RPA- Robotic Process Automation is actually as simple and powerful as it sounds, it enables you to create your own software robots (or Digital Workers) to automate any business process and capable of automating tedious, rules-based activities. Your ‘bots’ are configurable software set up to perform the tasks you assign and control.
With Visionet as a technology advisor, businesses can avoid any transformational pitfalls, select an effective technology strategy with clear goals and milestones, and future-proof your digital footprint for sustained growth and profitability.
Here, Alok Bansal MD and Country Head, Visionet, tells us more. Excerpts from an interview:
DQ: How has robotic process automation transformed business growth?
Alok Bansal: For many industries, RPA remains one of the fast-growing technologies! RPA helps businesses manage current activities as if they were being performed by a real person through systems and applications. It communicates much as a human user would communicate with each device.
This does not require a complex integration of the program. RPA market is expected to reach $5 billion by 2024, as per Global Market Insights Inc.
Emerging technologies within the robot-led automation realm could be the key solution for today’s complex business challenges. Process automation is basically what organisations have always looked for since a long time to achieve greater operating efficiencies in lesser time, more efficiencies and invariably propelling growth.
RPA has transformed the businesses in the way it grows like responding to the challenges, making processes simpler. RPA software helps businesses boost process quality and service performance in real-time, accurately and with lesser cost infusions.
DQ: How is RPA providing edge to enterprises to contest the cloud wars?
Alok Bansal: RPA is primarily considered as a primary component in emerging intelligent automation solutions. Automation solutions are the new opportunities that application platforms vendors are leveraging to help them attract enterprises into app modernization projects and to gain profits amidst cloud rivals.
The simplicity of RPA is increasingly becoming an attractive alternative to the most complex AI solutions which require a huge team of professionals to operate.
Intelligent automation has been playing a huge role through improving processes across enterprises, conducting specific tasks in order to eliminate repetitive tasks in day-to-day operations.
The ability to automate repetitive operational processes is a mounting objective among enterprises in order to expedite time to market with important services, and help reduce manual errors. Certainly, RPA gives and edge to these tasks.
DQ: How is RPA an attractive solution to complex artificial intelligence solutions?
Alok Bansal: Usually, IA methods are used to optimize internal functions with an emphasis on that efficiency rather than reducing costs. In the case of Wealth Management, the company, without a massive expansion of its workforce, would not have been able to deliver natural language reporting across all its clients and assets.
Compliance officers at the global banks would not have been able to track all electronic communications without the help of IA, and the insurer would not be able to respond as quickly to individual customer requests.
In both of these cases, IA solutions have helped these organizations grow their offerings, potentially increasing the value they bring to their clients. At the other hand, RPA tools allow businesses to perform the same services at a lower cost and a higher quality level.
While this distinction may not always be valid, it helps to categorize clearly the applicability and the value these two distinct technologies have.
RPA tools can be implemented with much more speed than IA tools and usually require lower cost investment. RPA ‘s supply market is maturing rapidly, and there are several products on the market that have proved their effectiveness and are gaining popularity.
The functionality of IA tools is steadily growing, but overall they are still in a nascent stage of growth.
DQ: How has RPA increased more customer base for businesses today?
Alok Bansal: While we continue to progress in digital transformation, the promise of robotic process automation (RPA) is being discovered by growing numbers of businesses.
In a nutshell, it helps enterprises to achieve efficiencies and save money, hopefully, by automating the repetitive activities. It helps to speed up the processes throughout the marketing funnel from lead generation to customer experience.
The biggest challenge for RPA is to manage a constantly changing corporate market to solidify their leadership positions. Vendors will have to move to expand their companies and take advantage of the well-publicised enthusiasm about the automation capabilities of the technology while controlling delivery standards.