Business Info - issue 138

01732 759725 magazine 15 RPA Robots have already had a significant impact in the manufacturing industry where they have replaced blue collar workers from production lines. They are now poised to have an equally transformative effect on white collar work, not in the shape of C-3P0- like personal assistants but in the form of software ‘bots’ that automate the routine, repeatable administrative tasks that take up so much time, such as moving information between applications and collecting data from different sources. McKinsey & Company estimates that technology already available could automate as much as 69% of the workload of employees in data processing roles and 64% of the workload of people in data collection roles 1 . As businesses aim to improve the customer experience, enhance compliance and tackle the skills shortage and low productivity, more and more are turning to Robotic Process Automation (RPA) to extend the benefits of their existing investment in automation through bots that interact with separate applications in the same way that humans do. Grand View Research expects the global market for RPA to grow from Putting the robots to work $199 million in 2016 to $8.7 billion by 2024, at a compound annual growth rate (CAGR) of 60.5%. RPA benefits Growth of this magnitude is understandable considering RPA’s many benefits. These include: n Reduced labour costs. It is estimated that bots can reduce labour costs by around one third (where they are applied). By freeing staff from mundane tasks, RPA can create a more engaged workforce, potentially reducing churn and associated recruitment costs. n Better use of skilled employees. At a time of growing skills shortages, robots free experienced staff from administration, enabling them to use their skills more productively on revenue generation, problem-solving or customer service. Software wizards that guide a worker through a process reduce training requirements and enable less skilled workers to complete more advanced tasks. n Increased productivity. The Institute for Robotic Process Automation and Artificial Intelligence (iRPAAI) estimates that one software bot can do the workload of 2.5 to 3.5 workers. Nor is there any limit to how long they can work; bots can be programmed to work 24/7. n Greater accuracy/fewer errors. Humans involved in manual processes are prone to make mistakes due to lack of attention. Bots don’t get bored or tired and don’t make errors when copying data from one application to another. Robotic Process Automation (RPA) has the potential to increase productivity and cut costs, but there are also risks, so it is important to choose a supplier carefully Continued... By 2025, humans will be responsible for less than half (48%) of all work activity, compared to 71% today, with machines increasing their share of task hours from 29% to 52% (source: The Future of Jobs 2018, World Economic Forum)