RPA and intelligent automation : RPA refers to Robotic Process Automation. This process allows the user, in this case the firms or the developers to automate tasks that are repetitive and would thereby require high amounts of labour and are also prone to mistakes in the form of human error. The automation helps not only reduce the labour cost and save money but also helps the firm from not having to scrape work because of human error. Robotic Process Automation combines Artificial Intelligence and machine Learning together to simulate human activity in an error-free manner.
The advantage of RPA is that it is swift and efficient. It also does not require any breaks and can work on hours at end at the same speed. It helps the firm put its personnel in areas that would actually benefit the firm and generate more income. The mind-numbing tasks of data entry and the likes are being completed by these robots as a way of saving time, money and energy. Many people estimate that the total market for Robotic Process Learning will grow to reach USD 1 million by the year 2020.
The question that most people ask is about the benefits of Robotic Process Leaning. The answer to this question is simple and are listed in point as under.
- Reduction in cost and human error: This is one of the biggest benefits of process automation. It eliminates two of the firm’s biggest weaknesses: human error and increased costs. Many people have estimated that shifting to a robotic process automation system can yield a return on investment (ROI) anywhere between 30 percent to 200 percent just in the first year of the shift. This is hugely beneficial not just to the individual firm but also to the industry as a whole that will see an increase in total output.
- Enhancement of customer satisfaction: One of the biggest benefits of the robotic process automation system is the benefits it provides to the customers. Not only does the final product provide better data quality but the turnaround time is also low so that people get their products on time and without any hassle. It helps improves the overall image of the company in the minds of the customers which is ultimately what most firms are looking at. It also leads to repeat purchases by the customers which increase the overall profit and turnover of the firm.
- Benefit to the employees: The employees of a firm are its backbone. Without good employees, a firm cannot function to its fullest potential. Due to the increasing work pressure in each and every industry, the workload of the employees have increased manifold. They work longer hours without much chance of gratification. If the robots take up a share of their mindless tasks, they would have more chance to put their minds where they want to and complete more important tasks that might benefit the company more. Thus, automation will decrease the negative stress of the workers.
- More innovation in the workspace: Because of the chance that robotic technology will eat away at actual human jobs, it will force firms and industries to rethink their business model. This will lead them to put their thinking caps on and also promote innovation in the work field which will not only benefit the firm and the industry but will also be beneficial for the employees and the society as a whole. After all, it is said that necessity is the mother of all inventions and there is no doubt that this will be the case in this scenario as well.
RPA and intelligent automation : Thus, you can see that robotic process automation systems can be used in any and every kind of industry be in banking, insurance and others. The application of the same vary from industry to industry but their benefits remain the same which is why more and more firms are looking to make the shift to automation in the longer run for future benefits. Automation and machine learning and artificial intelligence are the way to the future and the future is now and that is something that most firms have understood very well.