Robotic Process Automation (RPA) consists of 3 major components:

  1. Robotic – An entity that is capable of being programmed by a computer for doing complex tasks is known as a Robot. In terms of RPA, this task would be to mimic human actions which are performed by software bots.
  2. Process – A process is a sequence of meaningful actions/activities or steps/tasks taken in order to achieve the desired result
  3. Automation – When a task/an activity happens automatically (without human intervention)

Hence, Robotic Process Automation means “Mimicking human behavior to execute a sequence of steps/actions which leads to meaningful results without human intervention”.

rpa capabalities

Robotic Process Automation is capable of automating the following tasks:

  1. Invoice processing
  2. Accounts payable
  3. Recruiting and Hiring training and development, benefits and compensations
  4. Claim processing, KYC
  5. Ordering, Scheduling, tracking deliveries.
  6. Email communications to vendors, clients, and after-sales services.
  7. Payroll input
  8. Data entry and transaction processing
  9. Change of (address, address, name, etc.)

Also Check: 5 Trends in RPA (Robotic Process Automation) for 2021

 

These are just a few examples of RPA implementation. However, if we see a bigger picture the benefits and scope of RPA in various sectors/industries are innumerable. What accentuates here is that most of the business/verticals are using RPA to optimize business processes to perform better on the regulatory compliance front, Human resource management, cost reduction, increasing productivity, and a better ROI.
In short, it is an inevitable technology with numerous business benefits to business organizations. In the current scenario during covid times RPA provides many companies a breather which was struggling to meet their business requirements be it on the production front, vendor communication, a daily routine job like invoicing/ report creations/emails, CRM or on logistic front.
Most companies are working with a 50% cut in their workforce or almost zero workforces to perform business daily activities. RPA comes as a boon to those in this pandemic time and most companies have already taken the advantage of this technology and others are eagerly looking forward to implementing their business model/processes.
According to,

Gartner Report – The RPA software market grew 38.9% in 2020 to $1.9 billion and held its position as the fastest-growing segment in the enterprise software market

McKinsey Research – Knowledge in work automation could have an economic impact of $5-7 trillion by the year 2025. It will touch more than 230 million knowledge workers, nine percent of the global workforce

 

About the Author

As a business development manager at labrpa.com, we help clients to analyze and identify the right business process to their existing business model for automation. Thus we give a holistic approach enabling our customers to provide a unique competitive edge.