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Application of Robotic Process Automation (RPA)

  • July 15, 2023
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Meet the Author : Mr. Bharani Kumar

Bharani Kumar Depuru is a well known IT personality from Hyderabad. He is the Founder and Director of Innodatatics Pvt Ltd and 360DigiTMG. Bharani Kumar is an IIT and ISB alumni with more than 18+ years of experience, he held prominent positions in the IT elites like HSBC, ITC Infotech, Infosys, and Deloitte. He is a prevalent IT consultant specializing in Industrial Revolution 4.0 implementation, Data Analytics practice setup, Artificial Intelligence, Big Data Analytics, Industrial IoT, Business Intelligence and Business Management. Bharani Kumar is also the chief trainer at 360DigiTMG with more than Ten years of experience and has been making the IT transition journey easy for his students. 360DigiTMG is at the forefront of delivering quality education, thereby bridging the gap between academia and industry.

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In the digital age, where technology is not an option but rather a need, our economy is prospering. We watch as cutting-edge new technology spreads and develops in front of our eyes, and we witness how every business is taking use of its advantages. By 2024, it is anticipated that global businesses would spend up to $2.5 trillion on digital transformation. The RPA industry, now valued at USD 1.3 billion, is projected to grow at a CAGR of 37.1% from 2020 to 2028, indicating a significant uptick in automation. Automation will become more widely adopted across a number of industries, including banking and finance, as artificial neural networks, machine learning, and natural language processing continue to progress. Manufacturing, customer service, telecom, business financial services, and insurance.

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What is Robotic Process Automation (RPA)?

Robotic process automation is a technology based on artificial intelligence, sometimes referred to as software robotics. To simply put, RPA is the automation of clerical and industrial processes using robots. RPA leverages software robots to automate repetitive, monotonous, and time-consuming tasks. These bots are nothing but software programs that manipulate data across multiple platforms. Automation is enticing for corporations that wish to cut corners in operational costs, increase profits, and promote efficiency. The robotic software mimics and combines human interactions with digital systems, to optimize business operations by automating work processes. These RPA bots can capture data, enter data, run applications, update user permissions, create and send an invoice, update spreadsheets by following a series of specified steps to conduct a myriad of repetitive tasks. Blue Prism and IBM Watson have collaborated to extend the cognitive capabilities of RPA systems which will help enterprises to become fully digital businesses.

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Benefits of RPA

   Robotic process automation technologies will accelerate market growth since they can acquire a wide range of abilities without human assistance. The rapidly changing global corporate environment is being shaped by the combination of robotic process automation, AI, machine learning, and other cognitive technology By automating the manual procedures and performing tasks to satisfy consumer demand at the same time, this has lessened the effect of expenses.

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  • Cost Cutting Technology: Robotic Automation Process software has a huge potential to reduce overhead expenses of the companies by speedy execution, scaling of a massive volume of data resulting in less time consumption.

  • Productivity Rate: Organisations all around the globe are always seeking for operations that may be automated in order to increase production.

  • Reduce Burden on IT: This technology also helps to manipulate data, scale-up businesses, adapts, and interprets the existing application for processing, provides data security and effectiveness by communicating with other digital systems.

  • Reliable Software: Bots can do a lot of work, operate continuously without taking breaks, and enable speedier delivery while maintaining accuracy. This enhances the process' analytical quality and promotes improved decision-making.

  • Better Support and management in IT: This technology is transforming the way various businesses and business models are run by increasing productivity, efficiency, and operational quality across companies.

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Application of RPA

Robotic process automation is a cutting-edge technology that can automate work and procedures in a wide range of industries, including banking, accounting, retail, and customer support, among others. RPA makes it easier for people to connect with computer interfaces like websites, CRM systems, or spreadsheets. It carries out multi-step procedures including information gathering, feeding, and filing. RPA is used by the retail sector to manage frequently changing orders, shipment statuses, and consumer notification of anticipated delivery times. RPA is used by the banking sector to handle loan applications and approvals, confirm customer appointments, and fill up customer data in CRM systems. RPA is used by the human resources department to speed up processes including hiring, screening candidates, tracking employee absences, and expense claims. In order to speed up the processing of claims, RPA is also combined with machine learning and Natural Language Processing (NLP) to create chatbots that let employees communicate with a virtual assistant when submitting claims.

Conclusion

RPA technology has the potential to deliver remarkable value for businesses in terms of growth in productivity, efficiency, delivery, and output. It will also contribute to the increase in demand for RPA professionals from key employers coming from multiple sectors. As more enterprises come to understand the power of process automation and how RPA is an effective answer to many critical processes. Automation is poised to take a significant leap by delivering tangible results to organizations in their journey to digital transformation.

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