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Robotic Process Automation: Intelligent Software to Automate Existing Software and Processes
Robotic Process Automation (RPA) is the automation of high volume and repeatable business tasks. The technology has been made possible from recent advances in the areas of artificial intelligence and machine learning. RPA enables software and/or robots to be configured to process data and communicate with other systems. RPA typically automates mundane repetitive tasks and is often used as a tool to automate existing software or processes. RPA has been applied to tasks in BFSI (Banking, Financial Services, and Insurance), Supply Chain, accounting, CRM and Human Resource Management.
The RPA market is expected to reach $8.75 billion by 2024, according to Grand View Research. It is estimated that using RPA tools reduces the cost of using human labor by as much as 65 percent, and because of that, many jobs that have been previously outsourced are now candidates to be replaced or augmented with the use of RPA.
Frances Karamouzis, vice president at Gartner, told ZDNet that “the attraction is the RPA tool just sits on top of the legacy system. They’re also easy to use and have a relatively low cost. For all those reasons RPA has by far the highest adoption of automation tools that we’ve seen.”
Seelan Nayagam, managing director at DXC Technology ANZ, said that “organisations are looking for a way to bridge the gap between large funded digital transformation projects and the long tail of business processes attached to aging systems. RPA can achieve this with a virtual workforce that streamlines existing processes, lays the foundation for intelligent automation, and frees up employees for more engaging work.”
Foad Fadaghi, managing director of Telsyte, said that “RPA is not simply about cost cutting, it can drive innovation and change the way organisation’s conduct their business altogether.”
