What changes, endures. RPA as part of modern business
Looking back in history, successful businesses are those that keep pace with technological progress and adapt as quickly as possible, or even stay one step ahead. There are longer periods of time when technology seems to ‘stand still’, but there are periods when technological progress is very rapid. These are known as industrial revolutions. We have crossed the threshold of the fourth industrial revolution and rapid adaptation to the new rules of the game is at the heart of business success.
The First Industrial Revolution came with the invention of the steam engine, which fundamentally changed the production process. The second was marked by the increasing use of electricity, and the third by the dawn of the information age at the end of the 20th century. The Fourth Industrial Revolution is characterised by artificial intelligence, the Internet of Things, big data, and these innovations are fundamentally changing the speed of data processing, customer service, and other areas.
Companies are now digitizing very rapidly and those that have successfully caught the first waves of digitization are far ahead of the rest and even able to break the rules in traditionally very stable industries such as Airbnb in hospitality and Uber in taxi services. The success of the laggards depends entirely on how quickly they can accept the new rules of the game and change with the times as customers become more demanding. Fast service delivery and high customer service are becoming more and more crucial and, more often than not, impossible without digitalization of processes, so stubbornly sticking to traditional practices is like a road to Golgotha.
Robotic process automation (RPA) is one of the essential components of the new era. It helps digitize manual tasks, speeding up processes and improving customer service. Robots can be entrusted with tasks that are repetitive, uniform and do not require intuition, empathy, emotion or complex decision-making. RPA robots help employees by doing the simple tasks for them and freeing up time for higher value-added activities. Global management consultant McKinsey & Company forecasts that the economic impact of RPA will reach around USD 6.7 trillion by 2025. If your company has not yet implemented process automation, this might be the last time to catch your competitors!
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