The idea that robots can replace humans is probably one of the most popular topos of science-fiction movies. Nonetheless, this far-fetched scenario can actually be real within a couple of years – thanks to nowadays development of Robotic Process Automation (RPA). It is a software that allows for mimicking human behavior with the use of artificial intelligence and machine learning. The base of this software are robots with a wide range of abilities; for example, they can: enter data, complete complex tasks, login, and log out of many systems. The remarkable trait of RPA is allowing to tackle complex repetitive business processes without human intervention.
As future entrepreneurs and employees, we should bear in mind this acronym. RPA comes with many advantages, such as cuts in costs, time, effort, and even cuts in the workforce. As the error rate of robots is at successful 0%, it is an entirely credible service that can be loosely scrutinized. Because of that property, RPA made its way into Accounts Payable (AP) Automation. Robots can handle alone invoices management, including actions such as reading invoices, extracting key details, pasting them into SAP, and sending emails regarding this document. Similarly, we can look into Legal Automation. As we all know, the traditional way of handling case documents in courts can be arduous. Piles of paper and data are a literal nightmare for lawyers that keep them away from work. This low-efficiency also influence the costs of legal processes. All that hopelessness can go away with the help of artificial intelligence (AI) and business process automation (BPA). Legal departments and in-house counsels can count on robots with help on e-discovery, analysis of data, and contracts management.
Looking into the Robotic Process Automation market, there are three foremost leaders of the RPA market: UiPath, Blue Prism Group, and Automation Anywhere. All of them are start-up launched in 2005 and earlier, but, in spite of venture capitals and fundings, they didn’t become successful until they entered the RPA market. But this market is continuously growing and becoming more creative. Many entrepreneurs are looking into innovations and integrate RPA with cognitive technologies: speech recognition and language processing or machine learning. Many businesses are setting this sort of automation, known as intelligent automation, on their strategic plans for this year.
To sum up, RPA is undoubtedly revolutionizing the whole entrepreneurship. It disrupts mundane work with the futuristic idea of robots. Not only can the benefits of automation be observed in all departments across huge companies, but also small households. With the use of Robotic Process Automation, we can finally excel in our work without wasting time on repetitive copy and paste formalization. As shown in the history of this technology, automation within the last years grew from its infancy to a fully demanded service. However, many fear that robots can take our jobs and increase unemployment rates. For example, government workers usually do tasks that can be easily automated, such as entering data or handling all bureaucracy. Similarly, low-qualified employees can ponder upon their place in digitalized work. On the contrary, we should think about how we can mitigate the repetitiveness of the job and complain about that error in the data, which forces us to re-enter all data into the system. This will enable us to focus on real work, customers, and finally enjoy the awe of life.
- Automation Anywhere: RPA predictions for 2020 (and beyond)
- What is RPA? A revolution in business process automation | CIOhttps://www.cio.com › article › what-is-rpa-robotic-process-automation-ex…
- What is Robotic Process Automation – RPA Software | UiPathhttps://www.uipath.com › rpa › robotic-process-automation
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- The next acronym you need to know about: RPA (robotic …https://www.mckinsey.com › mckinsey-digital › our-insights › the-next-acr…
- What is RPA? Robotic Process Automation Software …https://www.automationanywhere.com › robotic-process-automation