Millions of jobs could be on the block
Indian BPO industry is of approximately $150 Billion currently, We have been listening a lot about transition of work from India to other countries where outsourcing work is relatively cheaper. Such outsourcing destinations are Indonesia, Brazil etc .
But the other bigger threat these days is Robotic Process Automation which might replace repetitive manual work. Organizations are slowly working on RPA tools to perform PoC and deciding whether processes those are executed by humans can be replaced by a bot(computer programme) or not. For many organisations this is turning out to be a huge saving.
What is Robotic Process Automation or RPA, the primary question that triggers on our mind is, as to what precisely this process is all about?, Well, it is as easy as the term used to define it – Automation of process using robots.
RPA bot makes life easier by replacing repetitive tasks. It is capable of doing various human activities by way of technology. IT and ITES services work on 3 pillars which are People, Process, and Technology where a bot can effort as a human as well as a technology enabler.Since an RPA bot can achieve both of them effectively, therefore, it has become an important part of the industry.
We can also describe RPA as an up-and-coming form of clerical process automation. RPA is growing and industries are adopting it and implementing it at a fast pace. As per industry reports its current worth is $400-500 M and it is projected to grow by $2-3 Billion in the next 5 years. Such development will give boost to new jobs as well effectiveness of current work will upsurge.
All around the globe organisations are investing hugely on RPA, there are various commercials and community edition available tools which are being used by companies.These tools are designed in a way such that minimum development efforts are required to write a Bot/script and created Bot/scripts are reliable and robust, easy logs, tracking is also available. Which in a way we can conclude more effective than a manual work, less chances of errors and more productive.
According to a PwC Global Operations Survey, RPA is delivering benefits rapidly, and at the same time, ROIs of up-to 800% are achievable. RPA does have early implementation costs, but it provides cost reduction through bots and as a result impacts RoI and hence companies are rapidly adapting RPA.
The future of RPA is AI enabled Automation with smart algorithms and machine learning capability. RPA is in emerging phase and we can see a more advanced solution in near future, in which bots can handle real world time scenarios with its inbuilt algorithm, the Intelligent Automation of the future will be capable of applying decision making on its own.
Still its a big Question what will be future of BPO Industry, looking in to current development we can think that if not now in near future but in future we can have Bots sitting instead of humans .
There will be a industry transformation which will happen which i feel should be full of more opportunity then job loss, things will be more productive, energy and efforts can be put at place where it is more required .
Answer of above topic headline in my opinion is, BOT will take place of humans in future with the emergence of Artificial intelligence and addition of machine learning capabilities in RPA tools it will get better and smarter with time, currently we cannot quantify By when or By what percentage it will replace but its for sure this transition will happen and that transition will be beneficial for the industry