Robotic Process Automation is the Future
What is Robotic Process Automation?
Robotic Process Automation (RPA) is a software that automates repetitive business processes. It utilizes technologies like API, webhooks, screen scraping, and character optical recognition. RPA connects different applications with one another and makes it possible for data to flow through the different applications. RPA software imitates the human interactions with systems but does it in a much faster, reliable, and safe manner. Some of the RPA solutions have low-code capabilities allowing users to build integration scripts. Others are no-code, where even people with no technical experience can automate their work all by themselves. Not surprisingly, RPA has been gaining a lot of popularity and adoption lately. And it’s not going away. Just the opposite, Robotic Process Automation is the future.
Why is RPA Making a Rise?
The RPA market is rapidly growing. According to Gartner, its compound annual growth rate (CAGR) is expected to be 49% between 2020 and 2027. Even though most of the RPA technology had been around for a little while, it really started booming in the last decade. Furthermore, the pandemic and working from anywhere accelerated the adoption of automation by businesses. The RPA market is still nescient and therefore quite fragmented. We are already seeing consolidating happening, as it matures. Currently, the 10 largest RPA providers hold over 70% of the enterprise market. Due to an enormous demand to automate legacy paper-based and manual processes, the need of RPA solutions will continue to grow.
How does RPA Work?
Most RPA vendors offer subscription-based services. Customers can choose between several tiers, depending on their needs. Some may only need a couple of workflows, while others will require a high-volume automation. Many solutions have a free tier or a free trial, so users can try them out before they decide on a purchase. Also, most tools support cloud applications only but there are some that work with desktop software as well.
There are many different ways organizations can use RPA across different departments. RPA can help improve finance and accounting processes, recruitment, supply chain management, customer care, as well as other areas. For example, RPA can assist in processing a huge load of documents like contracts with e-signatures, uploading documents, or approval procedures. Additionally, people specialists can use RPA to update employee information and automate time sheet submission processes.
Where is RPA Headed?
• RPA is still developing and evolving. It started by automating simple tasks and has been evolving to a much more complex solution. Nowadays it utilizes AI technologies like process mining, machine learning, and natural language processing. Next, it will enter the AR/VR world (metaverse).
• Additionally, it is moving from strictly back-office operations like accounting and invoicing to front-office processes like customer care.
• At the beginning RPA was only accessible to the big enterprise due to its high cost. Recently, we see more and more RPA technology offered to the small and mid-size businesses.
• As with the rest of the technology, RPA has also been moving to the cloud. And this trend is going stronger.
• Originally RPA was best suited for the BFSI – banking, financial services, and insurance. Nowadays everyone needs their work automated, so they are more productive.
As RPA is on the rise and as it continues to cement its role in the future, more organizations are starting to adapt. Companies employ RPA to optimize operational efficiency, accelerate an existing process, or to optimize cost. RPA will eventually be an end-to-end intelligent system automating complex business processes. Organizations are already realizing the benefits and will continue adopting the technology. Indeed, Robotic Process Automation is the future.