What is Robotic Automation?
Robotic automation, commonly known as Robotic Process Automation (RPA), is the use of software to automate various tasks within an organization. The software uses algorithms to perform repetitive tasks, such as data entry, invoice processing, and other general administrative tasks. It essentially mimics human behavior, using pre-programmed rules to perform tasks and improve the overall efficiency of an organization’s operations.One of the main advantages of robotic automation is that it is much faster and more accurate than humans. It does not require breaks or sleep, and unlike humans, it does not make mistakes. Moreover, robotic automation allows organizations to operate 24/7, thereby enhancing operational efficiency, reducing costs, and improving service delivery.
Benefits of Robotic Automation
Robotic automation has become a sought-after innovation across a range of industries. This is primarily because of its strong potential for organizations to streamline their operations. Here are some of the major benefits of robotic automation-
1. Cost Savings
Robotic automation can significantly reduce the cost of labor, as humans will no longer perform routine tasks. It also reduces the rates of error associated with human error. Organisations can channel the cost saving to other areas of the organization that requires funding. For instance, investing in better human capital and resources.
2. Improved Efficiency and Customer Service
The accuracy and speed of robotic automation help to improve the overall efficiency of an organization. For example, automated customer service can quickly respond to customer inquiries. As a result, customers feel more engaged with the organization, which encourages repeat business.
3. Easier Regulatory Compliance
Robotic automation helps to reduce human errors, which can lead to compliance issues. With a reduction in human error there is a much higher chance of compliance and therefore significantly reducing issues associated with regulatory compliance.
4. Faster Turnaround Time
Robotic automation leads to faster turnaround times for routine tasks such as submission of reports and data collection, among others. This is because machines do not need breaks or rest and can work round the clock.
Examples of Industries Embracing Robotic Automation
Robotic automation has been embraced by multiple industries such as banking, healthcare, retail supply chain management, insurance, among others. Here are some industries examples…
1. Banking Industry
The banking industry is progressively embracing robotic automation to enhance efficiency and satisfy the needs of millennials. Today, almost half of all banks have adopted robotic automation, which allows customers to experience faster services and improved accuracy. With robotic automation platforms, banks can assist with routine tasks such as transaction monitoring, fraud detection, customer onboarding, and risk assessment.
2. Healthcare Industry
Robotic automation has been effectively embraced within the healthcare industry. For instance, when it comes to medical data entry and record-keeping, humans often commit errors. These errors can be significant and may result in misdiagnosis, wrong treatment, and medication discrepancies. Robots can reduce the likelihood of these errors and increase efficiency.
3. Retail Supply Chain Management
Robotic automation leads to easy and accurate sorting of packages, which in turn increases the speed of delivery. Today, companies such as Amazon have already deployed robots in their supply chain management to ensure they do not make silly errors that can be costly.
Future Trends in Robotic Automation
Robotic automation is only going to become more mainstream in the future as demand rises and cost decreases. Some of the future trends we will see in the coming years include;
1. More Integration into Business Processes
As production and service providers strive to remain competitive, robotic automation will be integrated into their business processes more. This will enable them to maximize the benefits that come with implementing robotic automation.
2. Advanced Machine Learning and Artificial Intelligence
Machine learning coupled with Artificial Intelligence (AI) will improve the level of efficiency as machines become smarter and learn from past tasks. This will lead to faster task execution, higher precision levels, and improving the overall experience of the end consumer.
Robotic automation will help companies to provide personalized customer experience. Businesses will learn about customer needs and preferences through data analytics then customize the systems to suit individual needs.
Challenging the Myths around Robotic Automation
As much as robotic automation has significant benefits, there are some common myths that cloud the minds of many people about the concept. Let’s take a look at some of the myths and challenge them;
1. Robotic Automation Will Kill Jobs
One of the biggest misconceptions about robotic automation is that it will kill jobs. While it may automatically perform some manual, mundane tasks, human oversight is still required. The shift will now be focusing on increased human intervention in more important tasks that require human creativity and innovation to drive the company’s overall profitability.
2.The Implementation of Robotic Automation is Costly
Implementing robotic automation is not cheap, but it pays in the long run. Companies will, in the long term, realize significant cost savings since machines work faster and are more efficient than humans. There are several ways to reduce these costs, such as choosing a more robust and user-friendly RPA service provider.
3. Robotic Automation is only for Larger Organizations
Smaller businesses should not be intimidated by robotic automation’s implementation. Many affordable and accessible platforms are available, and this means automation is no longer an exclusive preserve for only the larger corporations.
Robotic automation has proven to be a significant innovation that is streamlining business operations and improving customer services across several industries. In today’s fast-paced world, it is essential for organizations to embrace robotic automation to remain competitive. As we have seen, the benefits of implementing robotic automation far outweigh the costs, and its future potential is clear. By embracing robotic automation, organizations stand to improve efficiency, increase profits, and remain competitive. See you in another interesting article.