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Robotic Process Automation (RPA) — it’s about automating business processes. The ‘robotic’ part of the acronym is somewhat of a misnomer because it conjures up images of robotic hardware. The focus is more accurately on software or ‘software bots’ that automate business tasks, primarily interactions with existing software applications. For example, these software bots might be able to read and interpret email and send automatic responses, or extract and combine data from ERP and CRM systems.
Data capture systems that can process incoming paper forms and applications, by scanning, OCR-ing, and extracting data into an application from which decision and analysis can be performed is another example of RPA.
Research analysts at Grand View Research estimate that the RPA market size was about $199 million in 2016, but it is growing annually at a rate of 60 percent.
The Grand View report found that “RPA improves and scales up businesses, data security, and effectiveness by adapting and interpreting existing application for processing a transaction, triggering responses, manipulating data and communicating with other digital systems. Moreover, its ability to self-learn and self-correct without human assistance reap to the maximum benefit of RPA implementation. RPA technologies can eliminate the high costs requirements by automating the processes that were done manually.”
Krish Swaminathan, president of Sutherland Mortgage Services, said that “automation also allows companies to easily scale up or down to meet changing workload needs. RPA means work can be done all day every day, working in the background of mortgage companies to increase efficiency. And since every robot can do the work of between three and 20 people, scaling becomes much easier than hiring, training and potentially laying off regular staff as businesses go through peaks and valleys.”