From the Wheel to Motorcycles… we evolved…
From Cave paintings to VR systems… we evolved…
From Hieroglyphics to Modern Language… we evolved…
Here we are, from binary to AI, witnessing the biggest evolution mankind could ever forge from our own hands. The next day looks fast. The coming week looks planned. The future looks bright. The world is seeing the biggest shift ever – Robotics!
We have managed to build systems that can plan and execute tasks which we would do, and otherwise take a lot of time and resources to implement with human efforts. It is called RPA – Robotic Process Automation.
I.What is RPA in the first place?
In simple language, it is an automated process wherein businesses or processes use software to erase redundancy in workflow by achieving automatic implementation of high-volume, repetitive business tasks. No, it’s not a bunch of creepy bots taking over motherboards. This algorithm-based software bot army is carefully designed and coded into a language by developers & programmers with specific nature, catering to a specific need. RPA can be used to scale up your business, right from IT to Finance.
II. How does RPA work in the first place?
It uses algorithms and Artificial Intelligence to bring automation in your business workflow. Instead of hiring physical robots – you can automate your business operations with digital software systems that capture data, and interact with other systems in the workflow to perform an assigned task. The AI levels can vary depending on the scale and complexity of your tasks.
- According to a source, $846 million was spent on RPA by businesses globally. There was an immense competition between vendors to capture the market.
- There was a direct 63% increase in RPA usage in the year 2018.
- As we unprecedentedly hit the Pandemic wall real hard, the digitization of businesses has become even more important. Estimation says by the year 2023, the RPA market will reach $12 billion.
Clients love robotic automation as work becomes easier. It is efficient to scale business and reduce costs using this process. It erases human errors and slack because automated software can work 24/7 with accuracy.
III. What are the benefits of RPA?
1.Get superior productivity – As a business, your aim to achieve a bigger and better pace of work can be achieved by RPA. As mentioned above, it reduces manual errors and can be put to work round the clock.
2.Flexible and easy implementation – It can be determined according to process and might vary. It is easily customizable and programmable according to your business automation needs.
3.Intelligence – RPA has the intelligence, -acquired by logical parameters coded by developers, to whether or not to go ahead with a process.
4.Optimization and Accuracy – Managing resources becomes a walk in the park as RPA promises precision. It gives a higher scope of data analyzation, storage, and implementation even if the task varies in nature.
5.Competitive edge – It gives companies the upper hand in the existing market as a big chunk of business can function online without using manual labor. RPA during COVID proves to be hugely beneficial overall when systems have to be taken online and depending on manual labor is a threat.
Common types of bots used in RPA
- Programmable bots – They require time-to-time intervention by programmers. They can’t function in a complicated task as they work only in the given parameters. This requires phases of development to create a definitive roadmap.
- Intelligent bots – These are based on Artificial Intelligence and uses present and historical data to predict future patterns. It analyses and records click, mouse movements & other digital actions to improvise further. They work best in case of unstructured data.
IV. Different RPA tools and How to use them to your advantage
UiPath – It is an RPA tool used in Windows Desktop Automation. It comes with a drag & drop functionality of its own. The tool is ready to take on any activity – right from discovery to managing to engaging.
Blue Prism – This is another tool that comes with cloud support and has scalable features. It is a robust system of bots that comes with superior data abstraction and security. It can handle many business processes at once with accuracy.
Automation Anywhere – Another RPA tool designed and developed to meet your business needs. It has fast scalability and better than the most intuitive RPA. It is a unique strong force of AI, RPA, and Analytics that delivers better technological intuitiveness – hence better business proficiency.
V.Market trends of these tools
As per the graphical data suggested, UiPath in the year 2018 looked more in preference. Why? Because…
- UiPath provides a user-friendly visual designer for practice and automates
- UiPath provides a user-friendly visual designer for practice, automation capacity of 3 robots, and 30 Megapixel AI Computer Vision. They also give out a free/community edition.
- Blue Prism on the other end is more beneficial for large enterprise automation – because it provides super features such as Data Security, Analytics, Data Abstractions and tons more.
- Automation Anywhere gives a free community edition too, helping businesses navigate through difficult times. It has two more further packs which are subscription based.
Automation anywhere even has no-code, low code, or bring-your-own code options to build bots.
VI.How does RPA help businesses gain momentum?
1.Harping on compliance – More than being just a technological advancement, RPA helps in smart business planning as it capitalizes on both Human and software solutions. As new market economies shift towards the digital front, tech solutions like RPA and Human-driven strategies work together to leverage businesses.
2.Pushing Productivity to the max – Implementing RPA in 2020 has become the new productive solution for organizational benefits. Companies can scale up using Machine learning to automate redundant processes that encourage human efforts to focus on strategizing.
3.Improved workflow and reduced costs – A company must balance both cost and customer satisfaction. Your business can enjoy the benefits of reduced labor costs by implementing RPA on high-volume, daily tasks. This digital transformational approach towards operating business in 2020 can favor the existence and functioning of your business.
VII. How is RPA different from Traditional Automation?
When it comes to Traditional Automation, APIs and different integration systems are based on heavy programming. RPA is much advanced as it replicates the actions of a user on an Interface level.
In Traditional automation, there is a heavy reliance on the understanding of the target system. Whereas on the other hand, RPA follows user paths by acquired data no matter how complex the task might be.
Applications of RPA are much more personalized than traditional APIs. It can achieve precision by spanning personal applications and retrieving important user information for predicting the pattern.
VIII. Case Study of Accounting and Finance in RPA.
1) Accounting – The processing time of Vendor Invoice Processing was decreased by a huge 60% by implementing automation in accounting. It helped accountants transcribe inbound invoice information and necessary details from PDF documents and convert them to web-based SAPs, and storing the final PDF copy in the cloud server to avoid account fraudulence and mistakes.
2) Finance – The submission of cost allocation data into SAP using different bodies of information was executed in less than one minute by RPA. It merged all the inbound data into a master file which could have taken more than two hours with manual efforts.
3) Closing and Reporting – Implementing RPA drastically improved the copying and data transcribing tasks of Baseline 10K and 10Q report creation processes. It was processed using automation directly from Quickbooks and Spreadsheets. It reduced 85% of manual work, which is huge!
4) Accounting Reconciliation using RPA – Using Robotic automation, discrepancies were compared between the customer invoices, Quickbooks, and Multiple Excel Sheets. The exception review process was carried out in almost 1 minute compared to 30 or more mins in manual methods.
Generating business during COVID is relatively tough when economic graphs hit an all-time low. RPA can transform your business in no time and we at Diligen provide you with our financial solutions and superior planning/strategizing for achieving your business goals. Contact us to transform your business today!