Robotic Process Automation: What Is It and How Can It Advance Risk Management?
A perfect example is the robotic process automation (RPA).
Tera explained to me how RPA has emerged in the last few years to streamline operational processes and reduce costs. All organizations have mundane rules-based processes that can be automated so that more time can be devoted to value-added activities.
In addition, RPA offers the ability to eliminate errors as these processes are not subject to human intervention, which can often be interrupted during tasks.
Just to clarify, there are no actual robots in robotic process automation, so visions of the transformers emerging into your organization can be disregarded. I had never heard the term RPA until my conversation with Tera, although I have obviously experienced its impact.
Customer care operations is one model of how RPA has been utilized in place of traditional employees. Also, consider the workflow process that requires files to be moved from one location to another or going out to a web portal to extract data in the same format at a high volume. A bot (short term for RPA) can be ‘’taught” or developed with those tasks in mind and replicate that functionality.
RPA in its basic form can create panic if it is used as a tool to eliminate jobs, and in some organizations, I would assume that is case. Thus creating a brand risk for the company. Read On:
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