Why? Why now? When every expert predicted no recession, projected market growth and forecasted the long-term stock and bonds to have fantastic returns, COVID-19 is slowly brewing to derail the whole dream.
Tough times create opportunities for growth. As in the past during great depression and world wars, technology advanced rapidly and made people adopt new ways and methods of doing things.
RPA being a cornerstone of digital evolution & transformation, helps in fighting pandemic situations in ways to enable ‘keep-the-lights-on’ and ‘run-the-business’ modes. With every company requesting employees to work remote and experts urging social distancing to combat the outbreak, the need to use technology amplifies. Leaning on to technology levers like video conferencing for collaboration, increased network speeds for work sharing, drones delivering medical supplies etc. is going to support the business to keep it as usual.
RPA can play a significant part in running the business with predictable and probably minimal impact. From claims processing to accounts receivables to purchase order management, RPA allows businesses to sustain the operations and scale up in case of increased demands from all stake holders in the ecosystem. Either food being ordered over an app or an SMB company enabling e-learning system for its customers to engage or school students who are sitting at home to continue the education, there is going to be a stress-test on every business model and there is no better option for businesses to leverage RPA as a preventive measure.
Increased frequency of absences like attending offices, school/college, going to restaurants or general business meetings is going to present significant challenge to address day-to-day business obligations for many firms. Operationally being stable is the fundamental step that every company would have to take and hence, RPA provides hedging to the unforeseen risks that will evolve in the coming days.
The coronavirus pandemic is likely to strain the whole world and every business for the foreseeable future. Unlike the typical challenges from global economic meltdown, the demand side and supply side disruptions that would arise now will present tough situations for many companies to survive.
Nonetheless, with tight planning, rapid adaptation of technology, and thorough contingency planning, companies can survive this storm.
POST WRITTEN BY
Gopi Krishna V Akella
Vice President – Sales & Business Development at Sage IT Inc.