The future automation revolution is coming up with new innovative trends with RPA as a buzzword among tech giants. The RPA industry is expanding at an unprecedented rate and experts expect it to reach ~13.4B in 2030. RPA tools use bots to handle complex and repetitive tasks that traditionally humans do. RPA robots can perform tasks more accurately and most importantly faster than humans. A study by Computer Economics, 2020 shows that RPA adoption rates increased up to 20% in 2021 as compared to 12% in 2019. According to the ‘Deloitte Global RPA Survey,’ 53% of respondents have begun using RPA services, and 19% plan to do so within the next two years. This means that RPA has been a critical breakthrough in the world of digital transformation due to its capabilities in the fields of artificial intelligence (AI) and machine learning (ML).
RPA tools are pieces of software that allow users to configure multiple tasks to be automated. This makes RPA services accessible to businesses of all sizes. Most organizations and corporations perform complex, time-consuming, periodic, and repetitive tasks on a daily basis. These tasks include data entry, data extraction, query answering, and much more. RPA bots automate such monotonous processes, allowing humans to focus on better decision-making, advising, communicating, interacting, and managing advanced tasks. There are numerous RPA tools from which a company can select based on its organizational structure and needs. Among the popular RPA tools are UiPath, Blue Prism, PEGA, Anywhere Automation, WorkFusion, Jacada, and others.
10 Automation Trends that Affirms that RPA is a Powerful Tool
Here are 10 automation trends used by organizations to demonstrate that RPA is a powerful tool for the digital transformation technology stack.
Intelligent Automation and RPA Services
Intelligent Automation (IA) refers to a set of technological services that includes RPA services, low-code, and no-code development tools, and AI or ML. Intelligent Automation emphasizes that RPA tools and RPA services cannot function without human intervention. However, Intelligent Automation provides an aspirational vision of how basic forms of automation can contribute to advanced cognitive technologies and vice versa. Intelligent Automation combines RPA and AI to authorize end-to-end processes and improve digital initiatives. Organizations and enterprises that use RPA tools in conjunction with AI can expect to increase their business opportunities and overall growth.
Robots equipped with cognitive support can learn continuously from data and decision-making, making them valuable assets for the workforce.
Currently, RPA services are highly competitive rather than collaborative. A collaborative approach, according to Jon Kinsley, principal consultant for process automation and excellence at Fortress IQ, is required for Intelligent Automation to perform more comprehensively.
RPA stands out from other automation processes such as BPA, iPaaS, LCAP, and AI
When compared to other automation technologies such as Business Process Automation (BPA), integration platforms as a service (iPaaS), low-code application platforms (LCAP), and Artificial Intelligence, RPA adoption is rapidly increasing (AI). According to a Gartner study, RPA will be the fastest growing segment of the enterprise software market in 2020, with a 39% increase in revenue of 1.9 billion dollars. This remarkable growth is being supported not only by adaptation but also by the expansion of RPA tools and services across the market. UiPath, for example, had a dollar-based net retention rate of 144% until September 2021. This means that customers spent 44% more in 2021 than they did in 2020.
Every day, software bots efficiently perform a variety of digital functions. Day in day out, they perform various functions, advance in their work, continue to learn, and improve their skills. However, in order to advance, they must gain a better understanding of the world in which they operate. In this context, semantic automation assists bots in understanding processes, obtaining accurate data, and going through all of the elements required to complete a specific task. Developers and business leaders frequently use and instruct these robots to complete tasks. In this regard, developers and business executives prefer RPA solutions and services to empower their workflow. In a nutshell, semantic automation has transformed RPA services.
Robots will perform complex digital tasks
As previously stated, robots carry out complex digital actions under the supervision of their human counterparts. RPA tools are used to command and direct bots to complete specific tasks. Many organizations are currently accelerating their automation processes by utilizing RPA services and tools, but these tasks cannot completely replace the role of human employees. Algorithms and machines will focus on information gathering, data extraction, and processing, technical functions, and traditionally done manual tasks, according to the World Economic Forum’s Future of Jobs Report. Because robots lack human cognitive abilities, human employees must control the tasks performed by the robots and ensure that they function correctly.
RPA CoE complements Prominent AI Cases
The role of the RPA Centre of Excellence is to implement RPA tools and all forms of RPA in an organization. The RPA CoE group is expected to include IT experts, RPA consultants, process managers, and functional experts who are in charge of developing governance models, best practices, and strategies for optimizing return on investment. RPA CoE is critical to improving the role of bots and developing IT services. This process supplements well-known AI cases such as optimizing data-driven cases, assisting humans in dealing with more complex issues, and exploring initiatives for complex problems. An organization’s tasks will be automatically simplified as a result of this.
RPA yields breeding grounds for utmost innovation
Using RPA tools and services enables a company to grow and perform effectively in a competitive global market. When human employees are freed from routine administrative tasks like data extraction, storing information, performing complex calculations, and so on, they can focus on other important issues and plan development strategies accordingly. A situation like this provides fertile ground for growth, possibilities, and massive innovation.
RPA services will enhance broader business applications
Employees in large enterprises currently have to work with an average of more than 170 applications to complete their tasks. Many organizations are developing solutions and providing employees with digital desktop assistants, also known as personal robots or robots for all. In such cases, organizations must employ RPA tools and RPA services to extend their business applications. This will not only save time but will also maintain the employees’ human spirit. This is also how robots can bridge the gap between humans and the ever-changing digital world.
SMEs are more inclined to adopt RPA services
Small and medium enterprises (SMEs) are adopting RPA services diligently especially after the hit of COVID-19 to stay in the competitive market and remain accessible to consumers. The growth and operation of SMEs are severely affected by the pandemic, so RPA solutions became more appealing to them to streamline their businesses. According to a study by Deloitte, 73% of SME executives have started their professional journey with intelligent automation (IA).
Enterprise Resource Planning (ERP) will be facilitated by RPA
Organizations find it difficult to assemble their EPR and other legal systems up to the speed of digital transformations. ERP consists of mass business-critical data which is quite impossible to extract and convert. RPA tools can leverage the task of organizing the ER by enabling the employees to automate the tenacious and repetitive tasks by utilizing robots. The process can be recorded through automatic code generation and coping with a software bot. As Gartner rightly predicts, ERP will experience a revolution through automation processes like RPA, AI, and others.
The Future of Digital Initiatives with RPA
Several studies have found that the global RPA industry made significant progress between 2020 and 2021. This is likely to rise in 2022 and subsequent years, as the pandemic has forced the majority of the corporate workforce to work remotely. As more organizations begin to use RPA services, the process will increase work productivity and efficiency, expand possibilities, and save valuable time.
RPA has a long way to go in terms of digital innovation and technological advancement. RPA tools and services are constantly evolving and expanding their capabilities, which will help them rank higher in the battle for automation platform convergence. Organizations are increasingly implementing RPA to achieve cost-effective business goals. It is worth noting that 81% of businesses are investing in RPA technology to meet their financial objectives. The growing adoption and implementation of RPA services emphasize the fact that RPA will dominate automation trends in the global market of digital innovations.
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