Robotic Process Automation (RPA), like any other newly introduced technology, presents the industry with benefits and challenges.
An in-depth study conducted by KPMG titled ‘Robotic Revolution’ goes to great lengths to extol the merits of RPA adoption and its inherent challenges for companies.
True to form, the adoption, implementation, and integration of RPA technology can have far-reaching ramifications for companies.
The benefits of breakthrough technology must outweigh the challenges or risk redundancy. From the outset, it should be known that RPA technology is adopted with the express purpose of automating monotonous and routine tasks.
When implemented effectively, RPA technology like Kryon can serve as an integrated addition to existing systems, operating in tandem with other systems.
There are many avenues where RPA tech can have an outsized impact on day-to-day business activities. One such example is the insurance industry where repetitive administrative tasks can be automated for optimal efficiency.
Back-office processes and procedures can be completed with increased speed, lower costs, and greater accuracy than the equivalent work conducted by human employees.
This reduces the likelihood of human error, cuts costs, and allows human resources to be utilized in a more important capacity where skills and problem-solving abilities can be put to better use.
RPA technology has the added benefit of scalability, based on demand/supply requirements. As far as automation capabilities are concerned, RPA is far more sophisticated than the above example illustrates.
Better Management, Better Performance, Better Results
RPA technology allows for improved management across the board. With this type of system in place, centralized control is the order of the day.
This means that bots can be deployed, systems can be run remotely, and the framework and rules governing the functionality of RPA robots can be programmed before the system goes live.
This allows companies to manage business activity much more effectively, and thanks to the remote server systems, the bots can be controlled from anywhere.
Owing to the nature of RPA technology, companies are assured of lower costs, decreased production variability, and less overall waste.
The right RPA technology can also decrease the number of human errors since machines function according to a strict and inflexible framework. Machines don’t get tired, although they do require servicing and maintenance, and they can run 24/7 with no overtime pay required.
RPA Serves as a Locus for Operational Control
From a regulatory compliance perspective, this technology synergizes data to ensure organization-wide compliance. This is a far cry from the disparate systems, rules, and procedures implemented on a department to department basis which have to then be collated and standardized accordingly.
RPA can be implemented as an organization-wide system, effectively allowing for homogeneity and compatibility with requirements.
Yet another important benefit of this technically advanced system is the fact that it is non-invasive and can be implemented with legacy systems to enhance the productivity, performance, and cost-effectiveness of company operations.
From an analytics perspective, RPA technology is a godsend. It is a detail-oriented system that analyzes the mounds of data in a safe and secure fashion.
RPA is also associated with a low risk of data breaches, and pinpoint accuracy in data collection, management, and analysis. This has substantial implications for the bottom line.
As such, all company internal reports can be collected and collated quicker, with negligible inaccuracies.
This means that internal company tasks such as onboarding new employees, or responding to emails, quotations, claims, or invoicing functions are processed much quicker and much more accurately.
These benefits go a long way towards customer retention, customer satisfaction, and brand loyalty.
Some of the challenges elicited by RPA technology
Despite its virtues, RPA technology presents some challenges to companies. First of all, market technology must be managed and operated by an experienced professional. Business IT departments rarely implement RPA technology on their own.
The issue of security also presents challenges to companies. What type of security access will be granted to the robots?
Will these systems be able to access all department data, or will the scope of access be limited? Auditing may be required to determine which bots are responsible for which actions at the company.
At the business level, it’s important to determine which department or division is responsible for the RPA. Many experts consider the implementation of RPA technology to be akin to technical debt.
The effort expended in understanding and implementing the technology also creates a greater reluctance to implement alternatives. This presents companies with a unique proposition: Is RPA technology detrimental to innovation?
Experts tend to agree that the wrong RPA technology can certainly set a company back, by dint of its disruptive effect on employee morale (layoffs, retrenchments, redundancies), and daily operations.
That’s why it’s imperative that careful and methodical analysis is conducted to ensure that appropriate solutions are found, vis-à-vis robotic process automation.