Robotic Process Automation has entered the lives of ours in the early 2000s, and since then, with the implementation of times, shift, and transformation, it is now the most integral part of businesses today.
Here are the proofs-
- The RPA technology industry will grow from $250 million to $2.9 billion in 2021 from 2016 – Forrester
- By 2025, the market for collaborative robotics is expected to reach $12 billion (MarketsAndMarkets)
- The potential economic impact of knowledge work automation is expected to be $5-7 trillion by 2025. (Automation Anywhere)
- 53% of respondents have started an RPA journey and a further 19% of respondents plan to adopt RPA in the next two years. (Deloitte Global RPA Survey)
- 98% of IT leaders trust that automating business processes is crucial for driving business benefits. (Automation Anywhere)
- 78% of people who have implemented RPA expect increased investment in RPA over the next three years. (Deloitte Global RPA Survey)
This is how important RPA technology is becoming for businesses and ultimately for various industries. Thus, it is important to understand why technology matters and how businesses are taking benefits from it.
So, without further ado, let’s begin with the definition of Robotic Process Automation and we will then further exceed its importance.
What is Robotic Process Automation?
RPA is a technology- a part of the application which is governed by the business logic and structured inputs. All these together are aimed at automating the business processes. By using a various number of Robotic Process Automation tools, a business can configure software or a “robot” in order to store or interpret applications. These are done for processing anything, be it a transaction, responses, manipulating data, or communication with other known digital systems.
The technology can do and process a range of business operations like generating automatic responses to emailing to deploying thousands of bots- all for automated purposes in an ERP system.
Now, why does it actually matter? Is there actually any need for RPA technology or is it just another innovation driving the future? Let’s check out the answer in the following scrolls-
Why Does RPA Technology Matter?
Robotic Process Automation is important for the business because-
- Employees spend 10%-25% of their time on repetitive computer tasks. (Automation Anywhere)
- 50% of companies spend between $5- $25 dollars for manual invoice processing (Automation Anywhere)
- IT departments spend 30% of their time on basic low-level tasks (Automation Anywhere)
- A typical rules-based process can be 70%-80% automated. (Automation Anywhere)
Understanding the importance, let us now move to the most prominent part of the blog-
How Robotic Process Automation Helps Business?
Here are the ways through which RPA technology is benefiting a number of business-
1. Intelligent Data Processing
There are startups and businesses that rely heavily upon a large number of data and information but don’t depend upon the kind of technology that can actually bring them effective results for better decision making. On the other hand, RPA technology is capable of giving users access to varied and extensive use cases from the obtained data.
Being a form of data management, it can help businesses strategically grow.
2. Simulations Processing
Simulations processing is a way through which users can pass information to the computer before the completion of the prospective task. This automation works well for calculating and re-calculating the best approach for completing tasks while looking at the methods for the most efficient solution.
Simulating processing for startups and project managers is a great way for operating the work processes.
3. Data Management
RPA technology is most important when it comes to storing a large number of data while having the potential to provide efficiency for normalization, data cleansing, data wrangling, and creation/updating of the metadata.
Startups, businesses, and organizations always indulge in data entries for managing the processes for the lifespan. Repetitive tasks often result in an error, however, integrating RPA technology can eliminate issues automatically.
Managing data entry, reducing errors automatically, irregularities within datasets, moving data between several storage systems while eradicating duplicated metadata among other tasks.
RPA technology is one of the most effective ways to boost productivity within the organizational environment. RPA does not require in-depth technical expertise for utilizing the features effectively.
The technology simply follows the guidelines given by the users and then automates the tasks accordingly. This makes the repetitive tasks being automatically done straightforwardly.
5. Employee Empowerment
For startups, it is a little delicate and tentative time for them to operate their business management and team. For big organizations, it is still smooth to opt for various ways to make things happen, however, small scale firms, often face challenges when it comes to motivating their employees and letting them stay committed to the firm.
Though there are some doubts too for using automation, however, as per 92% of organizations, employee satisfaction level can be seen due to intelligent automation integration.
This is how Robotic Process Automation is entering the business fronts and efficiently managing their tasks for better outcomes. There are more ways through which automation can bring outstanding results for future projects.
Also Read: What Are the Downside of Digitalization?
1. Setting & managing expectations
2. Considering business impact
3. Involving IT professionals
4. Working on designing and management
5. Automating and employing bots
6. Governing projects
7. Maintaining compliance
8. Building an RPA center
9. Also focusing on how it is going to impact people
10. Integrating RPA for the whole development cycle
1. Blue Prism Group has raised $182 million in funding in 5 funding rounds. (Crunchbase)
2. Uipath raised $1.2 billion in funding in 6 funding rounds. (Crunchbase)
3. Workfusion $180 million funding in 6 rounds. (Crunchbase)
Automation Anywhere raised $840 million funding in 4 rounds. (Crunchbase)