Is RPA the risk worth taking is the biggest question popping in front of the organizations! And it’s obvious because apparently internet is full of articles stating that RPA will replace humans, it will eat up their jobs, humans will no longer be required and so on. Is this really the case? Let’s find out.
These articles are showing you only one side of the coin. Development of new technologies, products, services, tools, etc. is inevitable to create a better future for everyone whether it is an individual, business, nation or the world. When the internet was a new concept, there was a group of people who said that this technology will take away the jobs of many people and will negatively affect the economy. Jobs like web developer, SEO Consultant, UX Designer, Software Engineer, etc. did not exist before. But we all know what drastic change the internet has brought to the business across the globe.
Industrial revolution and speculations
Another example would be the Industrial revolution which aimed at manufacturing in bulk with the use of machines instead of hand. There was certainly a transition phase which created two groups, one supporting the revolution and one protesting. It would be wrong to say that there was no job loss, but a recovery phase followed immediately which brought the changes that industrial revolution promised to. It created more qualified jobs as skilled labors were required to run the complex machines and the rest is history.
Technologies and its effect
Similar is the case with technologies like RPA and AI; the long-term benefits of these technology are tremendous which can only be witnessed if we focus on the long-term vision. RPA is built with an aim to take over mundane “tasks” and not the jobs of humans. The idea is to free their time so that they can concentrate on other higher-value tasks. Apart from creating a new type of job profiles, these technologies will also support industries like healthcare, travel & tourism, retail, automobile, etc. The area of focus should be maintaining perfect harmony between humans and machines for the smooth functioning of the business processes.
Human resource and their productivity directly affect the profits made by an organization. The logic is: the number of resources is fixed, their working hours are fixed, number of working days are also fixed, right? So, in this stipulated time the jobs must be done for meeting the desired goals. Profit is the primary objective for every business, so the key is to find ways to improve the productivity of the human resources in this fixed dimension for better profit figures.
I am sure the first thing that would come to your mind would be increase the manpower and the productivity would increase automatically. But, the problem here is that it would put a burden on the cost element as well. The other way would be to support the existing resources with some tools/technologies to boost productivity.
RPA automation is a one such tool that focuses on taking care of the mundane tasks by freeing the valuable time of your human resources to concentrate on other valuable/high-level tasks. These technologies do come with a cost but when you compare it with the benefits it offers; it is worth the investment. These technologies will reshape the job market in terms of skills required and career opportunities. The new jobs that would be created will outnumber the jobs which are displaced as new talent would be required to run/manage these new technologies implemented. Continuous learning is what will take us to the next level from where we are today and technologies like RPA are the stepping stones. Today, RPA is extensively used by industries like BFSI, Retail, Telecom. Manufacturing, healthcare, etc. Click here to know more about industries falling under RPA’s scope.
Let’s take an example to understand this better. When the concept of ATM came, banks rushed to adapt it. This lowered the operating cost for the banks as few tellers were required, and people could easily withdraw money from ATMs. The banks responded by opening new branches with the surplus they had. The new branches required a new set of staff, that means new hiring.
Job market predictions
RPA is not just another hype, it is here to stay and stay for long. Let’s see at some statistics which clearly shows how RPA would contribute to the job market and the economy.
- A World Economic Forum study has predicted that machines and algorithms in the workplace could add up to 58 million new jobs in the next few years.
- A study by PwC says that AI, robotics and other forms of smart automation have the potential to bring great economic benefits, contributing up to $15 trillion to global GDP by 2030.
- AI skills are among the fastest-growing skills on LinkedIn, and saw a 190% increase from 2015 to 2017.
Nobody knows what the future holds. RPA is still in the developing stage and terming it as a job stealer would be unfair at this point of time. Every new technology raises some amount of fear but overcoming that will only decide its fate. RPA has the ability to transform the way business work and like every new technology it will create some new jobs which didn’t exist before. The short-term losses have to be overlooked to get to the bigger rewards waiting for us.
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