July 19, 2018
Are you capable to lead diversified workforce which includes both human and bots?
If not, then you should better be prepared if you wish to take your business to the new height of excellence and growth. The day has come when most of the knowledge will be coming from the workforce, which will be robots. Here, we are not talking about metallic machines, which has occupied your work floor. We are talking about the next big thing i.e. software robots, which is generally known as bots. They work inside the machine and provide support to your human workforce while remaining invisible.
According to the survey, conducted in 2016, the majority of respondents believed robotic process automation (RPA) can help businesses significantly in compliance, helps to reduce cost and risk, improve effectiveness and efficiency, add consistency to the work and, enhanced quality of work.
However, with the evolution of the technology, today, RPA has improved beyond the expectations when it integrates with cognitive capabilities as it helps to understand the business and take important business decisions—making it more effective.
You must be wondering how it works with businesses. Well, here’s how it works
Streamlining Complex Processes
Bots are already have taken the workload from humans and doing most of the clerical work, which includes processing account payables invoices, making accounting entries, sorting customer complaints and providing services to customers to resolve their issues to even highlighting high-yield stocks.
RPA helps to streamline and automate the complex processes, which sometimes slow down the efficiency of businesses. The digital transformation in the business sector has surprised businessmen as the technology has exceeded the expectations. It is the next big thing which transformed the businesses to enhance their productivity and efficiency.
In the past few years, most of the back-office functions have been automated due to RPA. Even complex functions of businesses such as finance, HR, accounting and customer services have also been automated as the some of the companies have implemented RPA.
RPA + Cognitive
For some of the companies, even RPA is old technology as they are a step ahead of their competitors. These are the businessmen who understood the digital transformation and implemented technology—taking benefits. They have already automated all routine and manual task—saving money and cost—sparing workforce for the complex and higher-value activities to meet business goals and KPIs.
Now the technological advancement has helped RPA to integrate with competitive computing. The amalgamation has surprised the businesses as these technologies together make very important things possible.
For those who don’t know about cognitive computing, it is the capability of machines to stimulate human behavior using techniques like data mining, natural languages, machine learning and pattern recognition to mimic the way the human brain works. To make it better understand, take the example of AI (artificial intelligence) which intelligent machine to think, react and work like human beings.
For better understanding, the difference between RPA and cognitive computing is of doing and thinking.
Many people believe that cognitive-Bot may take the jobs of many people in the future and there will be an increase in unemployment and it is a disaster for workers and the economy. This may be true as some of the jobs will be eliminated because of streamline.
However, a recent study found out that cognitive-bot will help shareholders, customers, businesses, and employees in future—making it a win-win situation for all.
Imagine, businesses will drive value from improved quality services, which eventually satisfied customers. Consistency and faster delivery will help businesses to generate more income. Operational efficiency, compliance, and flexibility will help shareholders to drive vale—increasing the worth of the business.
However, researchers were surprised by the response of the employees who believed RPA has increased their job satisfaction owing to automation of manual and routine task. This helps them to indulge themselves in high-value work, which enhances their skills, knowledge, and experience—making them available for strategic jobs
In fact, bot with cognitive capabilities helps employees to focus on the work on which they are good at like creativity, innovation. This helps employees to increase their job satisfaction level which leads to the decline in employee turnover.
In some of the companies, RPA and cognitive technology are using in such a creative way to increase revenue by exploring new streams instead of just focusing on reducing cost.