In its simplest form, Robotic Process Automation or RPA is digitally automating repetitive and rules-based tasks — using bots to automate manual processes. In other words, using tools to emulate humans interacting with systems in order to complete business tasks in a more efficient manner.
It is a powerful tool for businesses that need to streamline operations and can be effective within any function of an organization in just about every vertical. This isn't "robotics" per se — that's automating physical tasks. We are talking about digital automation through software robots.
A couple of things to keep in mind up front: Stock RPA is "dumb" — dumb in the sense that it needs someone to teach it and keep it on track. However, you can add Artificial Intelligence (AI) and/or Machine Learning (ML) to create Intelligent Automation (IA). With IA, the RPA becomes smart and can learn the processes and associated tasks on their own to streamline and improve efficiencies even further.
Use Cases
Anywhere there are repetitive tasks being done using software, there are candidates for RPA. Some examples:
- HR: Team member onboarding, attendance tracking, benefits administration
- Finance: Fraud detection, month/year-end closes, journal entries, payroll processing
- Gaming & Hospitality: Flash/DOR reporting, loyalty tier upgrades, hotel room yielding, guest service interactions, fraud detection/AML
- Healthcare: Account settlement, claims processing, patient care cycle, compliance monitoring
- Everywhere: Report creation, distribution, and analysis
Benefits
The benefits are immense. Plus bots don't get sick, they don't call out, they work 24x7, and they will never go outside whatever lines you establish.
- Improved efficiency and reduced errors
- Reduced risk and greater compliance
- Increased transactional throughput with the same headcount
- Reduced completion times and granular data analytics
- Seamless scalability
Tips & Guidance
To be successful with RPA, there are some key things to keep in mind:
- Implement organizational change management. You will be implementing solutions that will completely change the way business users work. Communicate clearly and often to create a culture of change acceptance.
- Attain a deep understanding of the targeted processes. Collaborate heavily with all of the users involved in the processes you are looking to automate. Be careful about automating completely inefficient processes — fix them first.
- Keep IT involved. RPA is technology and IT must be involved from start to finish. This is not a time for shadow IT.
- Measure twice to cut once. Spend a lot of time upfront on analysis and planning. Establish baseline metrics and efficiency goals as KPIs before you begin.
- Ensure a good foundation. Try not to automate on legacy technology or broken tools. RPA is not a band-aid — fix your foundational items first.
Procurement Is Still the Wild West
The RPA market is a $5B industry expected to more than double. The landscape is chock full of startups, consultants, and established vendors eager to capitalize on the opportunity. Be wary:
- Licensing is overly complicated. Cases of customers being oversold are rampant with no means to validate and no way to adjust after signing.
- Service costs are typically triple that of your software investment. Figure out exactly what you need and set up your contract accordingly.
Conclusion
Robotic Process Automation can take your business to the next level by streamlining and automating manual, labor-intensive tasks. But it's not something to dive into headfirst or it will be counterproductive to your goals.
Virtual Procurement Services can help you through this process. Our Procurement Services will ensure you are getting exactly what you need at the best price possible, while our free Technology Advisory Services can help you plan and validate your RPA approach. Reach out to us today to learn more.