RPA Robots: New age White Collar Workforce

Robotic process automation (RPA) is the application
of technology that allows employees in a company to configure computer software or a “robot” to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.

Why RPA?

In the past, industrial robots have made contributions to the manufacturing industry by creating higher production rates and improved quality. Similarly, RPA Robots are revolutionizing the service industry. They elevate people’s work by removing monotonous repetitive task  in administering business processes, IT support processes, workflow processes, remote infrastructure, and back-office work.

How RPA Works

To set up an RPA bot, it isn’t required to know programming. There are 4 ways to setup RPA bots:

  1. Programming :Programming instructions essentially tell the bot which programs to use and how to interact with those programs
  2. Graphical User Interfaces: Many vendor provide interface with drap and drop functionality.
  3. Recorder: Just like macros in excel, bots can complete recorded actions
  4. Self-learning bots:These bots watch recorded employee activity to learn tasks that could be automated. They are the easiest to deploy bots.
     

Example tasks RPA can perform:

Web Site Scraping: RPA softwares are the perfect choice to put them into implementation for this specific usecases as the data that needs to be collected or scraped off the websites are already known – for example, stock trading websites, futures trading websites, commodities trading websites, news and media sites (based on keywords)

Customer Order Processing: Orders placed on many of the e-commerce websites may then have to be placed on the actual repositories for the actual dispatch and also to maintain the inventory recordings different than the customer facing orders. Such data entry processes can be handed over to the RPA solutions as the whole process of order placement will be automated from end to end

Takeway

According to McKinsey Global Institute’s 2017 report on automation 43% of these jobs are automatable. This is because data entry and processing is an important part of these businesses and these businesses are subject to constant changes in regulation such as KYC requirements. Bots can be taught regulatory changes quickly and in a centralized way. RPA robots never sleeps, makes zero mistakes and is faster. RPA is here to stay.