What Is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is a technology that allows businesses to automate routine and repetitive tasks using software robots. These bots interact with digital systems just like human workers, thereby cutting operational costs and significantly accelerating processes while minimizing errors.
RPA systems can execute multi-step workflows involving diverse applications. For instance, they can process received forms, notify receipt, check for completeness, file them appropriately, and update corresponding spreadsheets. The primary goal of RPA software is to relieve employees from mundane tasks, enhancing overall productivity.
Key Takeaways:
- Robotic Process Automation (RPA) involves software programmed to automate basic, repetitive tasks across various applications.
- RPA creates and utilizes software robots capable of launching and managing other software applications.
- Primarily designed for office tasks, RPA serves as a digital assistant, handling routine tasks that would otherwise consume employees’ time.
- RPA is increasingly essential across different industries and applications.
- Without human monitoring, RPA might cause issues, as demonstrated by the problematic mortgage robo-signers.
Understanding Robotic Process Automation
RPA technology is intended to assist with office-related activities that require executing numerous steps in a specific sequence. Essentially, RPA is similar to traditional manufacturing automation, emphasizing step-by-step task automation using software rather than physical robots.
Automation primarily aims to optimize workflow and reduce labor costs. However, it’s crucial to ensure proper implementation and monitoring to avoid any unintended missteps.
Benefits of Robotic Process Automation (RPA)
RPA software is programmed to perform tasks within workflow patterns, often with minimal human intervention. Unlike AI-driven systems, RPA doesn’t autonomously learn or optimize; it functions as a digital assistant, handling repetitive and simple tasks.
The simplicity and cost-effectiveness of RPA make it an attractive option, especially for companies using legacy systems. RPA solutions integrate seamlessly with most existing applications, simplifying implementation compared to other enterprise-level automation technologies.
Industry Growth
The global RPA market is projected to reach nearly $600 billion by 2022.
Applications of RPA
Financial Services: Due to stringent compliance and regulatory requirements, the finance sector has been an early adopter of RPA. Automating back-office functions like updating
Related Terms: Artificial Intelligence, Business Process Automation, Digital Transformation, Machine Learning.
References
- Gartner, Inc. “Gartner Forecasts Worldwide Hyperautomation-Enabling Software Market to Reach Nearly $600 Billion by 2022”.
- U.S. Government Publishing Office. “ROBO-SIGNING, CHAIN OF TITLE LOSS MITIGATION, AND OTHER ISSUES IN MORTGAGE SERVICING”.
