The Way Robotic Process Automation Can Expedite the Indian Firms

India is currently witnessing a huge automation wave as large enterprises have begun experimenting with the power of bots, also called Robotic Processing Automation (RPA), to automate tedious business processes. But the enterprises, which provide services to customers, are not anymore satisfied plugging into plain proof-of-concept RPA, as many of customers get a daily nudge of this technology through smartphones, biometric authentication, OTPs, facial recognition, front-offices, and enhanced computing.

The RPA is being leveraged by banks, NBFCs, and government outfits, among others that are increasingly looking for advanced RPA dashboards. There is a great potential for India to become the global hub of business automation with the assistance of digital and human workforces that are running data-driven operations for companies worldwide.

According to KeyBanc Capital Markets, the global RPA market today has emerged as a US$ 100 billion opportunity. Conversely, Gartner predicts, 40 percent of large enterprises will have implemented RPA software by the end of next year, which will up from less than 10 percent today.

MD at Pegasystems India, Suman Reddy states that “India’s opportunity lies in unlocking the value of RPA for better productivity, and freeing up more resource for teams to focus on complex business challenges, not mundane, rule-based reporting or data entry tasks. The challenge is, RPA is just a temporary fix. They allow incremental savings in cost and faster turn-around time for generating reports or in customer responses. However, over time, bots are bound to break as organisations do not implement them in context with outcomes, or connect them to the larger architecture between processes, systems, and applications.”

Leveraging RPA to Automate Business Processes

RPA can enhance efficiencies to deliver more precise intelligence data and offer real-time access to financial data with reporting and analytic capabilities. It performs best with rule-based, regular tasks that require manual inputs.

By leveraging RPA, businesses can get several benefits and accelerate their firms’ business processes. As a result, RPA benefits Indian firms by reducing costs up to 30% through automating tasks; offering better customer experiences; lessening operational risks; improving internal processes; enhancing IT systems’ performance without eliminating existing systems; increasing output; defining government structures.

Another major advantage of RPA is that it provides a non-invasive alternative to traditional IT integration. Self-contained agents glean and update information in other apps, automating against their existing interfaces. The RPA applications bridge data gaps between disparate logs and sources. This will allow an organization’s employees to proactively recognize and manage compliance issues comprehensively and progressively run reviews internally.

With the boom in the RPA space, a new kind of jobs has been generated. And due to the rapid adoption of this solution across industries, the need for trained developers for RPA alongside artificial intelligence has also increased immensely. RPA is developing as a true horizontal phenomenon for every industry and it has been progressively adopted by GICs, financial institutions, telecom service providers, technology and manufacturing companies.