Remember the days all data were manually entered by people in the data logs? Those days are long gone and now Robots does those tasks which have capabilities to handle high-volume, repeatable tasks that previously required humans to perform. These robots are using technology called Robotic Process Automation (RPA) with Artificial Intelligence and machine learning techniques. These robots are called as “bots” in a cool way.
Bots. These bots can themselves log in, enter data, calculate and then analyse and then finally log out by itself. Currently, practitioners divide RPA technologies into three broad categories: Probots, knowbots and chatbots.
•Probots are bots that follow simple, repeatable rules to process data.
•Knowbots are bots that search the internet to gather and store user-specified information.
•Chatbots are virtual agents who can respond to customer queries in real time.
The RPA and the Traditional IT automation are way different from each other. RPA has the advantage of adapting to the schedules and changes in the system accordingly. Once RPA software has been trained to capture and interpret the actions of specific processes in existing software applications, it can then manipulate data, trigger responses, initiate new actions and communicate with other systems autonomously.
Enabling better customer service with chatbots. It Is ensuring business operations and processes comply with regulations and standards. Allowing processes to be completed much more rapidly. Providing improved efficiency by digitizing and auditing process data with any manual errors which was a major problem previously with human interference.A company does not as many employees as before because RPA is creating cost savings for manual and repetitive tasks cutting down on manpower. Enabling employees to be more productive while bots finish all the repetitive actions and only the intellectual inputs are required from the humans
Applications of RPA
Some of the top applications of RPA include:
RPA can help companies offer better customer service by automating contact centre tasks, including verifying e-signatures, uploading scanned documents and verifying information for automatic approvals or rejections.
Organizations can use RPA for general accounting, operational accounting, transactional reporting and budgeting.
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.
Medical organizations can use RPA for handling patient records, claims, customer support, account management, billing, reporting and analytics.
RPA can automate HR tasks, including onboarding and offboarding, updating employee information and timesheet submission processes.
•Supply chain management
RPA can be used for procurement, automating order processing and payments, monitoring inventory levels and tracking shipments.
In the longer term, RPA means people will have more interesting work. For 130 years we’ve been making jobs uninteresting and deskilled. The evidence is that it’s not whole jobs that will be lost but parts of jobs, and you can reassemble work into different types of job. It will be disruptive, but organizations should be able to absorb that level of change. The relationship between technology and people must change in the future for the better, and I think RPA is one of the great tools to enable that change. RPA is at the centre of many organizations’ digital transformation strategies. RPA offers the ability to automate business processes quickly and easily, eliminating human intervention, and simultaneously provide a wealth of business intelligence that was never available before.
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.