Today, RPA has transformed the way companies around the world approach their business activities, especially in terms of increasing and streamlining operations. Although, we cannot know exactly how automation technologies will be explained in upcoming years, we do have a good indication that the future of RPA is very promising.
You’ve probably heard much buzz surrounding the technology of robotic process automation (RPA). So, what is RPA? RPA is a methodology in which robots automate repetitive, labour-intensive and rule-based tasks. In its simplest form, RPA can replicate mouse and keyboard actions. RPA is also capable of numerous tasks and rule-based processes.
What It Can Help You Automate?
RPA is becoming more widespread among businesses all sizes across the globe, helping them automate laborious actions such as accounting and IT tasks to help keep operations running smoothly. The technology is very powerful in terms of helping businesses reduce human errors that are often shown up in manual operations. RPA automates rules-based processes in both the back- and front-office, thanks to recent advancements in artificial intelligence (AI), machine learning (ML), big data, speech recognition technologies and deep neural networks.
The RPA technology can help to reduce costs, improve service delivery, increase precision, help to maintain regulatory issues and improve the customer experience.
Reducing Human Hours
98% of IT business leaders say that automating processes is essential to driving business benefits.
Researchers estimate that IT departments spend 30% of their time on low-level basic tasks. Plus, about 50% of companies spend $5 to $25 per manually-processed invoice.
Businesses are missing about 50% of all automation opportunities on average, while their workers find these repetitive tasks to be a waste of time. About 15% to 27% of human work hours are spent on dim, repetitive computer tasks, according to software testing, marking quite a large chunk of time that is wasted on processes that can be easily automated. The main tasks that can be automated are, in this order:
- Documenting and records management.
- Claims, bookings and invoice management.
- Customer relationship management.
- Human resources processes.
- IT processes.
About 70% to 80% of these rules-based processes can be automated, allowing companies frees up the resources to focus on tasks that require creativity, decision-making and judgement.
There are benefits for employees, too!
In the longer term, RPA means people will have more interesting work.
In every case we looked at, people welcomed the technology because they hated the tasks that the machines now do and it relieved them of the rising pressure of work. Every organization we have studied reports that it is dealing with bigger workloads. Apparently, there will be an exponential quantity of work to match the exponential growth in data—50 percent extra each year.
One online retailer measures the success of RPA in terms of the number of hours given back to the business. So it’s not just the owners, the senior managers, and the customers who benefit but also employees, There are benefits for employees, too!
WHY RPA IS HERE TO STAY ?
Recent research estimates that the potential savings that companies will experience with RPA by 2025 is between $5 trillion to $7 trillion. Forecasts predict that RPA software will be able to perform tasks equal to the output of 140 million FTEs by the same year. Technology Experts believe that the RPA industry will be worth $3.1 billion by 2019 and $4.9 billion by 2020, and this figure is more likely to be around $2.9 billion by 2021.
Automation technologies will have an economic impact of between $5.2 and $6.7 trillion by 2025.
RPA market is currently being dominated by the North America region, with Asia-Pacific adopting the technology at a high rate as well in the healthcare, retail, IT, BFSI and telecommunications industries. China and India have started to roll out outsourcing services that are boosting the market in those regions. In Europe, RPA is expected to grow in the manufacturing and logistics sectors, especially in Germany, Russia, Spain and Denmark.
We asked our RPA experts about how they expect the future of RPA to look like and this is what they offered.
· RPA will be widely used in different domains and industries like BFSI, Manufacturing, Retail, Analytics, Aviation, Oil and Gas and Legal
· Soon, data entry and data rekeying jobs will be managed with automated tools and techniques
· All computer aided processes that are governed with a set of protocols will be managed with the help of RPA
· It will be used for improvised analytics and improved data accuracy
· Formatting tasks can be managed with the help of RPA as it consists of a set of rules
The bottom line…
There is no telling how far RPA will go in automation tasks that could previously only be performed manually, but the technology has a lot of potential in transforming the way businesses operate. Virtually every industry in every part of the world will benefit from the capabilities of an intelligent automation system in the coming years. As long as businesses are on the hunt for new solutions, lower overhead and a higher ROI, RPA will continue becoming more sophisticated and prevalent.
What is the future of RPA?
The following significant shift of RPA will see better:
· Total Workforce
· Digital Employees
· Digital Transformation – that will encompasses digitally empowered employees who can contribute to innovation, creativity and collaboration.
So far we’ve been making jobs less monotonous. Due to the RPA technology, the relationship between technology and people will change in the future for the better.