Robotic process automation (RPA): Bots take over the manual, tedious tasks

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Robotic process automation (RPA): Bots take over the manual, tedious tasks

Robotic process automation (RPA): Bots take over the manual, tedious tasks

Subheading text
Robotic process automation is revolutionizing industries as software takes care of repetitive tasks that take too much human time and effort.
    • Author:
    • Author name
      Quantumrun Foresight
    • August 19, 2022

    Insight summary

    Robotic Process Automation (RPA) is reshaping how businesses manage routine, high-volume tasks, making processes faster and more accurate. Its user-friendly nature and compatibility with existing systems make it widely accessible, even for those with limited technical skills. The broad adoption of RPA across various industries is streamlining operations, enhancing productivity, and allowing employees to focus on more complex tasks.

    Robotic process automation (RPA) context

    RPA is transforming how businesses handle high-volume, repetitive tasks, traditionally performed by large teams of entry-level workers. This technology is gaining traction in sectors ranging from finance to human resources due to its ease of implementation and minimal coding requirements. RPA operates by automating tasks that follow specific rules, such as data entry, account reconciliation, and process verification. By using RPA, businesses can ensure these routine tasks are completed swiftly and without errors, enhancing overall productivity and reducing the workload on human employees.

    The adoption of RPA tools is facilitated by their user-friendly design and quick setup. Even those with limited technical expertise can deploy RPA solutions, making them accessible to a broader range of businesses. Advanced RPA systems can be customized by software developers to meet the unique needs of an organization in a matter of weeks, or even days. These systems offer the advantage of continuous operation, around the clock, and they seamlessly integrate with existing, older systems in a company. 

    A notable example of RPA's impact is seen in the case of QBE, a leading global insurance company. From 2017 to 2022, the firm harnessed RPA to automate 30,000 weekly tasks related to customer claims. This automation resulted in a substantial saving of 50,000 work hours, which is equivalent to the annual output of 25 full-time employees. 

    Disruptive impact

    RPA helps businesses save overhead costs by streamlining manual tasks at a fraction of the expense of hiring an entire team of workers to perform said tasks. In addition, companies can save on other expenses such as infrastructure (e.g., servers, data storage) and support (e.g., help desk, training). Streamlining iterative tasks/processes also helps speed up completion times for complex tasks. For example, opening multiple applications to lookup customer details in a credit card support center can consume 15 to 25 percent of the total call time. With RPA, this process can be automated, saving time for the agent. Moreover, businesses can improve the accuracy and efficiency of their operations, particularly when interfacing with large databases. Risks are also reduced with RPA, such as automating error-prone processes like tax filing or payroll management.

    Another benefit of automating processes is better compliance with regulations. For example, in the financial industry, there are many regulatory requirements such as KYC (know your customer) and AML (anti-money laundering). By using RPA, businesses can ensure that these policies are met quickly and accurately. Moreover, if there is a change in the regulatory environment, firms can quickly adapt their processes to avoid disruptions in their operations. 

    In terms of customer service, RPA can be used to automate such tasks as sending out thank-you notes or birthday cards, making customers feel valued without having to dedicate a staff member to manage these details. Because employees are freed from performing these types of high-volume, low-value work, they can focus on more critical tasks such as decision making. For example, RPA can be used to generate reports regularly, allowing managers more time to review these reports and make better decisions. 

    Implications of robotic process automation 

    Wider implications of increased RPA adoption may include: 

    • Supporting organizational sustainability efforts by reducing energy consumption and paper-based processes.
    • Low-code platforms, intelligent document processing, artificial intelligence, machine learning, process mining, and analytics supporting RPA in developing intelligent workflows that lead to hyper-automation.
    • Companies in the manufacturing and industrials sectors increasingly utilizing various machine-based RPA solutions to automate most of their factory processes, resulting in growing rates of unemployment in these sectors.
    • Increased demand for automation experts to handle various RPA projects, including coordinating with various vendors.
    • Better tax and labor compliance for human resources departments.
    • Financial institutions using RPA for a wider array of wealth management applications, as well as to detect and block repetitive phishing attempts and other potentially fraudulent activities.

    Questions to consider

    • If your company uses RPA in its processes, how has it improved workflows?
    • What are the potential challenges in implementing RPA?

    Insight references

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