The Industrial Revolution was a game changer. It transformed largely agricultural economies into power players with industries of scale in factory systems, and mechanized manufacturing capacity. The advent of breakthrough technology vis-a-vis machinery for mass-market production, combined with new sources of power led to enhanced efficiency and productive capacity. Today, we use digital technology to filter online content at work, limit security access to network servers with IoT devices, and even browser blocks to prevent distractions from eating up paid work time – increasing productivity in the process. It’s all part of the global digital transformation in the workplace and companies are reaping the dividends.
RPA increases productivity
In much the same way as the industrial revolution, digital technology and automation is revolutionizing industry yet again. Much of this transformation is hiding in plain sight, inside legacy software frameworks.
Things like Robotic Process Automation (RPA) are the next big thing. Various studies have been released, indicating the runaway popularity of RPA as a powerful new technology capable of automating mundane tasks and activities for businesses, small, medium, and large, across the board.
One such study by Gartner indicates that Robotic Process Automation’s software market grew an astounding 63 percent in 2018, and was slated to hit $1.3 billion by 2019.
RPA software revenues have become the fastest-growing component of the worldwide enterprise software market. This is a big deal because the revenues have spiked so high since 2017 that everybody is taking notice. Multiple leading software enterprises such as UiPath, Automation Anywhere, and Blue Prism realized outsized percentage growth in the RPA software market share by revenue, year-on-year between 2017/2018.
Robotic Process Automation encompasses a rules-based framework which is capable of automating mundane, monotonous, and repetitive tasks that are typically performed by human beings. These include scanning, collating, managing, and analysis of data. Repetitive functions like invoicing, responding to emails, and managing these functions are easily done with RPA systems. Best of all, these systems don’t supplant existing legacy frameworks – they work in tandem with them, and can be scaled accordingly.
RPA technology allows businesses to free up their human personnel to do more cognitive functions such as dealing with problem customers, or utilizing their skills to greater effect.
By the same token, the bots don’t get tired, don’t need sick leave, and can work 24/7 doing their repetitive tasks and saving businesses a ton of money in the process. This naturally lends to increased efficiency, productivity, and delivers brand-new technologies and exciting new opportunities.
The blockchain and beyond
Blockchain technology has taken off in leaps and bounds in recent years. To those in the know, blockchain is the go-to solution for information dissemination, value transfers, speed and efficiency, and watertight security.
The blockchain is effectively an online system; a digital ledger of transactions which is fully scalable, secure, and transparent. Some say a blockchain is simply a glorified database, but it is so much more than that. It is a public ledger where every participant has access to the same information at the same time. It is encrypted, and data does not have to be reconciled.
Since the information on a blockchain is immutable, nobody can change anything and corrupt the system without changing every single ledger on every node on the blockchain that people are privy to.
For a blockchain to function, there must be at least two participants on the ledger. None of the transactions on a blockchain can ever be changed or erased. This has far-reaching implications for the IT sector, the banking sector, and beyond. The blockchain guarantees the authenticity of all transactions, and that’s a big deal in today’s world where hacking, theft, and malfeasance is running rampant.
Unlike traditional banking systems where there is a centralized authority overseeing all activity, the blockchain is fully decentralized. This is precisely how the Internet was originally envisioned, but something went wrong along the way. In the blockchain-style system, it is people who establish a community of interconnected nodes.
There is no central authority overseeing the activity – this is the essence of the blockchain. Whenever too much power is centralized in a single server or set of servers, a company runs the risk of being hacked and destroyed. With blockchain technology, there is no central authority.
Enhanced security and efficiency
Every node on the network is operational and would need to be taken down for a hacker to succeed. Data breaches can take place on bank servers, or cryptocurrency exchanges through nefarious means, but blockchain technology itself is sound.
Business processes are being revolutionized with the advent of blockchain technology. It all began with Bitcoin, the world’s premier cryptocurrency. Nowadays, the blockchain encompasses far more than crypto – it is used to transform HR functions in businesses such as onboarding and offboarding, and the recruitment of employees too.
Blockchain allows for easy verification since companies can maintain databases of employees, and all other aspects of their skills, training and abilities. The advent of smart contracts facilitates legal contracts, quickly, easily and securely. No third parties are needed. Decentralized record-keeping ensures easy and reliable record keeping for validating credentials and performance.
For fintech, blockchain tech is largely used for digital currency transactions, lowering costs and generating substantial savings across the board. This naturally lends to greater efficiency and use of productive inputs, with costs savings being passed on to consumers.
A long and growing list of applications is making use of digital methodology and the future certainly looks a whole lot brighter because of it.