Robotic Process Automation: All You Need to Know
Robotic process automation is becoming highly popular in the business world because of its superior capabilities. Companies today need to perform rule-based, high volume activities with impeccable precision and speed. Robotics could be the answer to achieve these requirements and significantly reduce the requirement of employees who can be made to focus on more strategic tasks.
What is robotic process automation?
Robotic process automation refers to the use of software that is equipped with machine learning and artificial intelligence capabilities to handle replicated and high-volume tasks that previously relied heavily on human labor. This technology mimics human workforce that performs tasks such as logging into applications, entering data, calculating and completing tasks, and logging out. Although a few early birds in the adoption of robotic process automation is moving from the testing stage to implementation, this technology is still at its infancy for many organizations who are yet to fully realize its potential. Automating repetitive tasks by switching over to robotic process automation (RPA) will not only revitalize the workforce but also cut costs and improve the quality of output.
Major benefits of RPA
Apart from the above-mentioned advantages of adopting robotic process automation, some of the other perks of utilizing this technology include:
- Easier to ensure whether the business processes comply with the pre-determined standards and regulation
- Enhanced customer service
- Better cost savings especially in the case of repetitive and manual tasks
- Ensure that employees are more productive by allowing them to concentrate on core competencies
- Rapid competition of tasks when compared to manual labor
For a visual explanation of robotic process automation, check out this relevant video on YouTube:
Some of the key applications of robotic process automation
RPA technology can be put to use in various industries and processes. Some of the notable use cases are mentioned below:
Companies can use this technology to step up their customer service operations. Robotic process automation can help companies to automate contact center tasks that include uploading scanned documents, verifying information for automatic approvals, and verifying e-signatures.
Accounting involves operational accounting, transactional reporting, general accounting, and budgeting. These processes involve financials and calculations and any error could result in major problems for the business. Automating these processes using robotic process automation will eliminate the possibility of error in calculation or omitting important entries.
Today, the healthcare industry holds an enormous amount of data. It often becomes challenging for healthcare organizations to manage and organize this large amount of data. Healthcare companies can incorporate robotic process automation to better record and maintain their data. This technology can be used for processes such as handling patient records, claims, account management, customer support, billing, and reporting and analytics.
Supply chain management
With most businesses adopting an omnichannel business model, their supply chain activities have become highly complex. Businesses can rely on RPA for various supply chain related functions, including automating order processing and payments, procurement, tracking shipments, and monitoring inventory levels.
Companies with a large workforce often find it difficult to manage the recording and tracking of details of each employee. These tasks also often prove to be repetitive and monotonous. Robotic process automation can help companies automate several HR processes including updating employee information, employee onboarding and offboarding, and tracking timesheet submission process.
To know more about the trends and challenges of adopting robotic process automation