- 1 Robotic Process Automation Q & A
- 1.1 What is Robotic process automation?
- 1.2 What is the difference between robotic process automation and business process automation?
- 1.3 Will automation lead to loss of jobs?
- 1.4 What is the future for RPA (Robotic Process Automation) ?
- 1.5 What bank processes are ripe for automation?
- 1.6 Reason why they are not automated yet?
- 1.7 What are some excellent resources for robotic process automation?
Robotic Process Automation Q & A
The following is a robotic process automation Q & A with Saad Ehsan COO of Aitomation. Saad is an automation expert with years of experiencing in the field. He was featured recently in tech-in-Asia and 25 other blogs, magazines including newspapers. His story has been translated in many different languages. Saad is also active on Quora and just in 3 days earned most viewed writer in sales and marketing automation. Today we ask him all questions relating to robotic process automation.
What is Robotic process automation?
Simply put Robotic Process Automation (RPA) is the process of automating your current work flows. What it means is that the way you are currently working and operating once you start automating that it becomes robotic process automation. So any of your work flow that you have, you probably can automate. This automation of your business process is called RPA.
Why is it called RPA?
The reason that it is called RPA is that it uses bots (robots) to do the work and automates the processes of businesses.
What is the difference between robotic process automation and business process automation?
They are one and the same thing. Please also see
What’s the minimum cost of setting up an RPA (Robotic Process Automation)?
If you are looking for a minimum cost you have got to go for customized solutions. That will be for specific processes automation and you will get charged just for that. If you are looking to automate more of your businesses then you are better of buying a software rather than go for customized solutions.
Please see the following for prices.
Aitomation : (Type : Customized solution provided as exe)
(Starts from 249$/month)
Automation Anywhere : (Type : Software)
You have to contact automation anywhere for specific pricing. It is usually one time fee along with annual fees.
Imacros: (Type : Software)
Will automation lead to loss of jobs?
The sad truth is that it is going to lead to a loss of jobs.
We provideto businesses.
So a lot of what i do is replacement of human beings with our software. No reasonable person can argue that it will not lead to a loss of jobs. So a lot of jobs will be lost. However there will be new ones created as well. So this is what will happen.Automation will lead to a loss of jobs. Displace low skilled to semi-skilled workers.
People will quickly start to realize that certain fields can easily be automated. Then there demand would. New student will not take on these fields, people will start avoiding these fields.
New fields of automation will open up (this will happen mostly in the computer sciences). People will switch to over here. This will be the new demand that will be created.
So overall there will be a loss of jobs (and for a certain short period) a lot of people will be unemployed due to automation. However due to automation being itself a field that is growing that offset in workers from those fields will be equivalent to new demand in automation field.
This is not something that has not happened before. Infact this is very common. Look at industrial automation. This is exactly what happened over there.
How Robotics Process Automation is transforming the way of doing business now?
Because of RPA, you don’t have to rely over your employees.You just need to automate their work through
This will save you time and cost as you will no longer need employees and all the tasks will be done by Robotic Process Automation.
With the help of RPA, you can extract data from various websites in very short span of time. Do all of your, thereby saving you a lot of time and money.
Companies are now getting aware of this technology.They are seeing the benefits of using this technology. RPA can especially take over outsourcing and the data entry industry in the future.
It seems like technology will determine the nature of human jobs as employees with higher level of skills will be needed to operate this technology, in future.
So in future,robots and human workers will work together to change the way we do the business which will leave us with lower costs,customer satisfaction and increased efficiency.
Robotic process automation is changing the way of doing business because it saves time,money and energy.
To read more about RPA, check out these
What is the future for RPA (Robotic Process Automation) ?
This is a really Interesting questions and one that a lot of people have asked me as well.
I work ata company that specializes in customized business process automation solutions.
What i have discovered is that robotic process automation in the future is going to incorporate the following things.
- Greater incorporation of Artificial Intelligence (AI) for advanced decision making and inferencing.
- The RPA sector is going to come to banks. Right now a lot of work is being done on it, infact while working closely with a bank, we realized that as much as six areas could be totally automated. So RPA is going to be a huge part of banks in the future.
- RPA integration in already popular tools is something that a lot of people in the RPA industry are excited about. That is going to be a revolutionary thing. What it means (ofcourse i am simplifying) is that tools being used already in the business e.g. hubspot are going to be further automated and enhanced by RPA coming in it.
So there are infact a lot of things that are happening in the field of RPA. it is an expanding field right now with people coming up with new ways to utilize RPA. In short there is plenty of things to look forward to in RPA.
What bank processes are ripe for automation?
There are many aspects of the bank that can be automated. The following are some of them.
Problem 1. Compliance departments have to verify a large number of transactions to potentially identify insider trading. Develop a technology that would leverage machine learning to recognise patterns of fraudulent behaviour and automatically flag potential insider trades.
Solution 1: If we have definition of what is classified as fraudulent behaviour and means of verifying that manually, then a system can be created that can recognize patterns and point that out.
Problem 2. Fraudulent claims make up a large part of the cost of providing insurance. Insurers could work together to monitor patterns and behaviour across multiple product lines. Develop a technology solution that would gather, standardise, and analyse data to identify fraudulent behaviour. This tool could also integrate data across multiple product lines for a more complete analysis.
Solution 2: Like you said, if we have people who know how to get this done, we can work together with them and easily create the required solution.
Problem 3. Millennials have a different approach to personal finance. They may be less likely to consider longer term investment products. Create an interactive digital ecosystem that would include various saving and investment vehicles, while leveraging on robo-advisor technology, that would allow insurers to offer advice when appropriate.
Solution 3: Offer Millennials suggestions based on the policies and offers given by the bank.
For e.g. the person would enter amount X that they have in total. It would go to our software, and the result would be how to utilize that money through the bank that we have partnered with. It can be investing in vehicles, property etc.
Problem 4. Robo-advice is trending as a new way to explore customer needs and deliver financial advice. Develop an automated and real-time investment advice engine that would include: • A robust goal-based investing and planning framework • Algorithm-driven asset allocation and portfolio rebalancing. This should be customised, tax efficient, and with minimal human intervention • Real-time product recommendations that are in response to goals, market events, and trading history • Timely alerts and recommendations
Problem 4 & Problem 3 can be combined into one since both would require the robo adviser that tells them how to best utilize the investment capital that they have. With minor change for different age groups.
Reason why they are not automated yet?
Its because automation is still new and people are unsure whether it can do all the tasks like humans or not. Simply put people especially banks which carry a lot of money dont have complete faith in automation. Thats why they are reluctant right now. My prediction is that this will soon change. Studies show that all organization are changing this attitude as the years progress.
What are some excellent resources for robotic process automation?
There are many companies that are selling it. A few good ones are as below
The company provides customized solutions for all the customers. Aare available. You can also for further questions and answers.
The company provides a software which you can use yourself to automate. Please click on the heading to go to the company website and learn more.
A great company for Desktop Automation. Please click on the heading to go to the company website and learn more.
Some other valuable resources are as below.
If you would like to know more about robotic process automation, please contact us here.
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