2019, The Year of RPA in Supply Chain
Whilst still unknown to many, Robotic Process Automation (RPA) technology, is starting to gain increasing traction in the world of Logistics and Supply Chain.
RPA technology uses software robots to automate processes that would have normally been completed by humans, navigating enterprise resource planning, business intelligence and process management tools with lightning speed efficiency, without error and without tiring. Whilst the applications of RPA are multifarious, RPA when used alone works best with repetitive, rule-based tasks that require manual inputs. It is this inherently industrious nature of the technology that has started to gain the attention of some of the world's largest players in the business.
Naturally, the nature of RPA's use in rule-based processes means that a key area of interest is within finance and accountancy functions. One company in particular that is already using RPA to transform their finance functions is DHL, the €60 billion multi-national giant of the Logistics and Supply Chain industry. RPA has huge potential to eliminate the time consuming and repetitive processes that are intrinsic to the finance profession's day to day workload and gives potential benefits such as reduced employee costs, lower operational risks, improved data insights, increased accuracy, faster reporting and improved efficiency. Having spoken to CFO's around the world within the industry as part of my role, it's easy to understand why so many are all looking to adopt RPA within their businesses.
UiPath, the market leader according to Forrester projections, has been specifically targeting the Supply Chain & Logistics industry as a key business market. Whilst the applications in finance are apparent, another area specifically highlighted by UiPath is RPA's potential as a tool for improved inventory management. In a recent blog post, UiPath stated "RPA is valuable in this case because the software robots can monitor inventory, generate notifications when levels are low, and reorder products when levels go below a set threshold"; a benefit further reinforced in a recent report by Big-4 firm Ernst & Young, finding material requirement planning, order management and procurement are tasks that could be augmented through RPA.
The competition in the RPA landscape is fierce, with companies such as UiPath, Automation Anywhere, Blue Prism and Thoughtonomy all driving the constant development their own offering's capabilities to give a market edge. Combine this with the ever present desire of businesses to reduce bottom line costs, increase efficiency, improve productivity and create more meaningful data insights. Then consider the applications of such technology, combined with artificial intelligence and machine learning, giving near limitless possibilities as to potential uses. What you are left with is the perfect storm for RPA being set to become one of the most valuable and most sought after assets a business can utilize, irrespective of size, industry or product.
As more and more of the giants of the Logistics and Supply Chain industry look to RPA for their solution, and with mission statements from the likes of UiPath wanting to "have one robot for every person", mirroring that of Bill Gates to Microsoft in 1980, the question is not how will your business use RPA, but when?