Robotic Process Automation is the use of technologies that enable workers in an organization to configure a robot or software to collect and interpret data from multiple sources, process them and then communicate with other systems for processing an action, responding to an inquiry and so on. The word ‘robot’ is derived from the German ‘roboten’ meaning household. This technology is available now to both large and small organizations with the capacity of handling multiple tasks that can be done individually by human beings. The main advantage of using this technology is that it helps to eliminate manual labor thus increasing productivity, cutting costs and extending the capacity of any organization.
Robotic Process Automation reduces the total number of human errors required in any kind of activity by automating processes that involve repetitive tasks. It also helps to improve the overall productivity and efficiency of any organization by reducing the number of nonproductive hours spent by workers. Since robots are able to perform these tasks with greater accuracy than human workers, the overall output is higher. Furthermore, these robots are able to work longer without taking their breaks and without taking sick leaves, which results in increased profitability.
In addition, it allows the integration of various other software applications. Such applications are usually used for financial services, customer service, payroll, billing and inventory among others. Financial services are those that deal with cash, goods, services, securities and contracts that involve monetary transactions such as payments, deposits and advances among others. Robotic Process Automation is therefore very useful in financial services, because it allows the processing of more tasks that could be handled manually. The overall operational cost is therefore reduced and more business can be processed per day. The results of this are also beneficial for the clients of financial services, since they can maximize their profit in terms of sales per transaction and overall revenue per employee.
The third type of business processes that robots can be useful for are those that involve human interaction. For example, the tasks related to customer service are not those that can be performed by employees because they are too complex and require special skills and knowledge. This is where robots come into play. These robots are able to interact with the customers live, giving them an experience that is very similar to what their live counterparts get. However, there is a downside in using robots for customer service tasks. Since they cannot give back any feedback, the robots have limited ability to improve customer satisfaction or to correct mistakes made by the customers.
Another type of business processes where robots can help lower costs is that of inventory control. Items may go out of stock due to poor storage conditions or damaged goods that are difficult to locate. Some businesses may resort to manual storage procedures, but this is a time-consuming process and can incur expenses for employees who will be needed to pick up the previously owned goods. Robotic process automation systems are able to scan products in warehouses, identify them according to their types and sizes, and determine how to best store them. Because these robots can also discern whether a product is damaged or not, they also cut down on the amount of time needed to sort through damaged items.
Businesses that cannot afford to outsource certain tasks may consider purchasing a coder, a virtual assistant, or a virtual assistant who is capable of completing many different types of clerical and administrative tasks. The benefits of outsourcing these types of tasks to an outside company include the need for human resources, reduced overhead and training costs, improved efficiency and the ability to expand into new areas. All of these tasks are important to a business’s success. In order to protect these tasks, many companies are looking into automated systems such as artificial intelligence (AI) and robotics technology.