Robotic Process Automation (RPA) consists of 3 major components:
- 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.
- Process – A process is a sequence of meaningful actions/activities or steps/tasks taken in order to achieve the desired result
- 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”.
Robotic Process Automation is capable of automating the following tasks:
- Invoice processing
- Accounts payable
- Recruiting and Hiring training and development, benefits and compensations
- Claim processing, KYC
- Ordering, Scheduling, tracking deliveries.
- Email communications to vendors, clients, and after-sales services.
- Payroll input
- Data entry and transaction processing
- Change of (address, address, name, etc.)
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.