RPA or robotic process automation is a combination of artificial intelligence and automation that is designed to perform rule-based tasks. While RPA is a relatively new technology, it is well on its way to change the world as we know it!
RPA can easily handle and excel at repetitive jobs that typically consume a great deal of human time. Many industries are turning to RPA, which promises unprecedented levels of efficiency and quality to help achieve:
For example, Eliza, IPsoft’s virtual service-desk robot can answer 62,000 calls in a month and solve 2 out of 3 queries without human help.
RPA engines are equipped with highly specific process knowledge that makes it possible to automate rules-based tasks. In fact, it is possible to automate 20%-40% of processes with the RPA systems available today. According to Market Research Future, the RPA market will grow with a CAGR of 29% between 2017 and 2023.
The increasingly advanced Robotic Process Automation solutions have dramatically increased the capacity to do work and, that too, with such a level of accuracy that labor-intensive back-office functions are slowly being passed on to the ‘robots’. As a result, a virtual workforce of an unparalleled size has emerged.
There has been a lot of discussion on how RPA will cause a disruption in the BPO industry. While it will definitely impact how BPOs work, it can be seen as an opportunity instead of a threat. Automation offers some incredible benefits like cost-savings, competitive advantage, mass production, and accuracy. Many BPO providers like KServe are already offering to automate back-office processes as it serves as an entirely new method to manage processes across sectors.
The way we live and work is now being changed by robotics and automation. The gap between the digital-physical divide will soon be bridged significantly in the coming years, impacting businesses and employment. However, RPA should not be seen as a threat but as the next upgrade of the BPO sector. The BPO companies is at crossroads where it is exploring innovations driven by RPA and is poised to give a new growth path to the industry.