Robotic Process Automation (RPA) affects almost every industry and dramatically enhances a vast number of technologies. First, we’ll go over what exactly it is.
Then we’ll take a more specific look at what technologies are being affected by it, and we’ll wrap up with more information about how you can acquire software that performs these operations!
What is Robotic Process Automation?
This is essentially using software or “robots” to streamline what would be lengthy, tedious business processes. It uses a combination of Artificial Intelligence (AI) and Machine Learning (ML) to figure out how to perform different jobs!
The CIO Magazine elaborated on a case study by a bank who implemented the technology.
RPA technology replaces potential staff positions by making manual processes automatic. In the case study mentioned above, the technology was utilized to streamline a claims-making process for a bank. Rather than have individual employees determine each claim, eighty-five bots were deployed who handled 1.5 million claims in one calendar year. At thirty percent of the cost of recruiting and paying salaries and benefits for the bare minimum employee count to do this, the bank saved a good deal of money.
That’s just one example of Robotic Process Automation technology at work. Let’s dive into some more technologies that are being enhanced by this revolutionary tool!
What Technologies are being Enhanced by Robotic Process Automation?
Trucking is one industry in which we will likely see this technology replacing workers. Since AI has already been proven to drive vehicles, RPA will take it a step further by completely replacing jobs and interacting with dispatchers.
Another industry that will have its technology enhanced is logistics. There are entire companies dedicated to providing logistics contracting services, where hundreds of people are employed to figure out the best supply chain. With this new technology, a robot will be able to instantly calculate the cheapest supply chain combinations, given bulk discounts and business combination discounts.
A third industry that is being overtaken by this new technology is retail. Retail calculations, especially for large chains, can be very tedious. It’s difficult for humans to remember so much information and perform accurate supply chain calculations. On the other hand, software can remember everything it’s told forever, and there will be no human errors. If you’re interested in learning more about the technologies that will be enhanced, check out this article in the online MachineDesign magazine.
How can You Access This Software?
Unfortunately, this technology is currently cost-prohibitive for many companies. However, as it becomes more widespread, its price will likely go way down. In the meantime, you should talk to a representative of a leading company in the industry to see if it’s cost-effective (or will be cost-effective in the future) for your business. It can get overwhelming, but that’s why there are experts to walk you through the process.
Should You Invest in RPA?
There are a good number of options, and just like any investment, it’s very wise to take an in-depth look at what your possible returns could be. Of course, since it is such a new technology, its pricing will be higher than it likely will be in a few years. Only you and your advisers can tell you if you will benefit from it.
It’s a revolutionary technology that will likely change the way we see work and full-time jobs as a country, and, eventually, as a world. About half of large businesses have already adopted it, according to CIO Magazine.
Almost universal adoption of the technology is expected to take place within the next year or so. Just like every other technology, it will start out expensive and rare, and work its way down to every facet of business!
If your choice is that it is too expensive, remember to keep an eye out for price decreases down the line! But try looking at it this way: How much could you be missing out on by not getting started today? The last thing any business owner wants is to lose out by not following the latest trends!
