RPA and AI Will Transform Your Business
As we navigate the intricacies and uncertainties of the Fourth Industrial Revolution, one thing is certain: this new era will have an extensive impact on the digitization journeys of organizations across all industries. New leaders will continue to emerge if they embrace new technologies, such as Robotic Process Automation (RPA) and Artificial Intelligence (AI), to ensure growth and sustainability for their organizations.
Due to significant changes in the past couple of months in three important dimensions of the organization—the workforce, the workplace, and work—the future lies in adapting to trends and addressing evolving customer needs. We must challenge our ability to adapt and acknowledge the necessity of not just learning the new, but the importance of unlearning in this changing environment. The organizations and leaders that comprehend the magnitude of adaptability will have a competitive edge.
Let’s find out more.
Introducing Robotic Process Automation (RPA) and Artificial Intelligence (AI)
Today, the introduction of robotic process automation (RPA) and artificial intelligence (AI) into business processes is one of the most important drivers of technological change whenever and wherever possible. Everyone is familiar with AI, so let’s take a quick look at RPA. The RPA is just a bot (software program) that coordinates the processes or tasks that humans perform.
For example, an employee at a product delivery store needs to print a sales invoice. Normally, he would have to read a purchase order, open an ERP or similar invoice printing app, enter the data, and print the invoice. Now, imagine all this mimicked by a bot in an automated fashion. The bot can read & extract the data from the purchase order file. Once data is extracted, the bot will automatically open the desktop app, insert all the data, and print the invoice. Now, imagine 1000s of invoices being printed in this automated fashion, and all the data automatically being inserted in the company’s ERP system. It is magical, to say the least. The cost savings and the efficiency achieved are another tremendous advantage.
Robotic Process Automation (RPA) limits excessive reliance on human resources because bots perform most of the repetitive manual tasks that need to be touched by humans. This article will not delve into the internal mechanisms of RPA and AI. There is already plenty of material on the internet on how RPA has become an essential technology.
AI fits seamlessly into our daily lives and changes our thoughts, actions, needs, and desires. For example, if you talk to yourself about buying a new laptop on your mobile phone and open another app, such as Facebook, you’ll see ads related to that conversation on your screen. Artificial intelligence is behind these targeted ads. Google Translate and Netflix also use AI.
AI-enhanced RPA helps you make intelligent decisions, automates workflows, automates data entry, and manages your books. This infusion gives organizations a valuable boost to using their resources for more productive work.
Artificial intelligence, machine learning (ML), and orchestration of multiple tools and technologies based on advanced RPA is called hyper-automation, but let’s leave it for another day. Today, the focus should be on taking a progressive step and embracing change. We should take a page from Apple’s book. The iPod was a revolution at the time when it became popular in 2006 and gained momentum in 2007. It peaked in 2008 with record sales of over 54 million units and then disappeared almost overnight. What killed the iPod? iPhone. And what is the lesson here? If you experience technical turmoil during peak hours, you can ride the next wave of innovation.
On the other hand, consider Nokia. They continued to change designs, update technology, and were the dominant force behind the early fashionable digital phones, but ultimately, products must respond to an ever-changing environment and the needs of an evolving society. It couldn’t innovate the line. The result was rapid market turmoil by competitors such as Apple and Samsung that took advantage of the smartphone space.
The dramatic changes between the Pre-covid and Post-covid eras, in our case, have been embraced by letting go of what we thought we knew and the changes in the way we continue our lives. We experienced an almost immediate switch to a home office, online learning, telemedicine, and front door delivery. It was a 10-year digital transformation in just a few weeks. You need to ask yourself if you are keeping up with the pace of this change. Technology is continuously evolving and planting opportunities everywhere; it’s a matter of getting adept at recognizing them and acting upon it.
Unlearn and Be Open to Relearn
To be successful in this technology development, you need to think beyond your fixed professional identity and flexibly adapt your skills and expertise. It is no longer possible to build a career with the knowledge absorbed from a school or university alone. Today, as technology continues to evolve, careers are constantly shaped by new knowledge.
The current pandemic shows that if you don’t want to be left behind, you have to unlearn and relearn how to do things. This rapid change challenges our skills, openness to new things, and encourages us to learn.
Leading the Ever-changing Ecosystem
Today, companies and executives looking to stay ahead of the curve need to leverage the capabilities of RPA and AI and actively shift their business processes from manual to bot-driven automation operations. When manual and day-to-day tasks are automated, HR departments can focus on other tasks, increasing the productivity and capabilities of the organization.
As change accelerates, we must ask ourselves who is leading and where we are going on the road to the Fourth Industrial Revolution. It’s time to adopt new technologies, invest in people with post-digital skills, and build trust to ensure success and growth.
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