There are no two flashier buzzwords in the news than automation and artificial intelligence. Both technologies have been developing at an exponential clip in recent years and are adding immense value to many industries. The latest technology to enter that discussion has been Robotic Process Automation or RPA. RPA is based around the utilization of software "robots" to automate tasks. These robots have been applied across a wide variety of industries, but healthcare, finance, and insurance have made the most out of the technology during its early stages. From moving data across platforms to automating form validation, RPA helps companies take the resources it was using for low value, repetitive tasks and reallocate them to engaging, high value tasks.
The future of jobs for automation
In recent years, there have been very few predictions made about the future of work without mentioning the looming threat of automation and artificial intelligence. Articles like "AI & RPA Will Absolutely Positively Threaten Your Job" make the case that these new technologies by their very nature threaten careers & foreshadow job displacement. This is a narrative that has evolved alongside all new automation and artificial intelligence technologies. Every time new breakthroughs are announced, the voices of doom and gloom get louder, but the impact is never as large as it is predicted. In fact, a new prediction is beginning to emerge. Jobs are already being created by automation, and there’s no indication that this will slow down. A recent Gartner survey predicted that AI and automation will create more jobs than it replaces as early as next year.
"Anytime you see the word ‘robot' [people are concerned]. Automation has been around since the dawn of man and the pace of automation has been increasing for three decades. The flipside is that it's true that when automation comes along, human beings still have a role."
Chris Bradshaw - CMO of BluePrism
What the stats have to say:
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. In addition, 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.
A report from McKinsey has found that the majority (96%) of customer-care leaders think new technology won’t reduce the need for human skills whilst 94% believe that they will need to hire new agents.
Haven't we done this before?
From the industrial revolution to the creation of the first personal computer, to the smart phone, we have seen technology revolutionize every single industry on planet earth. It's not stopping any time soon. So long as there is potential for innovation, people will innovate! RPA is the next step to eliminate tasks that deliver little value and are largely unsatisfying. RPA helps drive a more engaged, valuable workforce that will creation millions of jobs and trillions in revenue in the coming years.
Want to learn more? These articles have a lot to say about the link between job loss and automation:
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About the Author: Cameron Avrigean
Cameron Avrigean is a Marketing Coordinator at fivestar*. Cameron is an analytics fanatic with a penchant for copywriting and social media. He works with the marketing team to create engaging content, and is looking for the next big thing. Cameron holds a B.S. in Business Management from Point Park University.