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Robotic Process Automation: Streamlining Operations and Unifying Systems of Record
Robotic Process Automation (RPA) is software that automates processes by emulating how a human interacts with software applications and systems. Processes that often entail many repetitive tasks, like data entry, predictive maintenance, and after-sales support are good candidates for automation using RPA.
The RPA market was just under $2 billion in 2021, but it is growing rapidly at a rate of nearly 39% annually, according to a Market Insights report. Similarly, Gartner estimates the market size for RPA to be currently $2.9 billion in annual revenues and growing at 20 percent annually. 10 large vendors account for 75 percent of the market, and there are currently more than 60 different RPA vendors.
Saikat Ray, a Gartner Vice President and analyst, said that “the RPA market is growing rapidly and is constantly in flux. Incumbent RPA vendors are jockeying for position by evolving their products, while large vendors in adjacent markets are beginning to offer RPA capabilities.”
Deloitte summarized the benefits of adopting RPA which include:
- Improved Compliance (92%)
- Better Accuracy and Quality (90%)
- Enhanced Productivity (86%)
- Cost Reduction (59%)
Ash Finnegan, digital transformation officer at Conga, said that “adopting AI, or any automation technology for that matter, is a process, not a race – all systems, data, and processes need to be aligned. By streamlining operational models and unifying systems of record, companies will have far greater insight into data streams, and this will empower AI, taking their business to a true state of intelligence. From here, automation can actually add real value.”
