Robotic Process Automation Set To Enhance Capabilities, Performance And Reduce Operational Costs

Robotic Process Automation (RPA) Market size is set to exceed USD 5 billion by 2024; as per a new research report. The growing adoption of RPA technology by organisations to enhance their capabilities, performance and reduce operational costs is expected to drive the Robotic process automation market growth over the forecast timeline.

In order to gain ease of the processes, organisations are increasingly deploying these solutions with the traditional business processes. Surge in demand to eliminate manual interference in simplified and time-consuming business processes is predicted to increase the technology adoption rate.

Robotic process automation market has a huge potential to transform the way organisations operate and support various business processes. Surging eminence of BPM solutions led to rising need of automating the operations by small & medium businesses to stay ahead of the competition.

Factors such as capability of the technology to offer increased control over the processes and perform high-volume routine tasks without human intervention, contributes significantly to the RPA market growth. Rising awareness associated with the benefits of the solutions among various organisations such as high level of accuracy and efficiency provide impetus to the demand for Robotic process automation market solutions.

Lack of technical expertise associated with the deployment and integration might hinder the RPA market growth. Moreover, less potential of such solutions to grow in the knowledge based business operations is expected to curb the industry demand. Continuity in the business processes, ROI and practical implications are among the major concerns related to the technology implementation.

Increasing demand from organisations to automate the business processes such as handling customer enquiries is leading to the significant growth of automated solutions demand. Adoption of such automated solutions helps organisations to streamline the business operations and focus on their core competencies. Automation of monotonous tasks such as timesheets and proposal submissions eliminates the work load on production team results in increased productivity and fuelling the organisation’s competitiveness.

To bridge the gap between largely backed digital transformation projects, the IT & telecom sector is expected to witness high growth in the Robotic process automation market. With a virtual workforce that streamlines the traditional business processes, RPA can accomplish this leading the valuable company resources to focus on more important work. The BFSI industry is expected to witness highest adoption of RPA solutions, which can be attributed to the accuracy, efficiency offered by such systems in terms of costs, providing a quick way to address the regulatory compliance issues by bridging the connection between the BPM and ERP systems.

Europe Robotic process automation market is anticipated to witness significant growth over the forecast timeline. This can be attributed to the presence of large number of logistics and manufacturing companies in the region. The technology helps in rationalising the pickup & drop operations in order to obtain eminent advancement in the cycle time and enhance the customer experience. Owing to the increasing need for customer support across various industry verticals such as BFSI, IT & telecommunication, government and insurance, the RPA market has significant potential to grow in Australia.

Companies operating in the industry include Xerox Corporation, Blue Prism, Nice Systems, Automation Anywhere, Ipsoft, Celaton, Pegasystems, Redwood Software, Uipath and Verint. The industry is currently witnessing heavy investments in technology by various players to gain high ROI. Moreover, they increasingly focusing on improving the offerings to meet the rising demand of automation processes.


Source: Process Automation Set To Enhance Capabilities, Performance And Reduce Operational Costs


Robots Won’t Steal Our Jobs if We Put Workers at Center of AI Revolution

Future robots will work side by side with humans, just as they do today. Ronny Hartmann/AFP/Getty Images

The technologies driving artificial intelligence are expanding exponentially, leading many technology experts and futurists to predict machines will soon be doing many of the jobs that humans do today. Some even predict humans could lose control over their future.

While we agree about the seismic changes afoot, we don’t believe this is the right way to think about it. Approaching the challenge this way assumes society has to be passive about how tomorrow’s technologies are designed and implemented. The truth is there is no absolute law that determines the shape and consequences of innovation. We can all influence where it takes us.

Thus, the question society should be asking is: “How can we direct the development of future technologies so that robots complement rather than replace us?”

The Japanese have an apt phrase for this: “giving wisdom to the machines.” And the wisdom comes from workers and an integrated approach to technology design, as our research shows.

Lessons from history

There is no question coming technologies like AI will eliminate some jobs, as did those of the past.

More than half of the American workforce was involved in farming in the 1890s, back when it was a physically demanding, labor-intensive industry. Today, thanks to mechanization and the use of sophisticated data analytics to handle the operation of crops and cattle, fewer than 2 percent are in agriculture, yet their output is significantly higher.

But new technologies will also create new jobs. After steam engines replaced water wheels as the source of power in manufacturing in the 1800s, the sector expanded sevenfold, from 1.2 million jobs in 1830 to 8.3 million by 1910. Similarly, many feared that the ATM’s emergence in the early 1970s would replace bank tellers. Yet even though the machines are now ubiquitous, there are actually more tellers today doing a wider variety of customer service tasks.

So trying to predict whether a new wave of technologies will create more jobs than it will destroy is not worth the effort, and even the experts are split 50-50.

It’s particularly pointless given that perhaps fewer than 5 percent of current occupations are likely to disappear entirely in the next decade, according to a detailed study by McKinsey.

Instead, let’s focus on the changes they’ll make to how people work.

The invention of the automated teller machine didn’t kill off the bank teller. It simply altered what tasks the human teller performs. Justin Sullivan/Getty Images

It’s about tasks, not jobs

To understand why, it’s helpful to think of a job as made up of a collection of tasks that can be carried out in different ways when supported by new technologies.

And in turn, the tasks performed by different workers – colleagues, managers and many others – can also be rearranged in ways that make the best use of technologies to get the work accomplished. Job design specialists call these “work systems.”

One of the McKinsey study’s key findings was that about a third of the tasks performed in 60 percent of today’s jobs are likely to be eliminated or altered significantly by coming technologies. In other words, the vast majority of our jobs will still be there, but what we do on a daily basis will change drastically.

To date, robotics and other digital technologies have had their biggest effects on mostly routine tasks like spell-checking and those that are dangerous, dirty or hard, such as lifting heavy tires onto a wheel on an assembly line. Advances in AI and machine learning will significantly expand the array of tasks and occupations affected.

Creating an integrated strategy

We have been exploring these issues for years as part of our ongoing discussions on how to remake labor for the 21st century. In our recently published book, “Shaping the Future of Work: A Handbook for Change and a New Social Contract,” we describe why society needs an integrated strategy to gain control over how future technologies will affect work.

And that strategy starts with helping define the problems humans want new technologies to solve. We shouldn’t be leaving this solely to their inventors.

Fortunately, some engineers and AI experts are recognizing that the end users of a new technology must have a central role in guiding its design to specify which problems they’re trying to solve.

The second step is ensuring that these technologies are designed alongside the work systems with which they will be paired. A so-called simultaneous design process produces better results for both the companies and their workers compared with a sequential strategy – typical today – which involves designing a technology and only later considering the impact on a workforce.

An excellent illustration of simultaneous design is how Toyota handled the introduction of robotics onto its assembly lines in the 1980s. Unlike rivals such as General Motors that followed a sequential strategy, the Japanese automaker redesigned its work systems at the same time, which allowed it to get the most out of the new technologies and its employees. Importantly, Toyota solicited ideas for improving operations directly from workers.

In doing so, Toyota achieved higher productivity and quality in its plants than competitors like GM that invested heavily in stand-alone automation before they began to alter work systems.

Similarly, businesses that tweaked their work systems in concert with investing in IT in the 1990s outperformed those that didn’t. And health care companies like Kaiser Permanente and others learned the same lesson as they introduced electronic medical records over the past decade.

Each example demonstrates that the introduction of a new technology does more than just eliminate jobs. If managed well, it can change how work is done in ways that can both increase productivity and the level of service by augmenting the tasks humans do.

Worker wisdom

But the process doesn’t end there. Companies need to invest in continuous training so their workers are ready to help influence, use and adapt to technological changes. That’s the third step in getting the most out of new technologies.

And it needs to begin before they are introduced. The important part of this is that workers need to learn what some are calling “hybrid” skills: a combination of technical knowledge of the new technology with aptitudes for communications and problem-solving.

Companies whose workers have these skills will have the best chance of getting the biggest return on their technology investments. It is not surprising that these hybrid skills are now in high and growing demand and command good salaries.

None of this is to deny that some jobs will be eliminated and some workers will be displaced. So the final element of an integrated strategy must be to help those displaced find new jobs and compensate those unable to do so for the losses endured. Ford and the United Auto Workers, for example, offered generous early retirement benefits and cash severance payments in addition to retraining assistance when the company downsized from 2007 to 2010.

Examples like this will need to become the norm in the years ahead. Failure to treat displaced workers equitably will only widen the gaps between winners and losers in the future economy that are now already all too apparent.

In sum, companies that engage their workforce when they design and implement new technologies will be best-positioned to manage the coming AI revolution. By respecting the fact that today’s workers, like those before them, understand their jobs better than anyone and the many tasks they entail, they will be better able to “give wisdom to the machines.”

Source: Observer-Robots Won’t Steal Our Jobs if We Put Workers at Center of AI Revolution