power to accelerate every aspect of strategy and execution—including digital transformation—by putting the tools to automate in the hands of your frontline.