Why Companies Need Not Fear RPA
Why Companies Need Not Fear RPA
Introduction
Since the dawn of the first Industrial Revolution, technology has propelled humankind towards development. Acceptance of machines in our daily lives has resulted in dramatic changes and development in many fields. Today, one cannot imagine a world without gadgets, as they help with mundane tasks that would otherwise take hours.
Small-and-large-scale business have always relied heavily on machines to boost their productivity. Therefore, the dispute over the natural progression towards Robotic Process Automation (RPA) comes as a surprise for some. The main goal of an RPA system is to complete repetitive, boring clerical tasks, quickly. No code or direct access to any database is required. It simply fills in the gaps between systems and processes. So, why do companies face major pushback on this – especially from their employees ?
Myths about RPA
Like with any new system being brought into place, the maximum resistance is felt from those who do not understand its nature, tasks and goals of its usage. Here are a few myths that need to be debunked, in order to comprehend the true potential of RPA -
- RPA systems will replace humans completely: This commonly held myth could not be further from the truth. RPA systems require human supervision for; programming, information on daily tasks and maintenance.
“The right level of detail at which to analyse the potential impact of automation is that of individual activities rather than entire occupations […] Given currently demonstrated technologies, very few occupations—less than 5 percent—are candidates for full automation. However, almost every occupation has partial automation potential.” –McKinsey Global Institute report (1)
- RPA is expensive: After the initial investment, small to medium businesses can recover the cost of using RPA systems within 4-5 years.
- RPA is only useful in software related industries: RPAs can be used for small tasks that have nothing to do with heavy software. This includes generating automated bills, invoices and much more.
- RPA requires complicated coding: This statement is not true. An individual using an RPA system simply needs to understand how the software works from its front-end.
Commented [RC1]: Amy data to support this ?
Facts about RPA
- There are two types of RPA processes or functions: A simple RPA system can perform any automation routine that does not involve intelligence. For example; data entry jobs. The second kind of RPA process is called Cognitive RPA. This involves a human command to process the system. For example; using Google to find the shortest route while driving.
- Today 47% of workforce related tasks can be automated with the help of RPAs (2)
- The overall processing time is reduced by 40%.
- IoT and big tech products can see a boost in their growth with RPA usage.
- RPA offers visualisation models and enhanced analytics to customers that make it advantageous for businesses.
RPA is ideal for cases where workflow needs to be automated, and the infrastructure, plus back office process are labour intensive. The software program which runs the RPA can send a sequence of commands to get assignments done efficiently. For example; if a sales rate goes up by 20% and this code is not entered into the IT system, someone will usually have to check the immensely.
Bottom Line: A Human Can Work an Average Of 8 Hours A Day. An RPA Can Work 24 Hours A Day Without Stopping Or Rest.
This means, the average productivity of a human is 60% (with few errors) RPA productivity is 100% and without any errors.
What Else Is RPA Capable Of?
- High-volume, Repetitive Tasks: Entering data from one system to another, at a fast pace, over and over again.
- Multi-tasking: Operating complex tasks, across different systems; such as, sending detailed reports, managing data and processing transactions.
- Automated Report Generation: Extracting information accurately, and in a timely manner.
- Auditing: Checking, validating and creating compliance and auditing outputs.
- Product Management: Bridging gaps between IT systems and product management. Handling technical debts and reducing gaps.
- Data Migration: Automating migration, across systems. This was not possible earlier with documents, source data files or spreadsheets.
- Filling in Gaps: Finding, correcting and checking process deficiencies and errors.
- Quality Assurance
- Forecasting: Analysing massive amounts of data and generating predictions.
Conclusion
Many recent studies conducted in the finance and accounting industries show, the vast potential of RPA software in removing time-consuming and repetitive manual processes. As the Big Data boom continues, it will prove to be a strategic and important tool for organisations. Companies that deploy RPA can upgrade staff to more value-added roles and combine the best of machine learning, artificial intelligence and human insight. Today, there are many examples of companies who have done just that. Kryon Systems used to take four working days to complete a payment process for a global insurance provider. After deploying an RPA, the same task took only two hours to complete! (3) Zurich Insurance witnessed a 50% cost reduction in their insurance and pension division in the UK thanks to RPAs.
To conclude - Ravi Tewari, Group Chief Executive Officer, Guardian Holdings Limited, sums up his point of view on RPA here:
“It is consolidating as well as modernizing our infrastructure at the same time while allowing us to start to resemble what a best-of-breed insurance company should look like to the customer – and should behave like financially for the shareholder.”
Sources:
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