In today’s digital era, Robotic Process Automation (RPA) is one of the most sought-after features among successful businesses. It does all the repeating tasks on behalf of the user which eventually assists in preventing redundancy issues.
Coupled
with AI and ML, it helps businesses perform daily tasks that they would
otherwise have to do in bulk. For instance, Robotic Process Automation assists
businesses to get their processes done automatically like producing a product,
hiring and onboarding an employee, or providing customer service.
What Is RPA And How Does It
Work?
RPA
observes the repeated tasks done in a system and replicates them later via GUI.
RPA
works on the existing data of a business and handles daily tasks such as
emailing, report generation and maintenance, accessing websites, etc.
In
other words, RPA is software that interacts with your existing machine bots and
replicates human actions to perform automated tasks.
People
often confuse RPA with AI and ML. However, they are different; RPA performs
repetitive, rule-based tasks, whereas Machine Learning operates somewhat more
independently and makes its own decisions on data. AI on the other hand
encompasses cognitive functioning. It is capable of learning new capabilities
and operating in complex environments.
What Do Statistics Say About
RPA?
RPA
has proven itself as one of the most successful and accessible automation
solutions for businesses of different verticals. This is what statistics say
about this technology so far:
● 85% of large-scale businesses have already been implemented in
2022.
● As per a survey by Deloitte, 76% of businesses have or are
implementing RPA. 16% are planning to do it soon.
● The global RPA market was valued at 5.63 billion in 2023 and is
expected to grow up to 54.57 in 2032. Thus, the growth rate is 28.7%.
● The largest RPA market share is contributed by North America
globally.
● According to Deloitte, 56% of global business services (GBS)
organizations have already adopted RPA and automation, with another 33%
planning to do so.
● For 59% of the GBS organizations surveyed by Deloitte, RPA
stands out as a critical transformation technology, positioning it as the top
digital enabler. (2023 Global Shared Services and Outsourcing Survey Executive
Summary, Deloitte)
● Moreover, 72% of functions express support or strong support for
their organizations' intelligent automation strategies. However, IT departments
tend to be less supportive compared to other functions. (Automation with
intelligence, Deloitte)
Importance Of Robotic Process
Automation
RP)
has become increasingly important for businesses due to its ability to
streamline operations, enhance efficiency, and reduce costs. Here are several
key reasons why RPA is crucial for modern businesses:
Efficiency and Productivity: It automates
repetitive and time-consuming tasks, allowing employees to focus on more
strategic activities. By reducing manual intervention, RPA increases the speed
and accuracy of business processes.
Cost Reduction: Automating routine
tasks leads to significant cost savings by reducing the need for human labor
and minimizing errors that can be costly to correct. Maintenance and
operational costs are also lower with RPA compared to traditional IT solutions.
Accuracy and Consistency: The software
technology ensures high levels of accuracy, eliminating human errors in data
entry and processing. Consistent execution of tasks ensures reliable and
predictable outcomes, which is crucial for maintaining quality standards.
Scalability and Flexibility: This solution can
be easily scaled to handle increased workloads without the need for
proportional increases in human resources. Businesses can quickly adapt to
changing demands and scale their operations up or down as needed.
Improved Compliance: RPA helps in
maintaining compliance by providing detailed logs of all automated processes,
ensuring transparency and traceability. Automated processes are designed to
follow regulatory requirements rigorously, reducing the risk of non-compliance.
Enhanced Customer Experience: Faster and more
accurate processes lead to improved service delivery, enhancing customer
satisfaction. Employees have more time to focus on customer interactions and
problem-solving, further improving the customer experience.
Better Resource Utilization: Employees can be
redeployed to more value-added tasks, such as innovation, strategy development,
and customer engagement. Optimizing human resources leads to a more motivated
workforce and better overall productivity.
Data-Driven Decision Making: RPA collects and
processes large amounts of data, providing valuable insights and analytics for
better decision-making. Businesses can leverage this data to identify trends,
optimize processes, and drive continuous improvement.
Competitive Advantage: Early adopters of
RPA gain a competitive edge by being more agile, efficient, and responsive to
market changes. The ability to quickly adapt and innovate with RPA positions
businesses ahead of their competitors.
Overall,
RPA is a powerful tool that drives business transformation, enabling
organizations to operate more efficiently, reduce costs, and improve overall
performance. Companies like Globtier
Infotech have demonstrated the practical benefits of RPA through
successful implementation in various sectors. By leveraging such expertise,
businesses can harness the full potential of automation to achieve their
strategic goals.
Source: https://globtierinfotech.com/all-you-need-to-know-about-robotic-process-automation/