Over the past decade, there has been a paradigm shift in the usage of technologies. Businesses are rapidly embracing automation solutions based on smart technologies such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) over the conventional IT solutions.
The RPA technology global market reached $271 million in 2016 and is expected to grow to $1.2 billion by 2021, at a compound annual growth rate of 36%.
The primary reason for such exponential market growth and the rapid adoption of RPA technology is the benefits it can deliver; reduced costs, improved productivity, enhanced compliance and customer experiences which ultimately empower businesses with competitive advantage.
RPA solutions are used to automate business critical processes that are rule-based and time-intensive. These processes are usually part of a larger end-to-end process execution cycle developed within other technological solutions like BPM and ERP. A RPA solution seamlessly integrates with these existing systems, utilizing its capabilities to enable greater operational agility. Thus, businesses need not invest in expensive custom IT project development and wait for years to realize its benefits. They are instead utilizing RPA solutions that are quick to implement and deliver positive ROI within months.
The role of software bots: where and what type of processes can be optimized
Large enterprises have a wide range of complex operations consisting of repetitive and mind-numbing tasks. Using RPA solution, several human activities can be replicated for various functions such as finance, compliance, treasury, marketing.
Mentioned below are just a few commonly automated processes:
Benefits of RPA
Adoption of RPA technology is on the rise because it has the capability to deliver quick business benefits that ultimately empowers enterprises to stay ahead of the competition. Here are some benefits that can have the most impact on business.
Challenges to face
However, if organizations want to make use of the RPA technology at its best, there are certain considerations that they need to make well in advance. Let’s look at the key challenges of RPA implementation –
Proper considerations and planning will allow the enterprises to overcome above challenges and completely leverage the business value that RPA can offer.