Robotic Process Automation (RPA)

The worldwide market for Robotic Process Automation (RPA) services will reach $7.7 billion next year and will grow to $12 billion in 2023, “propelled by a need to establish governance and operating models around RPA platforms,” says Forrester.

Organizations today are increasingly adopting new age technologies such as IoT, cognitive computing and task-level Robotic Process Automation (RPA) to overcome challenges faced such as reducing Total Cost of Ownership (TCO), increasing workforce efficiency, minimizing human error and so on. RPA can automate repetitive tasks that previously required human effort.

Where can RPA be applied?

RPA can be applied for the automation of rule-based, redundant and repetitive tasks where structured data and clear predefined rules and parameters are used. The solutions are cost-effective, and can be designed, implemented and tested quickly and easily.

RPA Checklist

1. Identify a process which is rule based and not dependent on human judgement.

2. Build a simple flow diagram of the task starting from the data coming from a system to an application

3. The process should be functioning and initiated by a digital trigger

4. The bigger the volume of data for executions of the process, the better suited is the process for RPA

Why Automate Repetitive Tasks?

Automating mundane tasks saves time and money. However, the benefits are not limited to saving time or money. Automation also improves reliability and remove human error from the equation.

Benefits of RPA

Traditionally, the IT industry has been thriving on the arbitrage model. Offshore outsourcing of IT requirements has been the preferred business strategy of most for ensuring reduced operational cost. RPA has proven to optimize operational costs by 50%.

Latest Trends in RPA

Hyperautomation

The year 2020 marks the beginning of the era of something new, which takes automation to another level, infusing more intelligence to automation – Gartner calls it Hyperautomation

Hyperautomation permits organizations to automate more complex work. Where automation can be the simple optimization of task processes (where you set up a bot to perform a series of tasks) hyperautomation has an extra layer of robotic ‘intelligence’ that makes the processes even smarter.

Cognitive Automation

Cognitive automation, unlike other types of artificial intelligence, is designed to imitate the way humans think. Cognitive automation mimics human behavior, which is in many ways more complex than the actions and tasks mimicked by RPA processes.