How to drive Business value with Robotic Process Automation(RPA)?
Artificial Intelligence(AI) and Machine Learning are transforming many industries around the world. Few implementations such as autonomous cars are set to transform the world. But, AI doesn’t always have to be the game-changer. Due to technologies such as Robotic Process Automation(RPA), AI is expanding to more areas. The areas include the business sectors where the tasks are repetitive. So, what is RPA? RPA involves a set of algorithms created to improve the quality of business results. RPA also improves the execution speed and increases ROI(Return on Investment).
Today, many industries are using RPA, especially in the financial services industry. In this industry, the companies use RPA to process insurance claims and many other tasks. By using RPA, humans can involve other areas which need their presence more.
RPA in the Enterprise
RPA offers improved services to processes that involve more errors, thereby increasing accuracy. Robots are reliable, and consistent and do not whine when expected to work. One user at a time can install it. Professionals who want to use RPA can install it on their computers and run it within a matter of days. Since RPA removes the need for deployment in large, it can be available to a range of potential users.
RPA is becoming a wide-spread technology by making automation a part of the core business. The AI-trained algorithms that are a part of the RPA initiatives function round the clock. These initiatives function without any complaint and need no oversight. They can also scale as needed. Most enterprises to hold-up piloting RPA on a limited basis. This is because the barriers to implementation are minimal.
Related reading: The Robots are coming! Will Process Excellence survive?
What are Companies Doing to Drive Business Value from RPA?
The companies can make sure that by using RPA, they can derive higher efficiency at lower costs. The other advantages include improved customer experience and higher employee engagement. This is possible if you make use of RPA in the right way. When we talk about business value here, it is subject to certain prerequisites. RPA can be effective in certain situations while it might not add much value to some others. Any client-facing process consisting of various applications is a good candidate for RPA.
A BPM Platform
Process orchestration makes a big difference to business value. This applies at the business unit level. The implementation of RPA at the level of the tasks provide processes the push they need. You should leverage RPA along with case management and workflow management capabilities. When this happens, RPA can change end-to-end processes.
The motto to free up some of the knowledge workers’ bandwidth drives the RPA. Thus, it becomes critical to have a process solution in place that makes sure this happens. The BPM platform and case management allow execution of unstructured processes and tasks. It also allows the execution of structured and automated components of the processes. This will make sure knowledge workers can select the tasks that make better use of their skills.
Document processing and management, and imaging are major among the prerequisites list. A solution that performs field capture, processing, and basic enhancements becomes important. This applies when ourselves living in an image-intensive world.
Business Rules Management System(BRMS)
RPA implementation remains incomplete without it BRMS. This is because most of the platforms need BRMS. The robots would carry out several of the business rules execution without BRMS. BRMS will also remove many automation scenarios that need human tasks. Thus, the RPA implementation can focus on what is a human task that requires automation.
Thus, the companies are employing a BPM platform, case management. They are also employing document management and BRMS. This way, they are driving business value from RPA. Instead of removing the legacy systems, RPA can help them within the business up their game.
You may also like: Machine Learning For A Stronger IoT Security Environment
"3 million of us will be supervised by robobosses by 2018". This is the statement of Fran Karamouzis, the Chief of Research at Gartner. She said that about 96 percent of clients are acquiring real value from RPA. She also felt that the RPA is providing a level of satisfaction greater than others in the industry (also consider checking out this career guide for data science jobs).
HfS has interviewed 136 major enterprises that are currently experiencing RPA installs. They have seen that half of the clients are growing with RPA.
Image Source: https://www.horsesforsources.com/RPA-satisfaction_070817
The below-mentioned data is from the 2018 State of Operations and Outsourcing Study (also consider checking out this perfect parcel of information for data science degree). HfS along with KPMG has conducted this study. Here, 250 interviews have taken place with Global 2000 operations leaders. The questions were about the currently lying investment priorities for the year 2018.
Image Source: https://www.horsesforsources.com/RPAglobal2000_031118
From the above image, 53% of the Global 2000 are planning major RPA investments to reduce costs in 2018.
The above figure shows the market for worldwide enterprise robotic services and software. These figures are from the year 2016 and forecast till 2021. The forecast seems conservative enhancing with 47 percent growth to $1,458m for the year 2018.
You can use RPA technology in any company and in any industry. RPA is an essential building block in steering digital effectiveness and efficiency. From where we stand now, we can bet that RPA will continue to be an exceptional driver of value for businesses.