Introduction to RPA
Robotic Process Automation is also known as Intelligent Automation or Smart Automation is the use of software with capabilities of Machine Learning (ML) and Artificial Intelligence (AI) to handle high-volume, recurring tasks that were previously performed by humans.
These tasks include making calculations, making transactions, maintaining records, addressing queries, etc. RPA can also help with onboarding formalities like assessment, preparation, and creation of employee data, mailing offer letters, and streamline information across systems.
RPA is the art of using software robots to interact with IT systems and Software-as-a-Service (SaaS) applications to automate the rule-based manual jobs comprising repetitive and transactional processes.
RPA provides services such as data security and enhanced business efficiency and effectiveness across many business applications without transforming systems and infrastructure. It can be termed as a low-risk method of performing business processes in an automated manner.
Businesses are automating knowledge-based, professional service processes through Robotic Process Automation (RPA) solutions. Manual processes are usually labor-intensive. They rely on employee actions which increase the chances of errors because of reasons like fatigue or lack of concentration. Implementing RPA tools can be beneficial to support teams in capturing and recording routine activities for replay. Human resources can be assigned valuable responsibilities instead of mundane routine tasks, thanks to RPA.
Automation has changed the game in business today. With the help of Robotic Process Automation, processing becomes 10 times faster and accuracy increases to 100 percent.
Key RPA Trends for 2021
Gartner has forecasted the global Robotic Process Automation software revenue to reach USD 1.89B in 2021, an increase of 20% from 2020. The report also suggests that RPA’s revenue will continue to rise by double digits through 2024. RPA is one of the most important technology trends for 2021.
Rise of Intelligent Process Automation (IPA)
Intelligent Process Automation (IPA) powerfully combines RPA’s rule-based automation proficiencies, trial-and-error learning capabilities of Machine Learning (ML), the sophistication of AI, and fundamental process redesign. This advanced tech deployment will have a revolutionary effect on business efficiency and strategy formulation. IPA will create new business approaches and lead to diverse ways of working. It is the next-gen, constantly learning, and ever-evolving smart automation system to open alternative possibilities for businesses.
RPA as a Service (RPAaaS) will be Mainstream
The past year saw the rise in popularity of the “as a Service” model with organizations accepting SaaS and ITaaS. The organizations leveraging SaaS can implement innovative solutions to transform the way they work without incurring extra maintenance costs and a minimum of staff to manage the service. Hence, many automation system integrators are planning to launch RPA as a Service model. RPAaaS will additionally decrease deployment and development costs.
The Proliferation of RPA across various sectors
IT, Accounting, Banking, and Financial Services and Insurance (BFSI) have been pioneers in adopting RPA technology leading to business benefits. They established its transformative value across industries. Therefore, we will now witness a major proliferation in non-technological sectors with its expansion in 2021. Healthcare, HR, customer experience, and other sectors are implementing RPA in a limited capacity to increase productivity and efficiency. It mitigates detrimental manual errors and enables organizations to follow compliance procedures in advance.
Blending Manual and Digital Efforts
Automation continues to manage the unpredictable and monotonous tasks for employees. But some processes that need human intellect and decision-making abilities will have to be run manually. In 2021, businesses will adopt a more mixed approach where robots and humans will work together to do the job. RPA will be integrated with several progressive innovations such as Business Process Automation (BPA), Optical Character Recognition (OCR), blockchain, advanced data analytics, AI. to boost automation further.
Focusing on Employee Experience
With the ongoing pandemic, organizations realize their employees are under increased anxiety and stress. RPA will enable organizations to help in the improvement of employee experiences. RPA can liberate employees from unexciting tasks and the organizations can assign them operations that boost morale, productivity, and engagement. RPA will encourage them to develop new skills and explore creative ways to contribute value to the success of an organization.
Growth of RPA
The global Robotic Process Automation market size is projected to demonstrate a compound annual growth rate (CAGR) of 40.6% between 2020 and 2027. It is expected to reach USD 25.56B by the end of 2027, according to a new report by Grand View Research, Inc. This market growth is driven by the rising demand for automation combined with Artificial Intelligence and Machine Learning enhancements.
Automation implements, executes and scales the enormous volume of data to improve data security and effectiveness resulting in reduced overhead expenses and less time consumption. The Asia Pacific region is expected to observe the highest CAGR of 43.3% over the forecast period of 2020-2027.
The remote work scenario because of COVID-19 is expected to reshape business operations.
Conclusion
Technological advancements have prompted businesses to overcome challenges aimed to cope with changing consumer demand and requirements. Many experts note if followed right, automation will still need human interaction and insight.
While the global RPA industry was accepted widely, in 2020; 2021 will prove to be a catalyst in the technological evolution. RPA will expand in terms of scope into new territories by becoming a need for the organization and not just a desire. The role of RPA is developing continuously at a fast pace.
