In terms of looking at possibly disruptive technologies across the commodity trading and risk management space, another area of potential is in the area of robotic process automation (RPA). At first sight, RPA doesn’t appear to have garnered significant interest in the space, however, our research did yield blog articles by ION OpenLink and Pioneer on the topic, as well as short articles by some of the consulting firms. But what is RPA? Investopedia[1] defines it as follows (and other definitions are largely consistent with this). Robotic process automation (RPA) refers to software that can be easily programmed to do basic tasks across applications just as human workers do. The software robot can be taught a workflow with multiple steps and applications, such as taking received forms, sending a receipt message, checking the form for completeness, filing the form in a folder and updating a spreadsheet with the name of the form, the date filed, and so on. RPA software is designed to reduce the burden of repetitive, simple tasks on employees. The ION OpenLink blog[2] also visits the definition of RPA and how it may be used generally before exploring some possible applications within the energy and broader commodity… continue reading
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