Over the past decade, there has been a significant shift in the usage of technologies. Businesses are rapidly embracing business process automation solutions based on smart technologies such as Robotic Process Automation (RPA) and Artificial Intelligence (AI) over 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; improved productivity, 100% accuracy, enhanced compliance, reduced costs and better customer experiences.
RPA solutions automate business critical processes that are rule-based and time-intensive. Large enterprises have a wide range of such complex operations consisting of repetitive and mind-numbing tasks. When these tasks are performed by software bots, more can be achieved in less time with increased accuracy.
For more perspective, refer to the RPA software definition from industry analyst Gartner:
“RPA tools are designed to mimic the same “manual” path taken through applications by a human using a combination of user interface (UI) interactions or by using connectors to client servers, mainframes or HTML code. An RPA tool operates by mapping a process in the RPA tool for the software “robot” to follow computer pathways between screens and various data repositories. An RPA tool can be triggered manually or automatically, move or populate data between prescribed locations, document audit trails, conduct calculations, perform actions, and trigger downstream activities.”
Below are the top 3 signs suggesting RPA can be the most suitable automation solution for your business:
The Swivel Chair Effect
If employees need to manage data from multiple systems to complete a single task, they are bound to get frustrated and make mistakes. Software bots can help, automating repetitive and time-intensive tasks by interacting with multiple interfaces in the same way humans do.
Optimizing Existing Legacy Systems
Businesses want to deliver better customer experience and increased operational efficiency but there are hundreds of disparate systems and applications, many are lacking documentation and well-defined integration points. RPA, a stand-alone solution, takes a non-invasive approach to integrate existing legacy systems and helps to avoid time-consuming and costly custom IT projects.
Need for better auditability
It becomes extremely tedious to manually record every activity performed to complete a job and later trace them for audit and compliance needs. When implemented to perform these activities, an RPA solution provides a complete audit trail for future traceability. Software robots can be programmed to perform all the pre-specified tasks to deliver accurate and timely output with minimal errors, allowing companies to achieve process accuracy, enhanced compliance, reduced risks and better auditability.
Once the need has been identified, the next step is to determine the scope of RPA implementation by looking for the attributes that make the task or an activity eligible for RPA use case.
Are you interested to learn more about why and when you should embrace robotic process automation technology and how to effectively utilize it to digitize operations and simplify processes for your business?
Register and join a webinar on Robotic Process Automation Technology – Enabling Digital Process Transformation today.