Learn More About the Meaning of RPA and Other Industry Terms to Improve Your Workflow

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You’ve likely been looking for ways to improve company workflows—there’s so much repetitive work—and come across RPA, along with other solutions that industry leaders are using to save time and money. And, what you need to know first and foremost is that regardless of context, RPA meanings all boil down to its core value prop: automating repetitive tasks.

Just in 2022, spending on RPA increased 20%, meaning more and more businesses are tapping into time and cost savings brought about by automation.

This blog post is your go-to glossary for everything RPA. We aim to turn complex concepts into digestible nuggets of knowledge. Why? Because understanding leads to transformation. You’ll be able to drive projects, inspire others with your knowledge, and maybe even shape the future of your own organization.

 

Need-to-Know RPA Terms

Let’s start with the most important term.

 

Robotic Process Automation (RPA)

The most common RPA definition is, summarily, that it’s a technology that allows anyone today to configure computer software, or a “robot” to emulate and integrate the actions of a human interacting within digital systems to execute a business process.

For example, 1Rivet uses RPA to automate repetitive tasks for businesses, allowing them to save time and increase efficiency.

  • Attended RPA: This includes scenarios where decision making and/or user input is required, such as desktop automation.
  • These software robots work at an employee’s workstation and are triggered by a user’s command or instances where robots need input from the user to continue a task. Access is often limited to the employees within a specific department or workstation.
  • An attended RPA bot could help a call center agent by pulling up relevant customer information when the agent is on a call, saving time and improving customer service.

Artificial Intelligence (AI)

This technology is designed to respond to and learn from stimuli in a similar way to human responses, with a level of understanding and judgment that’s normally only found in human expertise.

For example, an AI-powered customer service chatbot can understand and respond to customer queries, learning from each interaction to improve its responses over time.

 

Automation Design

This is a plan for how RPA will be rolled out in an organization. As part of this plan, companies identify a list of processes that are the best candidates for automation. The design can be a short- or long-term plan.

A company might design an automation plan that starts with automating simple, repetitive tasks in their accounts payable department before moving on to more complex processes.

 

Bots

In the context of RPA, a bot is a software application that executes tasks automatically and is capable of learning from its interactions. For instance, a bot could be used to automate data entry tasks that are typically carried out by human employees.

 

Business Intelligence

This is a system of technologies, practices, and applications that help companies collect, analyze, and present information related to business operations.

A company could use Business Intelligence tools to analyze sales data, identify trends, and make data-driven decisions to increase revenue.

 

Process Mining

This is a technique used to analyze and visualize processes based on event logs. It’s often used as a method for continuous process improvement and to gain insights into business processes.

For example, a company might use process mining to understand how their invoice processing workflow is currently operating and to identify areas for improvement. Using RPA, they could then automate certain steps of the process to increase efficiency and reduce errors.

 

UiPath 

UiPath in RPA means, in short, a leading RPA tool that offers a software platform to help organizations efficiently automate business processes. As a licensed UIPath partner, 1Rivet uses this tool to implement RPA solutions for clients.

 

RPA in Context Across Industries

Here’s just a brief overview of some of the ways automation technology supports enterprise workflow.

Industry How RPA Can be Used
Healthcare – Patient scheduling automation

– Billing process automation

– Maintaining and updating patient records

Financial Services – Transaction processing

– Fraud detection

– Compliance reporting

Real Estate – Property listing automation

– Lease administration

– Property management tasks

Retail – Inventory management

– Customer service automation

– Supply chain management

Manufacturing – Supply chain operations

– Quality assurance tasks

– Invoice processing

 

The Role and Meaning of RPA in Finance

RPA in finance refers to the use of software robots to automate repetitive, rule-based tasks that are often performed by humans.

This can include tasks such as processing transactions, managing data, and communicating with other digital systems. RPA can lead to increased accuracy, reduced costs, and improved compliance in financial operations.

For example, a bank might use RPA to automate the process of loan approval. Traditionally, this would require a human to manually review a large amount of data, which can be time-consuming and prone to errors.

With RPA, a bot can quickly and accurately review the necessary information and make a decision about loan approval. This not only speeds up the process but also reduces the risk of errors.

 

Learn more about RPA across industries with these blogs:

 

The Role and Meaning of RPA in the Medical Field

In the medical field, RPA can automate administrative tasks, freeing up medical professionals to focus on patient care. This can include tasks such as patient scheduling, billing, and managing electronic health records.

For instance, a hospital might use RPA to automate the process of patient admission. Traditionally, this would require a staff member to manually enter patient information into several different systems.

With RPA, a bot can enter this information quickly and accurately, saving staff time and reducing the risk of errors. 1Rivet, with its in-house global team, can help such healthcare institutions implement effective RPA solutions, providing a cost-effective alternative to more expensive onshore alternatives.

 

The Role and Meaning of RPA in Real Estate

In real estate, RPA can automate repetitive tasks such as data entry, document generation, and property listing updates. This allows real estate professionals to spend more time on higher-value tasks like building relationships with clients and negotiating deals.

For example, a real estate agency might use RPA to automate the process of listing a new property. This would involve gathering information about the property, creating a listing, and posting it on various websites. A bot can do this quickly and accurately, saving agents time and allowing them to focus on other tasks.

1Rivet’s agile development approach and easy-to-work-with team can offer such real estate agencies an efficient and cost-effective way to implement RPA solutions, redefining their consulting experience.

 

It Started With the RPA Glossary—Now Find Out How RPA Can Streamline Enterprise Workflow

Knowing the terminology is just the start. Understanding how to apply these concepts to your unique business setting, that’s where the real potential lies. That’s where you can transform processes, increase efficiency, and unlock a whole new level of productivity. And guess what? We’re here to help you do just that.

1Rivet is not just any consulting firm. We’re your partner in this journey, ready to bring cost-effective, agile, and high-quality RPA solutions right to your doorstep. Our in-house team, bolstered by our partnership with UIPath, is at your service.

So, how about a free consultation to start? Let us show you how RPA can revolutionize your enterprise workflow. We’ll help you understand how these terms can translate into real, tangible benefits for your business.

Are you ready to learn more? Book your free consultation today!