Lately, we’ve been exploring how machine learning can be used in negotiations – how it compiles available information, turns it into data, and uses that to better inform our decisions and make the negotiation process that much quicker. However, this technological wonder can do more than simply compile info. It can also be used through RPA to actively make some of the decisions that would typically be on our dockets, freeing us up for more involved tasks. Interested in how that works? Read on to find out more.
What is RPA?
Before you can understand anything further about RPA, it would probably be a good thing to know what it is in the first place. RPA stands for ‘Robotics Process Automation,’ and is a software solution that – well – automates processes. Big surprise, right? The processes it handles are largely those that are repetitive and rule-based. Just a few examples include filing the same information in multiple places, re-entering data, auto-routing negotiation terms to appropriate people, generating automatic responses to offers that fit certain criteria, automatically filling in terms on term sheets, and more. Or, in other words, RPA does all the tedious bits we don’t want to do. It’s all pretty awesome stuff, although it does have its limits. After all, we’re still not in the era of the Jetsons quite yet (to much dismay). This robot still has to be governed by structured inputs and pre-programmed logics and can’t make automate complex tasks or things requiring too many layers of data. Even with these restrictions, however, RPA is an invaluable tool for any and all business negotiations.
The Benefits of Using RPA
What makes Robotics Process Automation so useful partially lies with the fact that it gives companies and negotiators a certain amount of breathing room. By taking care of the repetitive, simple tasks, it then frees people up to focus on more complicated, oftentimes pressing issues that require a human touch. Handy in the short-term, but its real strengths lie in the long-term. Much like automated assembly lines in factories, everything is made more efficient. Workload is decreased, manual errors become more infrequent, negotiations are quicker, costs are reduced, customer interactions are enhanced, scalability is improved, and you generally see improved business results as a whole. What’s not to like about all that? And all of these benefits just keep becoming more important over time, allowing your company to flourish and grow without extra time-consuming, unnecessary steps.
Is Automation for You?
The kind of automation that comes along from RPA can be a huge boon to business and bring a new level of success to your negotiations and the whole company, but it doesn’t work under every circumstance. As we’ve mentioned, there are a few conditions that must be met to use RPA for your processes:
You must be able to create instructions that a robot can understand and execute
There must be a pre-determined trigger or processes must happen at routine intervals
There must be defined inputs and outputs
You’ve got to have the right volume of processes
Should you find that your tasks fit all four criteria, RPA is probably the way to go. Ideal for anything requiring heavy data processing and simple logic work, there are probably more processes you can automate than you’d think. Take advantage of this and you’ll quickly reap the benefits.
About Intellext™
Intellext is an AI startup that is revolutionizing the way contracts are negotiated, accelerating time to close, and improving deal terms. Intellext’s Intelligent Negotiation Platform™ eliminates the complexities of contract redlines and stakeholder collaboration and optimizes deal terms by applying machine learning during the negotiation process.