Now is the time to match the pace with the unraveling fourth industrial revolution. The first set the wheels of production into motion. The second saw automation leading the world. The third brought the wave of semiconductors, mainframes, and personal computing.
The fourth revolution is witnessing a massive transformation in how the administrative, clerical, or knowledge-based roles are performed. It is enabling the valuable human resource to focus on the core goals. It helps save the workforce from boredom and leave myriad repetitive tasks to robots with automation to create an environment of quick wins and greater ROI.
Though bots have been around for a while, the time is ripe now to make the most of the latest technology through Robotic Process Automation (RPA). Digitally transferring the operation from manpower-centric to technology-driven with robots help to accelerate time to value, reduce human error, and increase throughput. RPA brings in the much-needed cutting edge to stay ahead in the automation sector.
RPA is emerging as the next logical step in the evolution of the business process. The time has come to reduce the rule-based, high volume activities significantly. Employees of large enterprises spend countless hours daily on routine and enervating tasks like customer order processing, data transfer, call center operation, and payroll processing. The arrival of RPA is set to make it a thing of the past.
Don't imagine droids like R2D2 or Dorideka from blockbuster Star Wars saga scurrying around units. There aren't any physical or mechanical robots involved. Think of it as automation software with bots running on a machine or a virtual platform.
The RPA, employing artificial intelligence and machine learning, uses bots to automate highly repetitive tasks on software and hardware normally carried out by employees.
1. Increased speed and productivity: Relieve your workforce from mundane work pressures and utilize them for more value-added creative and productive tasks.
2. Round-the-clock function: Robots never get tired. Let your back office run 24X7, catering to all time zones.
3. Better accuracy: To err is human. Robots don't make mistakes. Leave your worry of human errors behind.
4. Improved compliance: Rest assured about execution reliability after setting up appropriate instructions. You are in full control of operations following the existing regulations and standards.
5. Fast cost-saving: Reduce processing costs and human hours.
6. Super scalable: From desktop to the cloud environment, RPA performs multiple operations in various parallels from business units to geographies.
RPA robots utilize the user interface to capture data and manipulate applications just like humans do. They interpret, trigger responses, and communicate with other systems to perform on a wide variety of repetitive tasks.
RPA allows fast-tracking tasks and increases ROI. Forget months or days; create, test, and run a new automation system within hours. Reduce efforts in the back office. Let the robots collect data, analyze at 60 percent more speed than humans.
The industry's nature and size are irrelevant; achieving tangible benefits with RPA is feasible for all. Its adaptation is simmering across a variety of industries. It already has multiple success stories to its credit in banking and finance, insurance, healthcare, manufacturing, hi-tech and telecom, and energy.
It is not without a reason that RPA is preferred over other enterprise automation tools. Compared to other IT solutions, RPA gives results in a fraction of automation time and cost. It has earned brownie points for non-intrusive nature and the ability to leverage the existing infrastructure, with zero disruption to the underlying system.
The global robotic process automation market size was valued at USD 1.40 billion in 2019. It is projected to exhibit a compound annual growth rate (CAGR) of 40.6% from 2020 to 2027. (source: groundviewresearch.com).
North America had a dominant market share of approximately 37% in 2019. On the other hand, Asia Pacific is anticipated to exhibit the fastest CAGR over the forecast period.
Gartner's count, for example, RPA software, was ranked the fastest-growing enterprise software category in 2018, and the spending arrow continues to point up. It added RPA opportunities exist in many business functions, but some departments have developed a particularly keen interest in the technology.
More than 70 percent of finance organizations have piloted or are actively using RPA to embrace innovation and address the pain points.
Peter Drucker, management consultant, and the author may have worked before the rise of RPA, but his general advice holds now more than ever. He said: Efficiency is doing things right, and effectiveness is doing the right things.
To succeed, businesses have to be on top of both -- Efficiency and Effectiveness. Pressing RPA into service is doing the right thing as it soars the efficiency by doing something right.
If you're looking for a company that can help you streamline your operations in the new normal, consider TransForm Solutions. TransForm Solutions can assist you with robotic process automation. Know more about what we can offer by visiting our service page.