Harnessing Robotic Process Automation and the Drive Towards Hyperautomation

Introduction

The term Robotic Process Automation (RPA) may have piqued your interest in recent discussions on business efficiency and technology. RPA, a key player in the digital transformation arena, is a significant metric for businesses across industries.

In this in-depth article, we dissect the concept of RPA, its importance, and how it dovetails into the future of hyperautomation. This analysis applies to both organizations producing tangible goods, such as automobile manufacturers, and companies offering abstract value products, like software development firms or engineering project offices.

“RPA is like a nail. It has to be cut regularly.” A whimsical analogy by Beto Sicupira that appropriately paints a picture of RPA’s role in modern businesses.

Decoding Robotic Process Automation (RPA)

On the Internet, one can find myriad definitions of RPA. However, simplifying the jargon, RPA can be seen as an application of technology that uses business logic and structured inputs to automate business processes. Employing RPA is akin to adding a digital workforce that can handle repetitive tasks, manage data, and even communicate with other systems.

Why Should Businesses Implement RPA?

Deloitte’s third annual RPA survey highlighted that RPA leads to an improvement in compliance (92%), improved quality/accuracy (90%), improved productivity (86%), and cost reduction (59%). Let’s examine these core areas in detail:

Customer Satisfaction

In a world where time is currency, speed and efficiency become the defining factors for success. Consider an example where two e-commerce platforms offer identical products at the same price. One platform processes the order in 10 minutes, and the other takes 15 minutes. Naturally, customers would prefer the faster service, thereby making RPA a competitive advantage.

This processing time, reduced by RPA, significantly impacts customer satisfaction. For instance, a study by Cognizant reported that their RPA implementations have achieved a 60-80% reduction in process times.

Product Quality

As companies strive to implement RPA, they invariably improve their product quality as a positive side effect. RPA reduces the risk of human error, contributing to a higher quality output. This feature is particularly crucial in sectors like healthcare, where a 2017 study in Thailand revealed that RPA reduced medication errors by 75%.

Efficiency of the Organization

By automating repetitive tasks, employees can focus on more critical tasks, thus increasing overall productivity. McKinsey reports that about 60% of all occupations could see 30% or more of their constituent activities automated, implying substantial transformative potential for businesses.

The Hyperautomation Era

Looking beyond RPA, the horizon holds an even more enticing prospect – Hyperautomation. It represents a more holistic and advanced automation approach that embraces the breadth of an organization’s operations. Hyperautomation extends beyond basic RPA by integrating advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Process Mining.

Hyperautomation in Action: Case Studies

Several leading companies have embraced RPA and hyperautomation to great success:

1. Deutsche Bank implemented RPA and reduced manual labor by 30%, improving process time efficiency by up to 70%.
2. Telefonica O2 used RPA to automate repetitive tasks and saved $200k in the first year and significantly improved customer satisfaction.
3. Walmart employed 500 bots to automate anything from answering employee questions to retrieving useful information from audit documents.

Conclusion

Robotic Process Automation presents a robust tool for businesses to increase efficiency, productivity, and ultimately, their bottom line. But, as we venture further into the digital age, the destination seems to be hyperautomation, a state where virtually any repetitive task or workflow can be automated, thereby optimizing efficiency.
As we cut and shape our ‘nails’ in the form of RPA, let us look forward to exploring more advanced topics like throughput and Kanban. These topics form the nucleus of our upcoming articles in our series on Business Automation and Efficiency. Stay tuned!

SOURCE: https://botget.net/