One of the most critical yet overlooked element of digital enterprise, RPA is a specialized software that is designed to perform wide range of tasks. These software robots or bots acts as autonomous virtual assistants that can automate mundane and predictive tasks quickly, precisely and tirelessly. The automation capability of the robot provides it the capability to mimic human interactions and manipulate the existing applications via the user interface to execute specific tasks while categorizing all their activities to the server.
As compared to any other automation tool, RPA is a cost-effective automation solution that has the ability to maximize critical benefits such as increased efficiency, low costs and a happy workforce. Besides these, implementing RPA within an IT environment will enable employees to shift their focus from redundant activities to tasks requiring emotional IQ, judgement ability, reasoning and better customer interactions.
As compared to the global IT robotic automation market that stood at US$ 183.1 Mn in 2013, the market for robotic process automation is projected to reach USD 2,467 million by 2022 at 30.14 % CAGR from 2017 to 2022. Such promising figures illustrates the accelerated pace of RPA adoption by enterprises and a rapid market growth.
Implementation of RPA brings a saving of around 25-50% in the overall costs along with Informed decision making, Higher adaptability towards changes and more.
Intelligent Automation - RPA can offer 40%-80% reduction on processing time & 80%-90% improvement in operational risk management.
According to ISG study, RPA is permitting a 43% reduction in essential resources for order-to-cash procedures, 32% for vendor management and 34% for invoice processing.
RPA can revolutionize the healthcare industry, saving time, energy, costs, and ultimately improving patient care, which is where it's true value lies.
Since, software robots are programmed to perform specific activities, the chances of making mistakes or errors is reduced considerably.
RPA bots besides executing the instructions just the way they have been programmed to do also leave an audit trail history for every step.
Since, processes are completed at unprecedented speed, employees are relieved from unnecessary work pressure.
Since, manual and repetitive activities are carried out by bots without any human intervention, operational costs are reduced
When a software robot is configured to automate a process, its configuration can be replicated to influence the capacity
Besides running the processes smoothly, a robotic software can be used to gather workflow metrics for analyzing how these data interfaces, processes can be optimised
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