Ever-changing technology has done wonders in our lives. The many exciting developments have changed how tedious and time-consuming tasks are carried out in an effective manner. One such development that is taking over the business world like a storm is Robotic Process Automation. This is the latest and rapidly emerging technology deemed to be a game-changer for several industries across the globe. Experts suggest that robotic process automation tools might be even more revolutionary than cloud computing, Fintech, and 3-D metal printing. Let’s learn more about this technology that has become the latest buzzword.
What is Robotic Process Automation?
This technology has earned a stellar reputation for its ability to reduce human efforts and save time for jobs that are important for the success of organizations but prove to be time-consuming and monotonous such as back-office work, virtual assistance, calculation, documentation, answering the queries, transactions, data entry, data manipulation and more. RPA can reduce work overload. The best part is that the implementation of RPA does not require alterations in existing infrastructure and systems.
In short, RPA is a rapidly developing business process automation technology that makes use of software developed with the help of Artificial Intelligence and machine learning. Many industries and organizations are exploring the potential of this technology for tackling work overflow and repetitive tasks that are usually performed by human beings. These tasks involve the risks of human error and inaccuracy. Also, considering the nature of these tasks, it can lead to monotony and hamper the productivity of the company. This eventually results in underachieved profits and goals, impeding the performance of the company. Therefore, many organizations are adopting robotic automation process tools that are specially designed to accomplish routine jobs and fulfill company goals. These RPA tools and software are created to reduce the burden on the employee and perform mundane tasks effectively and accurately.
In simple words, RPA systems alleviate the need for human efforts and the need for creating a robot for specialized tasks as it works with a software robot or bot which is automated to perform several jobs at once, such as logging into applications, calculations, recording, triggering responses and communicating with other systems. Also, RPA technology has the ability to mimic human actions perfectly.
Advantages of RPA Technology
As mentioned above, RPA has the ability to perform simple and redundant tasks effectively. Also, it simplifies several jobs that involve the risk of error or inaccuracy. Apart from this, RPA tools and software are considered cost-effective. Experts claim that these software bots are economical when compared to whole-time equivalent.
Compared to the efficiency of a human employee, RPA can work 24X7 without the risk of exhaustion. This means one can expect increased productivity as well.
Unlike humans, chances of mistakes and errors are completely eliminated when RPA is at work, especially with high-volume transactions.
Robots are also efficient in providing details and accurate audit logs. This will ensure enhanced compliance with the regulations and standards.
This technology is extremely secure and reliable. Moreover, it brings enhanced scalability to the organization.
It can be implemented on multiple platforms and integrate several technologies.
Transactions can be made in a few seconds. Many processes can be completed rapidly, at a speed that is not possible with human intervention.
The system updates are easily available and are easy to execute. It requires no coding and can be handled without a deep understanding of the concepts. Also, adapting to such system changes is easy.
Implementation of RPA in an organization allows the employees to be more productive and focus on core missions of the company. With the help of this technology, it is easier to concentrate on their core duties and achieve company goals.
It is not necessary to have engineering or programming skills for using RPA tools and applications.
Finally, the use of RPA software is not only restricted to large industries, but it can be used by small and mid-sized companies too, depending on the nature of the business.
Industries Using RPA
Robotic Process Automation is a revolutionary technology that has been emerging in the top industries since the last few years. Industries across the globe have realized its benefits and how systematic implementation of RPA tools can improve the performance and curb inefficiency in the business processes. Experts suggest that with the help of RPA almost 70% of manual and repetitive work can be automated. This is why the RPA industry is poised to grow and impact the global economy massively. Industries that are already experiencing the revolution and are considered ideal for RPA technology include:
Healthcare: It is expected to improve patient handling, patient record handling, customer service, account and bill management. At the same time, enhancing the patient experience.
Banking: This industry can expect improvement in fraud detection, bookkeeping, security of data and maintaining accuracy.
Insurance: It can reduce the burden of back-office processes, legacy applications, data entry, and compliance maintenance.
Telecommunications: Automation can improve customer service, data communication, and maintaining customer data.
Financial Services: Financial organizations can use RPA for foreign services, auditing, account opening and closure, and processing claims.
Apart from these industries; accounting, human resources, retail, manufacturing, and utility industry, and e-commerce are considered ideal for this technology.
History of RPA
There is no clear word about the history and evolution of RPA. Experts are still debating whether it’s a new technology or simply an evolved version of similar technologies such as screen scraping, Artificial Intelligence, and workflow automation. Though the term Robotic Process Automation was used in the early 2000s, it is still an evolving technology as it is heavily dependent on its precursors. Nonetheless, it is still more reliable, scalable and buoyant than the predecessors. Here is a list of RPA tools being used in various industries.
Best Robotic Process Automation Tools
1) Blue Prism:
RPA Blue Prism is a UK based multinational software company that has pioneered enterprise robotic process automation tools. The headquarters is located in Newton-le-Willows, Merseyside, UK and it was founded in 2001. The company aims to create technology that improves the efficiency and effectiveness of the businesses. They provide cost-effective solutions. It is built on Microsoft .Net Framework. It can automate any application and support all platforms. It provides “back-office” unattended robots. Blue Prism was recognized as The Best Enterprise Application of AI at Alconics Awards in 2016. Accenture, Capgemini, EY, IBM and Deloitte are some of its selected partners.
This software company that specializes in robotic process automation and Artificial Intelligence was founded in 2005 in Romania. Today, they have their headquarters at New York City and offices in London, Bengaluru, Singapore, and Tokyo. It offers a platform for organizations to automate their business processes effectively and provide support for a wide array of applications on web and desktop. Also, there is a free edition available for learning. It is a very popular RPA tool with a user-friendly visual. Accenture, Capgemini, EY, IBM, Deloitte, Cognizant are some of the selected partners.
3) Another Monday:
The company promises to support organizations in their digital transformation and RPA journey. They aim to provide holistic and effective solutions to the establishments for their business automation needs. The tool can work across industries and can be universally applied. KPMG and PwC are its selected partners.
Automation Anywhere is the product of Automation Anywhere Inc. which was founded in 2003 as Tethys Solutions, LLC by Ankur Kothari, Mihir Shukla, Neeti Mehta, and Rushabh Parman in California. The company is operating in more than 10 countries and has products being used in leading companies belonging to industries like financial services, business process outsourcing, healthcare, technology, and insurance. The RPA tool is workable on Windows, Mac, and the web. Accenture, Deloitte, Cognizant and Capgemini are its partners. The company boasts about SMART Automation Technology.
Pega is the product of American software company Pegasystems Inc. The company was founded in 1983 and the products include software for customer relationship management, digital process automation, and business process management. It provides cloud-based solutions and can be operated on Windows, Linux and Mac. The solutions are fit for medium to large-sized businesses. Accenture, Cognizant, EY, and Capgemini are its partners.
This RPA system is a cloud and on-premises based software solution. The company specializes in providing tools that provide analytical information of structured or unstructured data. It aims to build a future workforce with robotic flawlessness and human empathy. Accenture, IBM, and Cognizant are a few renowned partners.
7) Kofax: Kofax Inc:
It was found in 1985 with the core mission of providing process management, robotic process automation, e-signature, and mobility and customer communication services. The RPA system has the ability to work with any application and can read data from websites, desktop applications, enterprise systems, and portals. It is simple and can be used even if the person has no coding skills. It can be well managed centrally from a server. Accenture and IBM are its known partners.
8) Automation Edge:
They are yet another leading developer of RPA software that provide solutions to automate Service Desk tickets, IT and business processes. Their products are cost-effective and provide adept solutions to perform repetitive tasks with the help of robotic process automation. Currently, they are providing IT Automation and RPA solution using technologies like Artificial Intelligence, ETL, API, Machine Learning, NLP, and Chatbots. Their products are used for front, middle, and back office automation.
Contextor helps its clients to focus on their core strategies and business goals by reducing the burden of redundant and repetitive tasks. Some of its well-reputed products are Contextor Interactive Assistant, Contextor standalone BOT, and Contextor Studio. It can automate tasks in real time and maintain contextual data collection. It is best suited for front office industry type and small, medium and large industry sizes. It supports Windows, Database: MySQL, SQL Server, and Oracle. Accenture, Capgemini, EY, IBM are its partners.
Kryon Systems aims to revolutionize business management and help businesses perform better. It was founded in 2008 with the only type of RPA tool, attended automation. Today, it has three different types: attended, unattended and hybrid. Besides the automation solutions, it helps in identifying the processes that require automation for improved productivity and efficiency. It is among the Fortune 500 companies and has 5 patents in computer and machine learning technology.
Future and Impact of RPA
This is just the beginning; the future of Robotic Process Automation is luminous. It is transforming business process management and aims to carry forward a new wave of productivity and efficiency. It is expected to go a long way. As per the latest reports, RPA is predicted to have a massive impact on the global economy of about $6.7 trillion by 2025. With this kind of impact, it is definitely an emerging technology platform and a force to reckon with.