I write about robots, productivity, and human happiness
Robotic Process Automation has become a hot topic over the last few years, increasing employee satisfaction and decreasing the probability of error in repetitive tasks.
A recent analysis from McKinsey Global Institute revealed that AI automation is predicted to increase global productive rates by 0.8-1.4% annually in the next 50 years' time. With this speed, AI is predicted to unify customer conversion analytics, email management, CRM and content curation in the coming days.
Yet, people reject the implementation of RPA because of stereotypes and concepts like “robots are coming back on us” which leads to missing out great opportunities for business growth.
In honor of MythBusters that had been helping me build critical thinking skills for over a decade, I’d like to start with breaking three popular myths about RPA that are enormously popular:
For those of you, who still struggle with trusting the AI, I also recommend reading a great article “Robopocalypse Not” by James Surowiecki.
With Robotic automation, the company can deploy virtual workers who mimic human workers. In case of a change in process, a change in a few lines of software code is faster and cheaper than training existing employees or hiring new ones, which is especially crucial for small and mid-sized businesses.
Here are a few other reasons for deploying RPA into the company environment:
The number of errors can be reduced in a customer-facing environment (like chatbots) without hampering the speed of the process. This also results in higher customer satisfaction rates.
RPA allows employees to concentrate on higher value-add processes instead of the time-consuming routine tasks to improve business efficiency. An increase in ROI has been linked to better efficiency and output.
David Schatsky, a managing director at Deloitte LP, points to a bank’s experience with implementing RPA, in which the bank redesigned its claims process by deploying 85 bots to run 13 processes, handling 1.5 million requests per year. The bank added capacity equivalent to more than 200 full-time employees at approximately 30 percent of the cost of recruiting more staff, Schatsky says.
Bots are virtual assistants and do not tire out as humans do. This increases the scalability of the RPA technology.
The Robotic Process Automation supports all regular compliance standards and regulations which allows for a seamless error-free experience.
RPA bots leave behind digital log files of all their activities simplifying the audit process for the company further.
The scope of collecting data increases as the robots interact with legacy systems to extract the data that was cumbersome for humans to extract.
Last but not the least, RPA does not require you to replace your existing systems within the company. Instead, it can leverage those systems, the same way a human employee can.
Like you already know, technology has crept into every industry, so technically RPA is ready for every industry. You can start implementing it by researching the industry and choosing the partners that can extract and interpret information from business documents (e.g. invoices or purchase orders), Desktop and SaaS applications (e.g. Salesforce), process it, fill out a form or create a custom report, or just move the data between any desktop or cloud app, following business instructions.
Don’t let the fear of robopocalypse miss out the opportunity to optimize work processes by giving repetitive tasks to bots and allowing your employees to fulfil their potential.