Organizations are always on the look out to enhance their productivity. With RPA, organizations can automate mundane tasks and enhance efficiency.
Fremont, CA: Robotic Process Automation (RPA) is often perceived as robots performing human tasks, but it is more about the automation of monotonous and repetitive tasks that improve efficiency and effectiveness. RPA is advancing at a steady pace with day-by-day dynamic technological developments. Automation is ubiquitous, especially SMEs are implementing RPA as they witness an opportunity to efficiently use their human resources, embrace a future-oriented approach to business activity, and generate higher ROI. Robotic process automation makes it easy for the management to perform tasks and reduces their job to managing tasks, activities, duties, which are typically performed by humans.
On the other hand, people are gravely concerned that RPA will jeopardize their well-being as their jobs will be filled by RPA software and hardware. On the contrary, RPA is all about freeing up human resources to perform more valuable tasks. Companies can reduce issues like high staff turnover in low-level positions and, through value-added activities, increase employee engagement. Nonetheless, since 2016, the value of RPA has risen from $73 million to $232 million, according to HFS Research. Furthermore, the valuation of RPA will keep on increasing, and in 2021 it will be $272 million.
RPA adoption has many benefits, such as monitoring compliance and enhanced audits, effective change management, dramatic cost reductions, 100 percent accuracy and performance, and greater efficiency of operations. As compared to humans, RPA is effective at data collection and analysis. Companies that develop performance-based software systems use cutting-edge RPA software, which is built to automate mundane, time-consuming, and repetitive tasks. As far as regulatory and compliance are concerned, RPA software is highly effective as it can handle repetitive tasks such as billing, invoicing, payments, customer service issues, messaging systems, and more. One of the best features of RPA software is that it can be implemented over existing frameworks and systems. RPA is automating many business processes, and this will increase in scope over time.
Experts agree that RPA is the future of IT automation. However, RPA is neither AI nor VR. It is a simplistic approach of using robots for labor-intensive and repetitive rule-based activities. RPA can collect and analyze data across social media profiles, opening emails and attachments, and providing stock responses with customer interactions. Forrester Research estimates that by 2021, the value of the global RPA market will exceed $2.9 billion. Based on short-term predictions against long-term predictions of RPA technology, its applications are very different. Different industries and sectors, such as oil and gas, retail, manufacturing, analytics, and legal services, will adopt RPA. The majority of computer-managed processes with framework and protocols in these industries will be managed with RPA along with data collection and management, and formatting of tasks.
As RPA grows, the industry will be heavily scrutinized, and it is inevitable. The Chief Evangelist at UiPath, Guy Kirkwood, said, “RPA will have a global presence. Extra-governmental organizations such as the World Economic Forum and United Nations will discuss RPA in the context of jobs, wages, and global economics.