Robotics process automation (RPA) technology is one of the biggest trends to hit in 2018. RPA is all the rage, and technology leaders and business owners alike are taking note. Even established players in their respective domains like Amazon web services (AWS), and Google AI are pouring millions into machine learning (ML) and artificial intelligence (AI) to further strengthen their game. Is the RPA hype real? Statistics seems so say so. The robotics process automation market size is set to exceed $ 5 billion by 2024; as per a survey by Global Market Insights, Inc.
Today, RPA has taken charge as one of the most cutting-edge technological tools available for an organization to save time, money and resources by leveraging the power of automation. This is best used for repetitive, high-volume activities that eat away from productivity of your workers. Although RPA has been deployed by a large number of industries already with multiple benefits, some RPA myths are still circulating on how exactly this new technology works. Here, we attempt to bust them all!
Myth 1) The Robots Are Humanoid
This is one of the strangest myths out there about RPA, but it still persists. Blame it on Will Smith, and his I, Robot movie, or the umpteen other Hollywood flicks that show life-sized robots taking over the world; the term “robotics process automation” seems to conjure up images of humanoid robots taking over the workforce for many. That is definitely not true, and merely Hollywood’s imagination!
Today, robotics process automation, or robots, or bots, refers mostly to software code that can perform manual processes (usually performed by a human) and create streamlined workflows through machine learning without the need for human input.
Myth 2) Robots Will Take My Job
Another common myth about RPA, fueled by a fear of losing livelihoods is that RPA will take over all jobs. The constant barrage of negative press doesn’t help, but robotics process automation is not meant to replace a human workforce, but to complement them. While adopting RPA technology will change the way people work, it will definitely not replace humans on every level. In fact, as mundane repetitive tasks are automated with RPA, new opportunities will emerge and new technological roles will evolve. Machine learning and artificial intelligence is developing at a rapid pace and with the emergence of edge-computing, developers are playing an even more integral role in the change. RPA is here to stay, keeping an open mind to change can ensure success for your organization.
Myth 3) Robots Are Perfect
Much like most things in life, perfection is merely perspective. Bots can eliminate human errors and greatly reduce noise in statistics, and sometimes, even be 100% accurate. But, it is only as good as the information that was put into it. Bots are programmed to execute the formulas they are fed and as such, if there are errors in the logic fed into their making, they will continue to replicate those errors indefinitely.
The key to deriving the most ROI from your RPA investment in consistent adoption across all departments of your organization. This is why companies sometimes opt to partner with an RPA managed service provider to check processes for errors and helping with change management during transition to RPA, and ensuring a successful adoption.
Myth 4) RPA Is Not Applicable to My Industry
The earliest adopters of robotics process automation technology were industries in the banking and finance sector, and that has somewhat labelled it as a technology suited only for companies in those sectors. While RPA does have a proven track record in banking and finance, in the recent past we have seen RPA provide huge cost-benefits for industries like telecom & IT, healthcare & hospitals, manufacturing and shipping, retail and e-commerce, and transportation and logistics.
For example, mundane tasks like back and front office activities that exist in all industries, can be automated through RPA. In short, RPA can automate most repetitive and standardized tasks in an organization, irrespective of the industry.
Myth 5) Robotics Process Automation Is Out of My Budget
Many companies are still reluctant to adopt RPA, as the hype surrounding automation has made them weary of costs. One of the biggest advantages of deploying RPA through your organization is that you get instant results.
By hiring a machine that can do the work of multiple human workers, faster and more efficiently, you can source a huge cost-benefit for your organization. The other important thing to remember is that RPA does not require you to replace your existing systems, instead it adds automation to your existing systems to mimic human behavior, thereby saving you of the expense of new infrastructure and systems.
RPA managed service providers can aid with the cost burden for a flexible fee in return for your outsourcing your needs. ProV International Inc. is a premier RPA services provider and our services include: RPA strategy, RPA proof of value, RPA business case development, RPA production rollout, and RPA managed services.
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