5 Common Myths about Robotic Process Automation!

Robotic Process Automation is one of the biggest technology trends prevailing in the business space these days. RPA benefits are alluring all major industry verticals for implementing smart automation techniques to automate their business processes.

Even big players competing in the market field can be seen investing in the technology to achieve enhanced business efficiency. Big names such as Amazon Web Services (AWS), and Google AI are pouring millions into automation techniques (AI) to further strengthen their position. 

No wonder, With its incredible capabilities, Robotic Process Automation has completely revolutionized the business world. It has emerged as a strategic tool to increase business profits. Seeing the huge hype around the technology, a greater adoption of RPA-driven  techniques can be expected in the coming days.

A survey by Global Market Insights estimated that by 2024 the Robotic Process Automation market is set to exceed 5 billion USD.

Source

Common Myths about RPA!

RPA has become a hot topic of discussion among the C-Suite. Business leaders and industrialists want RPA bots driven by Artificial Intelligence to automate mundane and routine tasks being performed by their employees. By automating these repetitive routine tasks, RPA helps businesses to increase their efficiency.

With the use of RPA techniques, your employees get more time to do value-driven tasks rather than wasting their time on doing routine tasks. RPA has now become one of the most cutting-edge technological tools for business organizations to save time, money and resources. It is best used to automate repetitive, high-volume activities that reduces the productivity of your workers. 

Although RPA techniques have been deployed by a large number of enterprises already, some common myths about RPA are still circulating. Here, in this blog, I have discussed 5 common myths about Robotic Process Automation that prevails in the market space today. Let’s read these in detail.

Myth 1: Robots Are Humanoid!

This is one of the strangest yet the most common myths about RPA, but it still prevails in the minds of many. People assume RPA-driven bots as humanoid who can indulge into destructive activities that can harm humans. Movies such as I Robot and other hollywood movies are the cause of such misconceptions about RPA.

These RPA bots are presented as life-sized robots that are taking over the world. People have wrong myths about these bots driven by Robotic Automation. In reality, this is just a Hollywood imagination created solely to entertain the viewers.

Robotic Process Automation, or robots, or bots, refer to software code that can automate menial and repetitive tasks to streamline workflows without the need of human intervention.

                RPA will be a $1.5 billion business by 2020, says Forrester.

Myth 2: Robots will Take my Job!

One of the common myths about Robotic Process Automation that persists in the minds of people is the fear of losing their jobs. But that’s not true at all! RPA-driven bots were created not to replace human beings but to complement them. While adopting RPA technology will definitely augment human ease and not replace them at all.

With the emergence of advanced automation technologies such as RPA, Artificial Intelligence and Machine Learning, more job opportunities are expected to emerge in the coming years.

Although these technologies are self-sufficient, still they need human intervention for doing tasks that involve decision making and intelligent learning. I am sure after reading this, you have no misconceptions about RPA in your minds.

The global robotic process automation market size is expected to reach USD 10.7 billion by 2027, expanding at a CAGR of 33.6% from 2020 to 2027, according to a new report by Grand View Research, Inc.

Source

Myth 3: Robots are Perfect!

If you still have misconceptions about RPA, then reading further will surely help. RPA-enabled bots are perfect is one of the most common myths about RPA prevailing in the minds of people today. RPA bots are considered to be perfect. They are even assumed to be 100 percent accurate.

People believe that bots can eliminate human errors and greatly reduce noise in statistics. But, in reality, they work depending upon the inputs that are fed to them. RPA bots run on programs and codes. If there are errors in the logic of the code, then they will repeat the same errors recursively.

If you want to draw the maximum ROI from your RPA investment, then consistent adoption of RPA techniques across all departments of your business organization would  generate better results.

Myth 4: RPA does not suit my Industry!

Let’s read more about some of the common myths about RPA. Industries in the banking and finance sector were the earliest adopters of Robotic Process Automation technology. Since then it’s assumed that the technology is best suited for the companies existing in the banking and finance sector.

This isn’t true. RPA techniques have helped banking and finance companies in making huge profits, but it can't be denied that RPA in the recent past has provided huge cost-benefits for industries like manufacturing and shipping, IT, healthcare, retail, and transportation and logistics.

Mundane tasks such as back and front office activities exist in all industries. Therefore, an advanced technology like RPA to automate these tasks is required in every industry today.

Myth 5: RPA is out of my Budget!

Perhaps, this is one of the most popular myths about Robotic Automation that exists in the market space today. Many companies are reluctant to adopt RPA techniques despite knowing it benefits. This may sound strange but it's true. One of the greatest worries that wary businesses is the cost. RPA implementation is considered to be very costly, so many companies quit the idea of using RPA strategies in their business.

But the fact is deploying RPA throughout your organization allows you to increase productivity. You can create a huge cost-benefit for your organization by using RPA  that can perform work of multiple workers in a faster and more efficient manner. 

Using RPA techniques not only saves cost but also saves time. Choose a team of RPA developers to leverage such incredible RPA benefits in your business too.

[Good Read: How to Avoid RPA's Disadvantages, According to Gartner]

The Bottomline

So, these are some of the common myths about RPA that prevails in the minds of the people today. Hope after reading the blog, you have no misconceptions about RPA in your minds. With the wide adoption of RPA technologies by businesses all over the world, it wouldn’t be wrong to say that RPA is dominating the business space now.

Deloitte conducted a Global RPA Survey, according to which, RPA will continue to meet the expectations of enterprises across multiple dimensions including improved compliance (92%), improved quality/accuracy (90%), improved productivity (86%) and cost reduction (59%).