Digital bots are becoming a vital part of organizations. They are enhancing the productivity factor in the businesses. The lack of an insight could be pointed as one issue, however, machine learning steps in to clear that out too. The number of robotic process automation companies are proof the demand is on the rise.
When the tasks are defined, robotic process automation tools promise better performance. They cannot adjust to new experiences or learn anything from experiences. While this is a certain issue, process automation companies bring in Machine Learning to make use of artificial intelligence capabilities to lend to the operations done by RPA Systems, making it more productive.
The Combination
When Machine Learning and robotic process automation combine, a link of uninterrupted improvement between execution and analysis is established. This process, in turn, makes RPA come up with certain data that promises to enable a deeper level of understanding. Some rpa solutions are roped in to increase the visibility and transparency of the data records and other events.
As an example, the prime target for such automation processes in business is the invoice verification. The process involves a user downloading the invoices from the respective portals, uploading them into an ERP system. Post that, verification of values take place and then, the approval process. This process can easily be incorporated into an RPA software to reduce the time-related issues, however, some scripting is mandatory.
RPA at Work
Let us consider the banking industry, RPA effectively performs the required tasks. These are useful especially in the loan and account management departments. Covering up RPA’s lag, the Machine learning is applied to analyze the unstructured data and enhancing RPA to do the thinking. The applications of RPA are wide.Though, it has a big hand in the banking sector. Not just for the account management but in the insurance and customer service areas too.
So many RPA solution providers are currently exploring how to get the best of AI to eradicate the minor issues that occur with automation. When the AI does the work and escalates the issues to the relevant department for a better outreach.
The RPA Market
Unlike other technologies, RPA has a comparatively small market. However, the idea to incorporate AI and machine learning into the concept is getting its speed taken to the next level. Also, it seems like the Indian market has recognized the potential of the RPA concept. According to researchers, the industry has a great scope to reach 8.75 billion USD by 2024.
Final Words
Compared to other technologies, RPA is an easier concept to implement and cost-effective as well. This can be effectively used in any kind of projects regardless of its size. The concept is gaining support from all over the world lately. Despite the roadblocks in RPA, the innovation promises to fix the claims made in the implementation. Hopefully, the experts see a future for RPA, if blended in the right manner with machine learning and artificial intelligence.
Author
Venkat is highly passionate about solving Business challenges using Technology. He has been instrumental in bootstrapping the company and is currently responsible for leading strategies and innovations to help customers enhance operations and improve efficiency. Among several key projects he was involved over the years, developing an award winning IoT solution which monitors Food Safety, both while in transit and in storage for Emerson Electric has been very close to his heart. Currently over 500+ businesses across the globe are using this solution to track real-time location, temperature and safety of perishable and high value shipments.
