An Inside Look at the Future Robotic Process Automation

The Buzz Behind the Future Robotic Process Automation Software Technology

The computing era has experienced tremendous transformation in decades back, and abundant software developments occurred in operating systems, applications, utilities, you name it. Today, the business operations are leaping into the new technological landscape of what I can only describe as the future robotic process automation. Companies that are not matching into this world of technology have a chance of being left out on the wayside in the future. RPA is the new language of business in the 21st century.

But what is robotic process automation?

Robotic process automation in business perspective is the configuring software to perform work previously done by a human being such as transferring data from numerous input sources. The scope of RPA now shifts from pilot projects to wider adoption from Interactive Voice Response (IVR) development toolkit to real call center executive.

All You Ought to Know on the Revolutions in Robotic Process Automation

The Robotic world is no doubt, undergoing an iconic moment with massive transformations right before our naked eyes. This iconic spell is barely to do with the invasion of evolving technologies such as machine learning, AI, natural language processing, text analytics, among others. Well, the future robotic process automation is charting a new direction and can be divided into four unique phases.

• Assisted Robotic Process Automation (RPA 1.0)

The idea behind RPA 1.0 is automating various activities and applications running on the user’s desktop. One of the simplest examples is the cutting and pasting of information from one screen to another. This means that long sophisticated processes would certainly be replaced with single mouse clicks, considerably cutting down the time taken to train an agent.

• Unassisted Robotic Process Automation (RPA 2.0)

The RPA 2.0 software is installed on some machines to run devoid of the requirement for the automation to be attended. In this case, no employee is required to log on to trigger the processes to begin, monitor its performance, and shut down the automation when it’s complete. In the end, the robot can work around the clock and replace human interactions with business processes.

• Autonomous Robotic Process Automation

The ingenuity in autonomous RPA is built leveraging AI and associated new technologies like cognitive automation, machine learning, and computer vision, among others. The fascination is on the convergence of several technologies which produces abilities that fundamentally elevate business values and gains a cutting benefit to users.

• Cognitive Robotic Process Automation

Cognitive RPA integrates several unique algorithms and technology approaches like data mining, semantic technology, natural language processing, text analytics, and machine language, to name a few. The process makes most of unstructured data such as customer interactions are seamlessly processed, evaluated, and structured further into beneficial insights for the next steps of the process, such as predictive analytics.

During the last few years, the emerging trends as far as the future robotic process automation is concerned are enormous. Majority of enterprise processes are deterministic, repetitive, and manual with over 70 percent can be automated using software robots. Again, processes that possess greater sophistication and need human judgment are automated within 15-20 percent in collaboration between software robots and human workforce. A massive enormous impact is expected from these technologies with an estimation of $5.2 billion and $6.7 trillion by the end of 2025, according to experts.

Here’s How RPA Will Influence Business Processes to Different Industries:

• Insurance

Most of the insurance companies have to develop a vital and highly profitable business while regulating risks and mitigating costs. Now, as they handle claims-processing, underwriting, and policy quote, their business practices are often overwhelming and competitive. And with the adoption of RPA by several insurance companies, it has added support to assist in automating the entire workflows and streamline their operational activities.

• Healthcare

The healthcare is one big benefactor of RPA technology incorporating tasks such as patient scheduling, data entry, and billing. Besides that, other facets of the health industry have improved a great deal with RPA software such as:

• • Patient data management
  • Lesser cancellations of appointments
  • Assured patient experience – patients get more value-based care as automation offers shorter wait times for appointments.

• Banking

The moment the banking embraces the future robotic process automation, they will find ways to efficiently and securely manage the day-to-day processes as RPA software integrates, eliminates human error and allows for ease of access to information. Compliance is one area that RPA software has streamlined in the banking sector as a result of the complexity of international and local laws and regulations. As a result, all documents are easily handled, making audit process less inconvenient and accurate.

• Manufacturing

This is one sector that acknowledged the use of RPA and has now strengthened their supply chain procedures, bridging the gap with the day-to-day activities like quoting and invoicing for particular suppliers alongside account receivables, payables, and the general ledger operations.

• Customer Service and Support Desk

With the increased demand for better services, the customer service industry has adopted RPA software in the areas of incident management, billing queries, user administration, and updating of records. The software links different systems and apps into one single console, create a unified knowledge-based that’s capable of delivering relevant data in real-time, and automatically set up and run processes.

Conclusion

The cold truth is that future robotic process automation software is the next big thing in the world of digital technology. In spite of RPA still relatively in its infancy, experts believe that it will be a more dependable business tool in the future. However, it shall come with some additional costs from training to recruitments and employee welfare schemes. As many sectors try to deploy these robotic technologies, the benefits are tangible.