Robotic Process Automation (RPA) is a software technology that can be programmed to automate standardized and routine tasks, ensuring high productivity and value with minimal investment. Through this automation process, a software bot is enabled to capture or interpret applications for keeping track of the transaction processes, data manipulation, communication with other systems, and triggered responses. RPA bots are very much capable of executing everyday tasks, which once required human-computer interactions, with ease. 

Of late, Robotic Process Automation is vividly gaining fame in various sectors. Especially, the finance and banking sector embrace automation due to the massive volume of transactional data. Notably, the benefits of automation are realized within a minimal time frame. The magnitude of the automation benefits is directly proportional to the increasing improvement in manual processing. 

Read on to understand more about the benefits and wide usage of Robotic Process Automation. 

RPA implementation process includes: 

1. Planning: Identify the process to automate. 
2. Development: Start with the automation workflow. 
3. RPA Testing: Execute the RPA Testing cycles that are in-scope for automation. This phase helps in identifying and fixing gaps.
4. Support and Maintenance: Provide continuous support. 

 Why automate repetitive tasks?

Automating routine or repetitive operations saves money, resource, and time. RPA bots magnify the automation platform value by completing tasks quickly, enabling people to execute more productive work. The key benefits of automating a task are: 

• Increase throughput.
• Reduce human or manual error.
• Enhance time to value.

Benefits of Implementing RPA Software

An RPA methodology to streamline internal operations and work processes let technology and humans work together in harmony. It further enables good insight into opportunities and trends for business growth.

An organization can also boost its performance and efforts by injecting RPA with cognitive technologies like speech recognition, ML, and NLP (natural language processing). This help in automating the higher-order work that earlier depended on the judgment and perceptual capabilities of humans.

RPA works best with regular tasks, rule-based that require manual intervention and inputs. As the software uses other systems UIs, minimal modifications are required to implement the automation process.

Below listed are the top benefits of implementing the RPA tool for your organization:

1) Reduce Costs: By automating the business process in an organization, over 30% of cost savings can be achieved. In fact, the software can also cost less than an employee’s salary.

2) Better customer experience: The deployment also frees up the high-value resources to be utilized on other productive jobs, resulting in increased customer satisfaction.

3) Lower operational risk: By removing human errors due to lack of knowledge or overlooking data, RPA minimized the rate of errors, ensuring a minimal level of operational risk.

4) Enhanced internal processes: To leverage RPA and AI’s complete potential, organizations are forced to outline a transparent governance process. Certainly, this will enable a quicker onboarding process, internal reporting, and other internal activities.

5) Not a complete replacement of the existing IT framework: One of the major benefits of utilizing an RPA bot or a virtual workforce is that it does not necessarily require replacing your existing IT systems. Instead, the RPA system can leverage the potential of the existing systems.

Other Related Capabilities of Implementing RPA

1. Workflow Management: 

Coordinate bots and workers to create or deploy end-to-end processes.

1. Automate at scale: Enables to perform more tasks by deploying straightforward hands-off processing while handling cases and exceptions.
2. Deliver consistent experiences: Deliver a transparent and consistent customer experience with standardized and reusable workflows.
3. Operate adaptable workflow styles: It seamlessly blends unstructured and structured workflow into a repetitive and smooth workflow.
4. Data Capture:

Automated information extraction is a new evolution in the data capture methodology that extends OCR (optical character recognition), AI, and other related techniques to quickly identify and extract data from an unstructured resource.

Organizations produce and receive huge volumes of information. And, therefore, it becomes extremely challenging to derive an efficient decision, manage the execution process and create value for the customers. Most of that information is invisible and inaccessible to the business apps that required it most. This makes it exceedingly difficult for decision-makers to understand the constraints and opportunities that are impacting their business performance in real-time.

By automating and standardizing information extraction processes, an organization can accurately and productively extract intelligence and knowledge from unstructured content. Furthermore, the RPA adds more value in creating insights that precisely reflect functional reality, resulting in better business outcomes and effective digital transformation initiatives. This automation process also helps with the below aspects: 

1. Extract more relevant information: Distinguish and extract relevant data from huge sources with machine learning and AI tools.
2. Build transformative applications: Obtain more data to RPA projects, establishing transformative apps with AI.
3. Reduce the cost of ownership: Utilize flexible AI or machine learning tools to minimize the effort, time, and cost of information extraction projects.
4. RPA Testing:

RPA testing enables organizations to automate use cases, cover regression testing. The RPA testing is quite straightforward.  It efficiently automates routine tedious manual test execution that is repetitive, time-consuming, and rules-based. Furthermore, it utilizes Artificial Intelligence (AI) or software robots, which results in enhanced accuracy, cost reduction, quick improvements in productivity.

Takeaway

Advanced technologies are increasing productivity and revolutionizing the routine process across companies. The operational potential of RPA is highly promising. Analysts are even stating that RPA is quickly creating a parallel economy that optimizes knowledge work and connects to the physical economy. Leveraging advanced technologies enables quick and efficient decision-making and excludes the probability of human bias or errors.