Robotics process automation, otherwise known as RPA, is taking the business world by storm. In fact, Research and Markets, predicts RPA to be a $5 billion-dollar industry by 2022. So, what is RPA?
RPA is utilizing computer automation to eliminate day-to-day mundane tasks. This allows employees to dedicate time at work to more meaningful projects. “Some (people) like to describe RPA as ‘a macro on steroids,’” Director of Process Improvement, Diane Hagemann, tells us.
TreviPay first discussed adopting RPA in June of 2018. Shortly after, they implemented the program, completed training in August and had their first automation launched by late September. Today, TreviPay has taken 12 automations live. They’re currently using the system to automate support activities and complete operational tasks for reporting, both externally and internally. They’ve been working hard to understand all levels of the program, completing easy automations, with no more than 2-3 applications, doing simple calculations and/or data manipulations, as well as high manual process times and volumes. In the future, TreviPay plans to complete more vigorous and complex tasks.
How reliable are these robots? After all, they’re just robots.
These bots are programmed by humans, to account for technical, business and application exceptions. Humans identify what those exceptions are and have the correct mitigations in place. Just like humans, the bots have the opportunity for “retries” on their work. A manual process for humans, that may take, on average, ten minutes, can be completed by robots in two minutes or less. The bots eliminate human error and have increased productivity since they can run 24/7 with faster and more accurate reporting. The purpose of the robots is to eliminate the manual, repetitive labor when dealing with back-end processes, so employees will have more time to spend on more fulfilling projects.
The RPA industry is on the rise and is currently adopted by many Fortune 500 companies.