Robotic Process Automation

RPA consists of advanced software systems that automate regular activities and perform tasks with accuracy. It lightens the load of employees and provides them time to focus on vital functions. Automation eases the process of performing repetitive activities better than a human. The concept aims to mechanize business processes to boost the productivity of employees. The robust structure of RPA replicates human actions directly from a user interface. Companies are inclining towards the bots to produce reliable output. It helps to save time, generates profits, maximizes productivity, decreases errors, and much more. Various industrial sectors leverage the potential of robotic process automation to streamline routine jobs by mimicking human actions for execution. It enables users to create bots that can understand different functions necessary to run a business and use the application interface as a human does for effective accomplishment. The management and administration of digital tasks become efficient for enterprises today with robotic process automation.

Advantages of Robotic Process Automation

There are an ample amount of benefits that a business can get access to by automating their day to day tasks. Many industrial sectors are moving towards RPA to grow their business effectively and efficiently.

  • COST OPTIMIZATION:- Operational costs will go down when robots take up human work. The initial investment of RPA is expensive, but the returns are worthy. The business runs much effectively with the implementation of RPA in comparison to without it. It enables robots to do the extensive work of humans and minimize the costs by twenty-five to fifty percent.
  • FLEXIBILITY:- The flexible nature of RPA helps to continue business operations without any disruption. The system adapts itself to the changing situations and executes the functions according to that. Companies don’t have to worry about the constant changes happening in their business as RPA allows them to scale without difficulty. An organization can scale its business and work seamlessly by implementing RPA.
  • USER-FRIENDLY:- Executing repetitive tasks of corporations with the help of RPA is not rocket science. The elements of RPA comprises a graphical user interface that eases the implementation of automation. One doesn’t have to be tech-savvy to enact daily business tasks with robots. It helps to supervise and administer the workflow effectively without any technical issues.
  • ACCURACY:- Humans tend to make more mistakes than robots. Many global companies are inclining towards automation to reduce the number of errors. A robot doesn’t feel bored by doing a task regularly in contrast to humans. It enhances the decision-making process by providing relevant and error-free information. They follow the orders strictly and provide accurate results. It doesn’t interfere with the already established systems and ensures consistency in the business.
  • EMPOWER EMPLOYEES:- RPA is a beneficial tool to boost the productivity of the workforce. It gives opportunities to employees to divert their attention to much more meaningful activities. Organizations can encourage their employees to brainstorm and upskill themselves by delegating the tedious tasks to robots. RPA doesn’t limit its application to the tech industry, and the easy to use interface allows anyone from different sectors to enjoy the benefits of RPA.

Disadvantages of RPA

The cons side of robotic process automation can cause hindrance while continuing business activities. There are some disadvantages that an organization needs to keep in mind before going for RPA.

  • HIGH INVESTMENT:- The monetary cost of acquiring the benefits of RPA is high. Companies are reluctant to invest millions of dollars in automating their business process. The up-gradation in technology occurs very frequently that maximizes the probability of increasing replacement costs. An enterprise has to research every aspect of technology thoroughly before implementing it in their business.
  • JOB LOSSES:- Employees will feel insecure about their jobs if robots started doing routine tasks. The potential fear of losing jobs levels up with RPA. It will hamper the workflow of employees as they will feel uncertain about their future growth. Every corporation must provide stability to its staff and make sure that they grow ahead with time, but fear of automation increases the probability of job resignations.
  • RESISTANCE:- Companies find it hard to automate regular activities as it gets disapproval from the workforce. Humans often resist adapting to the changes as it is an unfamiliar space to be around. It becomes mandatory for the employees to learn some technical skills for embracing the benefits of RPA that might turn out to be a struggle for them.
  • FIXED FORMAT:- Customer needs vary on a day to day basis. It becomes burdensome for the organization to customize the business operations in the case of RPA implementation. The system is intelligent enough to make the tiny changes and match the demands, but sometimes the tasks call for personalization that a robot can not provide.

Practical Application of RPA

The robust system of RPA attracts companies from every industry to perform their business functions by using robots. It helps to boost the functionality and run the business seamlessly for a prolonged period.

  • HR:- Management of human resources in an organization is a fundamental task of any business. Companies are using RPA to automate the repetitive activities of HR, like scheduling interviews, recruitment, attendance, managing leaves, employee claims, and much more. Robots handle these functions with accuracy and save time as well as the cost of an enterprise.
  • CRM:- RPA is useful software to manage customer relationships and address the queries at the right time. It helps customer reps to clarify the doubts of customers without wasting any unnecessary time. RPA can collect and retrieve the data in a matter of seconds in the case of recurring queries. It helps companies elevate the company’s brand value in the eyes of customers for the long term.
  • BANKING:- There are still some tedious tasks that demand the time of customers despite the digitalization of banking activities. The banking sector can automate those tasks with the help of RPS to streamline the process. It enables them to retrieve customer data without any trouble and verify documents for loan requirements. Other jobs like KYC, portfolio management, exchange of information, and recording data become effortless with the help of RPA.
  • MANUFACTURING:- Manufacturing enlists several activities that require the time and effort of humans. RPA eases the tasks by keeping track of all the necessary duties and supervising those activities. The processing of bills of materials becomes easy to handle and reduces the number of errors. RPA facilitates inventory control and updates the stock information without any hassle.
  • FINANCE:- The finance sector invests heavily in RPA to supervise the exchange of financial information with utmost accuracy. It helps to reconcile bank statements for comparison without the need for human efforts. An organization goes through many changes that ultimately lead to either profits or losses. RPA can record those transactions in a specific format and store the data for future use.