Robotic Process Automation market is expected to have a revenue of $1.5 billion worldwide in 2019. Forecasts predict continued growth in the coming years with the market value set to reach three billion by 2022. - Statista
Robotic Process Automation (RPA) involves the idea of using software to handle high-volume, repeatable tasks without human intervention. These software applications can be used for entering data, can do calculations, manage records and transactions, and mimic humans, wherever possible.
Contrary to the traditional IT automation solutions, RPA software adapts to the changing circumstances, expectations, and situations. Thus, they are trained to capture and interpret actions, manipulate data, trigger responses, communicate with other systems to complete an action. For their cognitive understanding and actions, these applications are powered with Artificial Intelligence (AI) and Machine Learning (ML).
Depending upon what type of actions RPA software performs, they are categorized as:
- Probots: They follow simple, repeatable rules for processing data.
- Knowbots: They perform a search on the internet to gather and store data for user-specified info.
- Chatbots: Also called virtual agents, they help businesses to respond to customer queries in real time.
RPA Software: Discussing the Benefits
Businesses are riding the digital transformation wave. With software that automates regulatory tasks, businesses can avail the following benefits:
- Offer a better customer service via chatbots
- Ascertain that business operations and processes follow standards and are in regulation
- Streamline employees’ productivity towards better, complex tasks and operations
- Eliminate human error in processes and allow completing them rapidly
- Digitize and audit data to make processes efficient than before
RPA Software: Top Applications
Irrespective of the industry, businesses are making the most of RPA technology. Following are a few examples of how different industries are making the most of Robotic Process Automation.
- Better Customer Service: For tasks such as e-signature verification, auditing & verifying documents for approval, scanned documents uploading, etc., RPA software can help. Such an advantage of RPA can be availed by the insurance industry which continuously requires agents to keep a check on customer documents, details, verify them, give rejections or approvals, etc.
- Healthcare: Medical organizations have to deal with a number of repetitive tasks. For handling patient info, claims, account management, billing, reporting, and analytics, RPA can be used.
- Supply Chain Management: Automating order processing, monitoring inventory levels, tracking shipments, managing procurements and payments can be smartly managed with RPA software.
A short demo of how Daffodil is helping its Enterprise customers in India achieve Aadhar masking compliance using UiPath RPA platform.