Robotic Process Automation (RCA) is the buzzword of the decade that, when you consider all the press, may very well be a contender for the most significant term in the coming Decade. While there are indeed a number of pure-play Robotic Process Automation services providers, when you look at any of their updated online marketing materials or attend any industry related seminar or trade show, you’d get the feeling that virtually every product on the market is also deserving of the credit. How is it that companies ranging from automotive manufacturers to medical device manufacturers are now claiming that their product is deserving of the moniker of ‘robotics’ leader’? The answer, it seems, lies in the fact that RPA has enabled companies to offer a wider range of services than was previously possible, thereby making them ‘innovative’ – and, crucially, Robotic Process Automation is the only way to ensure that innovation can occur.
Robotic Process Automation is an approach that’s been adopted by many industries over the past decade, but none has achieved near-total success. Rather, the closest any of these firms have come to a comprehensive win back from the brink of obsolescence is the incorporation of automated systems into complicated processes. What this means is that instead of investing in expensive staff that perform menial tasks, companies can instead automate these tasks and delegate those tasks to machines. In other words, instead of having an entire office staff whose sole purpose is to sift through piles of paperwork in order to find the file that constitutes the client’s most pressing issue, a company can instead assign that file to a robot-piloted machine. In the world of finance, this may mean that an investment in complex financial models is no longer necessary – in which case, again, it’s probably best to leave your desk and go work on something else.
What is equally important is that the applications of Robotic Process Automation don’t end in finance. After all, as the banknotes and cheques begin to stack up, a crucial part of the financial service business is keeping abreast of all of the changing tax rules and legislation, and keeping abreast of the new rules that govern the way that companies must account for their expenses and taxes. What better way to stay up to date than by implementing a robotic process automation system that can run and track the day-to-day accounting? Now, in addition to having a better idea about the day-to-day activities of your company, you can also be certain that your accounting is more accurate and complete than ever.
A key feature of Robotic Process Automation is that it enables companies to reduce the number of staff that performs repetitive tasks. As previously mentioned, the advent of Robotic Process Automation is a good thing because it means that there will be fewer staff members who are required to perform repetitive tasks. This is an especially important thing to consider in these difficult economic times when people are being laid off at record speed. By outsourcing repetitive tasks, companies are freeing up time for other activities, allowing them to increase the efficiency of the overall operation.
For smaller businesses, one of the key benefits of Robotic Process Automation is that it can eliminate the need for human assistants. In the past, many assistant positions were held by non-qualified personnel, making the services provided even more unreliable. While it’s possible to find competent administrative assistants who are willing to work on commission, the cost of employing one of these assistants is usually much higher than using robotics to outsource repetitive tasks. When utilizing Robotic Process Automation, the company doesn’t have to pay the full wages of the assistant, they only pay for the labor hours. This makes Robotic Process Automation a great solution for smaller businesses who aren’t in a position to hire additional personnel.
Robotic process automation isn’t a one-size-fits-all solution, however. Some tasks require further customization to be handled by a specific type of robotics software, and only a select few tasks can be performed by all types of robots. Therefore, it’s important for businesses looking to automate their operations to determine the exact type of Robotic Process Automation system that will be best for their needs.