Original article was published on Artificial Intelligence on Medium
Below are 8 impacts of RPA on our lives in general and business in particular.
1. Reduced Employee Cost
According to experts, businesses can save up to 60% on employee costs. For some sectors, this could go up to a whopping 75%. Part of this cost-saving will come at the price of letting employees go.
There can be three solutions to this problem
Transferring employees to other departments rather than laying them off.
Helping them better their skills, so they can be a part of the RPA revolution.
Helping them find a more suitable place in other companies.
2. Better Business Results
Automating repeated tasks will free your staff. You can use them to focus more on high-value business targets.
For example, a person in your company making cold calls to customers can ideally be utilized as a salesperson with face-to-face customer interaction.
This is likely to result in a better conversion rate.
3. RPA Tools Creating More Jobs
The common mindset is, robots are going to destroy the job market. This is not true. RPA and similar technologies will create more jobs rather than kill them.
70% of business executives think that RPA will create more jobs if we adopt the right strategy.
The future will be one of great teamwork between humans and robots — working together to create exceptional results.
4. Mass-Adoption Of RPA And AI
Administrative organizations (mostly enterprises) are all set to implement RPA and AI technologies to streamline their business functions. More than 50% of businesses have already embraced these new technologies.
It’s also expected that close to 70% of businesses will implement RPA by 2022. And continuing at this rate, in five years’ time, every major business will be reaping the benefits of automation.
5. Improved Efficiency
The benefits of RPA implementation are huge and the ROI is impressive as well.
From the data gathered from the early adopters of RPA, Deloitte Global reports:
- 90% more efficiency
- Up to 59% reduction in cost
- Up to 90% improvement in compliance
- 86% improved productivity
- The majority of businesses that have already implemented RPA tech are likely to increase more
6. Providing Better Healthcare
RPA technology can give a new meaning to how healthcare is delivered.
According to McKinsey, 30% of the tasks in a clinical setting can be automated. RPA can help in simplifying claim settlements, setting up and scheduling new appointments, and improving the overall healthcare delivery.
7. Home Robots
The age of Simpsons may be far away but we are kind of heading in the right direction. From home cleaning robots to AI-powered companionable bots, the sci-fi is already here and it is only going to grow in the coming years.
The Terminators might not be roaming around us anytime soon but cuter bots might just be around the corner. Yes, I am talking about robots that can clean your room, wash dishes, clean the dining table, and maybe play with your kids.
8. RPA Impacting Education
Typically more than 60% of the educational organization’s activities can be performed by the implementation of RPA processes. Many higher education institutions are already making use of the Robotic Process Automation to create more sophisticated, and modern operations.
Some activities that may see the automation revolution a little earlier than others include:
- Repetitive tasks such as updating students academic records
- Digital processes such as running and maintaining official social media accounts
- Processes that usually require humans to handle digital interfaces such as email and ERP software handling