2022 is the year businesses will get back on track after a year of unparalleled disruption. The majority will be looking towards technology and automation to improve efficiency, reduce costs, and build organizational resilience. Robotic Process Automation (RPA) is the technology at the forefront of these discussions (RPA).
According to a report by Gartner, it is forecasted that revenue generated from RPA will reach nearly $2 billion this year and will continue to rise at double-digit rates beyond 2024. More and more organizations are implementing it worldwide, so robotic automation is becoming a universal and necessary tool for competitive enterprises. It is supported by the rise of low-code and no-code solutions that allow developers and non-code specialists to play a role in driving digital transformation. So let's explore why RPA is essential for businesses and why RPA is worth investing in today.
What is Robotic Process Automation (RPA)?
The employment of software with artificial intelligence and machine learning skills to handle high-volume, repeated activities that require people is known as robotic process automation. Queries, computations, and record and transaction maintenance are examples of these tasks.
Why is RPA Important in 2022?
RPA has the potential to have a significant influence on organizations. The capacity of RPA initiatives to enhance process quality, speed, and productivity is a crucial characteristic. Each of these circumstances is critical, and companies attempt to satisfy the cost-cutting criteria during COVID-19.
In the last few years, we have seen consistent growth in RPA, and as forecasted by Gartner, this will continue well into the future, with 90% of large organizations adopting RPA by 2022. Gartner has indicated flexibility and scalability as the main operators for current and continued investment. RPA, on the other hand, offers a slew of benefits to businesses.
Below are some reasons why RPA is important for process automation:
- Robotic Automation Bots can be Trained: To perform non-intelligent and repetitive jobs faster and more precisely than humans ever could.
- Increase the Value of Big Data: Many companies produce so much data that they cannot process it all. With this data, there are various methods to get insights and enhance efficiency. The robotic automation method is ideal for parsing large datasets, both structured and unstructured, and aiding businesses in making sense of the data they collect.
- Allow Workers to Focus on More Important Duties: RPA allows employees to focus on more critical activities. Employees can take on future tasks, possibly upskilling to use automation and AI to achieve better results by leaving boring and repetitive labor behind.
- Become More Resistant to Change: Organizations must become more flexible and adaptable in coping with change to recover from the disruption created by COVID-19. The capacity to overcome present and future problems require resilience and flexibility. RPA allows organizations to speed up processes while decreasing expenses, ensuring that they are ready to deal with change.
The Value that Extends Across Your Organization
The report indicates that interest in RPA has continued to expand beyond its departments. CFOs and COOs are using RPA as they look towards low code and no-code solutions to answer the challenges they face. According to Gartner, over half of those who invest in RPA will be from outside IT.
Many companies are enthusiastic champions of the best democratization of technology through low code and no-code tools. Digital transformation is a journey that should be embraced across the organization. It is mainly the case with robotic process automation since all employees know which processes work well and which need to be improved. By giving more employees the ability to contribute towards process improvement, you will empower your workforce to make the change you want to see in the organization.
The Benefits of Robotic Process Automation Software
We've compiled a list of the top five advantages of using RPA software in your business.
- Cost Savings: By automating processes, cost savings of approximately 30% may be realized over productivity output. Software robots are also less expensive than full-time employees.
- Improved Customer Service: RPA allows you to repurpose your high-value resources and put them back on the front lines, defining customer success.
- Operational Risk is Reduced: RPA decreases the rate of mistakes by removing human errors such as fatigue or a lack of expertise, resulting in a lower degree of operational risk.
- Internal Processes are Improved: To make use of AI and RPA, businesses must establish clear governance rules. Internal reporting, onboarding, and other internal activities might be done faster as a consequence.
- Existing IT Systems are not Replaced: One of the most significant benefits of employing a virtual workforce or an RPA bot is that it does not need the replacement of existing systems. On the other hand, the robotic automation process can use your current systems in the same manner that a human employee can.
Also read- Robotic Process Automation
Robotic Process Automation and AI
Artificial Intelligence is utilized in the front office to make sense of unstructured data, whereas robotic process automation is primarily used in the back office. There are high expectations for the combination of AI and RPA before moving on to intelligent process automation. Integration could be understood as the name of the game everywhere, and integrated automation is also the next step in which RPA will become a part of a broader approach.
As you will enter the world of intelligent automation with various forms of AI such as machine learning, visual recognition, and heuristic neural networks, adding to the capabilities of robotic automation software, among others, its ability to combine scenarios for increasing understanding and making real-time productive decisions as dimension data in a customer experience context.
RPA can minimize errors and improve efficiency, and moving forward is essential for creating a seamless operational environment. Constant work will be accomplished more quickly and efficiently, so humans can be free to focus on more human-centric strengths such as reasoning, judgment, and emotional intelligence.
By implementing an RPA solution, you could come up against resistance and challenges. Completing the groundwork upfront and emphasizing a clearer vision of your management team and personals will help your robotic automation software onboarding.