Technology in the fourth and fifth industrial revolution has companies finding uses for Robotic Process Automation (BPA). In this blog post, we consider what RPA is and how it is changing the accuracy and efficiency of businesses worldwide.
Business Processs Automation
To fully understand RPA we need to first look at its predecessor, business process automation. According to the Wikipedia entry for RPA, it has in essence evolved from business process automation which is also known as digital transformation.
Essentially RPA is the automation of business processes using technology, and businesses use it in areas of their business like accounting, marketing, sales and workflow. Repetitive tasks are prime for automation processing; hence, it’s prolific use now for Big Data. Data capture and processing use automation tools.
Robotic Process Automation
Therefore RPA has gone a step further using AI (artificial intelligence) and robots and we have relevant articles in our blog on how it’s gaining popularity to drive change in business. For example, consumers are now happy to use chatbots to interact with businesses. Facebook Messenger is very popular and chatbots on websites are now the norm.
Businesses are also using chatbots to better understand consumer needs. Artificial intelligence bots can glean more personalised data from consumers so companies can suggest products relevant to buyers needs.
RPA market will reach $2.9 billion in 2021. There are so many uses for this technology, including one area you may not have thought relevant that being company hiring practices.
AI is used to candidate matching without bias. It’s human nature to have biases so using AI removes the ‘human’ inclination and thus ensures diversity in the workforce.
The key to new technology success is knowing how your business can get a healthy return on investment. Choose where you want to use it. Consider which processes within your business are ready for RPA.
The size of the business has no relevance, there is a lot of automation in small businesses especially for repetitive tasks in bookkeeping, workflow and marketing.
When Is It The Right Time For RPA?
The technology adoption life cycle curve (the curve) will determine when the leaders of a business are ready to make a move in this direction. They will take one small step at a time, not a giant leap to RPA technology.
Arguably, the innovators and early adopters of the tech adoption curve are using AI and robotic tech in their business processing today.
Early and Late Majority
Most businesses they are in the early to the late majority of the curve. Therefore they’re still grappling with 3rd and 4th generation technology identifying tasks they can automate to remove the human input. Therefore, companies don’t need to believe they’re falling behind their competitors with new technology.
The curve will determine when the majority of uptake happens. This will occur after the innovators and early adopters have tested and proven the stability and viability of robotic process automation.
In the meantime, prepare for new technology by setting up workgroups to research and create education centres with case studies.
There has always been a fear technology will replace human workers, and perception is a reality. Therefore, remember to be inclusive with your staff. Workers will not fear for their jobs if they know what the technology is and how it will improve what they do so their role can evolve too.
Finally AI and automation are not the same and in this article, we explain the differences. To keep up on what’s happening in AI and technology for business, we recommend reading articles in our technology category.