By 2035, artificial intelligence is expected to boost average business profitability by 38% and lead to an economic increase of $14 trillion dollars.
One component of artificial intelligence taking the business world by storm is robotic process automation (RPA).
Robotic process automation is a type of software meant to mimic human actions in performing smaller tasks within larger processes. RPA systems learn actions by watching an end user execute a task within a software application’s graphical user interface.
The goal of RPA is to perform repetitive tasks quickly and accurately using a robot. This lets employees focus on more important aspects of the business like customer interaction and strategy.
“RPA takes the robot out of the human.” — McKinsey
In the business world, there are 3 areas where robotic process automation is making a dramatic impact.
#1: Business process management.
Business process management (BPM) is a systematic approach to streamlining processes, identifying areas that need improvement, and implementing best practices across all areas of an organization. It’s achieved through consultation with business strategists specializing in BPM.
One aspect of BPM is automation. That’s where RPA is changing the game.
RPA is the natural evolution of traditional automation. It’s easier to install onto existing software systems and extremely scalable. RPA software automates processes without changing, replacing, compromising, or adding maintenance expenses to existing applications. Thus, business consultants are increasingly using RPA in their optimization strategies.
Organizations can choose to incorporate RPA as a part of a complete business process management overhaul. Or they can simply automate individual tasks within their existing processes, achieving significant results with less time and investment.
“RPA projects save money, recoup the investment in just six to nine months, and don’t require major IT architecture changes or deep integration with underlying systems.” — Everest Group
#2: Data capture and transfer.
Instead of manually entering data into multiple databases, RPA is able to pull data from one application and push it into another according to the business needs. This is beneficial for form-driven and data-heavy processes like onboarding new accounts, fulfilling purchase orders or processing invoices.
Combined with machine learning capabilities, RPA learns from its mistakes and enters data more accurately over time, eventually eliminating the need for human supervision and error checking.
Related Blog: Harnessing Machine Learning’s Role in Data Capture
#3: Customer service.
Call centers use a variety of different systems and vendors to satisfy customer needs. When a customer calls in, a call center employee needs to pull up the appropriate account information, determine the reason for their call, switch between different systems and applications to retrieve the right details, and relay the best response back to the customer.
The longer this process takes, the more a customer’s frustration grows.
Using RPA, information can be captured, analyzed, cross-referenced, and shared across platforms. Thus, when a customer calls in, a tab with all of the right account details can automatically be opened on a representative’s desktop.
Robotic process automation also allows customer service representatives to avoid spending time entering the same data into different systems. Once a representative inputs data into one vendor system, the other systems automatically populate with that same information.
Each automation allows call center employees to successfully help more customers in less time with better results.
Harnessing the power of robotic process automation.
There are plenty of additional ways that RPA can have a dramatic impact on your business. A great place to start is looking at all of the processes within your company and identifying steps within them that can be automated. If you need help, be sure to reach out to an IT provider skilled in implementing artificial intelligence-based solutions.
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