Robotic process automation (RPA) has provided enterprises with diversity and better capabilities to adopt as well as to adapt to changes. Robotic process automation services have made this possible by transforming business processes into convenient and user-centric ones. Recent years have witnessed phenomenal growth in the adoption of RPA in the corporate world.
What is robotic process automation?
Simply put, robotic process automation tools help to configure the existing computer software. The tools are capable of replicating and implementing a human’s actions who work within digital systems to carry out a business process. The robots use a user interface to gather data and monitor applications like humans. They can also interpret, trigger responses, and connect with other systems to work on several repetitive tasks.
Factors that lead to a wide-ranging adoption of robotic process automation solutions
Although RPA software can be used across all sectors, the leading adopters are insurance companies, banks, telcos, and utility companies. Many organizations have always had several legacy systems and opt for RPA solutions to ensure integration efficiency. The capability to incorporate legacy systems is a key driver of robotic process automation projects. By using this technology, enterprises can boost their digital transformation activities rapidly, while at the same time maximize the benefits of previous technology investments.
Large-scale software companies either collaborate with or acquire an RPA software provider, which means they are raising awareness and adoption of RPA software among their large base of customers. At the same time, new entrants seize the opportunity to adapt traditional RPA systems to digital business needs, such as the management of event streams and real-time analytics. For robotic process automation providers, this can work as a major opportunity.
Some of the key applications of RPA solutions:
Banking, financial services and insurance (BFSI)
Banking & finance-oriented robotics is primarily associated with the use of a powerful robotic process automation software to install desktop and other robots at the end-user device level. It also helps create a workforce or virtual assistants for artificial intelligence. RPA in the banking industry serves as a useful tool for addressing the banking sector's pressing demands and helping them optimize their productivity by cutting costs with the service-through-software model. Banks and financial institutions are taking a pragmatic, not tactical, approach to capturing this opportunity.
The retail sector crisis is well-known to the world. Retail is facing a challenge due to the increasing complexity of every industry due to changing customer demands and growing user satisfaction requirements.
Robotic process automation or RPA is an optimal solution that can be used to balance exponential growth and related complexities. Retail robotic process automation can automate and efficiently enhance the workflow of most of these routine activities, such as customer engagement, inventory management, loyalty scheme management, customer complaint management, bill generation, and business reporting.
The healthcare industry outside of artificial intelligence has provided numerous possibilities for automation. Robotic process automation (RPA) technology can support healthcare organizations with different usage cases involving data transfer and clinical documentation. Moving important information from the frontend of the company to its deeper business processes is one of the most common use cases of robotic process automation in healthcare and many other approaches arise from this concept.
The use scenarios of robotic process automation in the healthcare industry involve moving data between the area where users input and interact with the data and the databases where the data is usually stored. These can provide benefits to healthcare companies by making clinical documentation more available, freeing up frontend employees through providing self-service and make improvements in payments.
What’s trending in the robotic process automation industry?
Intelligence automation will prevail
Intelligence Automation (IA) has existed with different perspectives for a long time. IA usually includes combining process automation with machine learning, a cognitive discipline of Artificial Intelligence in the sense of robotic process automation. The corporate sector will be opting for a fully integrated IA method in the coming period to find values in both workplace capability and overall efficiency.
Another notable pattern will be that of excellent coordination across the digital workforce management between the digital workforce and human talent. In a nutshell, Intelligent Automation is ready to take a giant leap in the coming years to achieve optimum results. In addition, AI-powered automation and rules-based RPA services will lead to IA widespread adoption.
RPA for security
Robotic process automation is most commonly considered as a tool for efficiency and efficacy. Reducing or performing repetitive manual processes is efficiency in itself. RPA and various forms of automation will become an increasingly obvious piece of data security methodologies, not because there will be a multitude of bots fighting threats on the front lines, but as they can help to reduce the most common risk of all: human error.
Work today is going faster than ever and increasingly from on the go, making the task of protecting sensitive data from human error progressively difficult and powerless. As significant data streams across businesses, through dissimilar organizations, partners, apps, mists, vendors, and customers, the old-school, human-only way of dealing with data security essentially cannot scale up to handle this downpour information, which can trigger costly mistakes.
Better employee engagement and customer experience
Employee engagement is the key to survival. Employees in companies are the faces of any company. They take care of the companies by offering customer support in terms of delivering technical support solutions. Eventually, it is the most essential part of operations as every company wants their operations to become flexible.
Employee engagement is essential to every company in this process and to improve this, robotic process automation becomes an inevitable technology. Nowadays businesses are more focused on customer satisfaction, and they give higher importance to customer handling and answering their queries. Digital technology introduced an option for sending queries online to make it simple. Robotic process automation is one step ahead- making businesses compatible with consumers brings more choices including automated chat. This will boost customer experience and build brand loyalty.
Here’s what industry giants are up to:
Jul-2019: NICE has released version 7.1 of Robotic Process Automation. This version aimed to promote the comprehensive and rapid development of automation and ensure the sustainability of a business. It allows efficient management of the robotic and human workforce.
Oct-2019: Automation Anywhere, Inc. launched Automation Anywhere Enterprise A2019, the world's first Digital Workforce platform, entirely web-based, cloud-native. The platform provides RPA-as-a-service to any company or consumer anywhere in the world, through any distribution channel. The platform has been made available on-premise, and in any public, private or hybrid cloud.
Dec-2019: Verint introduced a new analytics solution, Robotic Process Automation Discovery. This solution was designed to help companies speed up their intelligent automation programs in time-to-value.
Feb-2020: NICE launched an all-inclusive automation package, NEVA Unlimited. This package was created to drive successful applications of automation. Companies purchasing NEVA will now get complimentary unattended robots for automation.
The robotic process automation market is here to stay and the coming years are not different when it comes to the escalated prevalence of RPA solutions. RPA can provide an effective solution to many repetitive business processes, whether it is process automation or managing legacy processes. In short, robotic process automation is all set to play a vital role in bringing companies to the next level by digital transformation.
Free Valuable Insights: Global Robotic Process Automation Market to reach a market size of USD 7.2 billion by 2025
Large businesses and small and medium-sized enterprises can leverage the advantages of RPA and give their customers better services. Of course, we should expect RPA to be mainstreamed in the corporate sector in the coming years and become a standard for businesses of all sizes and sizes.