Robotic process automation (RPA) is software that automates mundane, repetitive tasks. The digitization of industries has necessitated the technology’s rise. Digitization has brought new possibilities for analysis, innovation, and personalization if used correctly. RPA is the technology that can consolidate data from various software silos in the organization into a seamless process.
RPA is a rules-based software; it needs set instructions to work, which is why it can only handle simple tasks, for now.
Hyperautomation is a look into the future of RPA. It is the confluence of RPA and AI. Using AI, the software becomes smarter, able to handle more tedious tasks, and learns as it works. While RPA is completely automated as it works without any human assistance, hyperautomation, on the other hand, works with a human employee. Hyperautomation augments the human effort rather than completely take over it. To achieve this, it carries out functions like text analysis, language processing, data analysis, and data acquisition. Gartner recognized the process in its Top 10 Strategic Technologies for 2020.
RPA can give businesses the competitive edge, no matter the industry, This will create demand for automation, the RPA market will realize double-digit growth in the medium term. Grand View Research expects a CAGR of 31.1 percent and forecasts that the RPA market will be worth USD 3.97 billion by 2025.
North America will form the largest market share of the RPA industry, followed by developed nations like the UK, Germany, and Italy. The Asia-Pacific market will provide the fastest growing market, driven by the need to automate its manufacturing industry.
RPA Touching All Industries
The need to increase productivity and reduce costs will drive RPA adoption across industries. RPA can be used in any industry such as finance, retail, manufacturing, and services industry. Every industry can benefit from reducing manual, time-consuming work. An RPA can run for 24 hours a day, seven days a week, 365 days per year, with high levels of efficiency, accuracy, and output.
A study of companies using RPA found that across 16 cases, there was a return on investment of between 30 and 200 percent in the first year. An example was given of an insurer, which used to take two days to handle 500 premium advice notes, with RPA it now takes 30 minutes.
Improved Data Collection, Security
RPA can produce detailed audit logs while documenting every step it takes, every access made, and every output it generates. The process stores the data points in a central database for review, which can be used for more accurate business analysis and improved compliance. Furthermore, RPA can automate compliance tasks like Customer Due Diligence, Know Your Customer, and Anti-Money Laundering. It can check multiple data points in a shorter amount of time.
Once RPA has been deployed, it becomes an integral part of the organization’s system. RPA has access to sensitive data such as bank details, customer information, and corporate secrets. It is essential that businesses realize the importance of securing the RPA and ensuring that hackers do not exploit their access credentials.
RPA is not entirely a vulnerability when it comes to security; it can also be a strength. The tasks of security checks, audits, diagnostics, etc. of the IT infrastructure can also be automated. The automation of cybersecurity is expected to grow going forward.
Is RPA in Your Future?
RPA has been a niche technology used by a few companies at the forefront of innovation. In the coming years, it will become an essential business tool for all businesses, no matter the type, location, or size.