Organizations spend a lot of money on repetitive and mundane tasks. By using RPA, organizations can save a lot of time and money.
Fremont, CA: According to a recent report by Gartner, the robotic process automation (RPA) software revenue grew by 63.1 percent in 2018, making it the fastest-growing segment of the global enterprise software market. However, the technology is often misunderstood within the broader enterprise automation community. RPA is often associated with artificial intelligence. Deloitte explains RPA as the automation of rules-based processes with software that utilizes user interface and can run on any software, including ERP systems, web-based applications, and mainframe systems.
The term robotic in robotic process automation does not take a physical form. It is a software-based solution, and even though artificial intelligence (AI) can work in tandem with RPA, they are different technologies. For organizations exploring RPA, continuous improvement and automation are top priorities. Bots are typically low-cost and easy to implement as compared to expensive AI solutions, and they require no custom software or deep integrations. Bots are also a highly accessible piece of IT infrastructure. These platforms automate repetitive tasks such as filling forms, processing insurance claims, payroll, and executing calculations. By removing mundane practices, employees can focus on high-value tasks such as strategic planning and corporate governance.
RPA can help organizations save a lot of money. For instance, an organization can deploy RPA for internal hiring and reduce reliance on outsourcing, which can cut down costs and boost employee productivity. Furthermore, RPA enables technical improvements. Automating processes helps in eliminating human error. With embedded regulatory and legal requirements, RPA can ensure a higher standard of compliance. Lastly, RPA allows monitoring of workflows such as customer service activities, and technical support.
According to a comprehensive assessment by Gartner, in 2018, top-five RPA vendors controlled 47 percent of the market. Between 2017 and 2018, sixth and seventh-ranked vendors achieved triple-digit revenue. RPA is attracting substantial investment, and industry giants have begun to notice. Tech giants such as IBM, Microsoft, and SAP are partnering or acquiring RPA vendors to expand their solutions portfolio. Consequently, RPA is reaching a lot of consumers. As the momentum continues to grow, the technology has begun to reach an even broader consumer base. The growth is helping RPA vendors a clear path forward as they launch specific digital business demands.