People sometimes refer to Robotic Process Automation (RPA) as robotic software. It is essentially a business automation process technology that involves Artificial Intelligence (AI).
The RPA process revolves around software. The developers create and educate the AI (or the robots), so their actions will emulate authentic humans.
What is Robotic Process Automation in a simple term?
To put it more simply, the RPA is software with virtual robots that humans can use to interact with various other software types and elements in the digital system infrastructures.
Humans use the RPA robots to handle repetitive digital tasks. In particular, the ones that involve many rules and constraints are the tasks that become the specializations of RPA robots.
What is RPA (and what is the example)?
RPA is an easy-to-use software (or tool) that human users can utilize to shorten significant time to do several digital tasks. The RPA robot that aids humans does not only mimic human behaviours. They also mimic and execute rule-based business processes.
Let us take the data entry tasks as an example. Humans usually have to input the data in individual columns or rows one-by-one. The RPA helps in generating auto-fill data. So, the humans (users) will see various recommendations every time they type a specific alphabet or character in the field.
Where do you use Robotic Process Automation?
Earlier in this article, we know that the business process is the primary part where the RPA plays its role. Companies and business owners these days use the RPA. It is due to the multiple programs they have to access simultaneously.
Automating the data correction is one of the benefits of RPA. Sales orders and invoice processing are the two areas where the RPA process can shine. Additionally, RPA also increases data consistency levels across the company department systems.
RPA in different fields
The following industries are the industries that adopt the RPA process the most compared to the others:
- Banking, Finance, and Insurance: There are massive amounts of transactional processes in this industry that RPA can automate, from internal-only documents to deposits, withdrawals, and payouts.
- Healthcare: The benefits of RPA in healthcare industries include shorter waiting times, more detailed medical records, and reduced loads of administrative works.
- Manufacturing: The RPA in manufacturing industries does not only facilitate administrative works. It also works hand-in-hand with the existing software bots to streamline operational processes.
- Transport and Logistics: The order management, the distribution cycles of each order that customers make, and the supply chain linkages are the three things that become the benefits of RPA in the transport and logistics industries.
- Utility companies: The three products of utility companies are electricity, gas, and water. There are always monetary transactions in utility companies since many people need these three products. The job of RPA involves automating these transactions. In particular, the RPA lets utility company workers measure the meters accurately.
Robotic Process Automation in real estate industries
In real estate industries, the RPA plays diverse roles, from onboarding new tenants to the processes involving real estate investments.
As for the latter, the RPA robots can assist in managing portfolios, calculating the net asset values (NAV), and validating the KYC compliance.
RPA can even help reconcile bank statements with the transaction logs in the general ledgers. The RPA use cases in real estate industries also include reminders on the payment dues and an account receivable automation.
Entering data for new tenants is one of the estate-related processes where RPA use cases belong. Here, RPA does not only automate data entry for the tenant identities. RPA also verifies if the tenants have clean criminal records and no problem in their income.
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Ten most popular Robotic Process Automation (RPA) tools in 2021
Here are the ten most popular RPA tools for companies and business owners in 2021:
- Eggplant – The end-to-end automation process is one of Eggplant’s specializations that lets it interact with multiple systems in a device.
- JAMS by HelpSystems – This enterprise IT solution centralizes the scheduling process in a company across all platforms and applications.
- Power Automate by Microsoft with the MS security technology-protected tool automation feature.
- UiPath – The open-source RPA tool can automate any desktop or web apps.
- Blue Prism does not require advanced programming skills to generate flowcharts.
- OpenConnect with the secure and encrypted data system that addresses almost all types of operational and competitive challenges.
- WorkFusion, a SaaS crowd computing platform that lets the users deploy as many RPA robots as they need to automate software tasks for a group.
- Pega, an RPA tool for medium and large businesses to provide cloud-based solutions.
- Nice System with its virtual assistant to automate mundane employee tasks.
- Kofax integrates well with the Kapow Katalyst platform.
Top 3 Robotic Process Automation tools comparison
UiPath, Automation Anywhere, and Blue Prism are three examples of RPA use cases that belong to the Top 3 category.
Blue Prism is the most convenient to use since people can access it through mobile applications. The execution speed is also an impressive one. It makes companies like IBM and Deloitte trust Blue Prism.
UiPath is another user-friendly RPA tool that does not require any programming knowledge. So, it is suitable for critical sectors that need emergency responses to anything like the healthcare and finance sectors.
Automation Anywhere has Microsoft technology as the base that employees worldwide know, understand, and use. It can deploy robots on large scales, too. Such traits make Automation Anywhere compatible with various social platforms.
Cases for RPA uses
Financial transactions are the most frequent areas that require the RPA process. Such things include processing sales orders, refunds, payrolls for employees, and invoicing.
The RPA can even help in comparing prices (ranges) between similar products or services. Furthermore, the RPA use cases in financial transactions also include automating the financial report generation processes.
The RPA application can also automate customer service responses. As a result, companies that apply the RPA tools will shorten their times to generate leads for marketing purposes.