Robotics Process Automation And The Real Estate - Generous Possibilities, Infinite Potential
At first glance, the term “Robotics Process Automation” (RPA) seems to be the shop floor's stuff. And yet, as the world shifts from the revolution of the Internet and communications to the circle of Machine Learning and Artificial Intelligence (ML & AI), RPA increasingly promises to be a phrase in common professional parlance and a persisting feature of the modern economy.
With an advanced and unparalleled virtual workforce comprising of such bots, RPA is set to revolutionize the way humans work, think, and live in the 21st century
Quite simply, RPA is a practice that brings ML & AI skills into managing and accomplishing tasks which, so far, have been high volume, repetitive, and monotonous, and which have required a human hand. RPA looks to break us out of these time consuming but unenriching tasks so that we can focus more on thinking, planning, strategizing, deciding, connecting, and envisioning. In RPA, a systematic bot has been enhanced to imitate the human worker in completing the task with as much care and accuracy as possible. With an advanced and unparalleled virtual workforce comprising of such bots, RPA is set to revolutionize the way humans work, think, and live in the 21st century.
Across the economy, various sectors are adopting RPA at a dizzying rate. Retail, healthcare, communications, logistics, manufacturing, banking, HR you name it, they have it. RPA's offerings are innovative, feasible, and implementable hence its expansion is rapid, too rapid to unfold its socio economic, technological, and psychological consequences fully. Yet, just as the concerns of employment and intra society gaps loom large, so do the infinite and exciting possibilities of unleashing and celebrating humankind's potential, inherent values, analytical prowess, and vision, like never before.
The real estate sector is not isolated from these developments, and hence no stranger to RPA. RPA has already started permeating into the industry and is expected to address some long-existing pain points across sales and marketing, client servicing, data management, operations, HRD, and overall efficiency.
RPA is very useful in filtering out unqualified sales enquiries and determine valuable and promising leads for the sales teams. Not only would that save a lot of hours of manually going through every prospect, but it would also clear up space and time for the team to focus all its energies on building strategies to convert the leads successfully, and promptly. In Customer Relationship Management (CRM), RPA can take care of routine but necessary actions such as demand generation, payment validation, receipt processing, and free up the teams to work on the quality and innovation in overall servicing.
The real estate sector is enormous, and so is the data it generates daily. With RPA, capturing, validating, and processing this data, both financial and non-financial, becomes more feasible, systematic, and efficient. RPA can facilitate comprehensive analysis and reporting of this data, which directly feeds into proactive and predictive management support and decision making.
As RPA frees up human energy and intellect from mundane, time- consuming work for more strategic, creative, and visionary pursuits, it also ensures that speed, consistency, and accuracy are not sacrificed on the way. RPA's virtual workforce consisting of bots works faster than a human worker, does not make mistakes, does not require monitoring, and can perform consistently, round the clock. Tasks that are non-creative, non-strategic, low-valued, repetitive, yet essential such as the quarterly filing of RERA updates as required by regulations can be easily taken up by these bots, and entire teams of workers can be relieved and rechannelled into tasks that appeal to their intellect, creativity, and thinking.
Overall, the real estate sector can count on RPA to transform its business environment and make it more efficient, transparent, and structured. The real estate could do with a change in terms of operational efficiency, reduced manual efforts, reduced errors, generate customer satisfaction, increase employee engagement, and RPA is an up-and-coming technology to achieve all of that. RPA can also bring more vigilance and compliance in real estate with lesser hassles and reduce the risks of lapses and frauds. RPA is easily scalable and tweakable in the direction of productivity, and hence, it can boost the ROI in the sector.
It is high time the real estate sector sets its eyes on this technology and looks for additional ways to integrate it seamlessly into its fabric.