Impact Of RPA Innovations On Legal And IP Industries
As businesses strive to enhance productivity and efficiency, Robotic Process Automation (RPA) is emerging as the most sought-after solution. It promises an insight into the speed and convenience that technology can bring to organizations. With an ability to adapt to the needs of various sectors and create end-to-end solutions, RPA is the future of automation in business. Here we touch upon its role and impact on the legal and IP sectors.
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What is RPA?
Robotic Process Automation or RPA is the use of software bots to perform monotonous or rule-based digital tasks. These bots have the ability to emulate human interactions with systems and applications. By simply installing a software program, RPA can automate workflow consisting of defined actions like segregating data into fields, checking forms, and other clerical operations.
It can virtually perform mundane tasks to increase the speed, efficiency, and accuracy of the enterprise. Productivity is also boosted due to the shifting of the burden of repetitive tasks from humans to robots.
The Automation Power Duo: RPA and AI
RPA automates the performing of routine tasks, but when combined with Artificial Intelligence (AI), it is capable of increasing this scope. AI lends cognitive skills which enable RPA to emulate the role of humans in problem-solving and decision-making processes. Industries that deal with data, verification, and analyzing tasks will greatly benefit from the ability of an AI-RPA combination.
Equipping robots with AI gives them the ability to understand unstructured data, visualize computer screens, and analyze chats and conversations. This is highly useful for companies that seek to apply machine intelligence to automate decision-making and analysis.
The RPA implementation process involves the following stages:
- Identifying processes that need to be automated. Businesses can use metrics like complexity and ROI among others to choose the right processes.
- A feasibility assessment should be performed to analyze the extent to which the process can be automated using RPA. This is usually done by experts appointed by the firm providing RPA services.
- Reassess the operations that can and cannot be automated based on the above assessment.
- Designing and execution will be carried out by the RPA firm based on the insights of operations gathered in the precious two stages.
- Testing will be carried out to weed out any defects or problems associated with the smooth running of the bot.
Role Of RPA In The Legal Sector
The legal sector is brimming with work that is mundane, routine, and does not require judgment for execution. With the normal practice of charging clients per hour, expediting tasks directly impacts the profits of law firms. A 2020 study shows that almost 63% of tasks performed in legal offices are rule-based. It is estimated that implementing RPA could free up 30% or more time for these firms.
RPA Use Cases In The Legal Sector
Following are the areas where RPA can bring about technological transformations:
- Managing Contracts
Content Management Systems (CMS) have made it easy to store data, RPS takes it a step further by tracking, extracting, and recording this data in the CMS without the need for human interference. Automating this aspect means zero chances of errors and expedited speed. Besides the above, RPA also offers additional insights into the data by creating visual dashboards for easy analysis.
- Document Automation
With RPA, motions, contracts, agreements, etc. Can be drafted much quicker into a predesignated format. The bots can easily pull up client information available in the system and present it in the required format for quick analysis.
Collecting case evidence and other legal matters requires scanning multiple documents for information. RPA accelerates this job by scanning all case-related information and extracting relevant data quickly and with great accuracy.
- Compliance Checks
With the help of RPA, all digitally stored contracts can be scrutinized thoroughly to determine who is responsible for compliance. Moreover, it helps in the creation of a single repository for the entire firm to consult.
These are just a few examples of RPA applications in the legal industry. Together with AI, it has immense potential to positively impact every aspect of legal processes.
Role Of RPA In The IP Industry
As with the legal sector, RPA can contribute significantly to streamlining and managing workflow in the IP industry as well. It can help drive innovation and streamline patent management in the areas of patent analytics, valuation, drafting, and litigation. Thus, proving a useful tool for patent services firms in managing their accounts with efficiency.
RPA Use Cases In The IP Industry
Some of the examples where RPA finds application in IP are:
- Data Management
RPA bots can store and sift through large amounts of data in record time. IP firms are usually in possession of big data volumes that constantly need to be categorized, filed, searched, or reported. All tasks that RAP bots can perform with ease and precision.
- Data Security
The data available with IP firms is sensitive and needs to be protected. RPA can help by performing continuous data monitoring actions and periodic audits that ensure data safety.
- Automated filing
A significant amount of form-filling for various administrative and legal procedures is carried out by IP firms. This repetitive take can easily be transferred to RPA bots to free up time spent on manual entries.
- Patent Drafting
RPA can assist in the examination of formal requirements for patents and trademark applications. When powered by AI they can also help in searching for prior art as well as translating patent applications.
The possibilities of RPA integration into the IP workflow are endless. Along with AI, RPA can help minimize risks and eliminate errors in IP firms.
Robotic Process Automation is still an evolving technology that has the potential to drastically improve the efficiency of the workforce. Its scope and possibilities of application are limitless and infinite. As the tech evolves, it will become more affordable and easier to use and implement. Given its multifaceted benefits, no business will be able to ignore this fantastic tech tool.
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