WHAT HAPPENS WHEN RPA AND BLOCKCHAIN WORK TOGETHER?
Robotic Process Automation(RPA) and Blockchain are the latest technologies that are disrupting all industries. Before understanding how these technologies can work together to bring exceptional outcomes, let’s have an overview of both the technologies one by one.
RPA — It is the automation process that automates the repetitive and manual tasks with the help of the software bot. It is the technology that is used by businesses and industries to automate their sophisticated processes. It can interact with any modern system without human intervention thus accomplishing tasks with simplicity, flexibility along with reduced costs and operational risks.
Blockchain Technology — Blockchain is a decentralized ledger tracking one or more digital assets on a peer-to-peer network. Blockchain’s decentralized network offers a wide range of benefits over the conventional centralized network, in terms of increased system reliability, scalability, and complete privacy. To put its definition in one line, we can say that blockchain is a distributed, decentralized, P2P network that has the potential to revolutionalize almost all industries.
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Benefits of Using RPA with Blockchain
As we have seen how these technologies are diversifying and emerging, here comes the question, what if they are integrated? In order to stand out in the competitive world, industries are integrating multiple technologies such as Blockchain with RPA. Let’s figure out the various advantages of combining both techniques.
Blockchain with RPA in Supply Chain
Immutability and provenance are the primary aspects of blockchain, which can be used to sanitize unstructured data across the supply chain, whereas RPA can free up employees by automating tasks related to inventory management.
Blockchain and RPA, when integrated, can be used to automate repetitive compliance tasks, improve audit management, and payments can become more provable and rule-based.
Entrusted Data processing
RPA bots automate processes by interacting with end-users and systems to process the required data. Whereas, blockchain can provide a secure ledger to record business transactions for automated decisions made by remote process automation. Examples include peer-to-peer landing, KYC processes in financial services, etc.
Trusted Transactions Processing
RPA can enable blockchain to exchange information with existing IT systems as well as help establish monitoring around transaction processing activities.
Compliance management
RPA and blockchain can work together to automate monotonous and repetitive compliance tasks. In a regulatory and compliance management, blockchain can be used to create an immutable record of all the regulatory events.
Achieving Customer Satisfaction
As the integration of blockchain with RPA enables fast, automated transactions that are secure and reliable, the technologies help in providing better customer satisfaction.
Easy Data Access
RPA can enable blockchain to exchange information with the existing IT systems. Moreover, it can help to establish monitoring for transaction processing activities. The resultant easy data access further helps in accelerating back-office schemes.
Are There Any Challenges?
Despite its popularity, blockchain deals with few challenges such as scalability, interoperability, and standardization, and for this reason, blockchain developers are working to overcome these constraints for mass adoption. Moreover, regulatory uncertainty and governance issues are the other significant reasons for its adoption. On the other hand, talking about RPA, only a few organizations are utilizing RPA capabilities while the rest are considering the older methodologies as the best way.
Conclusion
The disruptive nature of such technologies is forcing companies and businesses to innovate and deliver additional services while transforming existing service models in order to bring more revenue and reduce the processing cost.
For an organization to utilize the combination of these advanced technologies, it is crucial to understand the organization’s methodologies and to have profound knowledge of such techniques. Before starting the implementation, spending time on interpreting the current operating model and composing a target state is critical. To state what these technologies will bring in the future is unsure, but definitely, it will bring something valuable for all.
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