What is RPA? Everything you need to know
RPA is an application of technology, governed by business logic and structured inputs, aimed at automating business processes. Using RPA tools, a company can configure software, or a “robot,” to capture and interpret applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.
RPA, a hot topic amongst the C-suite, is rapidly gaining ground across several industries, including Manufacturing, Retail, Telecommunications, BFSI, and insurance.
The business benefits of RPA include:
- Low technical barriers
- Increased accuracy
- Meet regulatory compliance standards
- No interruption of work
- Existing systems remain in place
- Improved employee morale and employee experience
- Increased productivity
This rise in the RPA can be attributed due to rising popularity and attractiveness of enterprise resource planning which is driving the needs of the business to move towards the automations. Robotic process automation provides good accuracy, improved cycle time and increased productivity in transaction and data processing which drives the industry.
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What are The Major Drivers Of RPA?
The ease in business process with the installation of robotic process automation
The consolidation of RPA with traditional business processes
The high adoption of AI and cloud based solutions for internal efficiency among SME’s
The increasing focus on automation in BPO industry
The increase in the demand for the processing of high volume data and transaction functions
Before we state the current RPA trends, and prophesize the RPA future, let’s answer a few questions:
What is the current market value of RPA?
RPA is relatively new, with first grand appearance to the automation scene in 2010. But considering the technology age, the global robotic process automation is rampant.
In a recent study published by Data Bridge Market Research, The RPA Market is set to witness a healthy CAGR of 29.30% in the forecast period By 2026
Source: https://tinyurl.com/y53oxb8t
What Are The Key Developments In RPA?
In October 2016, Automation Anywhere Inc., announced the launch of new robotic process automation analytics solution Bot Insight that enables the users to visualize and access the complex data and can provide with the real time actionable business intelligence and operational insights on bot performance
In February 2016, NIIT Technologies has adopted intelligent automation by partnering with UiPath to drive greater business benefits for their clients globally. With the help of robotic process automation, NIIT Technologies can deliver end to end solutions to their customers
Top RPA vendors
- Automation Anywhere Inc. provides an enterprise digital workforce platform geared toward procure-to-pay, quote-to-cash, HR, claims processing and other back-office processes.
- Blue Prism focuses on providing organizations in regulated industries with more agile virtual workforces, offering desktop-aligned robots that are defined and managed centrally.
- UiPath offers an open platform to help organizations efficiently automate business processes.
- IBM
- NICE Systems
- Pegasystems
- Cicero Inc.,
- Atos, and so on