Intelligent automation is boosted by the growing demand to digitize and automate business processes at a time when the COVID-19 pandemic requires rapid workplace transformation.
More organizations will want to seize this opportunity to modernize their business processes and increase their digital capabilities.
In this whitepaper, you'll learn more about the explosion of automation in recent times and how your organization can succeed with robotic process automation implementation.
The rapid growth of intelligent automation
The rapid wave of automation technologies will change the way businesses function and what digital capabilities will prove valuable in the near future.
Intelligent automation (IA) comprises of artificial intelligence (AI), process orchestration, and robotic process automation (RPA).
IA ranges from automating repetitive and straightforward processes to performing specific and high complex functions. These are tasks that human beings may find difficult or even impossible to complete.
The primary reason for the explosion of the RPA industry since 2017 is because it works!
From a $250 million market cap in 2017, it is predicted to be worth at least $4.3 billion by 2022. Experts also forecast that robotic process automation will be nearly universal by the year 2022.
According to Gartner, RPA software spending is on the increase with banks, insurance companies, energy, utilities, and telecommunications companies as leading adopters.
Leslie Willcocks, a professor of technology at the London School of Economics' department of management, has this to say: "the relationship between technology and people has to change in the future for the better, and robotic process automation is one of the great tools to enable that change."
What is RPA?
RPA is one of the leading cognitive technologies. It can do most human repetitive tasks, accelerate automation efforts, and cut operational expenses of running businesses.
RPA is the technology that employs the use of the digital workforce along with artificial intelligence (AI) and machine learning (ML) capabilities to execute high-volume repeated tasks that previously required human operations.
It is a form of automation that sticks to the front-end of the system and carries out tasks without having to move to the back-end. It can log into surface applications on schedule, input data, perform calculations, complete predefined tasks, and then log out once done.
It is the application of technology, governed by business logic and structured inputs, aimed at automating business processes for seamless operation.
RPA tools employ the user interface to capture data and manipulate applications just like human beings would do. RPA software helps to interpret, trigger responses, and communicate with other systems to execute high-volume repetitive tasks.
Since it makes use of machine learning (ML) techniques to learn the basics of human action in the visual interface, RPA technology is a smart alternative in business automation. RPA can also be used to automate tedious tasks that people don't usually like doing. It targets high-volume, repetitive, rote, tedious, and time-consuming tasks.
The evolution of RPA is to eliminate widened gaps in workflows or processes to ensure increased employee productivity, improvements in process efficiency, and superior accuracy.
Within the last few months, many companies are parked during the COVID-19 pandemic. And others are accelerating and moving at hyper-speed due to the power of fast-track automation of business processes. Robotic process automation has, therefore, become a viable tool to accelerate digital transformation. Most experts strongly believe that the adoption and deployment of RPA in organizations will be the new drive of digital transformation efforts.
Why should your organization care about RPA?
Robotic process optimization is not hype, but a significant evolution that relies on proven and mature technology. According to 2017 HfS Research, 38% of insurance companies, 30% of energy and utilities, 24% of banking and financial services companies, 36% of retail and hospitality companies, and 28% of manufacturing and CPG companies have already started adopting RPA because of its cost, speed, accuracy, smartness, scalability, simplification and unlimited attention spans.
RPA also delivers a high return on investment of about 30 to 200 percent in the first year through increased employee productivity, improvements in organizational process efficiency, built-in analytics, and superior accuracy.
RPA, as a cognitive technology, mimics the activity of humans to carry out specific tasks within a business process. It can perform routine tasks more quickly, accurately, and tirelessly than human beings. It frees up employees to focus on important tasks that require human intervention and emotional intelligence, accurate judgment, quick reasoning, and one-on-one interaction with customers.
All these and more account for the keen and trending interest in RPA in recent times. Most times, RPA is an excellent alternative to conventional practices.
Having seen why your organization should care about RPA, let's quickly take a look at what your organization stands to gain with the implementation of RPA.
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