A lot of people have asked me about my vision for GIBots. Let me start by giving the basic definition of Robotic Process Automation (RPA) which is the cornerstone of what we are doing today. Any process which is definable and repeatable can be automated using a software robot and is referred to as RPA (Robotic Process Automation). In recent times RPA has taken a centre stage due to the demand for bringing efficiency, reducing human errors and in turn eliminating many jobs from the market. According to Harvard business review, human error costs almost $3 trillion per year in the US alone. According to NASSCOM domestic businesses can cut costs by 65% using RPA with an ROI of 30% to 200% in the first year itself. With cut-throat competition in the market, the only way is to automate and save the huge price that we are paying for human errors.
Believe it or not, we are entering into an era where machines are going to take most of our work and we will have to find ways and means to evolve and still be relevant. This itself is a big topic of discussion on its own so for this blog, I will confine myself to RPA and GIBots vision.
RPA market is growing at a rate of 36% and it is expected to grow to $8.75 B by 2024. Slowly RPA will grow beyond automation of repeated tasks to take shape of cognitive automation where machines will be doing intelligent operations. These cognitive tasks are done through constant learning by machines using AI technology. Next stage of automation would be the combination of predictive analysis and cognitive automation which will eliminate the need of human analysis for most of the known problems we are handling, tasks that we are doing in today’s world. The best example is the recently launched google assistant by Google CEO, “Mr Sundar Pichai” machines taking over human work is a reality and as every year passes by this capability is leapfrogging us into the future, beyond what our imagination can take us today.
Although its still a long way to go but in a distant future, I believe machines are going to develop human intelligence and will start existing and expanding on its own and I too dread for that day.
Coming back to the vision, GIBots as an organization was built to implement exactly what was described above and we are building software bots that perform specific activities. In one of the recent products which we have released for Beta testing we have used a combination of OCR, NLP and AI to read Invoices and extract the contents and make it available for accounting or compliance systems which eliminates the need of human capital being used to enter all these invoices into the system manually and we can proudly say that we are among a couple of organizations to achieve this feet and the first one in India.
We will keep exploring newer areas where automation can take shape in the form of bots and make the overall process effective and efficient.
Keep watching this space for what future has in store for all of us as we are building exactly that.
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