Is Robotic Process Automation the Next Big Thing in Automation?

Robotic Process Automation is a robotics oriented software capable of organizational operations accurately and effectively.

img August 23, 2022 | img 10 Min | img Robotic Process Automation

We are reading that businesses are transforming digitally with the help of emerging disruptive technology. Robotic Process Automation may feel threatening to few because businesses are adopting cognitive technologies in their business models to overwhelm incumbents. The autonomous process will become requisite and will make human skills dispensable. However, this will also open up new and novel opportunities.

RPA can be integrated into your daily business routines. It collects data from various systems and configures them into digital data to perform a specific task. 

The automation process does take away the mundane work and lend that time to make you more productive and efficient by performing critical tasks.

The discussion is, is the robotic process automation the next big thing, indispensable. The Avant-grade RPA must be evaluated. The opportunities and the improvements this technology can bring into our lives will justify the statement.

What to expect of RPA in Future

The top firms in the market have raised around $14B for RPA in the past two years. We are seeing that RPA is broadening beyond the back office process.

Experts are studying RPA, and it looks like intelligent business process management and intelligent platform as a service is instilled within the conventional automation process

This may give rise to the hyper-automation, which will include process mining, discovering new automation opportunities, and optimum use of AI & ML for processing data. 

But, where did the vision of hyper-automation came from?

Technocrats evaluate that the term 'hyper' came from identifying automation opportunities. When you combine the capacity to apprehend the qualities of AI and ML to understand texts, voice, and visual content within business data, imagine how disruptively it can transform the regular business.

We can expect to see the outcome of robotic process automation in the form of revenue generation, optimized cost metrics, aligned incentive systems, agile response, cloud-scale, and anticipatory systems. 

What we will get out of the amalgamation is intelligent analytics that drives digital business process transformation. 

We can expect a business market for RPA as big a $30 billion or more only with the ability of automation to break the use cases and integrate into the business processes deep. So, those who come out and take the opportunity to integrate robotic process automation in their business will do well and see huge returns.RPA also can deliver low code solutions to subject matter experts in a strong position driving change.

Not just the large organizations, educating people, especially the SMEs, how good automation can be for their business. Be it a small start, but accepting and adopting the change will help them drive customer-facing and more transformative activities. 

In businesses, low code, instilling digital transformation leverage processes to rethink and develop new automation, which can drive the real business metrics.

Furthermore, we shall see a better and improved version of robotic process automation. This improved version will have self-learning capabilities and executing tasks on their own. Thus, you will not have to spend time in instilling the formula or pre-defined protocol to perform tasks.

Impact Of RPA in Different Sectors

Who is jumping in for HyperAutomation? Some of the renowned vendors in the market that are investing in the future of the automation process are Ui Path, Automation Anywhere, Blue Prism, Open Span, and Kofax. 

Job searching portals, like LinkedIn, use automation processes to reduce the stress of searching the right candidate for a particular profile with significant keyword type. 

Automation used in the Banking and Insurance sector is a cheap and fast way for problem compliance. Reduced loan processing time, improvement in customer service by solving critical problems are a few contributions of RPA.

With the acceptance of RPA in different sectors, we hope to see RPA become 'universally adopted' by the next 5 years. You can also check about How Will Robotic Process Automation Replace Business Process Outsourcing?

As per the PwCs operational survey, RPA offers several benefits to those who adopt it. Also, it has the capability to deliver an ROI of 300-800%.

The greatest example of this survey is the Everest Group, which earned four times on their robotic process automation investment. NASSCOM reported cost saving up to 65% for onshore operations, 30% in offshore delivery in just 6 months.

In the Nutshell

Engraved with the qualities of Machine learning and Artificial Intelligence, Robotic Process Automation can be a disruptive threat to IT solutions. This technology is cost-effective and capable of producing 300% & above ROI to the business. 

When machines do the work, you may say less human intervention. So will it be a threat to human jobs and skills? We can hope to see novel opportunities for humans to take. However, giants like Ui Path, Automation Anywhere, and others are investing in RPA, observing its benefits to the businesses. Thus, those who want to benefit from the hyper-automation will have to lean forward and invest in the software from a specialist who has the vision and resources for the processes and culture to drive into digital transformation.

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