Updated: Jun 16
More and more organizations are adopting Robotic Process Automations (RPAs) to execute their business processes. Industries like insurance, banking, manufacturing, and education are increasingly relying on their bots in their different departments. From screening customer information and applications to processing payroll and invoices, RPAs seem to be doing it all. But what exactly is RPA and what is it best used for?
RPA is a software technology designed to automate processes following business logic. Using RPA, a user can define a set of rules and instructions to a 'bot', which will in turn execute those instructions efficiently with minimal errors.
Because they can work around the clock, seven days a week, without needing coffee breaks or vacation days, RPAs are ideal for redundant and high-volume tasks. In this post, we will answer the most commonly asked questions about RPAs.
#1: Do RPAs involve real robots?
We hear the word 'robot' and immediately imagine transformers running around the office. As exciting as this sounds, the 'bots' in RPA are actually pieces of code and algorithms that execute digital workflows.
They are designed to mimic human interactions with their devices to produce high volume or time-consuming tasks efficiently, saving time, cost, and effort.
#2: How Expensive Are RPAs?
Most organizations worry about the cost of owning and implementing RPAs and whether it is worth it. In reality, the ROI on RPAs can be realized within only a few months since, unlike human employees, software bots can work 24/7, seven days a week, without the quality of their work being compromised.
Consider a bulk of insurance applications that need to be screened within a short period of time; software bots can go through them all with accuracy, speed, and objectivity. In other words, with RPAs, you are doing more work, with fewer employees, in less time, while avoiding costly errors.
#3: Are RPAs Reliable?
Some businesses shy away from RPAs because they worry about inaccuracies or bugs. However, if RPAs are programmed correctly, they are much more reliable than human employees because the quality of their work is not compromised by poor training, exhaustion, or biases.
Think of tasks that need standardization, like processing bank loans or university admissions applications. Software bots look for the exact same conditions and perform the exact same tasks every single time, so you can guarantee that you will face no errors or compliance issues.
#4: Can RPA automate anything?
As wonderful as it may sound, RPAs cannot automate just anything and everything. They are ideal for structured and rule-based tasks; however, organizations can make the most out of their bots by taking RPAs to the next level and using 'Intelligent Automation', which combines the power of RPA and the adaptability of Artificial intelligence to further transform and enhance processes and drive digitalization.
We hope that we were able to clear some confusion that you may have had about RPAs. If you are interested in learning about RPAs or implementing it in your organization, go ahead and contact us to book a free consultation!