6 Myths of Robotic Process Automation

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6 Myths of Robotic Process Automation

In the past, whenever a new technology revolution happened, many myths were also born with it. AI and RPA are also not an exception. We have seen that technology always enhances human capabilities and made us work on those, which machines cannot.

RPA and AI have opened a new domain and job market altogether. Organizations need a large number of humans to prepare data sets and to train Bots. The “human in the loop” since bots cannot take a decision like humans, we need humans in the loop. This is a whole new opportunity for job seekers to learn these new skills and enjoy working in a new space.

Robotic process automation (RPA) has risen to prominence in recent years as one of the most inventive and disruptive technology solutions that businesses can use to save time, money, and resources by automating back-office operations and tedious jobs.

Despite the growing adoption of RPA across a variety of industries, there are still a lot of misconceptions regarding RPA and how it may improve a company’s operational platform and increase overall productivity.

For firms aiming to revolutionize their back-office strategy and facilitate a more lean value chain, these misunderstandings about how RPA works, its impact on enterprises and their people, and the future evolution of this technology can induce doubt and even terror.

Here are six of the most popular RPA myths and the reality behind them, to appreciate the value proposition RPA gives businesses and to dispel some misinformation.

1.Robots will replace Human

It’s true that RPA can now automate many business processes that used to be done by humans. Some would claim that, with the rise of cognitive technology, robots’ ability to replicate human-like functions is only getting better. Artificial intelligence (AI) still needs human training. As a result, these technologies are not completely self-contained, nor are they currently capable of replicating human higher-order thinking.

Simultaneously, RPA implementation will undoubtedly enhance the human workforce, but in a way, that benefits both businesses and employees. Employees will be able to focus on higher-level activities, such as sales or marketing, that create corporate value and develop greater engagement with consumers, because RPA allows them to boost their efficiency and productivity. Employee roles are frequently modified and talent reassigned when RPA is implemented, with the goal of focusing on customer-facing work in the front office instead of monotonous back-office tasks.

2.RPA Robots are Accurate

Robotic process automation (RPA) can remove human error and provide 100% accuracy. However, the key idea is that software robots are only as accurate as of the development of programming that goes into them. RPA bots lack cognitive or intelligence skills. They just carry out the program’s instructions.

As a result, if software robots are set up appropriately, they will be entirely accurate and error-free. If their code contains errors, they will continue to duplicate those faults hundreds or thousands of times until a human corrects them.

To avoid this type of problem, it’s critical to make sure that procedures are efficient and error-free before automating any operation. In the early stages of automation, it is preferable to keep an eye on software robots.

3.RPA is Expensive

Many firms have yet to implement RPA because they believe automation is costly. However, this is not the case. The annual cost will be less than the total wage of employees doing the same work.

We have our own RPA platform, The Process Bot One, which is very less in cost, Our Intelgic team can migrate your digital workforce from any platform to our Process Bot. So you can build better bots with half of the cost.

Aside from that, RPA robots can operate 24 hours a day, seven days a week, without taking a lunch break or taking time off. The most crucial point is that a minute of work for a robot is generally equivalent to 15 to 20 minutes of effort for a human employee.

As a result, hiring machines can provide a significant cost-benefit to any business. Another essential aspect of RPA implementation is that it does not necessitate the replacement of existing systems. Existing systems can be used to develop automation scripts that mimic human behavior. As a result, adding new infrastructure and systems will not incur any additional costs.

4.Robots can Automate everything

Despite the fact that RPA is a new technology, it does not yet allow for the automation of all procedures. It can only be used to automate procedures that meet the following criteria:
● Rule-based.
● High transaction volumes.
● Low exceptions.
● Stable and well-defined processes.
● Low system change.
● Structured data and readable electronic inputs

It is still not certain that automating procedures that meet the aforementioned criteria will be beneficial. RPA analysts and process managers collaborate to identify the most efficient procedures to automate. When procedures are non-standardized and require frequent human interaction, RPA becomes more difficult.

5.The Cost of RPA is not justified.

Organizations are always looking for innovative ways to decrease expenses, and in the past, outsourcing business activities was a frequent solution. RPA is being used by an increasing number of businesses to automate their back offices in-house.

Although there are some upfront expenses associated with RPA deployment, they are often insignificant when compared to the frequently exorbitant expenditures associated with business process management software (BPMS) or enterprise resource planning (ERP) implementation.

Simultaneously, RPA reduces internal costs and boosts ROI. According to PwC, “While there are a variety of solution options available, RPA provides an improved customer experience and dramatic error reduction, as well as considerable cost and efficiency benefits in short timeframes.” RPA may yield benefits immediately because to its ease of implementation, and ROIs of 300 to 800 % are common.”

6.RPA Marks the End of Business Process Outsourcing (BPO)

Rather than being overtaken by RPA, BPOs are utilizing the technology to provide more timely and effective services to their clients. Even as RPA advances, the need for outsourcing will persist, especially since RPA cannot automate all front-office functions. As a result, BPOs will continue to exist.

In order to sustain a competitive advantage in the market, BPOs, like other service providers, are expected to consistently give the best services. And for BPO providers, RPA is becoming a more appealing choice.

BPOs can use RPA to cut costs, enhance efficiency and accuracy, improve compliance and analytics, and boost customer retention and satisfaction. RPA is innovating and modifying the character of BPO providers, rather than announcing the end of BPO.

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