Artificial Intelligence

Impact of Robotic Process Automation in Shared Services

When sci-fi movies hit the screen, film enthusiasts undoubtedly flock to theaters. The reason being very simple that we are fascinated by robotics, and that’s why movies like Star Wars, Transformers etc. received thumping reception.  What if robotics enter office space and take over some of the critical jobs? Not sure if you have thought about it or come across such as a situation. However, RPA is sure to replace 35% of all jobs by 2035 if we must believe the studies carried out by Oxford University.

What can RPA do?

Automation of work in crucial departments: Robotic Process Automation can automate all the complex works in various departments such as procurement, HR, and finance. This even includes the online financial transactions and processing the pay sheets without any further manual intervention unless a new resource has joined the team.

Reading Bundles of Agreements: Do you know that giant companies often employ professionals from the legal background just to read out the agreements at a speed that’s convenient to the decision makers. This can be done while someone is heading to the office or while driving to the client’s place, thereby saving the time and efforts.

Compliance: It is often a herculean task to go manually go through all the transactions and proposals and check if they are compliant with law of the land. Heaps of manuals and agreements can be scanned for compliance within minutes as one robot’s work is apparently equal to ten people’s work.

Automated Chat-bot: Studies indicated that several enterprises have customer chat-bots to ensure that their customers receive timely resolutions.  Most of them deploy special workforce to handle the customer queries online. By automating chat-bots, companies can cut the unwanted cost spent on the workforce and even customers would get appropriate responses without any escalations on a chat agent.

ROI: When the productivity is increased, the first impact would be on return on investment. In a recent study by PWC, companies that embraced robotic process automation were able to fetch 300-800& higher ROIs. Also, the accuracy shot up and scalability was increased.

No threat to employment: Rumors are rife that regular employment would be at stake and most of the people would be jobless. This isn’t a fact. Several studies indicated that employees would be deployed in more fruitful jobs, which will help the workforce and enterprise as well. So, the threat to employment can be considered a myth.

Conclusion: Noted research firm, Gartner said that at least 48% of shared services ‘organizations are planning to embrace robotics process automation’. Just in case you are one among them, then Techwave is an ideal destination for your robotics process automation. Please feel free to drop an email at info@techwave.net.

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