Robotic Process Automation Explained
Digital transformation is revolutionizing how organizations across industries run their logistical work. The digital world runs on data, and we have more data to deal with now than ever. Being able to put clean, organized data to work strategically is a boon to any company who can hack it, but making sure that everything is in place for the strategic goals of the company to come to life requires a lot of work.
Robotic Process Automation (RPA) is the use of technology to operate systems without human assistance. Its main purpose is to automate tedious business tasks that are repetitive and often uninspiring--the tasks that have to happen, that undergird business operations, but don't actively drive business goals forward. RPA mimics the activities of humans, executing the same actions over and over again more quickly and accurately. In the financial industry, the "robots" involved don't generally look like your typical movie or video game characters, or even like one of the robotic arms you might see in an episode of "How It's Made." Usually, the tool is a computer application that can interact with computerized processes without constant supervision.
RPA programs must be carefully designed to truly enable strategic business growth. As with Artificial Intelligence (AI), there are two types of robotic process automation: specialized and general. Specialized RPA is designed to automate a specific job. This type of RPA is highly customized and works only with the processes it was designed for. General RPA can be applied to a larger variety of processes and can be achieved through machine learning. In concert with Machine learning and AI principles, RPA can be trained to understand and automate processes with unstructured data, semi-structured data, and structured data. Thus, organizations that use general RPA software are often companies that are large, where data in-flow is enough to support and even necessitate establishing the automation., but that criterion applies to more and more companies as data becomes ever more prevalent.
Benefits of RPA
Done right, RPA increases efficiency, reducing costs in the long run. Bear in mind particularly the opportunity costs of not automating. Digital transformation is accelerating marketplace competition even as it enables advancement for your firm.
Quality of Work
RPA mitigates the potential for human error where it is applied, increasing not only the quantity of work an organization can output, but the quality as well.
RPA allows businesses to reallocate human resources from repetitive tasks to projects that support true growth, which require human strengths such as emotional intelligence, reasoning, and judgement.