The growth of Robotic Process Automation
RPA also known as Robotic Process Automation has grown explosively in the past 2 years. In 2017, the global volume of RPA was at 1.3 million USD. By 2020, it is forecasted to reach a whooping 5 billion USD. This would mean that RPA will take over 41% of the back office processes, and it would increase up to 53% within 10 years. Even according to a study by A.T Kearney and Arvato “The impact of RPA on finance back-office processes”. RPA would be the catalyst that led to drastic changes in many areas of an organization, from Accounting to HR Departments. As Software bots are taking over, are we all ready in its implementation?
Robotic Process Automation: A way to Meet Consumer Expectations
Due to the shift in technology and ever changing consumer preferences. Companies must be quick to adapt and tackle market challenges while also meeting customers’ expectations. They can do this by automating repetitive functions in the organizations which will then allow them to focus more on core/strategic business tasks. The key here is not to replace the employee experience, but to instead enhance them by focusing on automation technologies which will keep operations as lean as possible. With the ever increasing stringency of regulations, and more compliance functions that are being put on various processes.
Delivering the same quality or even better quality of services/products to end users are increasingly becoming more difficult. This is since, there is always a potential for human errors which might occur in between. As humans have their own limits. They may grow tired, while software bots can work 24 hours a day, straight for 7 days a week. The deployment of Robotic Process Automation eliminates those errors and increases the quality of services to the end users.
Robotic Process Automation (An opportunity cost)
The tangible and intangible benefits of Robotic Process Automation have been widely discussed by many. From error margins and costs reduction, increase in speed of processes and less hiring of employees. According to the World Economic Forum’s “The future of jobs 2018 report“. In 2025 more than half of the total time spent on labor would instead be handled by machines, up from just 29% today. This means that companies would need a lesser amount of workforce in producing the same amount of work that their current workforce handles. When this happens, 75 millions are expected to lose their job. But on the other hand, 133 million new jobs are also expected to be created from this Industry.
As bots and algorithms dominate the future, a greater number of new jobs for new sectors would take place. To accomodate these new technologies & changes, companies must train and re-train their current & future workforce. This is why, companies must prepare themselves for a smooth transition. Where both humans and bots/machines would be able to work hand in hand and productively co-exist with each other. Leaders must understand how to make the best of use these bots, and they will need to consider Robotic Process Automation application impact on the company. From productivity, skills, to morale and culture of the company.
A perfect collaboration : Humans and Bots
As the world is moving into a new era of bots, ai & machine learnings. Humans now have more resources that they can ever imagine. RPA, when applied rightly would make the perfect working relationships between humans and bots. It is true that machines and bots can do tasks better than humans. Be it in speed, volume or accuracy. But it still takes the personal touch of a human being to interpret its work, and apply the results in ways that are strategic and useful for the organization. When used properly, RPA becomes a tool that enhances work processes by replacing low value and repetitive jobs with automation. Thereby allowing staffs to contribute to more meaningful work.
This is why many companies in accounting services sectors from Ernst and Young to big insurance corporates like Zurich have been applying RPA. From rule based automation, data cross-checking to cognitive platforms. RPA is now expanding to other areas of the business from HR, Payroll, data entry to Accounting. Many companies are now turning to trusted outsourcing partners who can provide automation technology and help them implement RPA in their business.
Have you applied Robotic Process Automation to your HR system?
We are living in a world where the advancements of technologies have led to the birth of Artificial intelligence, Machine Learning, Block Chains, Robots and a ton of other innovative inventions. And unconsciously, they have now become a part of our lives. As for us, fellow HR practitioners. We must prepare ourselves to adapt to this huge shift. And that includes; updating our skills, technical expertise and adopting new technologies that would help us. This is why Albam is here. Why waste your time on administrative processes when you can focus on more valuable things . Not only will you save money and time, but you will also be able to prevent an other wise lost productivity in human resources. We understand your burden, and that’s why we are here to help you!
We at Albam provides a Robotic Process Automation Software for HR/Payroll for your company. Our Robotic Process Automation Software provides Time Attendance, Shift Management and Payroll Automation for your company. With our RPA solution, we want to not only help you on decreasing your expenditures, but to also help create efficiency for your labour management.
What is Albam?
Albam is an all in one Human Resource solution system that allows you to manage and centralize every aspect of your staffing needs. From attendance to automated payroll. Backed by cutting-edge cloud computing system, clock in anywhere and anytime to access, personalize and download your data.