Businesses across the globe are evolving at a rapid pace. Automation technology is a significant aspect of a successful business and it is changing the way organizations work. A McKinsey & Co. survey reported that 66% of business leaders planned to automate at least one business process in their organization in 2020. Emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) are accelerating the growth of businesses and leading towards a much sophisticated technological infrastructure for the world.
As automation technology gains momentum, you can find one crucial aspect of it – the Robotic Process Automation (RPA) industry growing at a terrific rate. Did you know that the RPA Market, while only $250 million in 2016, is expected to grow to $12 billion by 2023?
Why is it creating a buzz around the world? How is RPA becoming the rising star of the world of automation technology? And how can it benefit your business?
Let’s find out.
What is Robotic Process Automation?
In today’s tech-savvy world, where robots are playing a pivotal role in the routine life of mankind, the mere idea of a robot handling all your operations just seems very absurd. But well, here’s a major difference. Robotic Process Automation isn’t the concept of a robot sitting on a chair and carrying out operations like humans. In the case of RPA, there is no physical presence of a robot, but it is a software bot that more accurately and efficiently manages your things. They’re capable of having personal interactions like humans and efficiency of an automated application.
As per Deloitte Global RPA Survey, Robotic Process Automation will achieve a “near-universal option” in the next 5 years. The dynamic architecture and exceptional flexibility have made it tough for organizations to turn a deaf ear to RPA. With the implementation of RPA, businesses are able to leverage comprehensive insights from the customer’s needs and quickly adapt to the changing market dynamics.
Benefits and Applications of Robotic Process Automation
Amongst all the diverse advantages of RPA, the major benefits are as follows:
- Business Analytics and Insights
With RPA, it is easy to store, organize, track and analyze all the data related to your business operations. It delivers significant insights from the data, that assist you in decision-making processes and ensure better execution.
- Cost Savings
RPA collectively handles all the robotic and human workload across the respective platform. Work is not just automated but is completed in a much shorter time duration, which further saves up the expenditure. With its integration with AI, it is able to deliver a personalized customer experience and develop innovative solutions as well.
- Improved Security
The bot performs all the tasks with utmost functionality and efficiency. The information and data related are well processed, documented in the database, and aren’t leaked in any form.
- Employee Management
To utilize RPA and bring the best out of it, one doesn’t require any exceptional technical skills. RPA is easy-to-use for the end-users and employees can thereby use RPA for their tedious and repetitive task that saves up a ton of time.
- Better Flexibility, Visibility, and Control
It’s just a myth that RPA is going to replace humans. But in reality, with its excellent productivity, efficiency, and accuracy, RPA is bound to provide a much-needed helping hand for businesses. With a non-disruptive approach, RPA keeps the existing technological infrastructure of the business intact even after its implementation.
Here are a few applications of RPA that would reshape your current business ecosystem in a much constructive manner:
- Finance: Assists in Financial Planning and Analysis, maintains bank statements, and tracks daily P&L.
- Human Resource: Automates hiring and employment procedures, processes payrolls on time, assists in expense management, and acts as a virtual assistant to the employees in the HR department.
- Customer Relationship Management: Reduces churn and generates customer leads, updates data and queries related to customer experience, and provides personalized solutions.
- Supply Chain Management: Effectively tracks the inventory and looks after the trade promotion and analytics of retail.
- Manufacturing: Automates management of raw materials, mechanical components, and logistics systems throughout the product life cycle.
Top RPA Companies in the US
The big picture of the RPA landscape in the US covers some prominent names.
UiPath designs and builds RPA software solutions for industries across finance & banking, healthcare, telecom, insurance, retail, public sectors, etc. These include automation cloud and analytics, enhanced automation with ML & AI, chatbots and action centers for robots, etc.
Nintex provides automation tools across sales operations, human resources, customer services, legal support, marketing, etc. It helps firms to develop a complete business process mapping, enhance control process, and assists in customer onboarding.
WorkFusion creates RPA solutions for sectors like insurance, healthcare, and finance & banking. The startup helps in deploying hyper-automation solutions, document intelligence, manages end-to-end automation workflow, and scales automation across multiple dimensions of businesses.
Kryon provides a full-cycle automation suite for business operations. WIth RPA-integrated solutions and Hybrid Automation, the Kryon robots help in cost savings, increase productivity and efficiency, improve customer experience and ensure utmost security.
Infinitus develops voice RPA tools for the healthcare and insurance sectors. They aim at automating business communications and improving human interactions. Their platform primarily looks after the customer experience and employee management across pharmacies and insurances.
Scope for Robotic Process Automation in the US
Valued at $1.4 billion in 2019, the RPA market is expected to grow at a phenomenal CAGR of 40.6% from 2020 to 2027. In fact, in 2019, North America dominated the market by a whopping 37% share of global revenue. SMEs are reaping the benefits of bolstered productivity, improved resource utilization, and data-driven decision-making. The operations of the supply chain, healthcare, finance, human resources, etc. have become accessible to both consumers and businesses, thus leading to increased profitability and hence, market growth. In fact, 78% of the businesses that have adopted RPA, plan to increase their investments in the upcoming years.
The upward curve of RPA adoption is paving the way for more and more businesses to dive into the evergreen market and strive for getting ahead of the curve. Raising the bar for RPA, even the US Government encourages other agencies to adopt RPA tools across different use cases.
Technology never ceases to amaze us. Ever since the emergence of RPA, it has been changing the way global businesses work, making business processes more productive and eliminating inefficiencies. The intensifying focus on RPA and increasing investment in the sector are helping companies achieve significant targets. Forrester estimates that more than 4 million robots shall be operating in the corporate cubicles by 2021. There will never be a better day to unleash this diamond in the rough.
Are you ready to create a breakthrough in the world of RPA?