Robot Process Automation market is rapidly growing. Four million robots by 2021 doing office and administrative sales related tasks. Companies using Robotics process automation technology to automate their task without human intervention not only achieve higher efficiencies but also gain huge profits margins. By automating the task and relieving the humans so they can do other important cognitive task.
Now most of the organizations are struggling with the same issues, how they can increase their ROI. For this they have to leverage the technology and must automate their task so that their revenue and growth can be expected. Adding headcount to do more work and executing custom IT projects to automate some of the work adds scale, but costs grow in lockstep with any increase in revenue. Amazon and Google are the best example for this these two big tech giants have significant operational advantage through the usage of digital technologies like artificial intelligence, machine learning, deep learning and big data which leads to the exponential growth while keeping costs in check. Most of the organizations have already made a great path in digital sales and marketing but as usual they fall behind in the operations. According to McKinsey estimates that more than 60pc of data collection and processing can be automated with technology available today, and PwC estimates that AI will drive $15bn in value by 2030.
With the help of robotics process automation technology the humans are freed from the repetitive tasks performing in the organizations but now they can focus on more important or meaningful value added-task to deliver their best outcome to the organization. Recently, large businesses are leveraging the artificial intelligence technology into their operations but it is not as easy and cheap that we are thinking of. This technology is quite expensive to leverage in the businesses but now this has been changed in the past five years with the advent of AI-driven robotic process automation (RPA), which seamlessly integrates AI into business processes. Following common functions are performed by RPA technology like customer onboarding in banking, claims handling in insurance and facilities and administrative functions, such as accounts payable and order-to-cash, are filled with repetitive systems work and unstructured data processing all these activities requires lower-level human judgment.
AI-driven RPA can automate systems work through rules-based bots that perform tasks as humans would on the (UI) user interface of applications or through (API) application programming interface calls. Cognitive bots learn patterns from historical data and human actions, and automate more complex work. The combination of both automates a wide variety of high-volume, mission-critical work within weeks of deployment.
Hence, by automating the operations and achieve digital operations than the companies automatically wins and everyone also wins. As of now humans are freed from the repetitive work and now they can able to focus on more meaningful, value-added work and deliver better outcome and give their best to the organizations. Thus customers also get immediate response and more personalized response and good services in return. Company leaders win not only through expanded margins but also with the operational agility to break into new services, products and markets. Unlike electricity, which took 30 years to make its way into factories, AI-driven automation will likely take a third of the time or even less to transform the way companies work.