IS Robotic Process Automation – The next big thing?
IS Robotic Process Automation - The next big thing?
When we talk about robots, many people conjure up visions of a popular mechanical figure. However, in business world concept of robotics is very different.
Robotic Process Automation is a technology umbrella. The RPA software applications enable to create process flow programs and business objects which are then introduced to virtual machines. The virtual machines act as robots and perform the actions like a human would do. The actions may include logging into applications, browsing them, extracting data, moving the data, creating new MS Office files, sending e-mails and many, many more.
How does this the Robotic Process Automation work?
Software robots interpret the user interface of third-party applications and are configured to execute steps identically to a human user. They are configured (or “trained”) using demonstrative steps, rather than being programmed using code-based instructions. This is an important concept in the RPA market because the intention is not to provide another “coding” platform for IT users. Rather, the intention is to provide an agile and configurable capability to non-technical “business” users in operational departments.
For a project to qualify for an RPA project, it must satisfy 3 things: Rule-based processes, Structured data and Stable over time
Popular Robotic Process Automation software applications include Blue Prism, Automation Anywhere, OpenSpan, UiPath
SWOT Analysis of Robotic Process Automation
- Fully/partially automated process
- On time Delivery/Customer satisfaction
- Time Saving
- Cost Reduction
- Increased ROI
- Audit logs to support compliance
- Secured Access
- Rapid Development
- No change to business application
- Continuous Improvement
- Easy to deploy and re-configure
- Increase productivity by eliminating wastes
- Technology at time does not function as intended
- Quality check still preferred to be manual
- Coding standard
- Performance variance across system
- Unstructured input for processing
- Limited support for browsers such as Chrome, Firefox etc.
- Dependency on NLP tools reading and understanding free flow texts
- Lack of project-based training to the development team
- RPA learning for Ops
- Process improvement
- Strong case to attract other business
- Encourages process standardization across different business areas for the same tasks
- Leverage FTEs to other highly skilled jobs
- Gain share
- Roadmap for future projects
- Building COE
- Strong BCP
- Incorporating NLP and Data quality
- Change Management
- Cognitive process
- Application Downtime
- System/Hard Disk crash
- Major change request
- Business process pulls out
- Unstable process
- Lack of best practices and solution design and architect
- Upgrades to underlining application poses a challenge
- Consideration existing systems capacity and SLA provisions
- Scalability of RPS Center of Excellence across a breadth of business functions
Why should you invest your time to learn RPA?
Robotic Process Automation is a hot field right now with companies becoming aware of the potential of the technology. Not long ago, RPA was “a total mystery” to most organizations, but its potential is now grabbing the concentration of IT consulting and advisory firms, outsourcing providers, and enterprises.
Deloitte US study in 2017 thinks that 35% of skills will be different in near future
BBC Research in 2016 indicates –60% probability that services business will lose jobs to RPA
Oxford Study indicates –50% probability that RPA will evolve to take more rule-based tasks
So far, Capegemini Consulting had automated 200 processes on 50 robots in delivery centers worldwide, with a positive return on investment within a few months, dividing running costs by 7.
A Large Banking company in US’ in-house robots have processed 1.5 Million transactions since 2016, equivalent to 200 employees.
You would’ve guessed it by now – It is important to stay relevant. It doesn’t matter if you’re a Business Analyst, a Stock Trader, Hedge Fund Accountant or Tax consultant. If you have strong foundations of RPA, imagine you could be a valued intermediary between Technology and your Business. Your organization will rely on you since you understand the business nuances and RPA fundamentals to figure out what’s possible.
As RPA adoption has exponentially grown in the last 2–3 years, there is a shortage of good resources in the market.
If you 1–2 years of experience in RPA in any role, there are ample opportunities available in the current job market where you can demand good salary and profile. (that’s $150,000 plus per year)
It is going to increase in the next 2–3 years before it reaches its peak and then you will need to upskill yourself to include Cognitive technologies to further expand your career.
Who should learn Robotic Process Automation?
It doesn’t matter if you’re a Business Analyst, a Stock Trader, Hedge Fund Accountant or Tax consultant. If you have strong foundations of RPA, imagine you could be a valued intermediary between Technology and your Business. Your organization will rely on you since you understand the business nuances and RPA fundamentals to figure out what’s possible
If you’re a Business Analyst, Flowchart Designer, IT Professionals, Analysts, Job Seekers, System Administrators, you cannot afford to miss this.
Watch How RPA creating Job Opportunities in various fields?
RPA Application Adopted by Sectors like:
- Healthcare Sector (Read an article on Mending the Healthcare industry with RPA)
- Information Technology Sector
- Telecom Sector (Read an article on RPA, a new standard for the Telecom industry)
- Finance and Banking Sector (Read an article on RPA for the Banking industry)
- Insurance Sector (Read an article on The RPA boost for the Insurance industry)
- BPO (Read an article on BPO’s next wave of Robotic Process Automation by Capgemini)
- Real Estate sector
- Manufacturing (Read an article on Accelerating the Manufacturing industry with RPA)
- Finance and Accounting (Read an article on RPA’s impact on Finance & Accounting processes)
Companies Rethink HR Tasks with the help of RPA:
Automation helps crucial HR processes like
- Hiring employees
- Performance management
- Online learning
- Payroll administration
RPA has the potential to significantly improve HR processes in order to increase efficiency and cost-effectiveness Because HR processes are typically high volume and repetitive in nature.
Some of these HR processes and tasks include:
- Recruiting and onboarding
- Managing “workers”
- Mergers and acquisitions
- Data management
Robotic Process Automation is suitable for processes that are rules-based and transactional in nature. It enables companies to quickly and accurately automate the various kinds of Human Resource activities associated with growth and expansion. RPA is able to boost the offerings of older HR software suites and supports HR tasks by helping companies more efficiently manage the increasing amounts of data and paperwork that accompany organizational expansion.
As a result, RPA can be a key driver in promoting and supporting growth in a more seamless fashion compared to integrating and deploying costly HR suites.
Companies actively using Robotic Process Automation to increase process productivity:
Resource to learn RPA
If you are a planning to learn RPA by self-study then we would recommend learning via Uipath Academy. They offer free learn videos tutorials as well as free Community Edition of UiPath to practice on a real application.
Here is a link to video library to watch and learn RPA
You need to register first and then download the .exe file of UiPath Community Edition.
You can also take a free Certification Exam on RPA Developer Foundation Diploma, Click here to know more
Companies Looking for RPA Certified Professionals
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