Robotic Process Automation or RPA is on the rise with around 72% of global enterprises having adopted this technology. A report suggests that within the next five years, there will be a 100% adoption of either an RPA or some kind of robotic automation tool. These are staggering numbers, especially given the kind of impact something like this can have within organizations. This begs to ask the question – what is RPA and why does it need to be deployed in an organization?
What is an RPA or Robotic Process Automation?
On the face of it, an RPA is perhaps the most effective tool when it comes to digital transformation. It is a software or a ‘robot’ that can quite simply replace a ‘human’s’ job. Especially when the job or the task involves repetitive and rule-based process oriented tasks. While RPA’s would effectively reduce employment and jobs, the merit for most businesses and enterprises lie in the tasks that are prone to human error and highly repetitive and mundane.
As things stand, there is only a 35 percent deployment of RPA in most companies today. However, as mentioned previously, the next five years will witness a tectonic shift in the deployment of RPA-based solutions. Softco, a company that specializes in the automation of Accounts Payables, Accounts Receivables, and overall Invoice processing claim that there will be a one hundred percent deployment of RPA solutions in organizations within the next five years.
Forrester, considered to be among the best blogs on Business Intelligence in the last decade also makes similar claims concerning the adoption of RPA tools shortly. In 2016, the RPA market was at USD 250 million and is projected to reach USD 2.9 billion, a massive growth rate. According to Forrester, “Adding AI to RPA will free it from an exclusive focus on rote tasks. AI will account for an increasing portion of the digital workforce, and in the end, RPA will be a small fraction of the overall AI “cubicle” market spend.”
While AI and Robots have long since touted to replace humans in repeatable processes, it is clear that the effects of the Covid-19 pandemic have hastened that approach. As things stand, RPA tools are helping businesses stay afloat by putting an end to the spending on resources that could be deployed elsewhere.
Needless to say, if you have not deployed an RPA to automate a good chunk of your repetitive processes, now is a good time to do so and lead your organization into a new wave of digital transformation.
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