With the wave of Artificial Intelligence automation to hasten business digital processes, the market for Robotics Process Automation bots, known as RPA, is growing. According to Statista, by the year 2030, they estimate the RPA market size value to stand at 23.9 billion.
What is Robotics Process Automation? RPA is the application of software bots to automate operations and repetitive tasks leading to business efficiency. See NICE site for instance, for a more in-depth discussion of RPA robots.
Why the rapid increase in the demand for RPA bots? RPA provides improved management of business operations, customer service experience, and more business efficiency. In addition, during the COVID-19 period, businesses searched for ways to improve the virtual working staff to stay valuable in a competitive market. Since the demand for the RPA is high, what benefit is it for a business?
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Efficient Business Processes
Since RPA bots imitate repetitive computer users’ digital tasks, it gears toward getting work completed faster and more accurately. Take an example, the scrapping of data from websites. Once programmed, RPA bots search for the needed data on a website, collect the information and deliver the data in either a table or other format. The digital data collection by RPA is much faster and more accurate than a person copy-pasting the information.
In a customer service setting, many businesses now use the internet to display their products online. RPA bots aid in customer purchase information collection. The RPA reads, writes, and processes the data for the purchase to go through the system while simultaneously sending different reports to the finance, procurement, and management teams.
Increased Productivity
Introducing Artificial Intelligent automation filled the need for delegating repetitive tasks. Employees feel more engaged in work that does not require them to handle mundane tasks. With the ability to print out reports that RPA bots generate, they can concentrate on analyzing the details and strategies, improve processes and achieve more work. According to BusinessWire, using RPA in business processes boosted employee engagement by 57 percent and increased efficiency by 86 percent.
A business needs to train its employees when implementing an RPA. If a company introduces an RPA without training its workers, it results in frustration and unhappy employees. Unlike Artificial Intelligent automation, RPA bots require human intervention to move to the next step.
Improves Compliance
As technology grows and more companies enter the market, compliance laws and regulations increase. Gaining and maintaining consumer trust for a business product or service is crucial. Meeting governance compliance avoids the payment of legal fines. RPA aids in streamlining workflow procedures and improving the adherence to data security, analysis, documentation, and risk assessment.
RPA software also helps a business to keep and update legal compliance protocols. The stored information reduces the risk of human error and regulation violations. It allows for enhanced work oversight, controls, and helps identify potential issues and finding solutions. RPA solutions remove the liability of work variation in a workflow.
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Conclusion
As a business introduces RPA in its operations, be it finance, human resources, or other systems, it is prudent to roll it out progressively. Developers build RPA bots around the functionality and needs of a company. Therefore, the organization must document the function of each bot it introduces for a process. Too many bots introduced simultaneously make for confusion instead of streamlined operations.
As time goes by and a business grows, its processes change to accommodate the current buyer trends. This growth means that some systems become outdated as changes take place. Therefore, the RPA bot for that system might not be adequate for the obsolete process and needs an update to meet the currently identified needs.