Robotic Process Automation (RPA) is technology that makes certain procedures function automatically. RPA can range from generating automatic email-responses to processing airline ticket refunds like American Express Global Business Travel does.
How RPA Works
Using RPA tools, companies configure software to process transactions, manipulate data, trigger responses, and communicate with other digital systems.
Financial service firms, specifically, were the forefront of RPA adoption. Engineers wanted software to facilitate business processes without increasing headcount or cost. Today, RPA can work for financial services, healthcare, retail, human resources, and many more clients.
Benefits of RPA
The ultimate benefit of robotic process automation is that it reduces human error and cuts down staffing costs. One bank, for instance, redesigned its claims process by deploying 85 bots to run 13 processes, handling 1.5 million requests per year. This was the equivalent of hiring 200 full-time employees at 30% of the cost.
RPA and IA
The next step for RPA is IA or intelligent automation. IA includes technology like speech recognition, natural language processing, and using human-judgment capabilities. Experts estimate by 2020, automation and artificial intelligence will reduce employee requirements in businesses by 65%, and 40% of large enterprises will have adopted an RPA software tool.
The Downfall of Human Employees?
RPA has the potential to eliminate 230 million or more knowledge workers or 9% of the global workforce.
However, companies like Walmart rightfully defend their use of RPA. Walmart deployed around 500 bots to automate tasks like answering employee questions to retrieving useful information from audit documents. “A lot of those came from people who are tired of the work,” says their CIO. Other companies using RPA include Deutsche Bank, AT&T, Vanguard, Ernst & Young, Walgreens, and Anthem. American Express Global Business Travel is also looking to use RPA to facilitate automatic rebook recommendations in the event of an airport shutdown.
How Automation Can Help You
Li9 Technology Solutions is dedicated to helping businesses automate their processes and implement software that assists both you and your clients. Contact us today.