Today, RPA has transformed how companies across the globe approach their business activities, especially in terms of enhancing and streamlining operations. We cannot know exactly how automation technologies will unfold in upcoming years, yet we have good indication that the future of RPA is very promising. As the prevalence of RPA increases and automation experiences a larger degree of deployment in more varied industries, the full benefits of automation technology will not only be realized, but they will also be leveraged as a critical competitive advantage in a number of crowded, expanding industries.
You’ve probably heard much buzz surrounding the word robotic process automation (RPA) and its potential to change the way we work. The way we understand RPA is that these are robots that can automate several repetitive, labor-intensive and rule-based tasks. It can simply replicate the actions of keyboard and mouse. It is capable of numerous tasks and rules-based processes.
What It Can Help You Automate
RPA is becoming more prevalent among businesses of all sizes, helping them automate laborious endeavors such as accounting and IT tasks to help keep your operation running smoothly. The technology is very powerful in helping to reduce human errors that are bound to show up here and there in any manual operation. RPA automates rules-based processes in both the back- and front-office thanks to recent advancements in artificial intelligence (AI), machine learning (ML), big data, speech recognition technologies and deep neural networks.
The technology can help to reduce costs, increase accuracy, improve service delivery, help to maintain compliance and regulatory issues, while also improving the customer experience. About 70% to 80% of these rules-based processes can be automated, allowing companies to operate onshore at a lower cost than offshore. Companies that use RPA don’t need to rely on an offshore or outsource partner, ensuring 100% accuracy.
2) Reducing Human Hours
Approximately 15% to 27% of human work hours are spent on dull, repetitive computer tasks, according to software testing, marking quite a large chunk of time that is wasted on processes that can be easily automated.
Researchers at the company estimate that IT departments also spend 30% of their time on low-level basic tasks. Plus, about 50% of companies spend $5 to $25 per manually-processed invoice.
Businesses are missing about 50% of all automation opportunities on average, while their workers find these repetitive tasks to be a waste of time. Additionally, 98% of IT business leaders say that automating processes is essential to driving business benefits. The main tasks that can be automated are, in this order:
- Documenting and records management.
- Claims, bookings and invoice management.
- Customer relationship management.
- Human resources processes.
- IT processes.
About 70% to 80% of these rules-based processes can be automated, allowing companies to operate onshore at a lower cost than offshore and frees up the resources to focus on tasks that require creativity, decision-making and judgement.
There are benefits for employees, too!
In every case we looked at, people welcomed the technology because they hated the tasks that the machines now do and it relieved them of the rising pressure of work. Every organization we have studied reports that it is dealing with bigger workloads. I think there will be an exponential amount of work to match the exponential increase in data—50 percent more each year. There is also a massive increase in audit regulation and bureaucracy.
One online retailer measures the success of RPA in terms of the number of hours given back to the business. So it’s not just the shareholders, the senior managers, and the customers who benefit but also employees.
3) The Future of RPA
Recent Researchers estimate that the potential savings that companies will experience with RPA by 2025 is between $5 trillion to $7 trillion. The company also forecasts that RPA softwares will be able to perform tasks equal to the output of 140 million FTEs by the same year. Technology Experts believe that the RPA industry will be worth $3.1 billion by 2019 and $4.9 billion by 2020, and this figure is more likely to be around $2.9 billion by 2021.
automation technologies will have an economic impact of between $5.2 and $6.7 trillion by 2025.
RPA market is currently being dominated by the North America region, with Asia-Pacific adopting the technology at a high rate as well in the healthcare, retail, IT, BFSI and telecommunications industries. China and India have started to roll out outsourcing services that are boosting the market in those regions. In Europe, RPA is expected to grow in the manufacturing and logistics sectors, especially in Germany, Russia, Spain and Denmark.
We asked our RPA experts about how do they expect the future of RPA to look like and this is what they offered.
· RPA will be widely used in different domains and industries like BFSI, Manufacturing, Retail, Analytics, Aviation, Oil and Gas and Legal
· Soon, data entry and data rekeying jobs will be managed with automated tools and techniques
· All computer aided processes that are governed with a set of protocols will be managed with the help of RPA
· It will be used for improvised analytics and improved data accuracy
· Formatting tasks can be managed with the help of RPA as it consists of a set of rules
The bottom line…
There is no telling how far RPA will go in automation tasks that could previously only be performed manually, but the technology has a lot of potential in transforming the way businesses operate. Virtually every industry in every part of the world will benefit from the capabilities of an intelligent automation system in the coming years. As long as businesses are on the hunt for new solutions, lower overhead and a higher ROI, RPA will continue becoming more sophisticated and prevalent.
What is the future of RPA?
In the longer term, RPA means people will have more interesting work.
The next big change of RPA will see more of AI, Digital Employees, Total Workforce, and Digital Transformation. The digital workforce encompasses digitally empowered employees who can contribute to innovation, creativity and collaboration.
So far we’ve been making jobs uninteresting and deskilled. The evidence is that it’s not whole jobs that will be lost but parts of jobs, and you can reassemble work into different types of jobs. It will be disruptive but organizations should be able to absorb that level of change. The relationship between technology and people has to change in the future for the better and we think RPA is one of the great tools to enable that change.