Is Robotic Process Automation (RPA) the Next Big Thing in Automation?

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2022 will be the year to get businesses back on track after a year of unparalleled disruption. As a result, many will be looking towards technology and automation to reduce costs, improve efficiency, and build up organizational resilience. A technology that should be at the forefront of such conversations is robotic process automation (RPA). 

So, let’s explore why RPA is essential for businesses and why it is worth investing in today.

Need for RPA

By employing either a combination of client servers or HTML code, user interface interactions or connectors to mainframes, RPA can imitate actions people take through applications. As a result, RPA bots can be trained to undertake un-intelligent and repetitive tasks faster and more accurately than humans ever could, thus improving speed, quality and productivity. 

Resilience and adaptability are central to overcoming current & future challenges. RPA helps organizations speed up processes ensuring they are ready to deal with disruption and change. In addition, with the help of RPA, companies can make adjustments based on seasonality and can easily scale operations up or down as needed. 

Where can RPA be used?

RPA has become widespread as it is broadly applicable. Virtually any high-volume, business-rules-driven, repeatable process is a great candidate for automation — and so are cognitive processes that require higher-order AI skills. In addition, multiple systems can be involved in each automated business process without any need for integration/changes to the underlying system. This helps businesses start their automation solution journey cost-effectively.

By combining RPA’s quantifiable value with its ease of implementation relative to other enterprise technology, it’s easy for businesses to see why RPA adoption has been accelerating worldwide. Leaders of functional areas from finance to customer service to marketing to human resources and beyond find that RPA improves many processes, yielding higher capacity, faster throughput, and fewer errors for key processes.

RPA in Banking & Financial Institutions

The processing cost reduces to 30-70% by reducing the turnaround time with banking automation via RPA technology. The banking sector can leverage RPA in multiple ways. Statistics show that specific banks invest in KYC compliance figures every year. RPA is used to assemble customer information, validate it, and process it. Fewer FTEs & round-the-clock functioning improve productivity and the quality of the compliance process.

Potential frauds are identified beforehand with the advent of RPA. Automation has led to banks being able to pinpoint accounts likely to cause threats and flag them. RPA sends automated notifications to customers prompting them to furnish necessary documents and process account closure functions with 100% accuracy.

RPA for Education Industry

The education sector is riding the surge of digital transformation solutions by leveraging new-age technologies such as RPA that help them reimagine their business performance and ROI. RPA enables institutions to manage business functions effectively in order to maintain better governance. This allows auditing & analytics to occur in one place and receive critical reports through RPA at regular intervals. 

RPA can fully automate meeting arrangement processes without human intervention. Reviewing the work schedule of each person, it informs concerned people about meeting schedules via emails. In addition, RPA bots can use screen scraping and follow a chain of command to gather all student assessment grades, their instructors’ comments about their progress, and any supplementary information onto their end-term report card.

Future of RPA 

Any industry reliant on computers for any small or large aspect of operations will benefit tremendously from the speed, accuracy, and efficiency – and overall dependability of RPA. Businesses must look forward to measurable solutions for building RPA strategies geared towards outcomes, as organizations only pay for the processes they automate – not the number of bots being used.

Many businesses would even adopt RPA for a reduction in cyber threats as RPA would help in safe keeping and eliminating any potential danger. Key differentiation factors will revolve around how RPA can function in tandem with intelligent enterprise automation — a collection of integrated technologies that include intelligent capture, AI, ML, case management, low-code capabilities and cloud-based content services.

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