Robotic Process Automation (RPA) utilizes software technologies like Machine Learning (ML) to perform routine tasks in a company’s department. ML is a part of Artificial Intelligence (AI). ML is the ability of computers to learn by using algorithms, which are like digital flowcharts using rules. ML gathers insights from raw data or detects patterns without the computers being specifically pre-programmed towards those goals.
Some describe RPA as a non-invasive technology used to automate a routine task or repetitive process by using robots to emulate human actions.
Two Types Of RPA
· Assisted RPA, where bots are deployed in a desktop PC with the employee providing minimal interactions, and the bot performing the more complex and repetitive processes.
· Unassisted RPA, where a centralized server manages scheduled bots for designated workflows.
Hyper-automation conjointly uses several advanced software technologies such as AI, RPA, Intelligent Process Automation (IPA), and decision management systems. These combine to improvise an orchestrated use of cognitive functioning that goes beyond simple individual process automation. The result is automatic decision-making, predictive insights, and recommendations for specific tasks to be performed using automation. Hyper-automation provides the advanced benefit of employing digital workers that perform human-like interactions and responses. These interactive bots can also be asked questions pertaining to their assigned functions. The questions can also be complex due to the employment of NLP.
RPA Vs. Hyper-Automation Similarities
Use Advanced Software Technologies
The primary function of automating a process that formerly was done by manual labor. Whether it is simple, individualized bots performing perfunctory tasks, or an array of bots managed by a centralized server, the goal is to automate and improve a process free of human error and fatigue.
Improve Performance Efficiency And Save Time And Costs
The investment in intelligent automation technologies will only be a huge gain and value-add for any organization.
Some differences between RPA and hyper-automation are:
· RPA is a repetitive robotic process that does not require human-like judgment. Hyper-automation uses more advanced Artificial Intelligence (AI) systems to manage several RPA applications.
· RPA is an individual business operation. Hyper-automation is a cross-functional collaboration encompassing multiple robotic processes as an orchestrated infrastructure. Hyper-automation goes beyond individual bots by using intelligent automation software to scale multiple automation capabilities across an organization.
RPA can improve an organization’s productivity. Hyper-automation will streamline all the individual automated processes and can provide intelligent orchestration of various tasks. Hyper-automation extends the legacy applications of business process automation, surpassing individual processes. It is the next step to digitally advance the efficiency of an organization’s business operations.
Hyper-automation can enable quick accomplishment of complex work that typically relies on knowledgeable input from employees. Digital workers employed for intelligent automation will enhance the functions of personnel.
Robotic Process Automation (RPA) uses software technologies to perform routine tasks in a business setting. RPA is a related technology to Artificial Intelligence (AI) but not the same. RPA is a robotic tool that mimics human interaction by doing common work. It performs workflow operations that do not require decision-making and judgments. Process mining is the analyzing and monitoring of business processes. Data is gathered through, or mined from, corporate information systems which displays the actual process. It does this by capturing a time-stamp and an event log of each of the process steps. The process mining is accomplished by using strong algorithms combined with advanced data transformation enabling the discovery and improvement of the business processes.
What Is Process Mining?
Process mining is the collecting, analyzing, and monitoring of business processes in the form of event logs. It is a group of techniques combining data science and process management. Event logs provide the records needed to analyze the operational processes. The goal is to gain insights for action and improvements. It is a way to show the real activities of people, machines, and companies.
Process Mining Benefits
· Fast assessments of the processes of the entire enterprise, with high scale. With just the push of a button, minimal human effort is needed.
· Factual analyses of the processes, which are complete and precise.
· Pinpoint inefficient bottlenecks and deviations that prove costly and time-consuming, allowing the company to re-engineer those processes.
· Constantly monitor the processes and measure the improvements.
· Easier compliance with the availability of a full audit trail.
· Any industry can benefit from the process mining technique.
· The process mining technique can be used to analyze almost any business function area where there are customer transactions.
Process Mining Examples
· Accounts Payable Process mining can benefit an organization’s accounts payable department where it processes invoices. By using Machine Learning (ML), processing mining software can automatically extract invoice data, bypassing templates. Invoice costs go down and accuracy improves.
· Accounts Receivable In the collections procedure, customers that are more likely to pay and have invoice value are automatically prioritized. ML can then make cash forecasts based on the data from source systems.
· Procurements Optimize purchase requisition procedure with process mining software by improving purchase requisitions to automatically detect and correct issues such as discrepancies without human intervention.
· Order Processing Process mining software can help automatically detect and resolve order processing problems such as errors and blocks, credit checks that are unnecessary, or price and quantity variations.
Every enterprise has numerous processes for its business, whether using people or machines. The technique of process mining takes an X-Ray of the status and quality of a company’s actual business procedures. Using this information, an organization can see where steps in a procedure need improvement. These problem steps are unnecessary, or bottlenecked, or hindered, or error-prone, or require too much human intervention to be cost-effective and timely. With software tools empowered with ML, processes can be vastly improved, automatically, with touchless corrections
Robotic Process Automation (RPA) in Enterprise Resource Planning (ERP) systems is the automating of a company’s ERP system. RPA is a rapidly emerging software technology enabled by Artificial Intelligence (AI) to perform routine tasks robotically. ERP systems are used by enterprise businesses to integrate traditionally siloed processes such as separated department functions. When the accounting department must wait for the receipts of the purchasing department, then time is wasted, and productivity is slowed down. ERP works by automating the mundane, repetitive intermediate processes and interdepartmental transactions, and it accesses a centralized database across the organization. Department interactions are seamless and efficient when the purchases of one department are immediately updated in the accounting department database. RPA in ERP systems is, in a way, the automating of automation in an enterprise. The AI empowered software bots integrated into the company’s ERP system provides significant efficiency advantages.
Importance Of RPA In ERP Systems
The importance of implementing RPA in your company’s ERP system speaks for itself. Smarter business operations can save time and money. Robots can effectively eliminate the routine tasks that were manually done. They automate administrative and operational processes, freeing up personnel to concentrate on creative and weighty concerns requiring human judgment. RPA in the ERP system bridges the gap between legacy applications and cloud-based advantages. It acts as a middleman for legacy software and the ERP applications.
Benefits Of RPA In ERP Systems
RPA mimics human behavior, so it can be implemented in a non-disruptive manner. AI enhanced robots will process routine tasks like a human would, so automating the task is a straightforward implementation. An enterprise’s legacy systems will not need modifications for RPA implementation.
AI incorporated into the company’s ERP system will enhance workflow productivity. This can encourage employees to build their skills and contribute actively to company goals. When employees can contribute directly to the organization’s big picture, they will work with more interest and motivation.
Immediate Data Access
RPA enhanced ERP systems allow for immediate, subjective reporting, employee onboarding, accounting, and other administrative needs.
Challenges Of RPA In ERP Systems
· There are limits to the RPA in ERP system, such as the inability to capture data from handwritten documents.
· The layered dependence of robots on other robotic processes can take more time and cost to implement RPA in the ERP system of a large corporation.
· Incorporating RPA in the company’s ERP system will only be feasible if any needed business process improvements are modified or changed prior to implementation.
An organization’s ERP system enhanced with an AI enabled RPA will streamline business operations and will prove time and cost saving. Routine tasks and slow processes will be eliminated. Employees will be allowed to pursue professional development and become more engaged in the company business. Implementing RPA in the ERP system of an organization will encounter challenges and some limitations. The benefits and advantages of having a smart, economic business operation will far outweigh them.
Robotic Process Automation (RPA) in Human Resources (HR) is utilizing software technologies to perform routine tasks in a company’s HR department. RPA is a related technology to Artificial Intelligence (AI) but not the same. RPA is a robotic tool that mimics human interaction by doing common work. It performs workflow operations that do not require decision-making and judgments. AI does more of the thinking type of human work. RPA improves HR workflow by automating such activities as onboarding new hires, creating badges, facilitating benefits enrollment, and auditing data. RPA is always improving, with the main advantage over past versions being the Graphical User Interface (GUI). The user experience is more intuitive and friendly, making such technologies easier to implement in a company’s HR department.
Robotic Process Automation In HR Examples
· Simplified data entry, by RPA scanning and inputting data from numerous resumes.
· RPA can transmit job-related status emails to numerous applicants. It can use technologies like Natural Language Processing (NLP) to read and interpret incoming email and respond appropriately.
· RPA provides the chatbot dialogues on company websites answering frequent and common employment queries.
· Resumes are analyzed and quickly assessed, streamlining the applicant selection process.
· RPA automates new hire orientation.
· Company policies and manuals can be quickly provided to employees.
Robotic Process Automation In HR Benefits
· Mundane tasks and routine operations are eliminated from the human workforce. The manual task of recording information from a resume is now automatically captured.
· HR staff are freed up to engage in the more human interactions. Most employees would rather talk to a live person concerning many employment and benefit queries.
· Resumes are automatically analyzed and evaluated. A search for applicants’ employment experience, training, and keywords are easily detected and weighed.
· New hire onboarding is automated.
· Employee forms are automated.
· New hire orientation is automated. Company policies, tutorials and safety training are automated.
· Employment applicants are updated automatically. Applicants want to know the status of their job search and can be automatically informed.
· Special events and communications are automatically accomplished. Company planned training or meetings are automated.
· Website chatbots answer basic and common customer service queries. Many questions can be answered with robotic chat sessions.
· Human HR personnel duties are more efficiently accomplished.
· HR personnel are relieved of tedious, repetitive tasks to do more important functions that add value and are more satisfying.
The use of Robotic Process Automation (RPA), smartly deployed in a company’s HR operations, will improve both the workflow efficiency, personnel cost, and the satisfaction of the HR staff. RPA in the HR department will not displace the need for human personnel. It better manages some necessary tasks within the HR department by automation. It does not threaten an entire HR job. RPA in the HR departments will transform them to operate in a smart, cost-effective manner and be quicker in their services.
Automation in Human Resources (HR) Management uses software technologies to automate many common processes necessary for standard HR management. Software applications such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) are deployed for the automation of many tedious and routine functions in the HR department of a company.
What Is HR Automation?
HR automation is the digitizing of common processes, traditionally performed manually by human personnel, to be automated. Many tasks that are tedious and time-consuming can be done quickly and efficiently with automation software. A business cannot properly operate without an HR staff accomplishing many routine tasks. These standard tasks include candidate recruitment, resume reviewing, payroll, benefits, and onboarding of new hires.
Benefits Of HR Automation
HR operations deal with documents and data. Traditional HR functions that were manually done, were extremely inefficient, required extensive personnel time, and were costly. HR automation digitizes all the employment data. Using software technologies of RPA and AI, automated tasks improve the HR workers’ efficiency by the inhuman reliability and speed of robotic processes.
HR automation facilitates monitoring patterns and tracking failures. Reports can be made. These can then be corrected and improved.
HR automation eliminates the human errors susceptible in processing many common tasks such as timesheets, payroll, and vacation time.
HR automation provides an extensive and clear understanding of the HR department operations.
When the HR work is understood across the department, collaboration is facilitated.
Minimize Paper Processing Costs
HR automation digitizes records, and with increased electronic storage, document processing is easy and accessible.
Candidates’ And Employees’ Satisfaction
HR automation creates a positive work experience for the entire staff. The efficiency of automated candidate recruitment, onboarding, and orientation makes a more satisfying hiring process for both the company and the employee.
HR Automation Examples
The recruitment process involves posting job ads, acknowledging applicants, resume evaluating, and automated email responses. Automating these procedures will improve the recruitment efforts and free up personnel for human engagement with candidates.
New Hire Onboarding
The employee onboarding process involves gathering signed forms, tax documentation, background verification, granting software application access, and issuing computer hardware or tools. The automating of these standard functions by digitizing the entire documentation processes, automating computer account administration, and electronically storing employee data improves HR operations tremendously.
The off-boarding procedure is an important part of the HR department’s tasks. It can be overlooked. Offboarding requires updating personal documentation, exit interviews, arranging final payroll, removing software access, retrieving computer hardware or equipment, and removal from the company email directory. Automation will minimize the personnel labor required to prepare for these tasks.
Company Expense Claim
Many employees regard the manual reporting of expenses to be boring, causing work dissatisfaction. With HR automation, these expense reports can be uploaded with photos and electronically processed. Employees can then focus on more important work. This will contribute to overall company satisfaction.
Automation in HR is the efficient use of personnel, engages people, and creates smarter budgets. The Content Analytics Platform (CAP), developed by Scion Analytics, can quickly screen and weigh employment candidates’ resumes, saving the company time and costs.
Innovation is a buzzword that is popular in tech circles. From Silicon Valley to New York and Tel Aviv, tech hubs are leading advancements in technologies such as Artificial Intelligence (AI), Natural Language Processing (NLP), and Robotic Process Automation (RPA). These businesses are pursuing innovation as a response to a highly competitive market environment. Industries that create tremendous internal and external pressures to deliver excellence and something new to move a business to new heights.
As COVID 19 gripped the world, it became clear business is now more instantaneous than ever and companies that don’t invest in innovation are headed for a decline. RPA is an emerging technology practice that cuts costs and improves operations for enterprises. RPA automates repetitive rules-based business processes freeing up businesses to focus on customer service and other higher-value work. Innovations in RPA are transforming business operations across industries and redefining the art of the possible for enterprises.
Customer Experience Driven By Innovation
One thing companies invested in RPA innovation know for sure is that customer experience dictates the trajectory of innovation. A solution is only as good as the user experience that supports it. What can technology do for customers? RPA providers need to consider that developers don’t want to spend lots of time brainstorming ideas for automation. Instead, the real value of innovation is for developers to deploy bots at scale and move on with the day. The RPA system needs to be designed to do the heavy lifting. This allows employees to review and modify it and adapt it in their workflow. The efficiency of RPA is defined by how well the user adapts automation in their workflow.
Industries Driven By Innovation
When RPA innovation is tailor-made for a particular industry, it can have transformative results. For example, healthcare is an industry that is highly regulated and bogged down by paperwork. By automating mundane rule-based processes such as patient intake or insurance coding, it frees up healthcare professionals to devote more time to patient care. The pandemic has shifted the service delivery for healthcare to a virtual environment. There is a lot of opportunities for RPA developers to design systems specifically targeted towards healthcare to improve operations.
In the same way, the financial services industry has also greatly benefitted from RPA. RPA has been used in banking to automate the extensive financial requirements necessary to onboard and service a client. This trend towards automation allows banking employees to focus on customer service and personalizing the banking experience. As a benefit, RPA streamlines operations for healthcare and banking enterprises and reduces costs.
Previously, enterprises would spend money on manual processes and the employees to facilitate them. Now, an investment in innovation, especially a technology like RPA allows businesses to become more agile and productive. The focus on RPA innovation comes not only due to industry demands but also a global shift in business operations. In a world besieged by the global health crisis, innovation has become a necessity rather than a privilege of those businesses seeking to be on the leading edge.
Robotic Processing Automation (RPA) is changing the future of work across enterprises. Also known as “digital labor”, this tool for automation is used to replace mundane office tasks and liberate employees for higher-value tasks. Enterprises are adopting RPA to cut costs, increase efficiency and employee satisfaction as well as resolve labor shortage issues. With such benefits, businesses are embracing RPA as a requirement for doing business.
However, automation is not exactly new. Most users are familiar with macros and scripts in programming. Macros in Excel are the most common way people think about the beginning of automation. While both tools perform programmed actions and have similar results, there are distinct differences between RPA and macros.
What is RPA?
RPA is a system that uses robots to improve the efficiency of a task. Historically, RPA has been used for mundane and redundant tasks that require zero human intelligence and zero creative input to execute. Tasks such as:
– Record keeping
– Data entry
– Scraping of data
As a result of automating these tasks, the way a business operates changes. Robots never get tired or make mistakes leading to increased efficiency and revenues. The business can scale as employees who have been freed from mundane tasks find ways to innovate.
Functionality Between RPA And Macros
Macros have similar features to RPA. Like RPA, macros are convenient. At the push of a button, macros execute tasks and increase productivity for a range of tasks. Like RPA, macros can create:
– tabulate data
– record actions
Essentially, either tool can be used to manage data quickly.
Functionality Differences Between RPA And Macros
RPA is a platform that uses RPA bots to automate similar activities that employees do when using Excel spreadsheets. Comparatively, Excel is a data management tool that is used to manage data for a variety of business purposes.
Level Of Automation
RPA: Enterprise-level automation
Macro: Personal automation
Level Of Administration
RPA: Easy administration
Macro: Manual macros administration
RPA: Adaptable to any software
Macro: Designed to work within one platform
RPA: Average implementation speed
Macro: Quick implementation but requires constant modification
RPA: RPA is fully automated. It decreases the probability of human error in completing mundane tasks and runs automatically.
Macros: Macros are partially automated. Macros require some programming skills to automate and execute basic computing chores saving users time for higher value add tasks. Because macros require programming, they can be altered by a few select individuals. In contrast, RPA can be altered by the person at hand in the task making it more flexible and empowering to use for employees.
RPA: RPA Can be Linked To Other Applications.
Macros: Macros Can’t Be Linked Outside of Microsoft office. It is difficult to connect macros with applications outside of the Microsoft Office suite. Therefore, RPA enables businesses to automate a broader range of tasks within a particular workflow.
Automation supports human capabilities in the workplace. Soon enough all enterprises around the world will adapt to automation and become smarter in the way they allocate human intelligence. Macros became popular in the workplace with the Microsoft Office suite and require programming to manage data. RPA is a more recent automation development that creates a digital workforce to enhance productivity.
Robotic Process Automation (RPA) can be a value-add to any enterprise that is looking to streamline processes and become more efficient in operations. As technological advancements shape the workforce, enterprises are adopting technologies that will save money and resources over time. However, a “proof of concept” is just the beginning for most enterprises who need to deliver “proof of value” and the right implementation steps to succeed.
By focusing on “proof of value”, the business can figure out where automation can drive the most value in the organization. Furthermore, it can configure RPA as a solution to important problems and a competitive advantage for the business.
1. Assess Opportunities
RPA implementation is an opportunity for the business to practice change management and anticipate business needs. The adoption of new software works best with a customized approach. While RPA might work well for the HR department in payroll in one business, in another business it might be better suited for online records keeping in HR. Another consideration is to examine which employees are doing non-value added work such as data entry. RPA implementation can allow employees to pursue higher-value work that uses more human intelligence and ingenuity.
2. Find An Expert
Once the opportunity for RPA has been identified, it is time for a business to bring in the experts in RPA. An expert can determine the right RPA configuration for an organization. They can work with employees to make them comfortable with how automation will impact their workflows. An expert consultation could also lead to selecting an RPA vendor. An RPA vendor would be able to do onsite presentations with a technical demo and financial business case to show how RPA can go from “proof of concept” to a reality.
3. Create A Process And Implement It
Once human resource capital is trained and ready to execute on RPA, it is time to use project management to support a detailed implementation plan. A use case needs to be implemented, ran, and tested to see if any additional requirements are needed. In this phase, a business will see the savings that it will benefit from as a more precise configuration of RPA is executed.
The final step of RPA implementation is deployment. This does not have to take long as some businesses go from identifying opportunities to finding a vendor, to implementation and deployment in less than 6 weeks. Before a business is ready for deployment, it should have an RPA strategy in place in terms of:
– Operating model
– Organizational structure
– Change management plan
Benefits of RPA Implementation
For a business, the benefits of a successful RPA implementation are numerous. Finding the right opportunities for RPA can lead to significant cost savings. These cost savings are reflected in the technology department which is usually a capital expense for a business. The increased employee satisfaction can also be attributed to RPA implementation as employees leave behind mundane tasks. Finally, the cumulative benefits of RPA implementation result in an organizational transformation that goes beyond the bottom line to shape a business into a success.
Robotic process automation (RPA) is transforming businesses across industries with the power of automation. Research predicts that in the future most business processes, from 50 to 90%, will be automated with RPA solutions.
RPA will especially be impactful infinance where complex processes are well suited for automation.
What is RPA?
RPA is a “digital workforce” which automates redundant and mundane tasks in the workflow. Some common tasks used for RPA include:
– Copy and paste
– Data gathering
– Data entry
– Records management
How Is RPA Improving The Finance Industry?
In 2022, it is projected that RPA technologies will be valued at $2.9 billion in the financial sector. In the last decade, banks and financial services have spent $321 billion on compliance operations and fines. As much as 10% of the bank’s operating cost is due to compliance costs.
In a highly competitive marketplace, financial institutions such as banks have leveraged technological advances to improve customer service, operations, and cut costs.
6 RPA In Finance Examples
For financial institutions to be successful in implementing RPA, there needs to be a strategy in place. Having an RPA use case in finance helps businesses align the right tools and practices with automation.
1. Ensure Data Consistency
Financial services work well with automation because of the large number of customer data. Customer data such as:
– phone number
– credit scores
These details are constantly changing, an opportunity for RPA bots to use bank statements to maintain and update records.
RPA can be leveraged for accounting purposes. From invoicing to accounts payable and accounts receivable, RPA enables error-free accounting. This significantly speeds up the process and increases customer satisfaction.
3. Account Management
Banks are responsible for account management for their clients. A large percentage of bank business is opening new accounts. This requires banks to verify customer details such as identity, credit scores, and compliance rules. RPA can take over the process of opening new accounts and check for any divergent details, so customers are satisfied, and new accounts are opened quickly.
4. Automate Card Activation
Card activation can be a time-consuming process under customer demands that is prone to error. By using RPA, banks automate data entry, compliance rules, and communication between departments. The result? A better customer and employee experience.
5. Improve Investment options
RPA bots can serve as virtual financial advisors without the high cost of human counterparts. Bots can instantly assess an investor’s portfolio and minimize the risk of investing. For example, a certain bank launched an investment bot program that offered real-time investment and stock market Information. This initiative worked well in educating customers about investing and the stock market.
6. Prevent Money Laundering
RPA bots protect the reputation of a financial department by validating and checking customer information for any discrepancies. Customers can feel protected knowing their information is safe and banks have an extra layer of security to avert money laundering.
The Future of RPA In Finance
RPA is gaining significant momentum in businesses across all industries as a technological advancement that will shape the future of work. By automating repetitive and mundane tasks, financial services businesses can ensure compliance and customer satisfaction. Satisfied customers will equate to increased revenues and growth in the future.
The “robotic” in RPA is describing the automated component of the robots. RPA is not a physical or mechanical robot but process automation. You can set up RPA to do work like setting up computer systems and applications to run.
“Process” means work that you need to get done.
“Automation” is making work happen on its own without manual input or human cognition to oversee it.
As part of digital transformation, emerging technologies continue to change business operations. Digital transformation is a lengthy process, one that takes years as businesses adjust to the introduction of technology into systems and processes.
One of such technologies is Robotic Process Automation (RPA). The easiest analogy for RPA is to imagine humans in an office environment doing manual data entry and accounts receivable. Now, imagine these humans being replaced by robotic bots with a remote control in their hands. Think of the bots are a digital workforce that interacts with a system or application.
RPA Improves The Following Tasks
Bots alleviate a lot of manual and redundant tasks for humans such as:
– scape web data
– make calculations
– open and move files, parse emails
– log into programs
– extract unstructured data
Businesses that are committed to successful digital transformations are investing in RPA and it is paying off. The adoption can be attributed to Artificial Intelligence (AI) becoming more accessible across industries. In fact, the 2020 COVID pandemic has seen more adoptation of RPA in the healthcare industry. As of 2021, Gartner research estimated global RPA software revenue to be at $1.89 billion. This shows a significant 19.5% increase since 2020.
RPA and COVID 19
The growth of RPA adoption reflects the influence of COVID 19 on the global economy. As businesses faced cost reductions and shrinking budgets, an investment in RPA can prove to be cost effective and innovative. Enterprises that want to digitally optimize operations would benefit from the improvements in process quality, speed, and productivity offered by RPA.
Adoption Of RPA
Further research showed the trending of RPA across industries. It showed 22% of participants already piloted or fully implemented RPA. 74% of respondents indicated a willingness to explore RPA in the coming years.
Just like digital transformation became more of a requirement than a option for businesses wanting to thrive in the digital age, so will RPA.
RPA seamlessly integrates into an organization without a need to change business systems, applications, or existing processes to make it work. In contrast, some businesses use macros for automation and macros cannot be fully integrated into other applications outside of Microsoft Office suite. This further increases differences between the use of RPA v. macros.
How Does Robotic Process Automation Work
If RPA is to become part of the digital revolution of work, how does the process work?
The effectiveness of RPA is evident in its simplicity and ease of use. RPA bots are easy to set up, use, and share. Advanced technical knowledge is not needed to set up RPA
Businesses Use RPA To Automate Work That Is:
– drudge work
– zero creative input
– zero human intelligence
An RPA bot executes it better and faster with zero mistakes and zero breaks.
The way RPA works is by accessing information from a business’ existing IT systems. It can integrate with your applications through the front end or the back end.
– Backend: RPA connects to databases and enterprise web services
– Frontend: It makes desktop connections
How RPA connects to the business depends on the needs of the solution. For complete process automation, backend connectivity works well. Front end connectivity can connect with desktop application such as Salesforce and PeopleSoft and read and write data. The frontend connection provides more of a human operator element for functionality.
Fundamentally, RPA recognizes elements on the screen by:
In comparison, humans look at the screen and recognize elements on the desktop based on visuals and organization. As a result, RPA is maximally efficient in completing tasks where humans make errors.
Robotic Process Automation Benefits
Effectively implemented RPA can:
– Automate business processes
– Provide greater accuracy
– Organize and process unstructured data
– Eliminate errors
– Ensure compliance
– Improve customer experience
– Improve employee productivity and morale
– Ensure fast ROI
– Provide Scalability
After a business has adopted RPA, it can benefit immediately by seamlessly integrating technology, processes, and people.
Segments Affected By RPA
Everyone in the business is affected:
Best Practices For RPA Process
For the business to experience full benefits of RPA, there are some best practices for the RPA process:
– Process must be based on rules
– Process must have regular intervals
– Process must have definite inputs and outputs
– Task must have enough volume
When properly implemented, RPA can transform an industry in the short and long term.
Industries That Use Robotic Process Automation
RPA In Finance
Many industries can benefit from an effective RPA process. Highly regulated industries like finance have a lot of repetitive tasks that can use automation as a cornerstone. For example, historically receivables and payables have needed a lot of manual labor by skilled workers. Automation enables those skilled workers to do more meaningful, strategic work and spend more time with clients.
In fact, a poll asked corporate controllers about RPA finance practices. It has found that 73% of controllers plan to implement RPA in their finance departments by 2020. This figure shows an increase from 54% in 2018.
RPA In Banks
The real efficiency with RPA for financial services comes in changing the nature of works within banks. Banks become more efficient at allocating scarce resources that involve large amounts of paperwork. This has twofold implications: cost reductions and impactful gains in customer experience. Banks being more freed up to focus on customer experience will improve service quality, drive customer acquisition, and increase revenues.
The research supports these productivity gains. It has been found that RPA technologies can “fully automate” 42% and “mostly automate” 19% of finance activities. From opening accounts to fraud inquiries, customer service teams at banks are empowered with RPA to focus on more important tasks that require human intelligence and nuance.
RPA In HR
HR is another industry that can be more productive with the integration of RPA. HR employees can be liberated from repetitive operational tasks such as:
– onboarding of new hires
– processing payroll
– handling benefits
– compliance reports
– employee record management
– time and attendance management
RPA benefits HR operations by automating micro-tasks which integrate processes that legacy systems failed to connect. For example, payroll management is a big time sink for HR operations.
RPA Benefits In HR:
– Accuracy and Increased productivity- RPA technology reduces the margin of errors in HR. With RPA, the HR department can rely on accurate payroll management to free up personnel to work on more strategic, personalized employee tasks.
– Consistency- By investing in RPA, HR departments are guaranteed that microtasks are completed in a consistent pattern. By relying on RPA bots, HR eliminates output variations and maximizes efficiency.
– Scalability – RPA technologies have considerably low cost per task or effort per task than using human labor. The overall HR operation becomes more agile and lean with automation. This enables businesses to scale and sustain long-term growth.
– Reliability- RPA bots work 24/7 with consistent performance, an output that is much more reliable than human performance. The minimal error margin and constant productivity makes managing payroll easier.
RPA In Healthcare
Healthcare is a booming industry in the US especially robust since the emergence of the COVID- 19 pandemic. COVID has only accelerated digital transformation, and automation is the cornerstone of that trend.
In healthcare, providers have a large amount of paperwork and tasks in patient management that take away critical time from patient visits and customer service. By setting up RPA to integrate with internal systems, repetitive grunt tasks that bog down the healthcare system are minimized.
These tasks can include:
– Managing inventory
– Repetitive data entry
– Digitizing patient files
– Scheduling appointments
– Billing patients and processing claims
RPA In A Hospital
A closer look at the function of RPA in a hospital setting can show immediate gains in several important operational areas:
– For a large hospital, RPA can eliminate silos and create more efficient workflows
– Healthcare prioritizes patient satisfaction. RPA can give patients a transparent point of contact to their medical information. Once patient files are digitized, a patient can access from a single platform:
§ Medical history
§ Billing information
§ Scheduling information
This capability immensely improved:
§ Patient satisfaction
§ Appointment turnaround
§ Payment collection
Whether in finance, HR, or healthcare the outcome of RPA is transformational. To truly understand its impact across industries, a business must look at the big picture. When businesses connect digital islands within the enterprise, real efficiency emerges to push the business forward into the future.
RPA is an emerging practice that evolves with rapid changes in technology. The buzzword for the future of RPA is hyperautomation. A concept that delivers automation of business processes with increasing complexity and input from human knowledge.
A New Era of Work
Today’s RPA practices are just the beginning of the revolution of work. With automation, businesses are progressing in digital transformation and changing the way humans approach work. For a business to become more digital and automated is to become more accessible for human ingenuity and intelligence to thrive