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RPA: Strategic Move or Strategic Need?

Source: Google Images

We only tend to show interest in a topic if it has significant impact on our lives. Upcoming NextGen Technologies are for sure going to be a significant part of lives. One of such trending technologies is Robotic Process Automation (RPA). According to Forrester1 Robotic Process Automation (RPA) market is estimated to reach up to 2.9 billion USD by 2021. This exponential rise in the potential market for RPA validates the need of the hour for these technologies to be implemented for business processes to be EFS (Efficient, Faster & Smoother)2  

RPA transiting from Introduction to Growth phase of its life cycle, will be adapted in a way like,

Handling Basic Automation processes
(like basic Data entry, Data storing, Record keeping etc. mundane activities)
↓
Handling AI
(Data collection from IoT sensors, Chatbots etc.)
↓
Developing & implementing Cognitive AI for business processes
(learning, reasoning & developing a solution based on the data)

As Cognitive Artificial Intelligence (AI) will work & learn from IoT applications (IoT censors, applications etc.), Digital transformation (Data Analytics, Chatbots etc.), Cross functional learning, RPA will work in controlling and implementing the AI technology with the EFS way.

The Voluntary involvement or Necessary action taken by firms like, few of the Big Four: KPMG, PwC, Global research advisories like ISG, Computer Data firms like Genpact, DELL EMC, IT services & consulting giants like Wipro, Cognizant, Accenture, Infosys, EXL, Business Process Management firm like Firstsource and many other organizations with digitally oriented business operations shows the diversified exponential rise in RPA usage and implementation across industries. Based on Deloitte’s3 RPA report, around 86 percent respondents from the leading firms that implemented RPA claimed that they achieved or exceeded their productivity improvement expectation and 61 percent met their cost reduction goal.  

In simple terms, a Robot sitting on the chair and exhibiting all the repetitive actions like pressing keys, entering specific data and so on, so that humans can be involved into more brainy work. Will this enable organizations to achieve the thriving holistic approach to move towards the upcoming future technologies and challenges? Seems possible.

Source: Google Images

Everest Group’s4 view of holistic approach of intelligent automation4, containing business outcomes to be Competitive advantage, enhanced customer experience, revenue growth and improved employee experience are to be satisfied by the organizations. Use of RPA plays a major role in this as today’s industries believe on outsourcing business operations for better productivity, cost reduction and positive outcomes. The digitally focused businesses, BPMs/BPOs etc. contain many repetitive digital processes and are normally chosen by the large firms for sub-contracting their processes. Implementation of RPA brings a win-win situation to both the sides.

As per my understanding, in next few years the NextGen Technologies like RPA, AI and FinTech & Blockchain (already started being a major part of businesses) would be at the center of the business operations and strategic decisions must be made adhering to these technologies.

As of now, seen from the present perspective, RPA seems to be a Strategic Move for improving the businesses for better profits and operating margins but Future demands for it, making it a Strategic Need.  

References:

  1. Forrester reports and blogs
  2. ‘EFS’ abbreviated term created by author for the need of the article
  3. Deliotte:’ The 3rd Annual Global RPA Survey Report’
  4. Everest Group: Intelligent Automation-a holistic approach
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“Hello Mr. Robot! Please don’t replace Me!”- Robotics Process Automation (RPA): Less Stress or Distress?

Robots Kicking-out Working Professionals

“Mirroring human activities in categorization of stages to achieve productive consequence without human involvement.” is what RPA means in simple words.

This buzz word has shaken up the working professionals in various industries as they fear the machine taking over ‘one process at a time’ of their service or job would eventually make them redundant.

We all are in continuous efforts to ‘Make this world a better place to live in’. The boom in entrepreneurship since past decade shows that people are coming up with ways to fill in the ‘un-catered’ segment or void in various businesses of various industries. So, technologies like internet, portable mobile phones etc. has made our lives better as we accepted these technologies in a positive manner.

Well various articles expressing the views like ‘How RPA or AI would enable productivity improvement’ or ‘How it would develop the product or service quality delivered to the customer’. I would just like to stress on one tiny detail that needs to be mentioned or tagged along in bold with all these technical advantages of RPA or AI is that “It is created to ASSIST humans and NOT to replace them”.

I feel we all need to positively accept and move with constructive out look towards adoption of RPA, AI and other Next-Gen Technologies which would enable us to achieve our goal as progressive human society and would get us few steps closer to making this world a better place to live in.

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